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HomeMy WebLinkAbout11578. la~pection. Lende~ may make o~ cawe to be made ~eawnaDle enerie~ upon aad inipecdotu of the propetty, provided that L.ender ~hall Qive Bo~ower r-otice prior to any ~uch iiupection specifying reasonabb cawe thetefar related to Lender's iatered ia tl~e Propetty. 9. Cot~demawtloa. 71~e p~oceeds of any a~rsrd o~ claiav for damaQea, dieect or con~eq~dal. in conaectio~n with any oondemnation or othe~ takinQ ot the property. os part thereof. or !o~ conveyanoe in lieu of eonde~nr-ation. are bereby awi~ned end ~hall be paid to [~der. ln the event of a total te~king of the Property. the proceed~ shaU be apPli~d to the euma aecnred by this Nai~~a~e, wriW the ~cew. if anY. paid to Bocoovrer. In the eveat o! R paKisl takinH o! the ProPe*tY, unlea~ 8orrower and Lender othrrwi~e a6ree i» writin~. theoe shall be applied to the sums secured by thia Mw~t~a~e such proportioa ot the proceeds ae u equel W that proportioa which the amouat ot the sua~s ~ecured by thia Mortgage immedietely prior b the date of taking bean to the fair markd value o[the Property immediately prior to the dat~e of laking. with the balanoa of the pwcecd~ paid to Borrower. If the Prope~ty is ebandoned by Bor~+owet. or ii, aRer notioe by Leader b Bortower thst the aondemnor offen to maf~e an ewrud or ~ttk a claim for damage~, Borrower fails to reapond to Lende~ within 30 day~ after the date such notice is mailed. Lender u authorir~ed to coUect and apply the proceeds. at l.ender e option, either to ~+estoretioa or repair of the pmperty or to the sums sec~red by this Mortgage. Unless Lender and Borrovrer otherwise agree in.vriting, any ~uch application of pmceeds to prindpal ~hall not estend or postpone the due date of the monthly inetallmenta referred to in paragrephi 1 ead 2 hereof or change the aawunt of such installn~enta. 10. Rortower Not Released. Extension of the time for paymant or modification of amortization otthe sume securcd by this Mortgage granted by l.endet W any aucceasor in intereat of Borrower shall not opesace to release, in sny manner, the liability of lhe original Borrower and Borroviret's euccessors in intereat. Lende~ shall not be required to commencc pra~eedinge against such succeseor or refuse to extend time for payment~rothrrwise modify amortization of the sums aecured by thia bfortgage by reason o[any demand made by theoriginsl Borrowrr and &+rrower s succeserrs in interest. 11. Forbeatance by l.ender Not a Waiver. My forbearance by Iender in e:ercising any ti8ht or remedy hereunder. or otherwix at'torded by app6cxble law, shaU not be e waiver of or preclude the ezeecise of any such right or remedy.'fhe pracurement of insurance or the payment of taxes or other liens or charges by Lenda ahall not be a waiver of Lender s right to accelerate the maturity of the indebtedaeas aecured by this Mortgage. , 12 Remediee Cumulative. A!! remedi~s provided in thia Mortgage are distinM and rnmulative to any other right or remedy under this 11lorteage or afforded by law or equity, and mey be e:ercisetl rnncurrendy. independenUy or successively. 13 Succeseors and Aeaigns Bouad; Joint and Several Liability; Captions..'1'he rnvenante and agreementa herein oontained shal! bind, and the rights hereunder shall inure to, the respective sucocswn and asaig~s of Lender and Borrower, subject to the provisions of paregraph 17 hereof. All covenants and agreementa ot Bortow~ shall be joint snd several. The captione sod headinga of the paragrapha of lhtw MAT~AOP A fP fQT M~rPnienti .,~;Zl,~ gp;.~ r;~ ^~Z ~~~~ ;~ i:-:t~r~r~t a~r c~cfu-:e it,c prvvuions nereof. 14. Notice. F.acept for any notice required under applicable law w be given in another manner, la1 any notice to Borrower provided [orin thie Mortgage shali be g-ven by mailing anch notice by ctiAified mail addreased W Borrower at the Property Addreas or at such other addreea as Borrower may deaignate by aotice to Lender as provided herein, and (b) any natice to I.ender shall be given by certified mail, return Teceipt requeated, to I.ender e addresa stated herein or W euch other addrees as Lender may designate by notice to Borrower ae provided herein. My notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia torm of mort~[age combinea uniform oovenants for national use and non- uniform covenanta with limited variationa by juriediction to rnnstitute a uniform secnrity instrument oovering rea! property.lliis Mostgage ahaii be governed by the law of tbe juriedictio~ in which the Properiy is located. In the event that any provirion or clause of this Mortgage or the Note cunflicts with applicabfe law, auch conflict sha11 not affect other provieiona of this Mortgage ur the Note which can be given effect without the conflicting prnvision, and to thia end the proviaions of the Mortgage and the Note are declared w be eeverable_ 16. Borrower's Gopy. Borrower aha11 be furnished a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17. 'ltiransfer o[ the Property; Aasumption. If afl or any part of the Property or an interest therein is aold or tranaferrcd by Borrower without Lender a prior written conaent, r~cluding (a- the creation of a lien or encvmbrance eubordinate to this Mortgege,lb) the creation of a purchaee money eecurity interest for howehold appGances, (c) a transfer by devise, d.~scent or by operadon ot law upon the death ota joint tenant or (d) the grant of any leaeehold interest of three years or leae nd eontaining an option w purchaee, Lender may, at Lender s option, declare all the euma eecucea by thia Mortgage to be imn-edialely due and payablp. Lrndrr shall have waived euch option to accelerate if, prior to the sale or tranefer, Lender and the person to whom the Property is w be aold or transferred reach agreernent in writing that the creditof such person ia satisfactory to Lender and that the intereat payable on lhe suma secured by this Mortgage ahall be at auch rate as Lender shall request. If Lender has waived the option to acceierate provided in this paragraph f 7, and it Borrovrei s successor in interest hae executed s written ase umption agreement accepted in writing by [,ender, I.ender shali release Borrower from all obligationa under this Mortgage and the Iv ote_ If Lender e~cerrisea such option Go accelerate. I.ender shall mail F3orrower notice of aeceleration in accordance with paragraph U hereoi Such notice ahall provide a period of not les~ than :~0 daya from the datethe notice is rr.ailed within which Borrower may pay thesuma declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, invoke any remediea permitted by paragra~h 18 hereof 17-A. The proceeds of the loan evidenced by the prarissory note secured hereby have been procured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST. LUCIE COUN7Y, Florida, and Lender, the interest of the Nousing Finance Authority of St. lucie County, Florida, in said Agreement having been assigned to FLORIDA NA7IONAL BANK OF ~{MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of u~Y`6t. Lucie County, Florida. Under the terms of said Loan Aqreement 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 County, Florida, and Florida National Bank of Miami, available for examination by any party during legal business hours of.each business day. Among other things, the loan guidelines in said agreement provide as follows: "Mortgage loans, with the exception of FHA-insured ar VA-guaranteed mortgage loans, may not be assumed except by a person or famiiy which would have been eligible for a mortgage loan originally under these guidelines for a term not to excee~ 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 assumptian 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, supra, the terms of this Covenant 11-A shall prevail. ~ e ~ `'~ 350 p~U~ ~.~.56 ~a~K ~ ~ ; ~ .. _ _ ~ ...,,v~~ ~ " .. ~' F ~~Ki"f.~'~a~}l""sL y.~... _.._- _ .._.. ._ . : . : ._ .. ._...