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HomeMy WebLinkAbout19368. Ip~~lBC~IOp. I.ender may make or cawe to be made reawnable e~tsie~ upon and iiupectiona otthe property, provided that Lender ~haU give Borrower notic+e prior ta any such inspection ~pecitying naaonable cause therefor relaf~ed to l,ender's intenst in the Property. 9. Condemnatioa.'11ie proc~eds of any award or claim for damage~. direct or consequential, in connection with any oondemnatioA or other taking of the pmperty, or part thereof. or fot conveyance in lieu ot oondemnatioa. are hereby arsigned u~d ~hall be psid to Lender. Ia the event of a total taki~g of the Propedy. the proceeda shell be applied to the suen~ secured by this Mortgage. with the e:oew, if any. paid to Borrowe~. Ia the event of a partial taking of the Property. unleea Borrower and Leader otherwise agree in ~vritin~. there shaU be applied b the auws secured by this Mortgage such pmportion of the proeeeds as is equal to thst pmportion which the amount ot the sums eecured by this Mortgage immediately prior to the date of taking bears to the tair market value oithe Property immedietely prior to the date of taking. with the balanoa of the proceeds paid to Borrowe~. ltthe Property is abandoned by Borrower, or it eRer notice by l.ender to Borrower that the oondemnor offers b make an award or eetde a claim [or damagw. Borrower fails to napond to l.ender within 30 days after the date euch notice ie mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the property or Lo the sums secured by this Mortgage. Unleee Leader and Borrower otherwise sg~ee in writing. any such application of proceeds to prinripal ehall not eutend or postpone the due date of the monthly installiaenfa referred Lo ia paragraphs 1 and 2 hereof or chan~e the amount of euch installments. lU. Borrowe~ Not Retee~sed. E:teneion of the time for paym~nt or modification of amorti:ation of the sume aecured by thie Mortgage granted by l.ender to any euccegeor in intereat of Borrower sha!! not operate to releaee, in any manner, the liability ~f the origene! Borrower and I3orrower'e succeseora in interea~ Lender shail not be required to commence proceedinge againsi euch eucceeaor or refuee to extend time for payment or otherwisr mocilfy amortization of the aums aecured by this Mortgage by reason af any demand made by the original Borrower and ~rmwer's succeasors in interest. i l. Forbearance by Lender Not a Waiver. Any forbearance by l.ender i~ exerciaing any right or remedy hereunder, or otherwise aftorded by appiicahle law, ehall not be a waiver of or preclude the exerciee of any euch right or remedy_ The procurement of ins~uance or the payment of tauea or other liens or charges by Lender ahall not be e waiver of [.ende~ s right to aocelerete the maturity of the indebtedneas secured by this Mortgage. • 12 Rewedies Cumulative. All remedies pmvided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortcage or afforded by law or equity, and may be exerciae~l concurrenqy. independently or aucceasively. 13. 3uccessore and Aesigns Bound; Joint and Several Liebility; Captione. Tfie rnvenants and agreemente herein contained ahall bind, and the righta hereunder ahall inure to, the reaprctive auccesaors and easigne of L.ender and Borrower. eubject to the proviaione of paragraph 1? hereoL All rnvenante and agreements of Borrower ahall be joi~t and aeveral. The captions and headinge of the paragraphe of thia Mortgage are for covenience only and are not to be ased tc- interpret or define the proviaions hereof. - 14. Notice. Except for any notice required under applicable lav- to be given in another manner,la) any notice to Borrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addreaeed to Eiorrower at the Property Addresa or at such other addreee ae Borrower may designate by notice to Lender as provided herein, and Ib1 any notice to l.ender ahall be given by certified mail, return receipt requested, to Lender'a addrees atated herein or to auch other addrees aa Lender may deaignate by notice to Borrower an provided herein. My notice providLd [or in thie Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage rnmbines uniform covenante for netiona! uee end non- uniform covenants with limited variationa by juriadiction to constitute a uniform eecurity instrument covering real property. This Mortgage shali be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauee of this Mortgage or the Note contticta with applicable law, such contlict shall not aftect other proviaions of this Mortgage or the Note which can be given eftect without the conflicting proviaion, and to this end the provieione ot the Mortgage and the Note are declared to be severable. 16. Bormwer's Copy. Borrower ahell be turniahed a conformed rnpy of the Note and ot thia Mortgage at the time of execution or afcer recordation hereof. 1T. Tranefer of the Property; Asaumption. I[ all or any part of the Property or an interest therein ie eold ortraneferred by Borrower without Lender s prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the crnation of a purrhase money aecurity interest for houeehold appliances, (c) a transfer by deviee, d~scent or by operation of law upon the death of a joint tenant o~ (d) the qrant of any leasehold intereat o~ three yeare or leea not rnntaining an option to purchase, I.ender may, at Lender a option, declare all the sums aecured by this 1Nortgage to be immediately due and payable. Lender ahall have waived auch option to accelerste if, prior to the eale or tranafer, Lender and the peraon to whom the Property ia to be sold or traneferred reach agreement in writing that the creditof auch peraon is satistacwry to Lender and that the interest payable on the euma secured by this Mortgage shall be at auch rate ae Lender ahall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s auccessor in intereat has execvted a written asaumption agreement accepted in writing by Lender, Lender ahall release Borrower [rom al! obligationa underihia Mortgage and the Note. If L.ender esercises such option to accelerate, t.ender ahall mail Borrower notice of acceleration in acoordance with paragraph 14 hereof Such notice ahall provide a period of not less than :i0 days from the date the notice ia rr.ailed within which Borrower may pay the suma declared due. [f Borrower (ails to pay euch aums prior to the expiration of such period, l.ender may, without further notice or demand on Borrower, invoke any remediea permitted by paragraoh lA 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, ar~d Lender, the interest of the Housing Finance Authority of St. ~,,l~.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, 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 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 l1-A is in conflict with any part or parts of Covenant 17, supra, the terms of this Covenant 17-A shall prevail. ~ ~ ~. ac~3`~ p~cE~~4