The URL can be used to link to this page

Home My WebLink About1940 8. le~pection. l.ender may make or cawe to be made ~aasonable entries upon and inspections of the pmperty, pwvided that I.ender shaU give Borrower notice prior to sny such in~pection specifying ~easonable cauae thenfo< <elated to l.ender's interest in the Property. 9. Coademnatioa. 'I1~e proceeds of e~y award or claim for damages. direct or rnn~equential. in coRnectioa aith aqy rnndemnation or other taking ot the pmperty, or part thereof, or for rnnveyance in lieu of condeannation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds sha11 be applied to the sums secured by thia Mortgage. with the escess. if sny. paid to Borrower. I~ the event of a partial taking of the Property. unlesa Horrower and l.ender otherwise agne in writing, there shaU be applied to the suma secut+ed by this Mortgage such proportion of the pruceeds as u equal to that proportion which the amount ot the s~uns eecured by this Mortgage immediately prior to the date of taking bears to the lair market vatue of the Ptoperty unmedia4ly prior b the date of taking. with the balanca of the proceede paid to Borrawer. I[the Property ie abendoned by Borrower, o~ if, after notice by l.ender to Borrower that the oondemnor of~ere to make an award or setUe a claim !or damages, Borrower fails to respond to Lender within 30 daye after the date euch notice is mailed, [.ender ia authorixed to collect and apply the proceeds. at I.ender's optio~. either to restoration or ~epair o! the pmperty or to the eums secured by this Mortgage. Unlesa I.ender and Borrower otherwiee ag~ee in writing, any auch application of ptoceeds to principal ahall not e:tend or postpone the due datQ of the monthly inetallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch instaUments. 10. Borrower Not Releaeed. Extension of the time for paym~nt or modification of amortization of the suma secured by this Mortgage Kranted by Ixnder w any eu~Y~,wr in intrreat uf i3~,rrower a6ati not operate to retease, in any rnanner, the liabiiity of ihe originai &,rruwer and Borrower'a succeaeore in interest. l.ender ahall not 6e required to rnmmence proceedinga againat auch succeasor or refuse to extend Gme [or payme:'.t or otherwis~ ~nodi[y amortization of the suma riecured by thia Mort~age by reason of any demand rnade by theoriginal Borrower and Borrower's succ~rc~ in interest. 11. Forbearance bf Lender Not a Waiver. Any [orbearance by I.ender i~ exerciaing any right or remedy hereunder, or otherwise afforded by applicable lew, ahall not be a waiver of o~ preclude the exerciee of any euch right or remedy. The pmcurement of inaurance or the payment of ta:ee or other liena or chargee by Lender ahali not be a waiver of Lender s right to accelerate the ~naturity of the indebted~eee eecured by this Mortgage. , 12 Remedies Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie Morti~ege or afforded by law or equity, and may be exerciee~i concurrendy. independently or eucceasivety. 13. Succeasors and Aseigne Bound; Joint and Several Liability; Captione. The rnvenants and agreemente herein contained ahall bind, and the righta hereunder ahall inure to, the reapective aucceaeora and asaigne ot l.ender and Borrower, subject to the provieione of paragraph 17 hereof. All covenanta and agreementa of Honvwer ahall be joint and eeveral. The captiona and headinga of the paragraphe of thia Mortgage are [or rnvenience only and are not to be ueed to interpret or define the proviaione hereof. 14. Notice. Except for a~y notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin this Mortgage shaU be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addrese or at auch other addrees as Borrower may deaignate by notice to I.ender aa provided herein, and (b) any notice to I.ender ehall be given by certified mail, retarn receipt requested, to Lender's addreas atated herein or to such other addresa ae I.ender may designate by notice to Borrower ae provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to 13orrower or l.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability.'I~is form of mortgagecombinea uniform oovenants tor national uae and non- uniform covenanta with limited variationa by jurisdiclion to conatitute a uniform aecurity instrument rnvering real property. Thia Mortgage shall be govemed by the law of the jurisdiction in which the Property is located. In the event that any provic+ion or clause of thie INortgage or the Note conflicts with applicable Iaw, auch contlict shall not affect other provisions of this Mortgage or the Note which can be given eftect without the rnntlicting proviaion, and to thia end the provieiona of the Mortgage and the Note arn declamrl to be severable. 16. Borrower'e Copy. Borrower ahall be fumished a conformed eopy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. 7'ranefer ot the Property; Asaumption. If al) or any part of the Property or an intereat therein is sold or trs+na[erred by Borrower without Lender'a prior w~ritten consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security intereat for household appliancea, (c) a trana[er 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 years or lesa not containing an option to purchaee, I.ender may, at Lender'a option. declare all the suma secnred by this Mortgage to be immrdiately due and payable. Lender ehall have waived such option toaccelerate if, prior to the sale or transfer, I.ender and the peraon to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of ench person is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage ahaU br at such rate as Lender ahali request. If [.ender has waived the option to accelerate pruvided in this paragraph 17, and if Rorrower's auccessor in interest has executed a written assumption :~reement accepted in w~riting by l.ender, I.enderahall release Borrower from all obligations under this Mortgage and the Note. If lxnder exercises such option to accelerate, l.rnder ahall mail Bc~rrower noticeotacceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not less tt~an :i0 days from thedate the notice ia rr.ailed w ithin which Borrower may pay thesums declared due. It Borrower fails to pay such sums prior to the expiration of such period, Ixnder may, without further notice or demand on 13orrower. ~nvoke any remediea permitted by paragraoh 18 here:~f. 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 NATIOiVAL 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 ~uidelines 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 i7-A shall prevail. r-~ ~~,--~0 ~~3~ P~1