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HomeMy WebLinkAbout1948. ,/ Y.,- ~~. 8. Inspection. Lender may mske or cause to be made ~ea~onable entries upon and inspections of the property. pmvided that Lender shall give Borrower notice prior to any such inspection specifying reasoneble cauee thenior nlated to Lender's i~terest in the Property. 9. Coademnation.'11~e p~oceeds of any award or claim for damages, dii~eM o~ consequential, in rnnnection aith eny oondemnation or other taking ot the pmperty. or part thereof, or for rnnveyance in lieu of rnndemnatio~. are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied b the sums secured by this Morlgage, with the escees. if any. peud to Borrower. Ia the event of a partial taking of the Property. unlees Borrower and Lender otherwise agree i~ writing, there shall be applied to the euma secured by this Mortgage such proportio~ of the proceeds es is equal to that pmportion which the amount of We sums eecu~ed by this Mortgage immediately prior to the date of taki~g bears tu the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. I[the Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower that the oondemnor offets to make an award or aettle a claim for damag~. Borrower [ails to reepond to Lender within 30 daye after the date auch notice is mailed, Lender is authorized to coUect and apply the pmceeds, at Lender s option, either to restoration or repair of the property or to the suma eecured by this Mortgage. Unleea Leader and Bormwer otherwise agrre in writing, any euch application of proceeda W principal ehall not estend or postpone the due date o[ the monthly installments re[etred to in parag~aphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not RelewetKl. F.xtPnaion of the time tor Qaym ~nt or modification of amortization of the euma eecured by thia Mortgnge gra~ted by I.ender to any eucce~eor in intereat of Borrower ahall not operate to releaee, in any manner, lhe liability of the original Borrower and Borrower'a aucceasora in intereat. L.ender ahall not be required to rnmmence proceedings againet auch aucceeeor or refuae to extend time for payment or otherwise modify amortization of the sums aecured by this Mortguge by reason of any demand made by the origina) Borrower ~+nd Borrower's succeseors i~ interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by l.ender in e:ercising any right or remedy hernunder, or otherwise afforded by applicable law, ahaU not be a waiver of or preclude the exerriee of any such right or remedy. The pmcurement of inaurance or the payment of taues or other liena or chargee by Lender ahall not be a waiver of Lender a right to accelerate the maturity of the indebtednesa secured by thia Mortgage. 12 Remediea Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right or remedy under thia Mortcage or atforded by Iaw or equity, and may be e:erciee~l ooncurrendy, independendy or aucceeaively. 13. Succeesors and Aseigne Bound; Joint and Several Liability; Captiona. The covenante and agreemente herein contained ahell bind, and the righta hereunder ehalt inure to, the respective succeseors and aesigna of Lender and Borrower, aubject to the proviaiona of paragraph 17 her~eoL All covenanta and agrremente ot i3orrower ahali be joint and eeveral. The captions and headinge oi the paragraphe of this Mortgage are for covenie~ce only and are not to be used to interpret or define the pmvieione hereof. 14. Notice. Except for a~y notice required under applicable law to be given in another manner. (a) any notice to Bonower provided for in thia Mortgage ahall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addresa or at euch other addreas ae Borrower may deaignate by notice to Lender ae provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeeted, to Lender's address atated herein or to auch other address as Lender may designate by notice to Borrower ex provided herein. My notice provided for in this 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 combines uniform rnvenante for national use and non- uniform covenants with limited variations by juriadiction to conatitute a uniform security instrument rnvering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any ptovision or clauee of thie 111ortgage or the Note contiicta with applicable law, auch conflict ahall not aftect other provieions of this Murtgage or the Note which can be given effect without the rnniliMinq provision, and to thia end the provisiona of the Mortgaqe and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thia Mortgage at the time of exr.cution or after recordation hereof 17. Ttanefer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia sold or tr$neferred by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purehase money security intereat for houaehold appliances, (c) a transfer by deviae, dexent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not rnntaining an option to purchaee. I.ender may, at [.ender a option, declare all the aums aecured by this Mortgage to be immediately due and payable_ Lender ahall have waived auch option to accelerate if, prior to the sale or tranafer. [.ender and the person to whom the Property ia to be aold or tranaferred reach agreement in writing that the creditof such peraon is satiafactory to l.ender and that the interest payable on the sums secured by this Mortgage shall be at auch rate as Lender ahall request. If lxnder has waived the option to accelerate provided in this paragraph 17, and if F3orrower s succesaor in interest has e:ecuted a written assumption agreement accepted in writing by l.ender, I.ender shall release Borrower from all obligations under this Mortgage and the 1l..tp V If Ixnder exerciRes auch option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. 5uch notice ahaU provide a period of not less than :30 days from the date the notice is rr.ailed with~n which Borrower may pay the suma declared due. If Borrower faits to pay auch sums prior to the expiration of such pericxl, l.ender may, without further notice or demand on I3orrower, ~nvoke any remedies permitted by paragraoh 1R hrreof. 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 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, 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 ather 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 l7, supra, the terms of this Covenant 17-A shall prevail. ~~:'~ 350 ~a~E ~946 ; y _ - ~