HomeMy WebLinkAbout1396!i. Inspection. l~~-der may make or cauee to be made reusonabie entnes upon and in~pertiun~ of the property, pro~~ded that l.ender ahal)
give Borrower notice prior to any such inapection specif~~ng reasonable cause therefor celeted to l.ender'~ interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct ur consequential, in ronnection with any rnademnation or
other taking of the pruperty, or part thereot, or for con~•eyance in lieu of co~demnation, are hereby aasigned and ehall be paid to l.ender.
!n the event of a total taking of the Property, the procetvia ehall be applied w the auma secured by this Mortgage, with the e:ceas, if any,
paid to Borrowe~. In the event ~t a partial taking of the Property, uniess Borrower and I.ender otherwiee agree in writing, there shall be
apNlied to lhe aume eecured by this Mortgage such proportion ot the proceeds as is equal to that propottion which the amount of the aums
secured by this Mortgage immediately prior to the date of taking beare ta the fair markel value of the Property irr.mediately prior W the date uf
taking, with the balancY of the proceeds paid to Borrov-er.
If the Property ia abandoned by Borrower, or if, aRer notice by [~nder to Borrowrr that the condemnor of~ers to mahe an aw~ard or setde a
daim for damagea, Borrower faila to respond to I.endet w~thin :i(1 days atter the date auch notice ia mailed, i.ender ia authorized to collect and
apply the proceede, at I.ender's option, either to restoration or repa~r of the property or W the auma aecured by thi' tilortgage_
Unlesa l.ender and Borrower otherwise agtee in writing, any auch applecation of pr+ocfe~e to prinripal ahall not e:tend or poatpone the due
date of the monthly inslallmente refe!red to in paragraphe 1 and 2 hereof or rhange the amount of sueh iastallmenta.
l0. ~iormwer Vot Releaeed. Extension of the time for paymant or mudificatiun of amortizatior_ uf the suma secured by this ~fortgage
Qranted Ly I.ender to any succrsaor in intereat ot i3orrower ahali not operate to release, in an~ manner, the liabitity uf the original Borrower
and Sorrower're succesaora in intemst. l.ender shall.not be required tu rnmmence proce~~dings againat such succea.gor or refuse to eztend time
fur pa~•ment or othervvise mudifv amoriization uf the sums secured b~• this \1u~aKe by rrasun of an~ demand m;~dr by the onRinal E3orrower
and t~;~rruwer'S : ucces~~irs in ~uterrst.
1 L Fo~bearanee by Lender Not a ~Paiver. Any forbearance by I.ender in e:ercising an~• right or remedy hereunder, or otherMiee
afforded by applicable law, aA:+l1 not he a vraiver of or preclude the exercise of any auch right or remedy. The prck-vrement of insursnce or the
payment of taxeti or ~ her iiena or charges by l.ender shall not be a v~ ai~~er of l~nder's right tu accelerate the maturit~ of the ~ndebtednesa
secured by this Murtg~ge.
I Y. Remedies Cumulative. All remediee pro~-ided in this lfurtgage are diaunct and cumulative to any other right or remedy under thia
Mortrage or aff^rded by law or equity, and may be eaercise.i concurrently, independentl~ or succesaively.
1:1. Succeaeors and ~esigne Bound: Joint and Several Liability; Ceptione. The covenanta and agreements herein contained ahall
bind, and the rights hereunder ehall inure to, the respecti~•e successors and assigr-s of I.ender and ~sorrow•er, subject to the prorisions of
paragraph 17 hemoL All co~•enants and agreementauf I3orroxer shall be joint and aeveral. "I~e capuons and headings of the paragrapha of
this Mortgage are for co~~enience only and arn not to be used to interpret or define the pro~iaiuna hereuf.
14. Notice. F.xcept for a~y notice reyuired under appticahie Irw• to he given in anuther manner, iai any notice to IiorruNer pro~~ided for tn
this Mort~xQe shall be gi~•en by mailing surh notue b~ certified ma~l addressed to Borrower at the Pruperty Address or at such oth~er aadress as
~rrower may drsiQnate by notice to I.ender as provided hernin, and ib~ anp notice to l.ender shall be gi~en by cert~fied mail, return receipt
rrquested, to l.ender's address stated herrin or to such other addre~s as Lender m~y drsiKnate by notice w E3orrovrer as provtded herein. An~
nutice pro~•ided ior in lhis MortgaKe shall be deemcd to hace been given to Bormwer or l.rnder Vrhen gi~ en in the manner designated hereen.
