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HomeMy WebLinkAbout0064H. Inepection. l.ender may mnke or cause to be made ~usonable rntriee upon t+nd inapectiond of the p~upe~ty, provided that l.ender ahall Kive I3orrowe~ notice prio~ t~, any such inapection apecifyinK rcaaunable caue~e thetefor related to I.ender'e intereet ~n the Property. 9. Condemnation. The proceede of any award or claim for damagee, direct or coneequentiai, in connection with any tvndemnation or other taking of the pmperty, or part thereof, or for conveyance in lieu of condemnation, are hereby aeaigned and ehall be paid to l.ender. In the event o[ A total taking of the Property, the proceecla ehall be applied to the suma eiecured by this Mortgage, with the exceee, if any, paid to l3orrower. (n the evenf uf a partial takiog of the F'raperty, unleas Borruwer and l.ender otherwiee agree in writing, there ahall be upplied to the aums aecured by this Mortgage euch pmportion uf the proceede ae ie eyual to that proportion whicA the amount of the eums secured by thia Mortgi~ge immediately prior to the dnte of lukinK benre tv the fair market ~~alue of the Ptoperiy immediately prior to lhe date o! taking, with the balancr of the proceeda pAid to Rorrower. lf the Property is abundoned b~ Borrowrr, or i[, after notice by l.ender to Berrower that the cundemnor ufi'era to make an award o~ aettle a cluim for dtimnges, l3orrower faila to reapond to l.ender within :i0 days aRer the date such notice ia mailed, I.ender is authorized to collect and app:y the proceeda, at l.ender's option, eriher to reatorat~on or repxir of the property or tu the eums securezl by this Mortgage. Unlesa I.ender and f;orruv-e~ otherwise aKree in writing, nny such applicatio~ of pn~ceede tu principal ehall not extend or postpone the due d=.ite o[ the monthly inatt~llments referrcd to i~ pari~graphs 1 and 'l hereof or chanRe the amount of euch i~atallments. lU. l3orrowrr Not Releasrd. F:xtenaion of the time tor paym ~nt or modification of umurtiz~tion of the xumx xecured by thia Mortgage Krantecl by Iw~nder to any succes:~,r in iMere~t of tiormwer shall not uperate to reteaxe, in nny mannrr, the liability of the oriQinal Borrower arn! I3orrow•er's vuccessorx in intemst. (.ender sh.ill not tx• myuircd tu ~Yimmrncr proce~dinKs t~Kn~nst such sun•euxor or refuse to extrnd time f~~r pu>~-nrnt ~~r ntherw•isr m~K1if~• amurtizati~~n o[thr ~+ums sc~•until t-y this AlortKaKr bt• reasun uf am• ~lem:+nd made by th~•oriy,~ina) Borrower ^nd IiurruH•er's succesw~. in inten•.t. 1 l. Forbearance by Lender Not a Waiver. Any fort-earnnce by I.ender in exercisinK any riKht or reme~y hereunder, or otherwise :~fforded by applicahle law•, shall not be a wHiver of or preclude the exerci~e of any such right or remedy. The procurement otineurance or the payment of tt-xes or other liena or charKes by l.ender yhal) not be a waiver of l.ender's right to accelerate the maturity of the indebtedneas secured by this htortgnge. I'2. Nemediea Cumulative. Alt remedies providecl in this MortKaKe are distinct and cumulative to any other riKht or remedy under thie \1ort~•aKe or afforded by law or eyuity, and may be exerciae.i cwncurrently, indeprndently or succeaaively. l3. SucersAOra and Aseigna Bound; Joint and Several I.iability; Captions. The covenantx and aKreements hPrein con~ained shall hind, and the riKhtx hereunder shull inure to, the reapective succexsors and asxigne of I.endpr and Fi~~rrower, sub~ect to the provisione of ~~araKraFh 1? henr,f. All r~venants ~:nd a~~*eemen!s c~f Finrrex•e: shall t~ j~int and aever~L Th~e capii~,nn and headinK~ cff the par.igraphx of thia ;11oKgaKe are fur cyn•enience only :~nd are nnt to be ~s~d tu interpret or define tl~e proviaions hereot. 1;. Notice. F:xcept for a~y notice nr~uirtKl under .~pplicx-~te law to tM Kivrn in annth~r m.~nn~r, la1 any notirn to liorrow~er proti~idrd for in this MortKaKe sh~U be Mci~•en by mailinK such notice by crrtifieci maii addressrd to Rorrower at the f'roperty Address or at auch other addrea8 ae 13orrower ma~ desiRnate b~ notice to I.ender as providcd herein, nnd ~b1 any notice to l.ender shall be Riven by certified mail, return receipt rnyuetitecl, to l.c~nder's addre.3s s4ited hrrein or to such othrr address as I.ender may drxiKnate by notice t~~ l3orrower ax provided herein. Any notice provided for in this ;1lorlg.~Ke shall be decmc~d tu have t-ecn given to 13orruwer or 1 xnder when given in the manner designated herein. I:i. Uniform Hortgage; Governing I.aw; Severebility. 