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HomeMy WebLinkAbout07478. Inspectioa. l.e~der mey make or cauae to be made reasoneble entriee upon and inepections of the propeKy, provided that Le~de~ rhaU give ~Borrower notice prioT to any ~uch inspection epecifying rraaonable cause therefor related to I.ender's intercyt in the Property. 9. Coademnatlo~. 7?~e proceeds oCany award or claim for damages, direct or consequentiel, in ooanection vrith any oondemnation or other takinR of the property, or part thereol, or for co~ve~rana in lieu ot oondemnation, are hereby assigned and shatl be paid to Lender. in the event ot a tntal tati~g ot thp Pmprrty, thp ~~i^.hwll hr wp~lie.i t.c. thp ~~~s~s~ xe~st!~ by !tiee M~sig~a, iri:.h :.~t ~z.:..m, if ~.~. paid to Borrower. In the eve~t of a partial taking ot the Property, unleea Borrower a~d l.ender otherwise agree in writing, there shall be epplied to the aume secured by this Mortgage such proportion ot the proceeda ae ie equel to thet pmportion which the amount of the sums eecured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date o! taking, with the balancr o! the proceede paid to Borrower. lf the Property ie abandoned by Borrower, or i[, after notice by l.ender to E3orrower that the oondemnor oftere to make an award or eettle a claim far damagea, Borrower [aile to reapend to I.ender within 30 deye efter the date euch notice ie mailed, L.ender is authorised to rnllect and epply the proceeda, at Lender'e option, either to reatoretion or repair of the property or to the eume secured by this Mortgage. Unleas Lender and Borrower otherwiee agre~e in writing. any euch application of proceede to principal shall not e:tend or postpone the due date of the monthly inatallments refernd to in paragraphs 1 and 2 hereof or change the amount ot such inetaliments. 10. Borrower Not Releaeed. Extension of the time for paym ~nt or modification of amortization of the aums aecured by thie Mortgege Kranted by l.ender to any eucceseor in interest of i3orrower ahal) not ope~ate to release, in any manner, the liability ot the original Borrower and Ronower's auccesaors in interest. I.ender shall not be required to commence proceedings againat euch aucceasor or refuse tc- extend time for payment or otherwise modify amortizntion of the aume aecurrd by this Mortgage by reASOn of any demand made by the original Borrower and R~rrov-er's succes~rs in interec+t. 11. Forbeara~ce by l.ender Not a Waiver. Any forbearance by l.ender in exerciainQ any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exemiae of any auch right or remedy. The pmcurement of ineurance or the payment of taxes or other liens or charges by Lender ahall not be a waiver of l.ender'e right to accelerate the maturtty of the indebtedneea secured by thie Mortgage. 12. Remediea Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie ~tortrage or afforded by law or equity, and may be exercised mncurrendy, independenUy or succeeeively. 13. Succeaeors and Aseigne Bound; Joint and Severel Liability; Captions. The covenanta end agreements herein rnntained ehall {~ind, and the righta hemunder ahall inure to, the respective eucceasora and assiqne of I.ender and E3orrower, aubject to the provieiona of paragraph 17 herenf. All covenants and a~reements of Borrower ahal) be joint and several. The captions and headinga of the paragraphe of thie 1Nortgage am for covenience only and are not to be ueed to interpret or define the proviaione hereot. 14. Notice. Except for a~y notice required under applicahle law to be Riven in another manner, Itil any notice to I3orrower provided for in this Mortgage shal) be given dy mailinQ such notice by certified mail addreseed to Rorrovrer at the 1'ropeRy Addresx or at euch other addrees as 1~rrower may desiRnate by notice to I.ender as pro~ ided herein, and Ib) any notice to l.ender ehall be given by certified mail, return receipt requeated, to I,endei s addreas stated herein or to euch other addreas as l.ender may deaignate by notice l013orrower ax provided herein. Any notice provided for in this Mort{~aKe shall be deemed tu hsve been given to E3orrower or I.ender when given in the manner der~ignated herein. 1:3. