HomeMy WebLinkAbout10398. lnapection. l.ender may make or cauae to be made reasonable entriee upo~ end iaepe..~tione ot the properiy, provided thatlxa~er eh:till
give Borrower notice prior to any euch inepection apecifying masonable cuuae therrfor relal,ed k- Lender'e interrst in tlax Praperty.
9. Co~demnation. The proc~eede of any award or claim for damaxea, dirert or coneeQUential, in connertion with anv conde~nnatinn or
other taking of the property, or part thereof, or for conveya~ce in lieu of condemnation, are hereby aeaignec! and s:h9U Ae paiA to i.ender.
ln the event of a total taking of the Property, the proceede ahall be applied t~- the aums aecured by thia Mortgage, with the excrea, if any,
paid to Borrower. In the event of a partiet iaking of the Property, unleae Borrower nnd L,eaJer ~therwiee agree in wtiting, there ehall be
.ipplied to the auma secured by this Mortgage such proportiun af the proceede ~+ ie ~ual to that proportion which the ~mRUnt of ihe eu~ne
Q~'!l~ ~1V ~h1Y M(~~QA4P ~-f'1R/1Pl~~ q~PI V nTI~- Rn ~F~P I~ V~P f1~+A~~~f~ MA.n r~ ~ti.. f~::.,~+~.k~ ~hi,~~. ef the }'rnperty ~mmediately prinr :c thc clate of
taking, with the balancr of the proceeda paid to Borrower.
It ttie Property ie abandoned by l3orrower, or if, after notice by I.ender to Borrower that the condemnor ofEera to m:~ice an a~serd ~~ aettle a
claim for damagee, Borrower [ails W respond to I.ender within 30 daya after the dnte such notice ie meiled, Lend~r ia auttioriaal tu c~tlect and
apply the proceede, at l.ender'e option, either to restoration or repair of the property ur to the eumx ae~:ured h~ thie lli~rigebe.
Unleae Lender pnd Borrower otherwiee agree in writing, any auch application of pra.~eede to principul shai! not ~xten~ or possjwne thrdue
dute of the monthly inotallments referred to in paragraphe 1 and 2 hereof or change the amount of euch installmr-r.ss.
t0. Borrower Not Releaeed. F:xtenaion of the time for pavm ~nt ur modification af amortizaiion nf the sums secure~3 by this lllortgnge
Rrunteci by I.ender .o any succesaor in inte~est of Eiorrower shall not operate to releaee, in any manner, the liability nf ttie ot~~cinal Borruwer
~+nd Eiorrower's auccessors in interest. I~ender ahall not be required to cnm~irnce procredir.ga ~~t,iinst such succeaso- or reriuae t~, extend time
f~,r p~ymenYor otherwise miNiify am~~rtiz:~tion of th~ ~ums srcure.l hy thix ~1ort~a+Ke by rea..~,n :~! any dem:~nd made 1-y t!-eori~;in~il Rnrrower
:.nd I~orrowe= y svcces.u~.;: in interc~ct. '
:I. Forbearance by I,ender Not a Waiver. Any forbe~rance by i,endcr in exercisinK nny nqht ur remc~;y herewider, ar othrrwise
affer~ed by applicable law, ahall not be a waiver of or preclude the exercise af any such riqht or rrmedy. The pr~u.-ement of invurunce or the
payment of taxe~ or other liena or chargea by Lender ahall not be a waiver of l.en~er'a riFht to accelerate the malurity ot the indehtrdnesa
:ecured by this Mortgage.
l l. Remediea Cumulative. All remediee pmvided in thia htortgage are distinct ~nd cumulative to any other ri~ht or remedy under thie
~lortcage or afforded by lav- or equity, and may be exercieed croncurrently, independentl~ or succesaively.
13. ~cceseore and Asaigne Iiound; Joint and Severa) Liability; Captione. The covenants and a~reemrnts here:n rontained ahall
f,ind, and the righte hereunder shall inure to, the reapective aucceesors and assigns of L.ender 9nd t3orrower, sub;ec•i to th~ pmviNione of
paragraph 17 hermt All covenanta and agreementa of Borrower shall be joint and eeveral. The captions and hcadar-Kx of the pitrttRrapha of
this MortRage are for cci~enience only and are not to be used to interpret or define the pr.~s•:sinz~ hereof.
14. \iotiee. i~:!cerpt fur t~ny nuticr reyuired uncier applical-le law to be Kiven in an~~ther mnnuer. tal nny notim to fiotrower prc,vided fu{ in ~
this 111ortgnKe shal) be given by mailinK such notice by certitied mail addressed to Scrrow er nt the Yroperty Addresaur at auch uiher addres~ as
ltorrower may deaiAnate by notice to (wnder ns provided herein, and Ib) any notir-e to l.~nder ahatl be given b~ rrrt~ficd mail, return receipt
requested, to l.ender's addreag stated herein or to such other address as Lender may design~te by notice te }~rmwer as provide.l herein. Anv
notice pro~~ded for in this Alnrtgage ahall be deemed to have been given to E3orrower or I.ender when givea in !he manner designated her~in.
