HomeMy WebLinkAbout27618. la~pectioa. [,ei-det me~y make or c~ws to be made ceawnable eatrie~ upon and in~pectioru of 1he pmpesty. prnvided thet i.snder sh~ll
give Borrower notice prior to any such iaipection specifYinS ~nable cauk the~efor relat~d to Lendet'~ intere+t in the Prope~q-.
9. Condama~tloa.'R~e proceeds of any awerd or claim for dama~e~. direct os con~equentisl. in connectioa with at~y oonde~nnatioa or
othet tsldn~ of the property. ~ part theieof. or for conveysnoe in 4eu oi oondemnation. an hereby aa~i~-ed at~d ~heJl be paid to Leader.
Ia the event of a btal takinQ of the Property. the proceed~ shall6s applied ta the ~ua-s ~ecuTed by this Mort~a~e, arith the esces~, if sny,
paid to Borrower. I~ the event of a partial taking oi the Property. unless Borrowa and Lend~ other~vi~e a~ree in writin~. Lhere ~heA be
applied to the suau ~ecured by this Mort~age snch pmportion of the proceed~ as u equal to thst proportion which the aa~ount of the ~um~
secured by this Mottgage immediately prior to the dat~ of taking bean to the faiu matkd value of the Propetty immediately prior to the date of
taking, with the balanca of the prooads paid to Borrower.
If the Property is abandoned by Borrower, or if, aRer aotioe by Lender to Bormwer that the oondemnor offers to make an awerd or ~ettle a
c{sim for damaga. Borrowar fails to respond to Lender within 30 days after lhe date euch notice is mailed. I.ender is authorized to collect and
apply the proceeds. at Lender's option. either to reatoration or ~epair oi the property os to the sums secuted by this Motigage.
Unlees L.ender and Borrower otherwise agebe in writing, any such application of pmceeds to principal shall aot e=tend or pwtpone the due
dete of We monthly inetallments nferred to in para8raphs 1 and 2 henwf or change the amount of ~uch instaWneats.
t0. Bornswer No~ Released. E:tension of the time for payin ant or modification of amortizatiot~ of the sums secured by this Mortgage
granted by Lendet to any sutt~eeeor in intereat of Borrower ehall not operate to releaee, in any mannet, the liability of the origina! Borrowet
and Borrowerb eucceasors in interes~ Lender shall not be required to oommence procecdings againat euch succeaeor or refuse to extend time
for paymen-, oe otherwise modify amortization of the auma eecured by thia Mortgage by reaeon of any demand made by the original Borrower
and Bormwei a successocs 'sn intereat.
1 i. Forbearsnce by Leader Not a VNstver. My forbearance by Lender in e:ercieing eny right or nmedy hereunder. or othrrwise
afforded by appUcable taw, ahall not be a waiver of or preclade the e:erciee of any euch right or nmedy. The prncurement of ineurance or the
payment of tesea ur other uens or charges by Lender ahall not be a waiver of Lender s right to aocelerate the maturity of the indebtedneea
eerured by thia Mortgage.
12 Remedies Gtimuletive. All remedies provided in this Mortgage an distinct and cvmulative to any other right or remedy ander this
Mortrage or afforded by law or equity. and may be Pacetciee~l ooncurrently, independendy or sucxeesively.
13. Succesaors and Aesigne Bound; Joiat and Several Lisbiltty; Captioas. The covenanta and agreemente herein oontained shall
bind, and the righLa hereunder shall inure to. the respective eucceesors and aseigns of Lender and Borrower, aubject to the pravisione of
paragraph 1? hereof. All rnvenanta and agreemente of Borrower shall be joint and several. The captione and headinge of the paragraphs of
this Mortgage ate for covenience only and are not to be used to inierpret or define the pmvisions heteof.
14. Notiee. Except for any notice required under applicable law to be given in another manner. (a) any notice to Boirrower provided for in
thie Mortgage ahall be given by mailing aach notice by certified mail addreseed to Borrower at the Property Addreee or at euch olher address as
Borrower may designate by notice to Lender aa pmvided herein, and (b) any notice to I.ender ahall be given by certified mail, return reoeipt
requeated, to ixnder's addreea atatsd herein or to euch othez addreas se Lende~r may designate by notice W Borrower as provided herein. My
notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender wheQ given in the manner designat~d herein.
15. Uniform Mortgege; Goveraing I.aw; 3everability. Thia foran of mortgage combines unitoran oovenanta for national uee and non-
uniform covenants with limited variatione by juriadiction to oonatitute a unifonn eecurity inatrun~ent oovering real property.ll~is Mortgage
ahall be govemed by the law of the juriediction in which the Ptoperty ia located. In the event that any pmvic+ion or clauee of this Mortgage or
the Note contlicta with applicable Iaw, auch rnnAict shall not af~ect other ptoviaions of thie Mortgage or the Note which can be given efteet
without the oonflicting provision, and to thia end the provisione of the Mortgage and the Note are declared w be eeverable.
16. Barrower's Copy. Sorrower sfial{ be f~rniehed a conformed oopy of the Note and of thia Mortgage at the time of etecution or after
reeordation hereof.
17.1~anafer of t6e Property; Aesumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower
without Lender s prior written coneent, ~cluding (a) the creation of a lien or encumbrance eubordinate W this Mortgage, (b) the creation of a
purchase money aecurity intereat for household appliancee, (c) a tranefer by devise. deeoent or by operation of lew upon the death of a joint
tenant or (d) the grant of any leaeehold intereet of three yeare or lees not oontaining an option to pwrchaee, Lender may, at Lendei a option,
declare all the sume secured by this Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior
to the asle or transfer, Lender and the person to whom the Property ia to be eold or tranaferred reach agnrment in writing that the credit of anch
person ia aatiafactory to Lender and that the intereat payable on the sums secured by this Mortgage eha11 be at anch rate as I.ender shall
request_ If Lender has waived the option to accelerate provided in thie paragraph 17, and if Borrower s auccesaor in intereat has ezecuted a
written aseumption agreement accepted en writing by Lender, L.ender ahall releaee Borrower from all obligationa under thia Mortgage and the
Pk-te.
If Lender ~erciaee such option to accelerate, [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL
Such notice shall provide a period of not less than 30 daya from the date the notice ia rnailed within which Borrower may pay the aume declared
due. If Borrower faile to pay auch sums prior to the expiration of auch period, i.ender may, without further notice or demand on $orrower,
invoke any remediea permitted by paragraoh 18 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 ~INANCE AUTHORITY 0~ ST.
LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St.
'~~Lucie County, Florida, in safd 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 accel.erate 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 FNA-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 Cove.nant
17, supra, the terms of this Covenant 17-A shall prevail.
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