HomeMy WebLinkAbout2928R. Inspection. l.ender may make or cauee to be made reasu~able e~triee upon and inapectione of the prope-ty, provided that l.ender sAall
give Rum-wer notice prior to any auch inapection epecifying reasonable cauae therefor related to l.ender's intereat in the E'roperty.
9. Condemnation. The p~oceede of any award or claim for daniaRea, direct or ronee~que~tial, i~ connecUon with eny oondemnatio~ or
other taking of the pmperty, or part thereof, or tor conveyance in lieu of condemnation, arn hernby ae~i~ned a~d ~hall be paid to l.ender.
In the event of a total takinR ot the I'toperty, the pra~eede shall ee applied to the eume aecured by thie Mo~aqe, with the exceea, i! any,
paid to E~rrower. !n the event o[ a pattia! taking ~~i ehe Pmpercy, unlesa I3urrower and l.ender oiherwise agree in writing, there shall be
applied to the auma ru~ured by thie Mortgage such pmportion of the proceeds aa ie equal to that proportion which the amouni of the eume
aecured by thix AlortQage immediately prior to the date o[ takinR beare w the fair market value of lhe Pmperty immediately prior to the date of
taking, with the balancY of the proceede paid to 13orrower.
. I[ the Property ie abendoned b~• Rormwer. or if, afler notice by I.ender to Borrow•er that the condemnor offers to make an award or eetUr a
clnim for damagee, ~rrower failA to resp~md to l,ender within :i~ dxya after the dete such notice is mailed, I.ender is authorized to collect and
apply the proceecis, at l,ender's option, either to reetoration or repair of the pruperty or to the auma eecured by thie Mortgage.
l'nleas [.ender and Eiorrower otherwise agrne in writinR, any auch applicatic~n of proceeda to principal shall not extend or poetpone thedue
datc of the monthly inatailments referred to in paraRraphe 1 and '2 hereof or change the amount of euch inelallmenta.
i(-. Borr~H•er Not Releeetd. F:xtenRior of the time for paym ~nt nr mod~fication of amortizatiu~ of the sums secured by thie MortgaAe
Krant~~1 by l.ender to xny sun•evw~r in interext of IiormKer shall not uperate to mle~xe, in anp manner, thc liability of the oriQinal f~rrower
and l~c~rroMer'~ success~irs in interest- I.ender hhall nut tw rrquired to rnmmence prex•cr~inK~: aKainat such succexaor or refuxe tr, extcnd time
for pa~•r-irnt or othen~•isr m~~d~f~• a~m~~rt~rati~~n ~~f thc•,ums sfrunKl hy th~s \1ortKaKe by r~•a,~~n of any drm.-nd made by theuriKinal B~~rrower
.~nd hi~rn:wer's cuc~•Fw.~~r~ ~n intFrt+t.
11- F;.rbearance by I.ender tiot a VYaiver. Any furbearanm by~ l.ender in exercieinR An~• right or rnmedy hereunaer, or otherveiae
atforde+d ~y appLcabl~ iaw, sht-11 not he a w•aiver af or precludP the exercise of any aucA riKht or remedy. The procurement of inaurance or the
paymeot oi .axra or ether liene or charkee by l~nder Ahali not be a wai~•rr o[ I.ender's nght u~ accelerate the maturity of the indebtednesa
aecurnd by ehia i~ior~:,~e.
12. Nemedies Cumulative. All remedies provideci in this J1lortgage are diRtinct and cumulative to any other right or remeda• under this
M~~rtrzge or affordec~ ny law or equity, and ma}• t-e exerciee~i concurrently: independently or succesxi~ely.
I:i Succeaeore and AseiRne Bound; Joint and Several l.iability; Cnptione. The rnvenantx and xQreements herrin conlained ahall
bind, and the riKhts herrunder shaU inure to, the mspective auccexsors and aasigns of l.ender and F~rrowet. Huhject t~, the provisione of
paraKraph 17 hermf. All coeenants and aRreementr. of,F~rmNer ahall be joint and several. 7'he captiona and headinKs of 1he paraQrapha of
this A9ortgaKe i+rr fnr co~~en~ence only anA are not to be uRed to ~nterpret or define the proviaiona hereof.
14. lotice. Excrpt fnr am~ n~>tire rc~yuired under .~ppi~cable law tn he Qit't~n in anothrr manner, ia- any notice t~~ t~rrow•er pro~~ided for in
this ~tort~aKe shall Fx~ ~~~•en h~• ma~GnK vuch not~ceby ~-rrtificd mail addrese~ed to Borrower at the F'roperty Addrexs or at auch othe: addresa ae
fiurruwer mH>• drsiQnate b}• not~~-e to l.ender as providcr! herc~in, and IF,- any notice to I.ender ~hall t~ Kiven bp ceRified mail, return receipt
r.Y~uNVt.V1, tn 1.•ndF r'~ Hddr.~sc ~tatc~l herein c~r to a~~ch ~~-her ~+ddreac+ as (~c~rzder may~ ~Ic~iKnKte t,~• n~tice to I~!Tl4K'P~ aQ pt~vided hereln. Any
notice pro~~dc~ for in this ~1nrtKaKe shall be dec•mEd tu ha~•e txrn gi~•en to Borrower or I.ender when given in the manner desiRnatrd herein.