15. Uniform Mortgage; (:overning [.aw; Severability. This form of mortgage co~ibines uniform ~,ven~r.ta for nationaf uaeand non-
uniCorm covenantx w~th limitcyl variations by jurisdictie>n to cvnatitute a unifurm grcuntL instrument cc,venn~ re~9 propertv.'i'hia MortKaqe
~halZ be Kovernecl by the law~ of the jurisdiction in which the I'roperty is lucated. !n theerent that any provi~:;ou ur clause of this hiortgaKe or
the Note conflicts w~th applicable law, such conflict shatl not affect other pro~~sions af thiA MurtKaqe or the Tiote wh:ch can be Ri~•en effect
w•ithuut the ninflictinq pmvision, and to this end the pro~•ieions of ihr Mort~a~e ;~nd the tiote are declArr.~ to be severabie.
16. Barrower'a Copy. 13orrower shaU be furnished a confr~rmed copy of the No!e and of this Mortgage at the time of exer~tion ur after
recordation.hereof.
17. Transter of the Property; Aeaumption. If all or any pan of the Ytopeny or an interest therrin is ewld or traneferred bv Burrower
w•ithout I.ender's prior written consent, excluding Ia1 the creation of a lian or encumhrance suFwrd~naLe tu this Mortgage, tb~ the creation of a
~~urchase muney security interest for household :~ppliances. Ic1 a tranafes by de:-ise, dascent or by opersitir;:- uf law upon the death of a joint
tenant or ld/ the grant of nny leasehold intereat of three years or less no! containing an option to purcnase, i.ender m5y, at I.erider~ opti~,n,
declare all the sums securea by this Mortgage to be immediateiy due and payab;e. Lender shall have waiveci sach optivn to accalezate if, prior
to the sale or transfer, I.ender and the person to w•hom the 1'roperty is to be soid or transferred reach agreen:rnt in writir~a thai the c.-e3it uf auch
person is satis[actory tn Lender and that the intNrest p~yaLle on the sums s~curecf by thi~ MortgaKe shall t,e :it ;;nth rate : s I.ender shall
request. If i.rnder has w•ai~•eKl the nption to accelerate pruvidecl in this paraRraFh 1 i. and if K~~rr~,wer's success:~r in interc~t ha~ exrcutcd a
~•ritten nssumpti~~n aKreement acceptrd in w~ritinK by 1 xndcr, l.ender shall rele~se Ro*~~~+;er frum all ubliKati~;r~r. un~er±his MortKa~te and the
`ute.
If I.ender exercises such option ~o accelerate, 1,~•nder shall m.~il Korrower noticeof acceleratinn in accordance with paraKraph 1~4 hereof.
~uch notice shall provide a periud of not Irtis th.~n :~l~dayti frum the date the nc~tice is mailed w~ithin which Borrower m:ic pa~• the sums declared
due. If BorroN•er fails to pay cuch sums pnor to the expiratiun of such periud, l.ender may, w~ithout ;urther nnt:re or demand on Ik~rrower,
~m~oke any remrdies permittc~l b}• paraKra~h IK her~f.
17-A. The proceeds of the loan evidenced by tl~~ pr~missory note secured hereby have been
procured by Lender pursuant to Loan Agreemer!± ~etween i~OUSING FINANCE AUTNORI7Y OF ST.
~jLUCIE COUNTY, Florida, and Le~der, the in~ereJV ~f ~!:° HQUSing Finance Authority of St.
-~•, Luciq County, Florida, in said Agreement ha;;ing ~e°n 3ssi~ned tQ FLORIDA NATIONAL 3R~lK OF
~ h1IAMI, Florida, as Trustee under a trust indenture from said t~ousirig Finance Auth~rity of
St. Lucie County, Florida. Under the'terms of said Loan Agreenert which expires at such
time as all the Bonds shall have been fully pai~ or provision ~~~ade for such pay~ien~ ~,ursu-
ant to the Indenture, whichever shall be e?!"~?p!"3 ~Q~'~dlfl loan guidelines are i~~~r~se~ upon
Lender which must be adhered to by Lender and Borrn;~Ar, any ~efault in wF~ich by Sarro~rer
shall automatically accelerate all remaining unpaid in~tallr~ents rerrsaining due u~dP: }he
promissory note secured hereby. A copy of the L~3f? F~gree~r,ent is on file with Ler~er•,
Housing Finance Authority of St. lucie County, Florida, ard Florida i(~4~L~1(3~ S3ri: ~' u~r;~~;,
available for examination by any party during legal uusiness hours of each business day.
Funong other things, the loan guidel ines in said agreei~ent provide as follows:
"~lortgage loans, with the exception of t=HA-insured or '1A-guaranteed s~~orty3ge
loans, may not be assumed except by a persor. c~r family rrhicn w~ould have Ue~n
eligible for a a~ortgage loan origina ~~~r ~~~uer these guideli~es for a}P_!'~"i not
to exceed the term of this agreement. Th~ interest rate on the rr~rtgage ioan
may be increased in the event of such an assumption, i~ut'oniy after the agr•ee-
ment has terminated. In the event a mort~age loa~-: ?s us;umed, lerder• ~r3y not
charge or impose an assumption fee in excess of one percent of the cut;Landing
principal amount of the mortgage loan."
If any part or parts of this Covenant 17-A is in conflict with any part or parts af Covenant
17, supra, the terms of this Covenant 17-A shall ~reva~l.
~ ~~~K 351 ~~vE 1038
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