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HomeMy WebLinkAbout19288. ln~pectioa. [.ender may make or cawe to be made reawnable eAtrie~ upon and in~pection~ of the pmperty. provided that Lender ~haU give Borrowe~ ~otice prior to any euch inspection specityinQ nawaeble cause therefor related to Lender'~ iatat~at in the Property. 9. CondetnaaUoa.'11~e proceeds of any award or claim for damages. direct or con~eque~tial. in conaecdon with any ooademnatiop or other taking of the property. or paK thereof, or for conveyance in Ueu of oondemAation. sre hereby ewi~-ed and ~hall be paid to Lender. In the event of a total eaking of the Property, the proceed~ shell be applied to the sums secured by thu Mortgage. with the esoew. it eny, paid to Borrower. In the event oi a partial taking of the Property. unlew Borrower and Lrnder otherwise agree~ in writin~. there shaU be applied to the'sums secured by this Mortgage such pmportion of the proceeda aa is equal b fhat proporbion which the amount o! the sums eecured by this Mortgage immediately prior to the date oi tsking bean b the fair market value oithe Propetty immediately prior to the date of taking, with the balanc~ of the proceeds paid to Borrower. If the Property ia abandoned by Botrower. or if, atkr notice by l,ender to Bormwer that the condcmnor otren to make an award or settle a claim for damages, Borrower fails b nspond to I.ender withi~ 30 days after the date such notice is mailed. Lender ia authorised to coUect and apply the proceeds. at I.ender's option. either to netoration or repair of the property or to the eums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principad shall not r~tend or po~tpone the due date of the monthly installmenb nferred to in paragraphs 1 and 2 hereof or change the amount of such installmenfa. 10. Bornwer Not Relea~ed. Eatension of the time for paymsnt or modification of amortizatiun of the sume secured by thia Mortgage granted by I.ender to any eucceseor in interest of Borrower ahall not operate to releaee, in any manner, the liabi6ty of the original Borrower and Borrower'e aucceaaors in intereet. I.ender shall not be required to commence procei.dings ageinat such eucceeeor or refuee to e:tend time for payment ~r otherwise mQdify amortization of the aums aecured by this Mortgage by reaeon of any demand made by the original Borrower and E3orrower a succassors in intereat. 11. 'rorbearance by Lender Not a R-aiver. Any forbearance by Lender in e:ercising any right or remedy hereunder, or otherwiee afforded b~ a~plicnble law, ehall not be a waiver of or preclude the excrciee of any auch right or remedy. The pmcurement of ineurance or the psymen! of tassa or oLher liena oz chazg~ by Lendtr ehell not be a weiver of L~ender'n right to ea,elerets the ma:s~rity of ihe indebl~dnesa secured by thie Mortgage. ' ~ 12 Remediee Cumulative. All remedies provided in thia Mortgage are dietinct and cumulAtive to eny other right or remedy under thie Mortcage or aftorded by law or equity, and may be exercise~l ooncurrendy, independently or euccessively. 13. 3uccessore and Aesigns Bound; Joint and 3everal Liability; Ceptions. The covenants aad agreemente herein oontained ahall bind, and the righta hereunder ehall inure to. the reepective aua.~essors and aeeigns o! Lender and Borrower, eubject to the provisione of paragraph 1? hereof. All covenante and agreemente of Borrower ahall be joint and several. The captione and headinge of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the provisiona hen.wf. 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage ahall be given by mailing euch notice by certified mail addreaeed to Borrower at the Property Address or at such other addrees as Borc~ower may deaignate by notice to Lender as pmvided herein, and (b) any notice to I.ender aha11 be given by certified mail, return receipt requeated, to Lender'e addresa stated herein or to euch other addreae as Lender may deaignete by notice to Borrower as provided herein. Any notice provided for in thie Mortgage ahaU be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. I5. G'zsifarm :Hartgsg~; Go~e~uingr I.as~;: oe~eFabitit3.'Ifiiie furai ~f ttiort~n~e ~vmbinea uniturm uovrnania for nationa~ nee and non- uniform covenanta with limited variationa by jariadiction to rnnat4tute a uniform security instrun~ent aovering n:al property. Thia Mortgage ahaU be governed by the law of the juriadiction in which the Property is located. ln the event that any proviaion or clauee of this Mortgage or the Note conflicta with applicable law, euch rnnfliM shall not affect other proviaions of thie Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to thia end the provisione of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniahed a co~formed oopy of the Note and otthie Mortgage at the time of e:ecution or after recordation hereof. 17. Tranefer of t6e Property; Aaeumption. If all or any part of the Property or an intereet therein ie eold or tranaferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encvmbrance aubordinate to this Mortgage, (b) the creation of a purchase monep security intereet for household appliancea. (c) a tranafer by deviae, d~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leseehold intereet of three yeare or leee not containing an option Lo purchaee. Lender may, at Lender's option, declare aU the sume eecureu by thie Mortgage to be immediately due and payable. Lender ehaU have wstived auch option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is to be eold or traneferred reach agreement in writing that the credit of such peraon is satiafactory to Lender and that the interest payable on the sume eecured by thie Mortgage ahall be at auch rate as Lender eha11 ~equest. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower e auccesaor in intereat has executed a written asaumption agreement accepted in writing by I.ende~, l.endershall release Borrower from all obiigationa under thia Mortgage and the Note. If Lender e:ercisea such option to accelerate, Lender shall mail Eiorrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ehall provide a period otnot lesa than 30 days from the date the notice is rr.ailed within which Borrower may pay the euma declared due. If Borrower fails to pay auch sums prior to the eapiration of euch period, I.ender may, without further notice or demand on E3orrower, invoke any remedies permitted by paragraoh l~i 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 FIlVANCE 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 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, 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: "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 17-A is in conflict with any part or parts of~Covenant 17, supra, the terms of this Covenant 17-A shall prevail. z~..~350 Pa~1926 ~ ~ ~ ~:~,_ - - . . -- ~