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenanta for national use and non- uniform covenants v~-ith limited variations by juriadiction to mnstitute a uniform aecurity inatrument covering real property. Thia Murtgage ~hall 1-e Qovemed b~ the law of the jurixdiction in which the Property is located. In the event that any proviaion or clauae of this 111ortgaqe or the Note conflic~~ w~th applicable law, such contlict shs~ll not affect other proviaions of this MurtKage or the Note which can be qiven effect w•ithout the contlictinR pmviaion, and tn this end the pmviaions of lhe MortgaRe and the Note are declared to be xeverable. 16. Borrower'e Copy. Bcrrrower ahall be furniahed a conformed eopy of-tiie Note and otthia MortgaRe at the time of execution or after rrcordation hereof. 17. 7~anefer of the Property; Ageumption. If all or any part uf the I'roperty or an ~nterest therein is aold or traneferred by Borrower w•ithout l.ender'a prior written conaent, eacluding la) the creation of a lien or encumbrance subordinate to this Mort~age, (b) the creation of a purchase money security intereat for household appliances, Icl a tranafer by deviae, descent or by operation of !aw upon the death of a joint trnant or ld- the grant of any leasehold intereat of three years or leas not rnntaining an option to purchase, Lender may, at Lender'e option, derlarn all the suma aecurea by this Mort~age to be immedistely due and payable. [.ender shaU have waived such option to accelerate if, prior to the saleor transfer, l.ender and the perxon to whom the Propert~ is to be sold or traneCerred reach aRreement in writinR that the credit of auch F~erson is satisfactorn to Ixnder :~nd that the interest payaMe on the xums secured by this Mort~taQe shall be at auch rate as Lender shal) r«~r~u~t. If I.ender has wai~ ed the ~~ptiun to accPlerate pmvidcvl ~n this paraKraph 17, and if Eiorrowei x succesaur in interest h~a executed a u'.iffon acc•.m~.f:.... . ..~ .. ...J : _ ~_. ~ . ~ --'^.'-..V..._...~....,....p. ~.a.u....C~iy:oa.u. ,.""""".. - ~; ;.;,-,K „v ~.r;,urr, i.rnurr esnxii rrirasr norrower irom aii ooiiKauona under tAia Mortqagr and the ~ ~)tP. If [.ender exercises such option t~ ~ccelPrate. I.ender shall mail ~rruwer notice of accelerat~on in accordance v~~th paragraph 14 hereof. ~uch notice shall pro~~ide a period r~f not less th:in .il-days fr.~m thedate thP nntice is mailcrl w~ithin which Rorr~wer may pa~~ thesumsdeclared due. If Rorrower faile to pat such sums prior to thr expiration of surh penod, I.ender may, without further notice or demand on E3orrower. invo, ke an~ emedicw prrmiued by paraQraoh 1R hFrerif. ..17-A. he proceeds of the loan evidenced by the promissory note secured hereby have been ~Jprocu by Lender pursuant to Loan Agreenent between HOUSING FINANCE AUTNORITY OF ST. w LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. ~ucie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL BANK OF MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of St. Lucie County, Florida. Under the terms of said Loan Agreement which expires at such time as all the Bonds shall have been fully paid or provision made for such payment pursu- ant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon Lender which must be adhered to by Lender and Borrower, any default in which by Borrower shall automatically accelerate all remaining unpaid installments remaining due under the promissory note secured hereby. A copy of the Loan Agreement is on file with Lender, Housing Finance Authority of St. Lucie Cour.ty, Florida, and Florida National Bank of Miami, available for examination by any party during legal business hours of each business day. Amorg other things, the loan guidelines in said agreement provide as follows: "Mortgage loans, with the exception of FHA-insured or VA-guaranteed mortgage loans, may not be assumed except by a person or family which would have been eligible for a mortgage loan originally under these guidelines for a term not to exceed the term of this agreement. The interest rate on the mortgage loan may be increased in the event of such an assumption, but only after the agree- ment has terminated. In the event a mortgage loan is assumed, lender may not charge or impose an assumption fee in excess of one percent of the outstanding principal amount of the mortgage loan." If any part or parts of this Covenant 17-A is in conflict with any part or parts of Covenant 17, su ra, the terms of this Covenant 17-A shall prevail. . , ~,~^, 350 ~~1~:F ~ 74fi ` ~.,,K . ''~ 348 P~GE ~10 4 S S+~c-> _. ...