HomeMy WebLinkAbout04258. Inepection. l.ender may make or cauee to be made reaewnable entriee upon and inspectiona of the property, provided that L.ender ehall
give Borrower noti~~e prior to any euch inspection apecifying reaaonable cauee therefor related to L,ender'e intereet in the Property.
9. Condemnation. The pmceeds of aoy award or claim for demagee, direct or consequential, in connection with any rnndemnation or
other taking of tha property, or parl thereof, or for conveyance in lieu of condemnation, are hereby aesigned and ehall be peid to I.ender.
(n the event of a total taking of the Property, the procecde ehall be applied W the aume secured by this Mortgage, with the excese, if any,
paid to Borrower. In the event ot a pattial takinq of the Property, unleas Barrower and Lender otherwise agree in writing, lhere ehall be
applied to the auma secured by this Mortgage auch proportion of the proceeda as is equal to that proportion which the amount of the eume
aecured by thie Mortgage immediately prior to the date of txking beatx to the fair market value of the Piroperly immediately priot W thedate ot
taking, with the balanca of the pr~oceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, after ~otice by I.ender to f3orrower that the condemno~ offers W make an award or eettle a
claim for damages, Eiorrower Cails to rea}wnd to l.ender within :30 daya after the date auch notice is mailed, I.ender ie authorized to collect and
apply the proceede, at Lender'a option, either to restorution or repair of the properiy or to the aume secured by ihis Mortgage.
lJnieee~ I.ender and Borrower otherwise agree in writ~r~c, any such application of proceeda to principai ehali not extend or puetpone the due
date of the monthly instatimenta referred to in para~raphe 1 and ~ hereof or change the amount of euch inatailmente.
10. Rorrower Not Released. Extension of the time for paymant or modification of amortization of the eume secured by this Mortgage
Kr.:ated by l.ender to any successor in interest of t3orruwer shall not uperate to release, in any mxnner, the liability of the original E;orrower
and ~~orroNer's successors in intereat: I.ender shali not 1-e required to cY~mmence proceedings aKtiinst auch succeasor or refuse to extend time
fur p.+ymer' O~ u~UPfK1tiP ZI~~IFy amortizutiun oCthe ~ums SecurEd by thie MortKaKe by ree~~~n of any demand ~ni~de by the uriKinxl Borruwer
:tll(~ ~~uCtl~Wpi 3 sucress~.!~ in inter~st.
11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in exercisinR any right or remedy hereunder, or otherv-zse
t~ffo~ded hy ripp-i~able law, shnU not be ~ wuiver of or preclude the exercise of any auch right or remedy. The procurement of insurance or the
payment uf iaxea or other liens or charRes by l.ender ahall not be a waiver of I.ender'a right to accelerate the maturity of the indebtednesa
secured by thia Mortgage.
1'l. Nemediee Cumulative. All remedies providc.v in thie Mortgage are dietinct and cumulative to any other right or remedy under thia
bturtrage or afforcied by Iaw or equity, and may be exerciaerl concurrenUy, independently or auccesaively.
13. Succedaors and Assigne Bound; Joint and Several Liability; Captions. The covenante and agreements herein contained ahall
bind, and the riKhts hereunder ahall inure to, the respcrtive succeasors and assigns of I.ender and l3orrower, subject to the provisiona of
paragraph 1? hereoL All coven~nts and a~qreements of Borrower shall be joint and several. The captions and headings of the paragrapha of
this MwtgaKe am for covenience only and are not to be used to interpret or define the provisions hereof.
14_ Notice. Except ff~r any notice reyuired under t~pplicc~ble taw to be Ri~~en in another manner, l:+l any notice to &-rrc,wer provided forin
this 111ort~taKe shall be given by mailing such notice by certified mail addreased to Borrower at the Property Addresx or at such other addresa as
Fl~~rrower may desiQnate by notice to l.ender as provided herein, and Ib- any notice to I.en.ler shall be E[iven by certified mail, return receipt
rrquestvd, to l,ender's addre~ stated herein or to such other address as t.ender m.~y designale by nocice tA Bonower aa provided herein. Any
nutice provided for in this N1ort~aKe ahall be deemcd to have been Riven to Borrower or l.ender whrn given in the manner designated hemin.
15. Uniform Nortgage:GoverningLaw;Severability.Thisformofmortgagecombinesuniformco~enantafornationaluaeandnon-
u~ifarm covenant~t with iimited variatiuns by jurisdiction to cunstitute a uniform security instrument ca~ering real property. This Mortgage
shxll be Kovrrntd b~ the lav- of the jurisdiction in which the Praperty is located. In the event that any provisiun or clause of this Mortgage or
the `ute conflicts x~th applicable law, such conflict shall not .iffect other provisions of this :~tortgaKe or the Note which can be given effect
v~~thuut the conflictinQ pmvision, and to thi~ end the procisions of the MortRage and the Note are declared to be severable.
16. Barrower's Copy. E3orrower shall be furnished a conformed copy of the Note and of this A'lortgage at the time of execution or atter
recurdation hereof.
17. Transfer of the Yroperty; Asaumption. If ali or any paR ~~f the Nroperty or an intemst therein is sold or transferred by I3orrower
without (.ender's prior written cunsent, excluding lal the creation of a iien or encumbrance subordinate to this Mortgaqe, (b! the creation of a
purchase money security interest for household appliances, lc) a transfer by devise, d~scent or by nperation of law upon the death of a joint
tenant or idl the qrant of any leasehold interest of three years or iess not containinK an option to purchase, l.ender may, at l.ender's option,
declare all the sums securea by this ~tortQage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior
to the sale or transter, Lender and the person to whom the 1'roperty is to be sold or transfened reach agreement in writing that the credit of auch
person is satisfactnn' tu l.ender and that the interest pay~~ble on the sums secured b~- this ht~ictgaRe shall be at such rate as I.ender shall
>eyuest. If Ixnder has .~•aived the option tu accelerate pnn•idc~ in this paraQraph 17, and if fiorrow~er's successor in interest has executed a
w•ritten assumption aKrc~mrnt ac~-~•ptrd in w•ritink b~~ IAnder, l.ender shall release BorroNer from atl obligati<~ns underthis Mc-rtgage and the
ti ote.
[f I.ender exercises such option tu accelrrate, 1 A•nder chali mail Bormwer notice of acceleration in accordance vrith paraQraph 14 hereof.
~uch notice shall pro~~ide a peri~Kt of not Irss th.+n :i11 days frum thedate thr nuti~e is rr.ailed within which Rorrower may pav the sums declared
due. If Rnrrower fails io pay such sums pnor to the expiration of such periud, Lender may, w•ithout further notice or demand on ~iorrower,
~nvoke any remedies permitted b~• pz-raKraoh ] n iirrc~~f.
17-A. The ~roceeds of the loan evidenced by the promissory note secured hereby have been
procured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTNORITY Or" ST.
LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St.
Lucie County, Florida, in said Agreerrent having been assigned to FLORIDA NATIONAL BANK OF
t4IAMI, Florida, as Trustee under a trust indenture frcro said Housing FinancP 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 provisian made for such payment pursu-
`ant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed ~pon
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 fiie 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 Vfl-guaranteed mortgage
loans, may nat be assume~ except by a person or family which wo~ld 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 ~gree-
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 confiict with any part or parts of Covenant
17, supra, the terms of this Covenant i7-A shali prevail.
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