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HomeMy WebLinkAbout14848. ln~pectioa. Lender may make or cause to be made rea~onable entries upon and inspectionr of the property, provided that l.ender ~hall give Borrower ~otice prior to eny such in~pection ~pecifying reaw~able cause therefo~ nlated to l.ender'r intenat in the Property. 9. Condemnat~oa.'11ie pmceeds o! any award or claim for damage~, direct or rnn~equential, in co~nectio~ with any oo~demnation or other taking of the pmperty, or part thereof, or [or conveyance in lieu of rnndem~ation, are hereby ae~i~ned and shdl be paid b l.ender. ln the event of a total takin~ ot the Property, the proceeds shal! be applied to the sums aecured by this Mortgage. with the excee~, ii any, paid to Borxower. In ihe event of e partial taking oi ihe Propesty, unless Borrowe~ and I.ender otherwise egree in writ~ng. there shall be applied to the eums e~ecur~ed by thie Mortgage such pmportion of the proceeds aa is equal to that proportion which the amount ot the ~ums 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 oi taking, with the balance of the proceeds paid b Borrower. If the Property ia abandoned by Borrower, o~ if, after notice by l.ender to Borrower thet the oondemnor ofrere to make an award or seltle a claim for damages, Borrower faila Lo reepond to [.ender within 30 days after the date euch notice is mailed, Lender ie authorized eo coliect and apply the proceede, at Le~der'e option. either to restoration or repair of the property or to the eums secured by this Mortgage. Unless I.ender and Botrower otherwiee agree in writing, any such application of proceeds b principal shall not e:tend or postpone the due date of the monthly in~tallments reterred to in paragraphs 1 end 2 hereof or change the amount of such inetallmenta. 10. Borrower Not Releaeed. Eatension ot the time for paym~~t or modification of amortization of the eums secured by this Mortgage granted by Lender to any aucceasor in internet of E3orrower ahall not operate to releaee, in any manner, the liability o[the origina) Borrower and E3orrower'e succeseora in intereat I.e~der ahall not be required to oommence proceedinga agai~et auch aucceeaor or refuse to e:tend time for payment or otherwiae modi[y amortization of the aumx secured by this Mortgage by reaaun af any demand made by the original E3orrower ~nd Borrowera sucressort~ in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwise aPfordcd ~y applicable law, ahall not be a waiver o[or preclude the eaeniee of any euch right or remedy. The procurement of ineurance or the payment of ta~cea or other liens or charges by Lender ahall not be a waiver of l.ender'e right to accelerate the maturity of the indebtedneae eecured by thia Mortgage. 12 Remediee Cumulative. All remediea provided in thie Mortgage are dietinct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be exercise~i concurrently, independently or aucceesively. 13. Succeesore and Aaeigns Bound; Joint and Several Liability; Captione. The covenante and agreementa herein contained ehall bind, and the righte hereunder ahall inure to. the reepective eucceasore and asaigna of Lender and Borrower, eubject to the provieione ot paragraph 17 hereof. All covenanta and agreemente of Borrower ahall be joint and eeveral. The captions and headings of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or define the pmvieione hereof. l4. Notice. E:xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided !or in thia Mortgage shall be given by mailing such notice by certi6ed mail addreaeed to Borrower at the P~operty Addresa or at auch other address es E3orrower may deaignate by notice to Lender ae provided herein, and (b1 any notice to Lender shall be given by certified mail, return receipt requeated, to I.ender'a addrees stated herein or to auch other addreea as I.ender may deaignate by noeice to E3orrower ai+ provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Unitorm Mortgage; Governing 1.aw; Severability. Thia form of mortgage combinea uniform rnvenants for national ueeand non- uniform covenants with limited variationa by juriadiction to eDnatitute a uniform eecurily instrumrnl rnvering real property. This Mortgage ahall be governed by the law of the jurisdiction in which the Property is located. ln the event that any proviaion or clause of this Mortgage or the Note contticts with applicable law, euch contlict ahall not af~ect other proviaions of thie Mortgage or the 1`ote which can be given effect w~thout the conflicting pro~ision, and to this end the pmviaiona of the Mortgaqe and the Note are declared to be severable. 16. Borrower'e Copy. l3orrower ehall be furniahed a conformed copy of the Note and of thia Mortgage et the time of execution or after recordation hereot. 17. Tranefer of the Property; Aeaumption. If ail or any part of the Property or an intereat therein ia eold or traneferred by Borrower withoul Lender a prior written rnnsent, excluding (a) the creation of a lien or encnmbrance aubordinate to thie Mortgage, (b) the creation of a purchase money aecurity intereat for houeehold appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet ot three yeara or leas not containing an option to purchaee, Lender may, at Lender s option. declare all the suma secureu by this Mortgage to be immediatrly due and payable. I.ender aha11 have waived euch option to accelerate if, prior to the eale or tranafer, Lender and the peraon to whom the Property ia to be aold or traneferred reach agreement in writing that the credit of auch person ia satiafactory to Lender and that the intereAt payable on the sums aecured by this Mortgage shall be at such rate as I.ender ahall request. If Lender haR waived the optiun to accelerate provided :n this paragraph 17, and if Borrower s auccesaor in interest has executed a written asaumption agreement accepted in writing by I.ender, l.ender shall release Borrower from all obliRstions under thia MortAa¢e and the ti ote. If l.ender exercisea auch option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period otnot leas than :;Odays from tF~e date the notirn ie mailed within which Rorrower may paY the aums declared due. If Borrower fails to pay such sums prior to the expiration of such period, lxnder may, without further notice or demand on Borrower, invoke any remediea permitted by paraQra~h IR 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. 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 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. Funong 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 intere$t 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, supra, the terms of this Covenant 17-A shall prevail. a G"7F. ~,r 350 r:~E i~83 ~ ~ . ~.~ z ~ : ~+~s,.:~ .~~>.