HomeMy WebLinkAbout1735N. Inepection. I.ender may make or caure to be made reaaunabir rotriea upon an~ inepectiuna o!the property, pruvided that Lender rhall
Kive Eiorrower notice priar to any auch inepection specifying reaeo~ahle cauxe therefu~ relatrd to I.ender'e interest in the f'roperty.
9. Condemnation. The proceeds of any award or clai:n for damages, dinrt or coneequential, in coanection with any condemnation o~
uther taking of the property, or purt thereof, or for cooveyance in lieu of condemnapon, arn hereby aaaigned and shall be paid to L.ender.
In the e~ ent of n total taking of the i'iroperty, the proceeda sl~all be applied to the euma eecured by this Mortgage, with the e:cesa, if any,
ps+id to f3orrower. In the event o( a partial taking of the Pmperty, un~raa Borruwer and I~nder otherv~lee agree in w~riting, thece shall `~e
applied to the aums aecured by this Mort~eage euch proportion of the proceedB aa is equal to thet proportion w~hich the amount of the aums
:+crured by this 17ortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to thedate of
ralfino urifh fF~a ~AIA~fN l1f IItP nwrrm~lo nnia fn Rl~swnWP-
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If the Pmperty ia abandoned by F3orrowe~, or if, atter notice by [.ender to f3oROwer that the condemnor oftera to make an award ur aetde a
clxim for damagea, F3orrower fails to reepond to l.ender within 30 days after the date auch nolice is mailed, l.ender ie authorized eo collect and
<~pplp the proc~eda, at l.ender'e option, either to reatoration or repair of the property or to the esuma serured by this ~lorigage.
lJnlexx I.Nnder and E3orrower otherwise agme in writing, any such application of proceeda to principal ehall not extend or poatpone the due
~i<-Le of the monthly instseUmente rnferred to in paragraphe 1 and 2 hereof or change the amount of such inetallmenta.
1Q E3ortx~w•er Not Released. F.xtension of the time for pa}~nznt or modifiration of amortizauon of the swns secured by ~his Mortgage
~rant~d by ixnder to any s,:cce~sar ~n intereat of tlormwer shall not operate to releasr, in an~• manner, the liability uf the ori~nal f3orrower
;uid liorrow•er's succestu~rs in intereat. I.ender shall not be required to n~mmence pnx~rcdings against such successur or re;use to exten~ time
f~ ~r pa>•mrnt or otherw;ve m~r.l~fp ~~mortizatiun of thr sums securcd hy this ~1urtKaKe b~• rrxsun uf any demand made by the unQ~nal Korruwer
.~nd I3orruw•ei's ~:~ccr;~orv ~n interc~st.
11. !~'orbearance by Lender Not a Waiver. Any forFiearan~~e b~• l.ender in e:erciaing anp rignt or remedy nereunder, or otherw-iae
affordtd by apolicable law. ~hall not be a waiver otor preclude the exercise of any such right or remed~~. The prncurement of insurance or the
p~~yment of taxea or other liene or chargea by l.ender shall not be a w•aiver of l.ender'a right to accelerate the maturit~~ of the indebtednesa
:trured by this tllurtgage.
12. Nemediee Cumulative. Al: remediea pro~ided in thie ~lortgage are distinct and cumulativ:- to an~• other right or remedy under thia
~lortc-nge or afforded by law or equity, and may be exercise~i concurrently, independentiy or aucceasi~•ety.
l3. Successora and Asaigne Bound; Joint and Several Liability; Captions. The co~•enants and agreements herein ct~ntained ehall
~~ind, nnd the rights hereunder shall inure to, the respective successors and assiQns of l.ender and Rorro.aer, sub~ect to the pro~•iaiuna cf
paragraph I? hereof. All coeenants and agreements of Iiormv-er shall be joint and se~•eral.l'he captiuns and headtngs of the paragraphs of
th~s I~lortgaKe are for co~•enience only and are nut to t-e used tu interpret ar deftne the pmvisions hereof.
l a. Noeice. Except f~~r any nut~ce rryuired under applicaMe law to be ~;i~•en in another manner, i a ~ am• noti, e tn Konow~er pro~•ided for in
t his 1~tortKaKe shall be Kiven b~ mailinK such nulice by certificd mail addressed to Borrow•er at the F'ropeRy Address or at such other addreas sa
}{„R~~w•er ma~ desiKnate by notice to l.ender •r.q pro~•ided herrin, and tb) an~• notice to I.ender shall be ~~-en b}• cert,fied mail, rnturn receipt
r~~~uested, to l.ender's address stated here~n or to such uther addre~c as [.ender ma~• designate b~• notice to liorrow•er :ix pro~•ided herein. Any
n~~ticr providrd fnr in this hlortKaKe shall be deemed to hsve bern gi~•rn to Burru~rr or l.rnder w•hen Kiven in the manner dc~ignated hetein.
