HomeMy WebLinkAbout2172S. IA~peC~~OD. l.erder may maks or cawe b be made nawnable eatrie~ upon and 'uupection~ oithe proparty. provided thaR Lead~ ~hall
give Botrowe~ aotice prior to say such inapectioa ~pecifyin~ reswttabk cewe therefar related to Let-der'~ intered ia the Propert~-.
8. Coademasdoa.'11ie proceed~ of any award or clsim for daaaa~e~. direct or con~equentisl. in oonnectioa wit6 aay condemnatioa or
other talun~ of the property. or part thereoi. or for conveyanos in lien of ooaddanatioa, are hercby atsisaed aad ~hsU be paid to Lendes.
Ia the event of a total taki~~ oi the Propecty, the pmceeds shall be appGed to the aums ~ecured by thu Mort~a~e, aith the esoaa. if any.
paid to Borrower. In the evsnt of a partial takin~ of the Propetty. unlesa Borrower and Lender othenvi~e agroe in aritin~. there shall be
appGed b the sums secured by thiu Mortgege ~nch proportion of the pmceeds a~ is equal to that proportion which the amonnt of We sums
secured by this Mortgage iminedia4ly psio~ to the dete of taking bean tn the fair market velue of the Piroperty imnaediately prior b tbe date of
taking. with the balanee of the proceeds paid to Borrower.
If the Prop~ty ia abandoned by Borrower. or if, aRer notioe by Lender to Borrower that the oondemnor ogen to meke an a~rard or ~ettk a
claim for damages, Borrower faib to respoad to I,eader within 30 days atter the date such aoiioe ia mailed. [,ender iu authorised to collect end
apply the proceeds. at Lender's option. either to restoration or repair of the pmperty or to the s~ secured by thi~ Mortgaga
Unless Lendu and Borrower otherwise agree in writine, any such application of proceed~ to princ~pal shell aot ~tend or po~tpone the due
date of the monthly instaUmeafe nferred to in paragrephs 1 and 2 hereof or change the amount of such instaWnents.
10. $orrower Not Released. E:tension of the time for payrnsnt or modification of amortisation of the sume secured by this Mortgage
granted by I.ender to any suc~.~easor in interest of Borrower shall not operate to release, in any manner, the tiabiGty of the original Borrower
and Bormwer e aucceasors in interes~ Lender ehall not be required to oommence pmceedings agair~at such successor or refusa to eztend time
for pa~•ment or otherwiae modify amortization of the euma secured by this Mortgage by reaeon of any demand made by the original Borrower
n nd Borrovoei a succc+ieora in interesl.
11. Forbearance by Lender Not a Weiver. My torbearance by Lender in e:ercising any right or remedy hereunder. or otherwise
affox~ed by applicable law, ehall not be e waiver of or preclude the e:ercise of any such right or nmedy. The procuretnent of inaurance or the
payment of tauee or other liens or chargee by Lender shall not be a aaiver of Lender s right Lo aocelerate the maturity of the indeb4dne6s
secured by this Mortgage.
12 Remedies Gtimulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy aader this
Morti-age or afforded by law or equity. and may be eacercise~i ooncurrently, independently or suoceesively.
13. 3ucceseors and Assigne Bound; Joint and Several Ltability; Captions. The eovenanta and agreemente herein containsd shall
bind, and the rights hereunder ehall inure to. the respective aucresaors and sssigns of Lender and Borrower. aubject to the prnvisions of
paragraph 17 hereof. All covenanta and agrcemenfa of Borrower shall be joint and eeveral.'11~e captions and headinga of the paragraphs of
this Mortgage are for covenience only and are aot to be used to interpret or define tbe provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in
thia Mortgage ahall be given by mailing euch notice by certified mail addressed to Borrower at the Property Addreae or at such other addreas as
Eiorrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to Lender ahall be given by certified mail, retum reoeipt
requeated, to Lender s addrees atated herein or to such other address as Lender may designate by notice to Borrower as provided herein. My
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner designated herein.
15. Unifotm Moctgage; Governiag I.aw; Severability. Thie lorm otmortgage combinea uniform oovenants for national use aad non-
uniform covenante with limited variations by jurisdiction to oonstitute a uniform eecurity inatrument rnvering real property_'11~is Mortgage
shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provieion or clause of this Mortgage or
the Note contlicfs with applicable law, auch rnntliM shall not af'fect other provieions of thie Mortgage or the Note which can be given effect
without the oonflicting proviaion, and to thie end the pmvieions of the Mortgage and the Note are declared to be eeverable.
16. Bflrrower'e Copy. Borrower ehell be furniahed a conformed oopy of the Note and of this Mortgage at the time of ezecutioa or atter
recordation hereof.
1T. Transfer of the Property; Aesumption. If all or any part of the Property or an interest therein is sold or traneferred by Borrower
without Lender e prior written rnneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a
purchase money eecurity intereet for household appGances, (c) a transfer by devise. dmcent or by operation of Iaw upon the death of a joint
tenant or (d) the grant of any leasehold intereat of three years or lees not containing an option to purchase, Lender may. at Lendefs option,
declare all the auma eecarea by this Mortgage to be immediately due and payable. Lender shall have waived euch option to socelerateif. prior
to the sale or tranefer, I.ender and the person to whom the Property is to be sold or traneferred reach agreement in writing thet the credit of auch
person ia satiatactory to Lender and that the intereat payable on the suma aecured by this Mortgage shall be at auch rate ae L.ender ehall
request. If Lender has waived the option to accelerate provided in thie paregraph 17, and if Borrower s aucceaeor in intereet haa ezecuted a
written aseumption agreement accepted in writing by I.ender, L.ender ahall release Borrower from all obligationa under thia Mortgage and the
\'ote_
If Lender e:ercisee auch option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph I~ hereoL
tiuch notice shall provide a period of not less than 30 daye from the date the notice is rr.ailed within which Borrower may pay the auma declared
due_ If Borrower fails to pay such sume prior to the expiration of euch period. I.ender may, without further notice or demand on Eiorrowrr,
~nvoke any retnediea permitted by paragraoh IS hereof.
17-A. The proceeds of the loan evidenced by the.promissory note secured hereby have been
Frocured by Lender pursuant to Loan Agree~nent 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 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 l7-A is in conflict with any part or parts of Covenant
17, supra, the terms of this Covenant 17-A shall prevail.
8~~?X`it~ F'ACE~,1
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