HomeMy WebLinkAbout2779S. Iaspection. I.ender mqy make or cewe to be made nawnable entrie~ upon and 'uupectio~s of the property, provided that Lender ~h~ll
give Borrower notiee prior to aqy such inapection ~pecifyin~ reasonable cawe thenfor related to Lender'~ ipterest in the Properqr.
8. Condemn~tlon. The proceeds of any award or claim for damaRea, direct or consequential, in oo~n~ction wiW sny oondemnation ar
oth~ taking of the pmperty, or part thereof, or for rnnveyance in Ueu of oondemnation, sre hereby assi~ned and shall be paid to Lender.
I~ the eveat of e total talcing of the Pcoperty. the proceeds shall ba applied to the sume secured by this Mortgage. with the ezce~s, if any,
paid to Borrower. In the event of a partial taking of the Property. unleas Boirower and Lender othenviee agree in ~vritin~. then ~hall be
applied to the aums secured by this Mortgags such proportion of the proceeds as iu equal to that proportion which the amount of the surns
secured by this Mortgage immediately prior to the date of taking bears b the fair market value of the P[opetty immediately prior to the date of
taking. with the balance of the proceeds paid to Borrower.
If the Property is abandoned by Borrower. or if. aRar notice by Lender to Borwwer that the oondemnor ot~ers b make an award or settle a
claim for damages. Borrower fails to respond to Lender within 30 days after the date sucL notice ie mailed. Lender is authorized to collect and
apply the proceeds. at Lender s option, either to restoration or repair of the property or to the sume secured by thie Mortgage.
Unlese Lender and Borrower otherwise agree in writing. any euch applicetion of pmceede to principel shall aot e~ctend or poetpone the due
date of the monthly installmente nferred Lo in paragraphs 1 and 2 hereof or change the amount of such iqstallnaeata.
IQ Bosrower Not Released. E:tenaion of the time for paym=nt or modification of amortization of the aums aecured by this Mortgage
granted by i.ender to any aucceaeor in intereat of Borrower ahall not operate to releaee, in any manner. the liability of the original Borrower
and Borrower's succeesore in intereaf. [.ender shall not be required to commence proceedings againat auch eucceasor or refuee to e:tend time
for payment orotherwiac modify amortization of the suma secured by thie Mortgage by reason of any demand made by the original Borrower
an~! Borrower a auccr~ors in interest.
t 1. Forbearence by Lender Not a Waiver. My forbearance by I.ender in exercieing any right or remedy hereunder, or otherwiee
af~forded by apglicable law, ahall not be a waiver of or preclude the exerciee of any euch right ar remedy. The pmcvrement of ineurance a: the
payment of taxes or other liena or charges by Lender ehall not be a waiver of i.ender e right to accelerate the maturity of the indebtedness
eecured by this Mortgage.
12 Remedies Cumulative. All remedi~ pmvided in thie Mortgage are dietinct and cumulative to any other right or remedy under thie
Mortrage ot aaorded by law or equity, and may be e:erciee~i ooncurrently, independenUy or auaaeasively.
13. 3ucceseore aad Aseigne Bound; Joint aad 3everal Liability; Captiona. The covenante and agreements herein oontained shall
bind, and the righte hereunder ahall inure to, the reapective succeeeors and seeigna of Lender and Borrower, aubject to the proviaione of
paragraph 19 hereof. All rnvenanta and agreemente of Borrower ahall be joint and eeveral. The captione and headinge of the paragraphs of
thie Mortgage are for covenience only and are not to be used to interpret or define the pmviaione hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thia Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreea or at such other addrees ae
Borrower mey deeignate by notice to Lender as pmvided herein, and (b) any notice to I.ender shall be given by certified mail, retum receipt
requeated, to I.ender's addreas atated herein or to such other addreae as Lender may deaignate by notice to Bo*rower as pwvided herein. Any
notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15_ Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenanta for national uee and non-
uniform covenante with limited variatione by juriadiction to rnnstitute a uniform eecurity instrument aovering real pmperty. Thie Mortgage
shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provieion or clause of thie Mortgage or
the Note conflicts with applicable law, auch conflict sha11 not affect other proviaiona of thie Murtgage or the Note which can be given effect
without the conflicting pmvi~+inn, ~nd t~ thia end the grovisions of *_he !l4~rl~ege rr.~ Ll:e !~Ia+~ E:e dscls.^t~ :o ~~Yers~le.
16.. Borrower'e Copy. Borrower ahall be furniehed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after
recordation hereof. .
1?. 'Itiranefer of the Property; Aeeumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower
without Lender a prior written coneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, {b) the creation of a
purchase money aecurity intereat for houaehold appliances. (c) a tranefer by deviae, dc~cent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three yeara or leae not oontaining an option W purchaee, Lender may, at I.ender's option,
deciare all the auma securea by this Mortgage to be immediately due and payable. I.ender ehall have waived such option to socelerate if. prior
S~ :t:~ 03:~ tt: :Z ::,o ci, i:c;.uo: ni u u c~ci e'vTi w ii:,iiiui a,ic iivNci'iji ib i'v u8 6a7iu ~i iini~a~EtTeu iruC~i a~[rclilCii~ ~I~ wfiUt~~ Yliit UlC l'fClllt Ut BUCtI
peraon ia eatiafactory to Lender and that the intereat payable on the auma secured by thie Mortgage shali be at euch rate ae I,ender shall
request. If Lender hae waived the option to accelerate provided in thie paragraph 17, and if Borrowei a aucceasor in interest hae executed a
written assumption agreement accepted in writing by l.ender. Lenderehall release Borrower frotn all obligationa under this Mortgage and the
Note.
If Lender exercises such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragtaph 14 hereof.
Such notice ahall provide a period of not less than 30 days from the date the notice ia rnailed within which Borrower may pay the sums declered
due. If Borrower faila to pay auch aums prior to the expiration of such period, l.ender may, without further notice or demand on E3orrower,
~nvoke any remedies permitted by paragraoh IR hereoC.
17-A. The proceeds of the loan evidenced by the pranissory note secured hereby have been
pracured 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
- L~rder which must be adhered to by Ler~er and 8orrawer, any default in which by Sorrower
~~' ~hall automatically accelerate all remaining unpaid installments remaining due under the
Ipromissory note secured hereby. A copy of the Loan Agreement is on file with lender,
H using Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami,
~a aila le for examination by any party during legal business hours of each business day.
~ o ther things, the loan guidelines in said agreement provide as follows:
1
'Mortgage loans, with the exception of FHA-insured or VA-guaranteed mortgage
oans, 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
17, supra, the terms of this Covenant l7-A shall prevail.
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r~K ~JU PaCE 27~~j
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