Loading...
HomeMy WebLinkAbout1932g. III~~@M~OQ. I.ender may make or cauae b be made reaeonable entries upon and inspectiona of the properiy, provided that Leader shall give Borrower notice prior to a~y such inspection apecifying reasonable cause thereior related to l.cndei ~ interest in the Property. 9. Condemnatioa. 'll~e proceeda of any award or claim for damages, direct or consequential, in connection with at~y oondemnatioa or other taking of the pmperty. or part thereof, or tor conveyance in tieu oi oondemnation. are hereby assi~ned and ~bsQ be paid b[.ender. 1~ the eveat of a totsl taking oi the Property, the pra.~eeds shall be epplied to the suma secured by this Mortgage, with the e:oess, if any, paid to Borrower. In the evr~t of a partial taking of the Property. unless Borrower a~d Lender otherwiae agne in writing, there shatl be applied to the eums eec~ered by thia Mortgage such proportion of the pcoceeds as ia equal to that proportion which the amount oi the sums secured by thia Mortgage immedietely prior to the date of taking beare to the fair market value otthe Property immediately prior b thedate of taking, with the balanc~ uf the proceede paid to Borrower. 1[ the Property ie abandoned by Borrowe~, or if, eRer notice by l.ender to Eiorrower that the oondemnor oftera to make an award or settle a claim for damagee, Borrower faila to ~espond to Lender within 30 daye after the date euch notice is mailed, l.ender is authorized to collect and apply Lhe proceeds, at Lender's option, either to restoration c+r mpair of the property or to the aums eecured by thia Mortgage. Unless I.ender and Borrower otherwiae agree in writing, any such application of proceeds to principai ahall not e:tend or postpone the due dete of the monthly inetallmente referre~ to in paragraphs 1 and 2 hereof or change the amount of such instaUments. 10. Batrowrer Not Releaaed. Batension of the time for paym=nt or modification of amoctization of the euma eecured by this Mortgage granted by Lender to any aucceiraor in intereat of E3orrower shall not operate to releaee, in any manner, the liability of the original Borrower nnd Borrotie~'s saccessors in interent. llender shall not be required to commence proceedinge a~ainet euch auccessor or refue+e to extend time fur payment or oth«rwise ~nodify amort~zation of the sums se~.~ured by this Morlga~Ce by reason of any demand made by the oriRina) Borrower and t3orrower's succea.4o~ in interest. 11. F'orbearance by I.ender Not a R-aiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwiee afforded by appli~:able taw, ehall not be a waiver of or prectude the exenise of any auch right or remedy. The pmcurement of insurancc or the payment of tuee or other liene or charges by Lender ahall not be a waiver of l.endei s ri~eht to accelerate the maturity of the indebtedneae eecured by thie Mortgage. 12 Remedies Cumulative. All remediea provided in thie Mortgage are distinM and cumulative to any other right or remedy unde~ thie Mortc-age or afforded by law or equity, and may be e:erciee.l ooncurrently, independendy or aucceaaively. 13. Succeasore and Aseigns Bound; Joint and Several Liability; Captione. The rnvenante and aRreementa herein contained ahall bind, and the rights hereunder ahall inure to, the reapective aucceasore and asaigne of l.ender and Borrower, aubject to the pmvieiona of paragraph 17 hereof. Ali rnvenanta and agreementa of Borrower ahall be joint and aeveral. 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 proviaiona hereot. 14. Notice. F.xcept for a~y nolice required under applicable lavv to be Riven in another manner, (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing such notice by ceKified mail addreas~.d to l3orrower at the Properly Addreas or at euch other addrees ae Borrower may deaignate by notice to Lender as provided herein, and Ib) any notice to l.ender shall be given by certified mail, return receipt requeated, to (.ender a addreas atated herein or to auch other address as Le~der may designate by notice to Borrower ax provided herein. Any notice provided for in this Martgage shall be deemed to have been given to E3orrower or l.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing [.aw; Severebility. This form of mortgage combines uniform cuvenants for national useand non- uniform eovenante with limited variationa by jurisdiction to conatitute a uniform eecurity instrument oovering real property. This Mortgage ahall 'oe governed by the law of the jurie3diction in which the H~operty ia located. In the event that any proviaion or clause of thia Nlortgage or the Note contlicts with applicabie law, such conflict shall not affect other provisions of this MurlQage or the Note which can be given effect without the eonflicting proviaion, and to thia end the pmvisiona of the Mortgaqe and the Note are declared to be aeverable_ 16_ Borrower'e Copy. E3orrower ahall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'I~anefer of the Property; Aseumption. If aU or any part of the Property or an interest therein is eold or traneferred by Borrower wiihout ixnder a prior written conaent, excluding (a1 the creation of a lien or encumbrance aubordinate to thie Mortgage, lb) the creation of a purrhase money security interest for houaehold appliances, Ic) r, tranafer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lese not containing an option to parchase, l.ender may, at I.ender's option, declare all the auma serured by this Mortgage to be immediately due and payable. I.ender sha11 have waived such option to accelerate if, prior to the eale or transfer, Lender and the peraon to whom the Nroperty is to be aold or tranaferred rnach agteement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the suma se~vred by this Mortgage sha11 be at auch rate as I.ender ahall request. If I.ender has waived the option to acceler:~te provided in this paragraph 17, and if I3orrower's aucressor in interest has executed a written assumption agreement accepted in writing by l.ender, l.ender ahail release Borrower from all obligations under thia Mortqaqe and the Note. It l.ender exercisea auch option to accelerate, l.ender shall mail Borrower notice of acceleratiun in accordance with paragraph 14 hereof. Such noti~ shall provide a period of not less than :;0 days from the date the notice ia rr.ailed within which Rormwer may paY the aums declared due_ If Borrower fails to pay such sums prior to the expiratiun of such periud, l.ender may, without further notice or demand on 13orrower, mvoke any remedies permitted by paragraoh iR hereof. ll-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 ' ~j 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 ass~med 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 Rart or parts of Covenant 17, supra, the terms of this Covenant 17-A shall prevail. ~ , } $ ~ L:.'"' ~'' ` ' ?'~': `-~:'' =-:. . a~~~i 3~ ee~ ~.~