HomeMy WebLinkAbout1747K. Inepecliun. !A nder may make or cuuxe tu be made rexsonablr entries upon and inepcrtione of the pruperty, providrd that l.ender ehall
Kive tiorrower notice priur to any auch inepection apecifying reasonable cauer therefor reiated to lrender'a intereat in the Property.
4. Condemntttion. The procrcds of any award or claim for demuges, direct or conxeyuential, in cunnection with any condemnatiun or
~~ther taking uf the property, or part themuf, or tur cunveyance in lieu of n>ndemnaUon, nre he~eby asaigned and ehall be paid to [.ender.
In the evrnt uf a tots~l taking uf thP !'ruperty, the pn~ceeda ahnll be applied to the suma aecured by thia MortRaKe, with the exceea, if any,
px~d to f3orn~wer. tn the event of a partial takinQ of the 1'mperty, unleax Rurrower and Ixnder otherwiae agree in writirtg, there ehall be
.+pplied to the aume esecured by thie MortKege auch pmportion of thr proceede as ie equal to that ptoportion which the amuunt of the euma
~:crured by thiA MortKage immevliately prior to the dale uf teiking Aeara to the fair merket value of the I'roperty immediatrly prior to thedate of
tuking, wilh ihe balancr of the praceeda paid tu Aorrower.
It the Yroperty is abxniluned by Born-wer, c~r if, after notic-e by t~nder to Korrower that the condemnor offera to make an award or xettle a
riuim for damagee, Rurrower fnila k- rc~pund to l.ender within :~() days after the date xuch notice is mailed, l.ender ie tiuthorized tu cullert and
.-pply the prcx~c~eda, nt l.en~ler's optic~n, either to restoration or ~~•pair of the property or to the euma seeurcd by this MortgaKe.
t'nlesa I.ender a+nd Rorrawer othervvise i~qrne in K riting, any such ~pplicution of prcxeeda to pnncipa) ehaU not extend or poatpone the due
date of the monthly i~etallmentg referrecl to in paruECraphs 1 and 2 hereof or change ihe amount of auch inatallments_
1R. Bor~~.w~er Not Releaeed. l~:xtenaion of the time for paym,nt c~r mudification of nmortit~~tiun of the aumH ~cured by thie MortgxKe
~;ra~ted uy IA•nder to anp xutye:~.~u-r in interest of Born~wer ahnll not uperatr to reles~se, in uny m.+nner, the liability of the origina! Rurr~iwer
.~nd tiorrow•er'~ sui-~•rs~orxa in intemst. l.rnder shall not he required to commence prorc~edingK aKainat such su~ceasor ~~r refuse to exta~nd time
f„r p,-~~m~•nt ~~r oth~ra•-se m~xlif~• amortiz.-ti~~n uf thr ~ums ~~YVnd h~• this :11~~rtK:~K~~ b~• rr.~sun of anp d~mand madr by throriKinal li~~rr~,wer
~r,~1 Hurr~~N.r'~ su:ces~~r•: in inten:.t.
1 I. Forbearance Ay l.ender Not a Waiver. Any [or}x~.~rxnce• b~• I.endPr in rxercieinK any riKht or remecly hereunder, or otherMixe
.~ffurded hy applicabl~ law, shali nc~t be a waiver of ur pr!~cludr thr exercise of Hn>• euch riKht ur rem~dy. The procurement ~f insurance ar l'ne
E~uyrrent of :.1xe+ or etl~gr lirna or charg.~x by I.ender shall not he ti w•aiver of t,rndei e~ nKht G~ accelerate the maturity of the indrbtedneas
~~~a•urrd b~• this H1urtKaKe.
I'_'. Hemedies Cumulative. All remedira provided in this MortKage are ~liatinct and c•umulat~ve to any other right or remedy under thia
~tuRre-Ke or afforded by law• or rquit~, and may be exercixe~i cuncurrently, independently ur succes~iye~~.
13. Succeasors und Ayxigne Bound; -loij~i and SevNral l.iability; Captione. The cuvenants and aRrerments herein contained ehall
%~~nd, und !he riKhts hereu~~rr.chaJ! inure te, the rebpe; tive auccessors and a~ignK of I.ender and F3orrower, subject tu ihe prnvisionx ~~f
p~ir~Kr:+p!: i 7 herev~f. All covenants and aKreement~g uf l~rrowPr shxll be joint und se~ erai. The captions and hexdiny;~ of the p~ra};-rapha of
this btortg~+Ke .-re (ur nwenienm unly and are nut tu t-e uscd to interpret or define the ~roviaions hereof.
I-S. N/l~ICP. F.XCP(1~ ~li}'a~y rn~ticf~ reywred unde~ applica-~le law~ to tx• Ki~•en in annther mannF~r. ~:~I .+ny n~~tice t<t 13orrnw~.r pro~ ~drd forin
t h~s 11urtR<iKe shal! t-eKi~•en by mailinK such noUcp b~ certifird msil addreasecl to R~~rrower at the 1'ruperty Addresxur ut such other acidreas aa
ttnrn,wer m:~t• d~siQnate hy notice to l.ender as pro~~idrd hrrcin, and Ibl an~• notice t« IAnder shaU tx~ Kiven by certified mail, retum receipt
r~-~~uestcd, to I.endrr's addresti atated hrrein ur tu such other address as l.ender may drtiiKnate b~ notice!o I~~rrower ae pr~~videci herein. Any
n~~tice pro~~ided for in this M~~rt~<i~;e sh.ill i-e dermed tu ha~•c bec•n Ki~•en to Korr~,wer or IA•ndf~r +rhen Kiven in thc manner dexignated herein_
l:i. l?niform :Hort~age; Governing Law; Severability. This fcrm of murtKaKe c~~mhines unifurm ~Y~venants iur national use and non-
uaiform rn~enants with limitecl ~•.~riatiu~s b~• jurisdictiun tu cunctitu~t• u un~form tiec•urit~• instrumPnt ar~crin~; re~il propert~•. This MnrtKage
~~i~~ll hr y;u~~rrnc~cl 1~~• the lax• uf the jurisdictiun in w•hich the F'rupem• is locatrd. In the ~~•esit that any provi~iun or clausrc,f this Al~:rt~agr or
tht• \utc• cunflict~ w~th appiicahlr law•, such cuntlict .hull n~~t affc~•t uther provisiuns uf thiti \1urtKa~;e ~~r th~ ti~rt~ w•F~ich can :~ Kiven effect
~~ ~thuut th~• cunllicttnK pm~•isiun, and to this end th~~ proa~isiuns of the MoRKaKe xnd the tiule ari~ d~ciared w tw zeveruhie.
