HomeMy WebLinkAbout1743H. Inapection. I~rnder may make ur cpuar to be made rraeunablr entriee upon and ine{xrtiuneof the prope-ty, p~,vidcvl that I.enderahail
give Hnrruwer notice prior in any eucA inepectioo aperifying reauonable cauE-e thernfor related tu I.e~der's i~terret ~n the I'roperty.
9. Co~demnatiuo. The prex-eede of any award or claim for damuKes, direct or conneyuentinl, in coanectian with any rnndemnation or
:-ther inking of the pmperty, or part thereof, ur for ronveyance in lieu of rnndemn~tion, are hereby aeaigned and shpll be puid to lender.
In the rvrnt of n tutul ti~king of the I'ropertY, the pr~reda ahnll be applied to the eume eecured by this Mort~age, with the exceae, if any,
pt-id to Rormwer. In the event of a partiu) tnlcing uf the Property, unlrax Rorrower t-nd lxnder otherwier agrre in K-riting, there ehall be
appiicd to the suma ~•urrd by this MortgaKe euch prc~portion of the procerda ae i8 equi~l to that proportion which the amount af the aume
se~ ured by thia MortgxKe immediately prior to the d~te of tnkinK behra u~ thc fnir market valuc of the f'roperty immedi~tely prior to thedate of
takin¢_ w-ith the balancr of the oroceeda oaid to Bortuwer.
!f!he Pmperty ia abHndunrcl by Kormwer, or if, after notice by I.ender to l;orrower that the mndemnoroffers tu make a~ award or f;ettle a
ciuim for damxKea, B~rrower faila to rrapmd to l.ender within :i11 dnys alter the dnte such notice ix mi-iled lender ia authurizcd to collect and
apply the proceeds, at I.ender's option, either W restnrution or repa~r uf the property ur t~- the auma secure~ by thie MurtKage.
l?nlc~e I.ender i~nd E3orrower othervviae ugme in writinK, any such appiic~tion of prcw-eeda ts, principal shail not extend or podtpr,ne thedue
3ute of the munthh~ inst~~llments refernd to in paraKrapha 1 and 2 he~euf or chanKe the amount of auch inatallmenis.
1~-. l;orr~~w•rr N~t Neleaerd. ~:xtenrinn uf the time fur p.~ym ~M ur m~xlifict-tiun of amurtir~tiun uf the Hums secureci by thix Mortg~~ge
Krunte~~ by l~•nder to anp sun•esu~r in interest ~~f Itorn~wer shi~ll not uperate tu release, in :~m• manner, th~• lia~bility ut the c~riginal tiorrower
<ind 1{urruw•er's sucres+c•rc in iniere~t. l.ender +hall not tn~ rt~c~uirtd to n~mm~mce pr~x•i~.KiinKs uKainst v~ch tiucceasur or refu~e tu extend time
G~r p.~ym~rot or ntherw•i~r m~~dify .~mortizatiun uf th~• ~ums .e~vn~1 t+p this \lnrtk:+Ke hy rea.nn of anp d~•mand mude t~y~ tht~oriKin.~l liorrow•er
and I~urn~wer.::,uii•c•~W~rv m inierrxl.
11. 1~ arbearance by i.ender Not a N'ttiver. Any furbc~.~runce hy I,rndrr in exerritiinK :~n~~ riKht ~~r remedy herrunder, or otherwiRe
~ifford~ by applic~~ble law•, ~hall nut be a- w.iiver uf ur prc~•lude tht• exerciat~ uf any~ ~+uch riKht ur remedy. The prr~curement of insurance or the
pvyment of lizxea c: oth~ r liens or charKea bt lA•nder yhull not be a wai~•er af I.ender's ri~;ht G~ ~-ccelerf~te thr m.-turity of the indehtednee-s
securcKl bc thiR 11ortKxKr.
