HomeMy WebLinkAbout27758. Iaspectioa. Lender mqy make or cawe to be made ceasonable entrie~ upon and iaepectiona of the pmperty. pmvided that Le~deT ~haU
give Borrower notice prior to any such inapedion specifying reasonable cause therefor related b Lender i iate~est ia the Prope:ty.
9. Coademaadoa. The prooeedi of any award or claim for damat[es, direct or con~equential, in oonAecti~n with eny m~dMnnetion or
other taking of the property, or part thereof. or for conveyance in lieu of oondemnation. are hereby assigned and shall bs paid to Lender.
In the event of a total taking ot the Property, the proceede shall be applied to the sums eecured by thia Mortgage, with the e:oes~. i! any.
paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lend~ otherwi~e agree it~ writinQ~ Were ahall be
applied to the aums sec~red by this Mortgage such proportion of the prooeeds as u equal to that pmportion which the amouat of the suma
ee~vred by this Mortgage irnmediately prior to the date ot taking bears to the fair martet value of the PropeKy immediately prior b the date of
taking. with the balanca of the pmceeds peid to Borrower.
If the Property is abendoned by Borrower. or if, aR.er notice by Lender to Borrower that the oondemnor offers to make aa award os settle s
claim for damages. Borrower fails b respond to I.ender within 30 days aRer the date such notice is mailed. Lender is authorised to collect and
apply the proceeds, at Lendes's option, either to restoration or repair of the property or to tht eums secnred by this Mortgaga.
U~lese Lender and Borrower otherwise agree in writing, any such application of pmceed~ b principal ehall not extend or postpone the due
date of the monthly installmenta referred w in paragraphe 1 and 2 henof or change the amount of such iaetallmeats.
10. Rorrower Not Released. Extension of the time for paym~nt or modification of amoriization of the sume secured by this Mortgage
qranted by Lender to any eucceasor in intereat of Bortower ahall not operate to release, in any manner, the liability of the original Borrower
and Borrower'a succeeaora in interea~ Lender ahaU not be required to oommence proceedings againet such aucceeeor or refuee to e:tend time
for pa~ ment or otherwi4e modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrower
and Borrowe~s aucces~ors in intereet.
11. Forbearance by LeAder Not a N-aiver. My forbearance by [.ender in exercieing any right or remedy hereunder, or otherwise
n fforded hy epplicable law, ahall not be a waiver of or preclude the exercine of any auch right or remedy.'l7~e pracurement of inaurance or the
payment of tx~es or other liens or chargee by Lender shall not be a waiver of I.ender's right to aocelerate the meturity of the indebtednese
aecured by this Mortgage.
12 Remedies G~mulative. All remediee provided in thie Mortgage are distinct and curaulative to any other right or nmedy under thia
Mortrage or afforded by law or equity, and may be exerciee~l ooncurrently, independently or eucceesively.
13. Succeaeors and Aseigne Bound; Joint and 3everal Liability; Captiona. The covenants and agreemente herein oontained ehall
bind, and the righte hereundet ehall inure to, the reepective eucceaeore and aeaigns of Lender and Borrower, eubject to the pmvisioas of
paragraph 17 hereof. A11 covenants and agreemente of Borrower shall be joint and eeveral. The captions and headings of the paragraphs of
thie Mortgage are for covenience only and are not to be used to interpret or define the provieione hereof.
14. Notice. Eacept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower pmvided for in
this Mortgage shaU be given by mailing auch notice by certified mail addrrseed to Borrower at the Property Addreee or at euch other addrees es
Borrower may deaignate by notice to i.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt
requested, to Lender'e addreas atated herein or to auch other addreea ae Lender may deaignate by notice to Borrower ax provided herein. Any
notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15. Unifor~n Mortgage; Governing I.aw; 3everability. Thia form of mortgage rnmbin~ uniform oovenanta for nationat use and non-
uniform covenanta with limited variationa by juriadiction to conatitute a uniform eecurity inatrument oovering real property. This Mortgage
ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any provieion or clause of thie Morigage or
the Note conflicta w~th applicable law, auch conflict ahall not affect other provisions of this Mortgage or the hote which can be given effect
without the oonflictin¢ Qroviaion; Anri t~ ti±:e end ~he gr~veaieRS of !!:s kloriesge snd :l:e N~le arc ~'ectarsd Lc !se sererahle.
16. Borrower's Copy. Borrower ahall be furnished a rnnformed oopy of the Note and of thie Mortgage at the time of execution or after
recordation hereof.
17.11~anefer of the Property; Aeeumptioa. If all or any part of the Property or an interest therein is eold or transferred by Borrower
without Lendei a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a
purchase money eecurity intereet for houeehold appliancea. (c) a tranefer by deviee, deecent or by operetion of law upon the death of a joint
tenant or (d) the grant of any leaeehold intereat of three yeara or lese not rnntaining an option to purchaee, I.ender may, at Lender a option,
declare all the aums eecurea by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior
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-~ ~•~ ~ . , u.....~: a.......~ ~.a.,~. w:.u~~„ aa~c r. u~,r. ay ie w ur eK,~u ur uaneiemxi rebcn agreemeni in wriiing inai ine ereditot such
person ie satiafactory to I.ender and that the interesl payable on the auma secured by thie Mortgage ehaU be at auch rate as Lender ahall
requeat. If Lender hae waived the option tn accelerate provided in thia paragraph 17, and if Borrower's aucceasor in interest hae e:ec~ted a
written aseumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationa under thia Mortgage and the
Note.
If Lender eacercisea auch option to accelerate, Lender shall mail Borrower notice of aoceleration in accordance with paragraph 14 hereof
Such notice ahall provide a period of not less than 30 days from the date the notice ie ruailed within which Borrower may pay the auma declared
due. If Borrower fails to pay such sums prior to the expiration of auch period, [.ender may, without further notice or demand on ~iorrower~
mvoke any remedies permitted by paragranh IS 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 NOUSING 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 Flousing 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
~~nder which must be adhered ta by Ler~er a~d 8orrower, any default in which by 8orrowe~
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 Ba~k 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 11-A is in conflict with any part or parts of Covenant
11, supra, the terms of this Covenant 17-A shall prevail.
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