HomeMy WebLinkAbout29328. Inspection. I.ender may make or cauee lo be made reaeunable entri~ upo~ and inepections of the property, provided that I.ender ehaU
give ~3oROwer notice prior to any such inepection epecifying reueonable cause therefor related to l.ender'e intemat in the Ptoperiy.
9. Condemnation. The proceeds otany award or claim for damagee, direct or coneequential, in connection with any condemaation or
other taking of the property, or part thereot, or tor conveyance in lieu of condemnation, are hereby as~igned and ehall be paid to l.ender.
In the event of a wtxl taking o[ the Property, the proceeds ahall be appiied to the euma eecured by thie Mortgage, with the exceas, if any,
paid to BoROwer. In the eve~t of a partial taking of the P~operty, unleoe Borrower and l.ender otherwiee aRree in writing, there shaU be
~pplied to the eums eecured by this Mortgage euch proportion of the proceede ae ie eyual to that proportion which the amount of the aume
esecured by thie Mortgage immediately prior to the date of taking beare b lhe fair market value of the Property immediately prior to the date of
taking, with the balance of the proceede paid to Borrower.
If the Property ie abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnorofYera to make an award or eettle e
claim fur damages, Borrower faila to reapond to I.ender within 30 daya aRer the date euch notice ia mailed, L.ender is authorized tocollect and
apply the proceeda, at l.ender a option, either to reeto~ation or repair of the property or ta the auma secured by thia Mortgage.
Linlexa l.ender and Borrower otherwiae agrne in writing, any auch application of ptoceedo to principal shall not extend or poatpone thedue
date of the monthly inatallmente referred to in paragraphe 1 and 2 henwf or change the amount of auch inetallmente.
10. Bortower Not Releaeed. Extension of the time for paym: nt or modification of amortization of lhe auma secured by thie Mortgage
Kranted by l.ender to any succexaor in intereat of F3cxn,wer ahull not operate to releaxe, in any mannes, the liability of the original Horrower
z+nd Borrower's successors in intemst. I.ender shall not be reyuired to commence procerdings aKainat such aucceasor or refuxe to extend time
for p:~ymcnt or othemise modify z~mortizution of thc• sums sc~ urtd by this MurtgaKe hy rexso~~ of any demand ~n:~de by the o~iginal Rorrower
~~nd E3orroNer's ~urces.4oro in interest.
11, Forbearenee by Lender Not a Waivrr. Any forbearance by I.ender in exercising any right or remedy hereunder, or otherwiae
afforded by upplicable law, shall not be a waiver of or preciude the exerciRe of any such right or remedy. The procure~nent of insurance o~ the
payment of laxes ur other liens or chargea by l.ender ehall not be a waiver of l.ender's right to accelerate the maturity of the indebtednesa
secured by this Mortgage. -
1`l. Remediee C'umulative. All remediea provided in thie Iliortgage are disUnct and cumulative to any other right or remedy under thie
~tortcage or afforded by law or egaity, and may be exercise~ concurrently, independently or sucrr;oi~r!y.
13. Succeeaore and Aseigne Bourtd; Joint and Several Liability: Captione. The covenanta and agreements herein contained ahall
bind, and the righta hereunder ahall inure to, the reapective auccexaors and aseigna of l.ender and Borrower, subject to the provisione of
pnragraph 17 hereof. Ail co~~enanta and agreements of E3orrower ehalt be joint and several. The captiona and headinqs of the paragraphs of
thia Mortgage are for co~•enience only and am not to be used to interpret or define the provieions hereof.
I s. Notice. F.xcept for any nutice required under applicable law to be Riven in another mpnner, lal any notice to Korrower provided for in
this Mortgage shall be given by mailinR such notice by certified mail addressed to Borrower at the Property Addreas or at such other addresa ae
Rorrower may designate by notice to l.ender as provided herein, and Ib- any notice to I.ender xhall be gi~en by certified mail, return receipt
rrquested, to I.ender's addreas stated herein or to auch other addresa as I.ender may desiKnAte bp notice to E3orrower ax providecl herein. Any
nutice pro~ided for in this A1ortKage shall be deemed to have been given to E3orroweror I.ender when given in the manner deaignated herein.
15_ lJniform Mortgage; Governing I.nw; Severability.'Chis form of mortgagecombines uniform co~•enante for national use and nun-
uniform covenants v~~th limited variations by jurisdiction to constitute a uniform security instrument cY~vering real property. Thia Mortgage
,hali be Koverned by the law of the jurisdiction in w•hich the Property is located. In the event that any proviRion or'cl<tuse of this Mortgage or
the \ute conflicts with applicable law, auch contlict shall nut affect other provisions of this liortgnRe or the Note which can be given effect
without the conflicting pmvision, and to this end the pruvisions of the Mortgage and the Note are declared to be severable.
16. Borrower'e Copy. Horrower shall be furniehed a conformed copy of lhe No:e and of this Atortgage at the time of execution or after
recordation hereof.
1 i. Transfer of the Property; Aasumption. If all or any part of the Property or an intereat therein is sold or tranaferred by Borrower
w~thout I.ender's prior written conaent, excludinR lal the creation of a lien or encumbrance subordinate to this Mortqage, lb) the creation of a
purchase money security interest for houaehold appliances, /c) a tranefer by devise, d~scent or by operation of law upon the death of a joint
tenant or (d) the grant oC any leasehold internst of three years or leas not containing an option to purchase, Lender may, at [.ender'a option,
declare all the sums secured by thia Mortgage to be immediately due and payabte. (.ender shall have waived such option to accelerateif; prior
io the sale or transfer, [.ender and the person u- w hom the Yroperty is tu be sold or transferred reach aQreement in writing that the credit of such
person is satisfactory• tn l,ender and that the interest pa~•able on the sums securcd ~y this MortRaKe shall be at such rate as [.ender ahall
requrst. If (xpder has w•aivecl the optiun to accel~r~te pruvided in this paraRraph 1 i, and if Korrower's successor in interest has ezecutcd a
written assumption aKreement accepted in K•ritinK by (.•nder, l.ender shall release Rurrow~er fTOm all obliKations Under this Mortgage and the
`ote.
I[ I.ender exercises such option to accelerate, I.ender shall mail Korrower noticeof acceleratiun in acmrdance with paraKraph 14 hereoL
Such notice sh~ll pro~•ide a peri~~ uf not less than :t1) d:~~•s frnm thedate the nutice is rr.ailcd within which E3ormwer may pa~ thesums declared
due. If Borrower fails tn pay such sums prior to.the expirat~un uf such periud. I,rnder ma~•, without further notice or demand on liorrower,
~nvoke any remedi~ permitted by paraKraoh Iri henw~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 FINANCE AUTHORITY OF ST.
LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St.
Lucie County, Florida, in said Agreement 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
tirne as all the Bonds shall have been fully paid or provision made for such payment pursu-
ant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon
Lender which must be adhered to by Lender and Borrower, any defaul~ in which by Borrower
shall autanatically accelerate all remaining unpaid installments remaining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Housing 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 day.
Among other things, the loan guidelines in said agreement provide as follows:
: j,
~ ~Mortyage loans, with the exception of FHA-insured or UA-guaranteed mortgage
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 term not
to exceed the term of this agreement. The interest rate on the mortgage loan
may be increased in the event of such an assumption, but only after the agree-
ment has terminated. In the event a mortgage loan is assumea, lender may not
charge or 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 of Covenant
17, supra, the terms of this Covenant l1-A shall prevail.
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