15. t'niform MnrtQage; Go~•erning l.aw; Severability. ThiS form of mortK:~~e comhines unifnrm rn~•enants for national use and non-
uniform c~~~•enants v~•ith limited ~•~riations b}• jurisdi~•ti~~n u~ ~~unstitute a uniform se~•unh• instrun~rnt cYt~•Pnn~ real property. This Mortgaqe
vhall he Kr,~•rrn~d b~• the I~w uf the ~urisdic~t~~~n ir~ w•hich the Pru~rt~~ is 1«~atc~l. In the e~•Nnt that dny pruv~cion or clauKe of Ih~R Mortgageor
the N~rtc- c~~nflictx w•ith appli~~ablr Ir.w•, such cuntlict shatl nnt affect other pro~~~siuns of ihis MortRaQe or the \ote which can be Riven effecl
w~th~~ut the cuntl~~t~nK pm~•isi~~n, and tu this end tF:e pmvis~ons of the MoRKaKe and the tiote are dec•lared to he xeverable.
1 F;. Bormvver'e Copy. F~~rn,wer ahall be fumiahcd a cor.furmed rnpy ot the N~~te and of this MortK~Ke at the time of execution or after
recordation hereof
1:. Tranefer ot the Property; Asxumplion. If all or any part ~~f the f'roperty or an interest therein is sold or transferred by Borrower
w~thnut l,ender's pn~~r w-ritten cuneent, excludinK ~a) the creatiun of a lien or encumbrance sutwrdinate u~ th~s Mortgage, ibl the creation of a
purchase mune~• ~cvurity interegt for househreld appliances. Ic~ a transfer hy devise, d~xcent or bp operation of law upo~: the death of a joint
tenant or td1 the Krant of any leasrhold intPrest ~~f three eearF or let-s not containinK an optiun to purchase, I.ender may, at l,ender's option,
declare ali thr sums srcurea by this 41ortKaKe to }~c~ immed~atrly due and payab!e. l.ender shall have waived auch option tu accelerate if, prior
to the ealeor transfer. ~,ender and the pen~~n tn w•hom the ('roperty is t~~ he suld or transfe-red reach aRreement in wntinQ that thecredit of such
DPfB(~Il IS ARIISf:1('<<~R' tii I.Nn~vr anrl that !hs~ infvr~~f ~i;{~•;~{~~a ~~r~ -!~o c~1mc .~P.•~1rP.i hti• rhi~ !`~•rrrK,iK~• ~hkjl -,r. 3r u~1{~h ~310 3c I~.~i1Qr g1:s1)
rt~~urct. If Ixntler haiv ;n•ai~•~Y1 th~~ <iErti„n t~~ :+r~•rlrr.~t~• F~rr~~•idt,d in th~ti parnKr:~ph 1;. .ind ~t li.,rrow~er's sure~sur ~n intere~t hae executed a
w~ritt~•n <+s~urnptu~n c-~,~rc~~mt•nt accept~t ~n w•ntin~; },y~ I.~~r.dF•r. lw•ndersh~-11 relr.i~:r Fir~rrowrr fr~~m all ubliKat~nnti e:nder thir MortKaRe and the
\~~te.
If Lendrr exFre:s;x su~•h opti~~n u, :~rctde~ratF•. I i•ndc•r sh:~ll mail tS~~rr~~w~Nr noUce of acceleration in accordance with paraKraph 14 hereof.
5uch nohce sh.ill pr~~~•idf• .- perirKl ~,f n~~t le•s~ th:~n :u~ d.it•s frum thc•date• thr• n~,ti~•e -t rn:iileci w•ithin v~hich Rorr~~w•Pr m:i~• pa~• thc•sumF declared
(~UP. If RORON'ET fiillF t~~ p.i~~ such .ums pr~~~r tn th~• rxpir:~nnn nf tiu~•h ~ri~~. I.~•ndf•r m:i~•, w•~thuut further n~~tire ~r demand on Esorrr~wer,
~n~~~~ke:im• remedi~ti ~rmitt~d h~ p:~ra~r•r.oh 1* hF•re•~~f
17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been
procured by Lender pursuant to Loan Agreement between HOUSING FINRNCE AUTHORITY OF ST.
Ll!CIE COUNTY, Florida, and Lender, the interest of the Housing Finance Ruthority of St.
;•~~.Lucie County, Florida, in said Agree~ent 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 terms of said Loan Agreement which expires at such
time as all the Bonds shall have been fully paid or provision made for such payment pursu-
' ant to the Inde~ture, 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 Borrower
shall automatically accelerate all rerr~aining unpaid installments remaining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Nousing Finance Authority of St. Lucie County, Florida, and Florida National Banic of Miami,
avaiiable for examination by any party during legal business hours of each business day.
Amor~g other things, the loan guidelines in said agreement provide as follows:
"Mortgage loans, with the exception of FHA-insured or VA-guaranteed rnortgage
loans, n~ay not be assumed except by a person or family which would have been
eligible for a mortgage loan originally under these guidelines for a terrr~ not
to er.ceed the term of this agreement. The interest rate on the mortgage loan
rr:ay be increased in the event of such an assumption, but only after the agree-
ment has terminated. In the event a mortgage loan is assumed, lender may not
charge or impose an assumption fee in excess of one percent of the o~tstanding
principal amour,t of the mortgage loan."
If any part or parts of this Covenant 17-A is in conflict with any part or parts of Covenant
17, supra, the tern~s of this Covenant 17-A shall prevail.
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