HomeMy WebLinkAbout2771S. Inspectlon. Lender mey make or cawe to be mede re~uonable eAtries upon eu-d i~pections oi the pmp~rty. provided that Lender shal)
give Borrower aotice prior to any such inspection specifying reaaonsble cauae therefor related to Lender's interest in the Property.
9. Condemnadoa.'R~e proceeds oi any award or claim for damsgea, direct o: conseQuential, ia c~onnectior with ~ay a~ndemnation or
other taking ot the property. ~ part thereof, or for oonveyanoe in lieu of oond~nnation. are hereby asaigaed and shall be paid to I.ender.
In the event ot s btal taking of the Property, the proceeds shall be applied to the sums se~vred by this Mortgsge, with the e~coes~, if any,
peid to Borrowe~. In the event of a pattial taking of the Property, unleea Borrower and Lender otherwise agree iA writit~g, there shall be
applied to the sums secured by this Mortgage such proportion of the proceeds aa ie equal b that pmportion which the aaaount of the suau
eecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property iramediately prior to the date of
taking. with the balanoa of the prooeeds paid to Bozrower.
If the Property ie abandoned by Borrower. or if. aRer notice by Lender b Borrower that the oondemnor ofTers to mal~e an award or settle a
claim for damages, Borrower fails to respond to Lender within 30 days after the date auch notice is mailed. I.ender is authoriud b coAect and
apply the prooeeds, at Lender's option, either to restoration or repair of the pmperty or to the sums eecured by this Mortgage.
Unlese Leader and Boirower otherwiee agree in writing, any such applicatioA of proceeds b principal shall not e:tend os postpone the due
date of the monthly installments referred to ia paragraphe 1 and 2 hereof or change the amount of auch installments.
10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the aums secured by this Mortgage
granted by Lender to any aucceesor in intereet of Borrower shall not operate to releaee, in any menner, the liability of the original Borrower
and Borrower e successora in intereat~ Lender ehaU not be required to oommence proceedings againet auch auccessor or refuee to e:tend time
for payment or otherwise modify amortization otthe suma secured by this Mortgage by reaeon of any dema~d made by theoriginal Borrower
and Borrower e eucceseore in interest.
11. Forbearance by Lender Not a R-aiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise
afforded by appUcable law, shall not be a waiver of or preclude the e:erciee of any euch right or remedy. The prcx urement of inaurance or the
payment of taxes or other liens or chargea by Lender shall not be a waiver of Lender's right to accelerate the meturity of the indebtedneas
aecured by thia Mortgage.
12 Remedtes Cumulative. All remedies pmvided in thie Mortgage are distinct and cumulative to any other right or remedy under thia
Mortcage or afforded by law or equity, and may be e:erciee~i ooncurrenUy, iadependently or aucceesively.
13. Succeesore and Aesigne Bound; Joint and 3everal Liabitity; Captions. The covenante and agreementa herein oontained ehaq
bind, and the righta hereunder ehall inure to, the respective aucceesore and assigna of Lender and Borrower, aubject to the pmvieione of
paragraph 17 hereof. All rnvenante and agreemente of Borrower shall be joint and several. The captions and headinge of the paragraphs of
thie Mortgage are for covenience only and are not to be used to interpret or de5ne the provieions 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 shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreea or at euch other addrees as
E3orrower may deeignate by notice to Lender ae provided herein, and (b) any notice to Lender ahall be given by certified mail. retum reoeipt
requested, to I.ender'e addresa atated herein or to such other address aa Lender may designate by notice to Borrower as pmvided herein. My
notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15. Uniform Mortgege; Governing Law; Severability. Thie form of mortgage combines uniform oovenanla for national nee and non-
uniform rnvenanta with limited variations by jurisdiction to rnnetitute a uniform aecurity inatrument oovering real property. This Mortgage
ahall be qoverned by the Iaw of the juriediction in which the Property ia located. In the event that any provinion or clauee of thie Mortgage or
the'Note contlicts with applicable Iaw, auch contlict shall not af~ect other proviaiona of this Mortgage or the Note which can be given effect
without the conilicting provision, and to thia end the provieions of the Mortgage and the Note are declared to be severable.
16_ Borrower'e Copy. Borrower shall be furnished a conformed rnpy of the Note and of thia Mortgage at the time of ezecution or after
recordation hereof.
17.1Yanefer of the Property; Aseumption. If all or any part of the Property or an interest therein ia eold or tranaferred by Borrower
without Lender s prior written conaent, e:cluding (a) the rreation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a
purehase money aecurity interest for household appliances, (c) a tranafer by deviae, d~cent or by operation of law unon the death of a ioint
tenant or (d) the girant of any leasehold intereet of three yeara or leae not rnntaining an option to purchaee, I.ender mey, at Lender a option.
declare all the suma securea by this Mortgage to be immedietely due and payeble. Lender ahall have waived such option to aocelerate if. prior
to ihe sale or tranefer, Lender and the pereon to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of euch
peraon is satiafactory to Lender and that the interest payable on the sume sec~red by this Mortgage ahall be at such rate as I.ender ahall
request. If Ixnder has waived the option to accelerate pmvided in thia paragraph 17, and if Borrower'8 successor in interest hae e:ecuted a
written assumption agreement accepted in writing by Lender, I.ender shall rnlease Borrower from all obligationa under thia Mortgage and the
Note.
If Lender exerciaes auch option to accelerate. Lender shall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of not less than 30 daya firom the date the notice is ~r.ailed within which Borrower may pay the auma declared
due. If Borro~+er faila to pay such sums prior to the expiration ot such period, Lender may, without further notice or demand on Borrower,
~nvoke any remediea permitted by paraqraoh 18 hereof.
17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been
procured by Lender pursuant to Loan kgreement between HOUSING FINANCE AUTNORITY 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
r 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 ma~y 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 17-A shall prevail.
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