HomeMy WebLinkAbout14768. In~pection. I.ender may meke or cause to be made reawneble entrie~ upon and inspections o[the properiy, pmvided that Lender ~hall
give Borrower notice prior to any such i~spection specifying reasonable cawe therefor telaeed to l.endei s intetest in the Property.
9. Coademnwtlon. The proceeds of aoy award or claim for damaga, direct or con~equential, in rnnnection wiW any condemnatio~ or
oth~ taking of the property. or part thereof, or for conveyance in lieu ot eondemnatio~, an hereby aasiQned and ~hall be paid to Lender.
ffi the e~ent u[ a ic~iat taking of ihe Prope~iy, the proceeds shaii be eppiied to ihe aums secured by thie Mortgags, vinth the e:cee~, ii any.
paid to Botrower. ln the eve~t of a partiel taking of the Property, unlesa Borrower e~d Lender otherwise agree in writing. then shall be
applied b the eums secured by this Mortgaga such proportion of the proceeds as ia equal to that proportion which the amount of the sums
aecured by this Mortgage immediately prior to the dete of taking bears to the fair market value of the Property immediately prior to the date of
taking, with the balance o! the proceeds paid to Borrower.
If the Property ie abandoned by Borrower, or if, after notice by Le~der to Rormwer that the condemnor offers to make an award or setde e
claim for damages, Borrower feila to respond to Lender within 30 deye atter the date such notice is mailed, Lender is authoriud to rnllect and
apply the proceeds, at Lender's optio~, either to restoration or repair of the property or to the sums aecured by this Mortgage.
Unlesa I.ender and Borrower otherwise agree in writing, any such application of proceede to principal shall not extend ot postpone the due
date of the monthly inetallmente referred to in paragrephe 1 and 2 hereof or change the amount of such installments.
1(-. Horrower Not Releaaed. Extenaion ot the time for paym~nt or modification of amortization of the euma eecured by thie Mortgage
granted by l.ender to any euccesaor in intereat of Borrower ahall ~ot operate to releaee, in any manner, the liabitity of the original Borrowe~
a~d E3orrower 8 eucceaeore in intpreet. I.ender ahall not be required to rnmmence proceedinga againat auch succeaeor or refuee to extend time
for payrnenl or otharvviFP mcxlify amortization of the sums aecured by this Mortgage by reason of any dems~nd made by the original BoROwer
nnd E3ormwer s succ~orw in interest.
2 l. Forbearance by Lender Not a R-aiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwise
afforded Dy applicable law, ehall not be a waiver o[or pre~clude the exerciee ot any euch right or remedy. The procurement o[inaurance or the
payment of ta:ea or other liene or chargee by I.ender ahall not be a waiver o[ Lender'e right to accelerate the maturity of the indebtedneee
secured by thia Mortgage.
12 Remediea Cumulative. All remediea provided in thie Mortgege are distinct and cumulative to any other right or remedy under thie
Mortrage or afforded by law or equity, and may be e:erciee~i rnncurrendy, independently or eucceeeively.
13. Succesaore at~d Aseigne Bound; Joint and Severat Liability; Captione. The covenante and agreementa herein rnntained ahali
bind, and the righta herennder ahall inure to, the reepective succeaeors and seaigne of l.ender and Borrower, eubject to the provisione of
parag~aph 17 hereof. All rnvenanta and agreementa of Borrower ahall be joint and aeveral. 7'he captiona and headinge of the paragraphe of
thie Mortgage are for rnvenience o~ly and are not to be used to interpret or define the proviaione hereof.
14. Notice. Except for any notice required under applica5le law to be given in another manner, (a) any notice to E3orrower provided for in
thia Mortgage shall be given by mailing euch notice by certified mail addreaeed to Rorrower at the Property Addreae or at euch other addreee as
I3orrower may designate by notice to l.ender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt
requeated, to Lender'a addreas stated herein or to auch other addreea ea Lender mey deeignate by notice to Borrower as pmvided herein. My
notice provided for in thia Mortgage ahall be deemed to have been givrn tu Borrower or Lender when given in the menner designated herein.
15_ Uniform Mortgage; Governing Law; Severability. Thia form of mortgagecombinea uniform rnvenanta for national uee and non-
uniform covenante with limited variationa by juriadiction to conatitute a uniform eecurity instrument rnvering rea) property. This Mortgage
shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or
the Note conflicts with applicable law, euch conflict ahall not affect other provisions of thie Murtgage or the Note which cen be given effect
without the conflicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be sevetable.
16. Barrower'e Copy. Borrower ahaU be furniahed a conformed rnpy of the Note and of thie Mortgage at the time of execution or after
recordation hereof. • ,
17. 7'ranater ot the Property; Aeaumption. lf all or any part of the Property or an intereet therein is eold or tranaferred by Borrower
without Lender a prior written coneent, excluding (a) the rreation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a
purchase money aecurity inteteat for houeehold appliances, (c) a transfer by devise, d:ecent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three yeara or leas not conteining an option to purehase, Lender may, at Lender s option,
declare all the aums aecure~t by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to~accelerate if, prior
to the sale or transfer, Lender and the peraon to whom the Yroperty is to be sold or tranaferred reach agreement in writing that the credit of auch
peraon ie satiafactory to I,ender and that the interest payable on the suma secured by this Mortgage shall be at such rate as Lendet ehall
request. If [.ender has waived the option to accelerate provided in thia paragraph 17, and if Bonower'a succesaor in intereat has executed a
written asaumpt~on aqreement accepted in writing by l,ender, Lender ahall release I3orrower from all obligations under thia Mortgage and the
:vote.
If I.ender exercisea auch option to acceterate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice ehall provide a period of not less than :30days from thedate the notice is rr.ailed within which Borrower may paY the sume declared
due. If Borrower fails to pay such auma prior to the expiration of such period, I.ender may, without further notice or demand on Eiorrower,
~nvokeany remedies permitted by paragraoh 1R hereof.
17-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.
~~, IUCIE 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
~1IAMI, 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 autanatically 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 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 ~ate 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, supra, the terms of this Covenant 17-A shall prevail.
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