1~. Uniform :Hortqage; Governing Law; Severability.l'his lorm of murtgaRe combines uniform co~-enants for r.ationai use and non-
uniform covenants w~th limi:ed variations by junsdictiun to cc,nstitute a un~furm securih in~trument ec•~~er.n~ real propert~. This ~lortgage
shall be Ko~•rrned by the law of the jurisdiction in w•hich the Y:~-peRy is located_ In the event that am• pro~-i~ion or clause of this Stortgage or
the :1~ote confticts w-ith applicable lave, such conflict shall nut affect other pro~-i~ions of this \1urtK:~e or the \ote w~htch can t,e gi~en effect
~ N•ithuut the ninflictin~ pnn•isiun. and to this end the pruci~i.,ns of the :1lortgaRe and the \ote are deciared to be se~•erable.
16_ Borrower's Copy. E3orruwer t+hall be fumished a cunformed copy of the ~ote and of this ~lortgaRe at the time of execuUon or after
recordation hereof.
17. 7'ransfer of the Property: Aseumption. If all or any part of the Property or an ~nterest thernin is soid or tranaferred b~• E3ortower
w~thout [.ender's prior written consent, exciudinK ~a~ the creation of a lien or encumbrance sut-ordinate w this ~lortgage, ib- tte creation of a
purchase money security interest for household appliartcec, ic! a transfer b~ de~~se, d:scent or bv operation of law upon the death of a joint
tenant or (d- the grant of any leasehold interest of three years or less not contair.ing an optiun to purrhase, l.ender maz, at I.endei s option,
declare all the sums secured by this Mortgage to be immediately due and pacable. Lender ahal! ha~•e v~ ai~•ed such option to accelerate if, prior
to the sale or tranafer, l.ender and the person to w•hom the Propem• is to be said or transfe: red reach aRreement in w-riung that tite credit of auch
person is satisfactory to I.endPr 3nd that the intrrect pacable on the sums secvred b>• this ~1ort~aRe shall be at such rate as Lender sha11
re~yuest. [f I.ender has K•ai~•ed the option tu accrlrratP pru~•~ded in this paraRraph_ 1:, and if $arroK-er's succc~n i~ interest has e:ecuted a
µ-ritten assumption aKreement accepted in W-nt~nK by l,rnder, (.ender shall release [~cfrruw er frum a11 obliKauuns underthis ~tortgage and the
\ ote.
If I.ender exercises such aption tu acceirratr. Ixnder sh..ll mail E~rr~,w•rr notice of accelerauun ~n accordance v~~th paragraph 14 hereof.
~uch notice shall pro~~ide a peri~id of nut le~ss th~n :i~ ~ days frum the date the nutire is rr:3~led x•ith~n w h~ch Aorrcx er may pa>• the surns declared
due. If Borrovver fails to pay such sums pnor to the exp~rauun .-~f such prrn~d. I.endFr ma~. w-~thout further r.ot~ce or demaR~ o~ E3orrov-er.
~m•oke any remedies permittecl b~~ pazaKranh 1!+ hFreof.
17-A. The proceeds of the loan evidenced by the pror~issory note secured hereby have been
procured by Lender pursuant to Loan Agreement between NOUSING FINaNCE AllTHORI7Y OF ST.
LUCIE COU~ITY, Florida, and Lender, the interest of the Nousing Finance Authority of St.
Lucie County, ~lorida, in said Agreement having been assigned to FLORIDA ~1ATIONAL BANK Of,
~ MIAMI, Florid~, as Trustee under a trust indenture fram said Nousing F:nance Authority of
' St. Lucie County, Flor.ida. Under the terms of said Loan Agreer~,ent which expires at such
;:time as all the Bonds shall have been fully paid or provision r~ade for such pay~ent pursu-
ant to the Indenture, whichever shall be earlier, certain loan ~uidelines are imposed upvn
Lender which must be adhered to by Lender a~d Borrower, any default in which by Eorrower
shail automatically accelerate all remaining unpaid install~ents rerraining due un~er the
promissory note secured herpby. A copy of the Loan Agreer;ent is on file with Lender,
' Housing F~nance Authority of St. Lucie County, Florida, and Florida National Bank of Mia~i,
available f~r examination by any party during legal business hours of each bus~r~~ss day.
Among other things, the loan guidelines in said agreerr:ent provide as fo~lows:
"Mortgage loans, with the exceptior~ vf FFiFi-insured or YA-guaranteed mortgage
loans, may not be assumed except by a person or farr,ily whic~ would have beer.
eligible for a mortgage loan originally under thpse guidelines for a ter~ not
to exceed the term ef this agreement. The interest rate on the r:~rtgage loan
r~ay be increased in the event of =uch an assumptio-~, but only after the agree-
ment has terminated. In the event a rr:ortgage loan is assuTed, lender r~ay n~t
charge or impose an assu.mption fee in excess of one percent of the outstanding
principal amoun~ of the mortgagE loan."
If any part or parts of this Covenant 17-A is in confl=ct with any Fart or parts of Covenant
17, supra, the terr~s of this Covenant l7-A shall prevaii.
,'K 351 ~~~~:1392
~.~
.~