1'l. Nemediea Cumuletive. All remediea p~o~~idcd in thix MoriKnKe xre distinci and cumulati~•e to t~ny nther riKht or remcdy under this
\tortraKe or afforded h~• law~ or eyuily, and ma~~~ be exerc~serl rnncurrcndy. independently or succeas~vely.
l:i. Succraeore and Assigns E3ound: Joint and ~everai I.iability; ('eptione. The covenante find a~;rrt~ments herein cont:-ined 9hai1
bind, and the riKhts hereunder ehall inure to, the r~xpecU~•e succe~~~r"s and :ise+iKnx of I,ender and I~~rrower, subject to thr p~ovieiunx uf
~~r.+Kr.iph l7 herc~if. Al) ~u~•rnants .~nd aKrrrmen~g of 13~~rrow•rr ,h:ill tx~ juint and aevrrtil. 7'he c:~ptiunti and het~dinKe: ~~f the p~~raKrnphd o!
this blcrt~aKe .-re Cor ~v~vrnirnce only~ and are nut to tx• usid to intrrpret ~~r drfine ~he provieiunK herc~,f.
1-1. tiutic~•. F:xi•~~pt f~~r n~~~ n~~tire rrc~uireHl unrl~•r appli~•a!~ic~ I:-w• t~~ IH~ Ki~~~•n ~n :~riuther m.~nm~r. ~a~ an}• nutic~~ to ~iurn~w•er pro~•~d~~1 fur in
this lllortK:-Kt• tihall tx•Kiven h~• mailinx tiuch nutice h~• cert~fircl m:-~1 addressed to Rorn-wPr at the PrnFx rty Addreas or at such othernddress ae
fi~irrow•er mx~• desiKnate h~• notii~e to I.ender as pruv~cicd herein, c~nd 161 any nntice tu I.rnder shall t-e• Ki~~rn bvi ceKificd mail, return receipt
rtyurst~Kl, tu I.ender's .~ddresc st:~teci here~in or to such ~~ther addresa i1R I.CII(If'~ 111.1~' fIt`ti1KI1.1Lt' I~}' I1~~l1CP l0 I~(~TT()K'f'~ a:~ provided herein. Any
I1i1I1CP pro~•id.Kl for in this 1lortk:i`;l• shal) tx• dc~c•mtvl tu h:l\'P FHY•R K,1\'Cfl ~11 };llr[IIK'PT(lf ~A•nder whFt~ given in the manner des~Knatc~f herein.
1:~. l'niform 4lortgage; Go~•erning Law; Sev~rt~bility.'1'his form ~-f mortKaK~~ c~~mbinrs un~form cucr~ants fur nati~~nal uar xnd nun-
uniform ~~cenants w•ith linute~cl rariations b~• junsdietiun tn nmstitut~~ a uniform securit~• instrum~nt ~~~verinG re:~l pro~xrty. Thie Murt~aKe
.ha31 br Ku~•c•rn~v~ b}• thF• l:-~• of the jurisdicu~~n in wh~c•h the Pru~rtc iK I~K~at~Y1 In thr ~•~•t•nt th~~t ..np pruvi~i~~n ur ci:-uxe nf this 11~~rtKaKe nr
th~• \utr cnntlict. w•ith app~ii•ah~r law, such cuntlict shall nut :+ffert otht•r pru~•~su~ns uf this ~turtKaKc• ~~r the tiot~• which can F~ Kiven effect
~a~~thuut th~~ nmtlict~nK pnn•isi~m, and to this end thi~ pro~•is~uns of thr ~1ortK:~Ke~ and th~• :\ute are d~~•lared t~~ }x~ severable.
