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HomeMy WebLinkAbout11618. Ia~peMioA. l.ender may make or cause to be made ~eswnebleentrie~ upon and inapectioru o[the property, provided that I.ender shaU ~ive Borrower notiee prio~ to any ~uch inspection specitying reawne-We cause therefor related Lo Leader i interat in the Property, 9. Coademaatioa.'i~e proceed~ of any award or claim tor dama~e~, direct or con~equential, in rnn~ectioa with any oondemnation or other taking of the property, or part thereof, or tor rnnveyanoe in lieu oi oondemnation. are hereby a~si~aed aad shaU be paid b Lender. In the event of a total taking ot the Property. the proceed~ shall be applied to the sums ~ecured by thu Mort~a~e. arith the ~ce~a, if any, peid to Borrower. !n the event of a pertisl taking of the Aroperty, ur~lee~ Bor~ower and I.ender otherwi~e agree in arritin~. there ehall be epplied to the eume secured by this Mottgage such pmportion of the proceeda as ia equa! to that proportion which the amoune ot the sums secured by this Mortgage immodiately prior to the date of taking bran to the fair market value of the Propedy immediately prior to the date of caiiinB, with the balanca of the proceeds paid to Borrower. If the Property is abandoaed by Borrower. or if, aRe~ notice by Lender to Borrower that the oondemnoroffere to meke an sward or settle a claim [or damagce, Borrower fails to respond to l.e~der within 30 days after the date such notice is mailed, Le~der is authotized eo collect and apply the pmceeds, et Lende~'s option, either to natoration or repair of lhe property or to the sums secured by this Mortgage. Unleea Lender and Borrower otherwiee aRree it- writing, any such appliratio~ of pmceeda to principal shall not ~tend or pwtpone the due date of the monthly inataUmente reierred ta in paragraphs 1 and 2 hereof or chenge the amount of ruch installments. 10. Borrower Not Released. Extension ot the time for paym ant or modification of amortization of the aume eecured by thia Mortgege granted by Lender to any aucceaeor in intereat of Rorrower ehall not operate to release, in any manner, the liability of the originai Boirower and Borrower'e aucceasora in intereat_ I.ender shall not be required to oommence pra,~redinga against euch aucceaeor or refuae to extend time [or payment o~ othetwise modify amorlization otthe auma secured by thie Mortgage by reason of any demand made by the origi~al Borrower and ~3orrovrrr's x~resaors in interest. 11. Forbearance by I.ender Not a Waiver. Any [orbearance by l,ender in exercising any right or remedy hereunder, or otherwise a[forded by appliceblY lavr, ehall not be a waiver of or preclude the exerciee of any euch right or remedy. The pmcurement otinaurance or the payment o( tsaea or other liene o: charges by Lender shall not be a waiver of l.ender's right to accelerate the maturity of the indebtedness secured by this Mortgage. ~ 12 Remediee Cumulative. All remedies provided in this Mortgage are distiact and cumulative to any other right or remedy ander thia Mortcage or afforded by law or equity, and may be e:erciee~l ooncumendy, independently or eucceeeively. 13. Succeaeors and Aeaigna Bound; Joint and Severa! Liability; Captions. The rnvenante and agreements herein contained ehall bind, and the rights hereunder ahall inure to, the reepective auccessore and asaigns of L.ender and Borrower, aubject to the pmvieions of paragraph 1? hereof. All covenants and agreements of Borrower shall be ioint and several. The caption,~ and hP~~in~• of ihe ~s ~~=hs af thia Mortgage are for covenience only and are not to be ueed to interpret or define the proviaione hereof. 14. Notice. Except for any notice required under applicable taw to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing euch notice by certified mail addresaed to Borrower at the Property Addreae or at euch other addrees as F3orrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeeted, to Le~der'a addresa atated herein ar to auch other addreas se Lender may deaignate by notice w Borrower as provided herein My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Unitorm Mortgage; Governing Law; 3everability. 7'hia formof mortgage combinea uniform oovenante for national uae and non- uniform covenanis azth limited variatione by ju-;sdiction to mnatitute a uniform eecurity instrument covering real pmperty. Thie Mortgage shall be govemed by the law of the jurisdiction in which the Property ia located. In the event that any proviRion or clauee of thie Mortgage or the Note conDicts with applicable law, such conflict ahall not affe~t other provieions ot thie Mortqage or the Note which can be given eftect without the conllicting proviaion, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'8 Copy. Borrower ahall be furniahed a conformed aopy of the Note and of thie Mortgage at the time of e:ecution or after recordation hertof. 17. 'l~ansfer of the Property; Aseumption. I[ all or any part of the Property or an interest therein ie eotd or traneferred by Borrower without Lender e prior written conaent, excluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a purchase money security intereat for houeehold appliances, (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeare or leas not mntaining an option to purchase, I.ender may, at Lender's option, declare all the auma secured by thie Mortgage to be immediately due and payeble. l.ender eha11 have waived auch option to aecelerate if. prior to the aale or transfer, Lender and the peraon to whom the Property is to be eold or traneferred reach agreement in wriling that the creditof euch person is satisfactory to Lender and that the interest payable on the suma aecured by this Mort{~age shall be at such rate as Lender ehall requrst. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Bortower s succesaor in interest hae execUted a written assumption agreement accepted in writing by Lender, l.enderahai) releaseBorrower ftom all obligations under thia Mortgage and the Note_ If I.ender exerrisea such option to accelerate, I.ender shall mail E3orrower notice of accelerattion in accordance with paragraph 14 hereof. Su~h notice ahall provide a period of nut lesss than :30 days from the date the notice is mailed within which E3orrower may pay the auma declared due. If Borrower fails to pay auch sums prior Lo the eapiration of such period, Lender may, without further notice or demand on E3orrower, ~nvoke any remedies permitted by paragraoh 18 hereof 11-A. The proceeds of the loan evidenced by the promissory note secured hereby have been procured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. ~ Lucie 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 ~°~~~ ~:. l.~cie CQU~ty, FZor:da. l:r~der t~e ter~rs af sa~d Laa~ Ayr~~~~~~-it whjci~ ex~,ires ~t suci~ ~~~~~~ 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 a11 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 busi~ess 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 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 11-A is in conflict with any part or parts of Covenant 17, supra, the terms of this Covenant 17-A shall prevail. : .,~x 350 ~-~~E 11fia ; ~ ~~~.~ ~ ~y .