Ifi. Rorrower'e Copy. Iiorrower shaU txx furnishcd ~ confurmeYl a~py of the tiote and of th~s 11urtKaKe a! the time of execution or after
: ~~cordatiun herev_~f.
1~. Transfer of the Property; Asxumption. IC alll or any part ~~f the F'ruprrty or an interest tlierein is sold or transferred b~• Borrower
•~ ~:hout I,ender's prior written cos~sPr.t, excludinK ~a~ ihe creatiun of a lien or encumhrance su~~rdinate to this MortgaKe, lbl the creation of a
{~un•h.-se mone~• .ecurity interrst for h~>usrhnld appliances, te- ~ transfrr F~y devise, d.scent or by uperation of law upon the death bf a jeint
c.•nant ur id- the Krant uf any lea~ehul~ entemst of three years or less noi contain~nK xn optiun to punhase, I.ender may, at I.ender~S O~1[1qR.
,!~-.:lare atl the sums serurc~ by this ~tortKaKe to F~ immed~at~ly due and payahle. I.ender ahall hate waived such uption to acrelerate if, prior
e:, the sale or transier, l.ender and the perso~ to w•hom the F'roperty is to be sold ~~r transferrcd reach aqreement in w-riting that the creciit of su~h
{~~•rsun is satisf.ictory ti~ Ixnder :ind that [he interrst pat•at~te „n thr sumu sErurn:i hi thi~ ~1{,RKaKr shxll tx~ ,it such r.itr as [.ender xhall
r.v~ur.t. If LendF•r h.~s N•:-i~•t•d the ~~pti~~n t~~ a~•c~~tt~r.+t:• pru~ idr~ in .h» paraKr:-ph 1~. :~nd if Rurrow~~•r's successur in interest has executc~i a
•.~ ntten asxumptiun ~iKrc~~ment acceptrd in «ritinK i~}• I.ender, I.c nder shall reiease Knrruw~er frum .ill ubliKatinns undt•r this'~lortR~tKe and the
\ ntc.
If I.ender f•xercist~ such optinn U~ accelera..~, la•ndf•r sh:Jl m:ul K~~rrv~w~•r notic•t~uf accNlerati~~n in aci•orcianc-r with Gara~raph 1~ hereof.
~uch~~~~tice .h:~ll pm~•ide ,i ~n~H~ ~~3' nut Ic :.. th:~n :t~ ~ d:~~•s fn~m thr d:itr t h~• n~ ~tic•~~ ts maiif~rl w~it hin K-hich R~~rro~-er mati~ pa4' the sums declared
~iue. If Borru..•er fa-1~ U~ pay such sum. pnnr t~~ th~• exp~:atu~n nf sui•h F~ri~KI. I rn~ler m:i~•, ~~ithnui ;urther ~r~tire or d~man~ ~m Iiorruwer,
in.oke:-n~• rrm.di~~s permittcYl bt• p;~ra~ranh ]r+ h~~rw,f.
17-A. The procee~is of the loan evidenced by the ,r,ror::issory note secured hereby have been
procured by Lender pursuant to Loan Agreen~ent between HOUSING FINA~aCE AUTHO~iTY Of ST.
LUCIE COU~TY, Florida, and Lender, the interest of the Housinc~ Finar~ce r~uthority of St.
Lucie County, Florida, ~n said Agreement having Ceen assigned to FLORIDA NATIONAL BANK OF
.'•'IAMI, Florida, as Trustee under a tr~st ir~denture from said Nousing Finance Authority of
~t..Lucie County, Florida. Under the ter~r~s of said Loan Agreen~ent which expires at such
time as all the Bonds shall have been fully paid or provision rnade for such payment pursu-
ant to the Indenture, v~hichever shall ~e earlier, certain loan auidelines are imposed upon
' e~zder which must be adherEd to by Lender and Borrower, any default in ~~hich by Borrower
sha1Z automatically accelerate all rerraining unpaid installrT-ents remaining due under the
promissory note secured hereby. A copy of ~he Loan Agreement is on file with Lender,
Housing Finance A;~thority of St. Lucie County, Florida, and Florida National B~nk of Miami,
available for examination by any party duriny legal business hours of each business day.
An~ony other things, the loan guidelires in said agreement provide as folloa~s:
"Mortyage loans, with the exception of FHA-insured or VA-guaranteed rnortgage
loans, may not be assumed except by a person er family wnich would have been
~ eligible for a mortgage loan ori~inally under these yuidelines for a tern: not
;, to exceed the term of this agreement. The interest rate on the mortgage ioa~
, ! may be increased in the event of such an assumption, but only aft~r the agree-
', rr~ent has terminate~. In the event a mortgage loan is assumed, lender may not
_- charge ar 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 conflict with any part or parts cf Covenant
17, supra, the terms of this Covenant 11-A shall prevail.
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