Iti. Rt~rrower's ('c.py. f~~rruwer sh.-11 Fx furnisi~evl a c~~nCurtn.d ~ti~p~~ uf the tinte and of th~s A1r~rtKage at the timr of executiun or after
recordxtiun hrrc~~f. •
1;. TranHfer of the Property; Aserumption. It all ur :my part of tht• 1'rupert~• or <in interrst therein is ~old ~~r trz+nsferred by Rorr~~wer
w•ithout IA•ndPr s prior written cunseM, excl~din~; ;:-1 the cre.ttion ~~f a li~•n ~r encumbrancF sutx~rdin:~te tu thiF :41r~rtKaKe, ~b) the c-eation of a
purchase m~~nec sc~•urit~• interrgt for huuseh~~ld .ippliancrx. ~r~ a uansfrr by de~vise, d.scent or by uperativn uf law upon the dexth .~f a joint
trnant or ~d~ the Kr.~nt of any leasehuld interext of three yearF ur Irss not conta~ninK an option t~- purchase, IA•nder may, at I~ender's uption,
declare all the tiums scrurcd h} this :~1nr:~.~Ke t~- t~c• immriliut~~lp due .~nd payable. I.c~nder shall have wai~•ed such uptiun to accelPrate if, prior
to the saleor trunxfer. !~ nder and the persu~ t~~ w•hom th~• 1'ru~rty is tu be~ sul~; nr transfPrrcY1 rea~h aKrerment in w~ritinK that thecreditof auch
{x•rsun is satisfa~torc tu I,~~nd~r ;~nd th:~t thf~ mt~~rrtit p:~pat~l~~ ~m the sum~ sf~•und by thi~ '11„rtKa~;~~ ,h.-II ~x~ :it such rate as Ixnder shall
reY~u~•st. If L~•nd~~r has w:~i~•i•d thr optu~n h. :u~~-~d~•rafe• pr~~~•i~i~•d ;n thiv p;ira~;raph 1 i. :Itlt~ 1~ I{uRuw'rr's surcrsti~~r in intcrrst has executed a
H•ritti~n a.r:umpti~m aKnY•nu•nt ac~ rptrd ~n w-,-~t~n~; i~y {.e•ndf•r, l a•r.der sh:~ll n•Iras~• H~~rrt~Wrr fru~n aI1 ~~hLKatiuns undi•r this V~~rtKaKe und the
\ote .
!f 1.~•ndt~r ~~xerr•i.e•s su~•h uptiun t~~ arcrl~•rat~'. I A'Il(IPr tih:~ll mail ti~~rr~~w~•r nutice~ uf accr~lerahun in acrord;~n~•e w~ith paraKraph 14 hereof
tiuch nutirf~ sh.ill pro~•~de :1 4)f•(l/ NI ~,r n~ ~t 1~•v. t h:~n :u ~ d:i}•. fn ~rn t hr d:rt~~ t h~• n~ ~t ic-~• i~ n:ail~Yi K•it htn K•hich liorruw•t~r m:~>• p.;t• the cums declartd
due If liurn,w•er f.~ils t~~ pa}- .uc~h .u:nc prinr tn th<• t•xpir.~t~un ~~f .u~•h Fk•nnd. Lrndf•r m:~~~. ~•~eh~~ut further ni~t~i~e~ ur de•mand un tSormwer,
~m•oke ~~n}• remede~~ prrmitted bc p:ira~,~r:~s,h I K h~~re~~f
17-A. The proceeds of the loan evidenced by the prcr~;issory note secured hereby have been
procu~e~ by Lender pursuant to Loan Ayreement between NOUSING FINAN~E AUTHORITY OF S?.
LUCIE COUyTY, Florida, and Lender, the interest of the Housing Finance Authority of St.
_-Lucie County, Florida, in said Agreernent having been assigned to FLORIDA NATIONAL BANK OF
MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of
, St. Lucie County, Florida. Under the tern~s of said Loan Agreement which Axpires at such
time as all the 8onds shall have been fully pdid or provision made fcr such payment pursu-
ar~t to the Indent~re, whichever shall be earlier, certain loan~guidelines are impcsed upon
Lender which must be a~hered to by Lender and Borrower, any default in which by Borrower
shall automatically accelerate ali remaininy unpaid installments remaining due under the
pronissory~note secured hereby. A copy of the Loan Agreement is on file with ~ender,
Housi~g 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 ~ay.
~r~ong other th~rgs, the loan guidelines in said aqreement provide as follows:
"hlortga~e loans, with the exception of FHA-insured or NA-guaranteed rnortgage
loans, may not be assumed except by a person or family which would have been
eligible for a mortgaqe loan originally under thPte guidelines for a term not
to exceed the term of this agr~ement. The interest rai:e on the mortyage loan
may be increased in the event of such an assumption, but cnly after the agree-
ment has terminated. In the event a mortgage loan is assumed, lender may not
charye or i^~pose an assumption fee in excess of one percent of the outstanding
princiRal amount of the mortgage loan."
If any part or parts of thi~ Covenant 1!-A is in conflict with any part or parts of Covenant
17. su ra, the terms of this Covenant l7-A shall prevail.
t
~
~
-3
;#
L~:'~K35.~ f~~~Ei7.39