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HomeMy WebLinkAbout1924 8. Iaspectioa. I.ender mey make or cauee to be mede reawnabie entries upon and inspection~ of the property, provided thet Lender shall give Borrower notice prior to aay such inspection specifying ceasonable cause thenfor releted to Lender's interest i~ the Propes4y. 9. Coademnadoa. 71~e proc~eedi of any award or clainn for damages. direct or consequential. in rnnnection with any oondeu-nation or o~her taking of the pmperty. or part thereof, or for conveyanoe in lieu of wndemnatio~, are hereby assigaed ar~d ~hqll b~ paid to I.ender. In the eveat of a total taking of the Property. the proceeds ahall be applied to the sums eecured by this Illorl~a~e. ~vith the e:oea~. if any, paid to Borrower. ln the event of a pattial taking of the Property, unlees Borrowe~ end I.ender otherwise agree in writing, there shall be applied to the aums secured by this Mortgage such pmportion of the proceeds ae is equsl to that pmportion which the amount of the sua-s eecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the P~opeirty immediately prior to the date of taking, with the balancti of the proceede paid to Borrower. If the Property is abandoned by Borrower, or if, eRer notice by I.ender to Bor~ower that the oondemnoroPfers to make an award or setde a claim for damagea. Borrower fails to respond to Lender within 30 days aRer the date euch notice is mailed, Lender ie authorised to rnllect and apply the proceeds, at I.ender's option, either to restoration or repair of the property or to the auma eecured by this Mortgage. Unleas Lender and Borrower otherwiee agree in writing, any euch application of ptoceeda to principal ahali not e:tend or poetpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of such instalUnents. 10. Borrower Not Releaeed. Extension of the time for paym:nt or modification of amortization of the sums aecured by this Mortgage granted by Lender to any euccessor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and E3orrower s succeasora in intereat. l.ender shall not be required to rnmmence proceedinga against auch auccessor or refuae to extend time for payment or otherwiss modify amortization of the sums aecured by this Mortgage by reason of any demand made by theoriginal E3orrower and E3orrower'.; suc~-esaorx in interest. 11. Forbearaace by I.ender Not a Waiver. Any forbearance by I.ender in exercisinq any right or remedy hereunder, or otherwiee aPForded b~ applicable law, shall not be a waiver of or preclude the exerciee of any such right or remedy. The pmcurement of ineurance or the payment of ta:ee or other liena or chargee by Lender ahall not be a waiver of I.ender'e right to accelerate the maturity of the indebtedneaa secured by this Mortgage. • t l. Remediee Cumulative. All remediee provided in thie Mortgage are dietinct and cumulative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be e:erciee~l ooncurrently. independently or aucceeaively. 13. Succeaeore and Aeeigne Bound; Joint and Several Liability; Captiona. The covenante and agreementa herein contained ahail bind, and the rights hereunder ehall inure to, the reapective aucceaeore and seaigns ot I.ender and E3orrower, aubject to the proviaione of paragraph l~ hereof. Alt covenanta and agreemente of Borrower ehall be joint and eeveral. The captiona and headings of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the provieione hereof. 1 A. Notice. F:xcept for aay notice required under applicable law to be given in another manner, ( a) any notice to E3orrower provided for in this Mortgage shal2 be giren by mailing euch notice by certified mail addressed to E3orrower at the Properiy Addreee or at auch other addreas ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender'a addresa atated herein or to auch other address ae l.ender may designate by notice to Borrower an provided herein. Mq notice pmvided for in thi~ MortgA~[e Ahall be deemeci to have been ~civeo to Fiorrower or [.ender when given in the manner deei¢nated herein_ 1~. Uniform Mortgage; Governing I.aw; Severability.'IT~is form of mortgage combines uniform covenanta for national use and non- uniform covenants with limsted variations by juriadiction to conatitute a uniform eecurity instrurtient covering real property.lT~is Mortgage shall be Roverned by the law of the jurisdiction in which the Property is located. In the event that any provic+ion or clauae of thie 11lortgage or the Note contlicts with applicable law, auch contlict shall not aftect other proviaiona ot this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgaqe and the Note are declared to be aeverable. 16_ Borrower'e Copy. Borrower ehall be furniahed a conformed rnpy of the Note and of this Mortgaqe at the time of e:ecution or after recordation hereof. 17. 'ISranafer of the Property; Asaumption. If all or any part of lhe Property or an interest therein ia sold or tranaferred by Borrower without Lender's prior written consent, excluding !a) the creation of a lien or encumbrance eubordinate to this Mortgage, (b) the creation of a purchase money security interest for houaehold appliances, (c) a tranafer by deviae, d~scent or by operation of law upon the death of e joint tenant or (d) the grant of any leasehold interest of three years or leea nnt rnntaining an option to purchase, Lender may, at Lender a option, declare all the aums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate J prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the interest payable on the aume secured by this MortgaRe ahall be at such rate ae Lender shall request. [f l.ender has waived the option to accelerate provided in this paragraph 17, and if Bnrrower s succeasor in interest hae execnted a wTitten assumption agreement accepted in writing by l.ender, Lender shall mlease E3orrower fTOm ali obligations underthis Mortgage and the Vote. if I.ender exercises auch option t~- accelerate, l.ender shall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahail pro~~de a period of not less than 30 days from thedate the notice is ~r.ailed within which Borrower may paY thesums declared due. If Borrower fails to pay such sums prior to the expiration of auch period, I.ender may, without further notice or demand on I3orrower, ~nvoke any remedics 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 HOUSIMG 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 autamatically accelerate all remaining unpaid installments remaining due under the promissory note secured hereby. A copy of the Loan Agreement is on file with Lender, Nousing 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: 0 "Mortgage loans, with the exception of FNA-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. Ir~ the event a mortgage ioan 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. aUO~~ PJt~~~