7'his form of mortKx~ccombines uniform ~ov~nanta for national use and non- uni[orm rnvenantx veith limit~d ~•ariations by jurisdi~•tiu~ to c~institute a uniform security irstrun-ent cti,verin~ real pruperty. This Mortqage ~hall be Ku~•rrnecl h~ the law of the juriadiction in wh~ch the 1'ruperty is I+x~atecl. In the erent that ant provi~ion or claiuse of this Alortqaqe or the tiote cunflicts w~th applic.ib!r 1~-w, tiuch cunllict shall not .~ffect uthrr pro~•isions of this ~furtKa~;e ur the l~ote w•hich can be Kiven effect «~ithout the ~,~ntlictink pm~•i,iun, and to this i~nd th~~ pru~•isiuns of the 11urtKaKe and the Note are declared G~ }~C• r,rverable. 16. Burrower's Copy. Iic~rruwer shall t-e furnishe~cl a conf~~rmed copy of the tiote and of this MortKaKe at the time of execution or after rc~•urdatiun hereof. 17. Transfer of the Property: r~ssumption. If all or any part of che I~roperty or .zn intereat therein is suld ur transferred by Borrower w•~thout I.~ nder's prior w•ritten cunsent, excludinK la- the creatiun of a lirn or encumbrance sulMrdinate to this MortK~Ke, lb1 the creation of a ~ purch.ise mone~ security interest for household appliancry, Ic1 a trantifer by devise, d;scent or by operation of law upon the death ota joint ~ tenant or ld 1 the Krant of any leasehuld interest of three years ur les.s not containinK an option to purchase, i.ender may, at I.e~der's option, declare all the sums securcvl by this ~1ortKaKe to be immediatcly due and pay able. I.ender ah~ll have waived such option to accelera/e if, prior tu the sale or transfer, l knder ~~nd the person tu w•hom the Prupertc is to be suld or transferrcd reach aKreement in writing that the credit of such person is satisfactory- to I.rnder and that the intc•re::t pa}•:-bIF nn the sum~ sec~md by thi~ ~turtKaKe shall tx~ :~t such rate as [,ender ahall rryuest. If (A~dE•r h315 N'.flVed the optinn tn accf•It•r.iti• pn~~•~di~ in thir paraKraph 1~, and if l3orruwer's successor in interest has executed a ~~ntten assumEtion aKrermrnt arcepted in K•ritinK h~~ I w•nder, lw~ndrr shall relrase Rorr~~a•er frum all obliKationa under this 1lortgaKe and the . \ ate. {f Ixnder exercise~ su~•h uptiun tu acrrli•r:it~•. IA~ndrr shall mail IiurruN'~r nutice uf acceleratir~n in accurdance with paraRraph 14 hereof. ~uch nutice sh:ill providr a pi•ri~Ki i~f nnt Ir.s th:~n :i~t day. frnm thi•d:~tf~th~~ n~~ti~•e ~s rr.:~il~Yi within n•hi~h Rnrrow•rr ma~~ pa~• thesumti declared riut•. If F3urn~wf•r fa~ls t~~ pa~~ sui•h sums pri~~r t„ the rxp~r.iuim uf su~•h prriud. Lrnder ma~•, withuut furthrr notici~ or demand on fi~~rrower, ~neoke ~~n}• remedies prrmittfvl b~• paraKranh 1 r+ he•rw~f. 17-A. The proceeds of the loan evidenced by the pron~issory note secured hereby have been ~rocured by Lender pursuant to Loan Agreenient between HOUSING FINANCE AUTNORITY OF ST. ~UCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. Lucie County, Florida, in said agreement having been assianed to FLORIDA NATIONAL BANK OF ~•1IAMI, Florida, as Trustee under a trust iridenture from said Housing Finance Authority of St. Lucie County, Florida. Under the terms of said Loan Agreement which expires at such tic~e as all the Bonds shall have been fully paid or provision ~r~ade for such payment pursu- ant to the Indenture, whichever shall be earlier, certain loan guidelir.es are imposed upon Lender which must be adhered to by Lender and Borrower, any default in which by 8orrower shall automatically accelerate all rerraining unpaid installments remaining due under the promissory note secured hereby. A coay of the Loan Agreement is on file with Lender, Nousing Finance Authority of St. Lucie County, Florida, and Florida National Bar:k of Miami, available for examination by any party during legal business hours of each business day. Kmonq other things, the loan guidelines in said agreement provide as follows: "h1ortgage loans, rrith the exception of FHA-insured or• VA-guaranteed mortgage loans, may not be assumed except by a person or family which would have b~en eliyible 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 assur~ed, lender may not charye or impose an assumption fee in excess of one percent of the outstanding Grincipal amount of the mortgage loan." , If any part or parts of this Co~enant 11-A is in conflict with any part or parts of Covenant 17, supra, the terms of this Covenant 17-A shall prevail. :~'~'x•.~*J1 ~'aGf 64 = t-_= - _ - ;~ - -- _ ~ ~ _ _ .~ ~ .._-_. ~. r .. ._.. _ _ _ ~ _ ._.