1 i. Unifarm Nortgage; Go~•erning I.aw•; Severabilit~~. This form of mori~aKe comhines uniform cu~•enants for nntional use and nun
unif~~rm coven~ints ~~~th limitc~ ~~ariations by jurisdiction to cunstitute a uniEorm cecunt~• in~trunient cY•~•erin~ real propert~•. This tilortgage
.h.-li be ~;overnrd by the law of thr junsdiction in w•h~ch thr I'ropertt• is locatcd. In the e~-rnt that anc pto~-~.:on or:lause of th~s ~lor.tgaRe or
;h~• tiute cunllicts w•ith applicable 1<-w~, .uch cunt7ict shall not affect uther pru~•isions uf thi, ~1~~rtKaKe ur thr \ote w•hich car. be Ri~•en effect
«~thuut the cYmtlictinK pro~•isiun, :~nd to this end the pro~•isions of the ~1ortKaQe and thr \ote are declared tu be se~~erable
16. Barrow•er's Copy. fiorruK•er chall be furnishcd a cunfurtnrd copy af tt~e \ote and of this 11ortKaKe a: the ume n; execution or after
.-e~•urdation hereof.
1;. Transfer of the Property; Asaumption. If all or an~~ part of the F'r~~pert~~ or an ~nterest therein is sold or transferred b~• Korru~rer
~. ithuut I.endrr's prior wntten cun~ent, exc!udinK ta- the creation of a lien or encumbrance subord~nate to this ~tort}taRe. +bi the creation of a
c~urchuse mone~• securit}• interes: for household ::ppliances. ic~ a transfer by de~-ise, d:scent ur b~ operation of laK- upor, the death of a ~oint
tf•nant or ldl the Krant of anc le:~sehold interest of three years or less not containing an option to pumhase. Lender ma~, at I.ender'a option,
~irc•lam all the sums securea by this 1lortgaKe to be immedi:+tely due and pay abie l.ender shall haae wai~-ed such option to accelerate if, prior
t~, the sale or transfer, l.ender and the person to w•hom the E'r~~pert ~ is to be sold or transferred reach a~reement in w-riting that the credit of such
F,t•rson is sati,facton• to t.ender and that the intcrr~t pa} ahlr „n the sum. sc~c•urtd h~ thi~ 11ortKaKr shall t~e at such rate as I.ender shal!
rryurct. If Ixnder has w•.iiced thr ~~pteun to acce•ir•ratr pn~~•~dc~ci ~n thi~ paraftraph ]~. and ~f Kurr~~N•er'. ~u•.•c~sor ~n ~nterest has executed a
~.+ntten assumption .+qtcxment a~~rf~ptrcl m w-nhn~; hc 1w~ndc~r, l.ender shail r.deasf Kurrcrwer hnm .~Il uhlzKau~~n. under this ~1c.rtKaRe and the
\ ote.
(f I.ender exercises .uch nptinn tn acceleraiE•, i.c•ndrr .h:.ll m.»t Finrr~.u er n~~tice of accelerati~~n ~n accurdance w-ith paraKraph 14 hereof.
~uch notice shaU pruti•ide a pen~x~ ~~f nnt ~~•~s than :iudac•3 frum tht•ciale thN nuui-r ix rr.a~icri w~ithin w~h~ch Rorr~~K er ma~• pac thesums declared
duP. If Borrow•er fails t~~ pa~• nuch sums pnnr t~~ thF~ expir.-tu~n „f surh pen~~d. I.rndFr ma~•. rs~thuut further n:~ucr ~r demand ~,n li~.rrovicer.
invuke.~n~~ reme~dirs permiitcrl h~• paraKraoh 1,~ hr~i~~f.
17-H. The proceeds of the loar~ evidenced by the prarissory note secured hereby have been
procured ~,y Lender pursuant to Loan Agreer~ent Cetween NOUSING FINANCE AUTHO~ITY OF S7.
LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Auth~rity of St.
~ucie County, Florida, in said Agreerr,ent having been assiyned to FLORIDA tiATICNAL BANK Of
"~IAMI, Florida, as Trustee under a trust indenture fror~ said Housing Finance Authority of
St. Lucie County, Fiorida. Under the terrr,s of said Loan Agreerrent which ex~ir~s at such
time as all the Bcnds sha11 have been fuily paid or provision made for such payr.;ent ~ursu-
a~t to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon
Lender which must be adhered to by Lender and Borrower, any default in which by Eorrower
shall automatically accelerate all remaining unpaid instal ir~ents rerraining due under the
promissory nate secured hereby. A copy of the Loan Agreer.ent is on file with Lender,
Heusing Finance Authority of St. Lucie County, Florida, and Flori~a Nat;onal Ba~k of Miar~i,
available for examination by any party during legai business hours of each business day.
Among other things, the loan guidelines in said agreer^ent provide as follows:
"Mortgage loans, with the exception of FHA-insured or VA-guaranteed ~~:ortgage
loans, 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.terr, not
to exceed the term of ihis agreement. The interest rate on the rrortgage loan
may be increase~ in the event of such an assumption, hut only after t~e agree-
rrent has terminated. In the event a rrortgage l~an is assu~ed, lenaer ~.ay nat
cha.rge or impose an assumption fee in excess of one percent of the outstandiny
principal airount of the mortgage loan."
If any part or parts of this Covenant 17-A is in conflict with any part or parts of ~ovenant
17, su~ra, the terms of this Covenant 17-A shall prevail,
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