HomeMy WebLinkAbout2944f~. lnepection. I.ende~ may make or cauee to be made reasonable entriee upon and inapections of the property, provided that l.ende~ shnll
Kive Eionower notice prior W any euch inapection epecifying rnasonable cauee Ihernfor mleted W I.ender'e interesl in the Property.
9. Condemnation. The proceecie of a~y award or claim for damagee, direct or cunsequential, in connection with any oondemnation or
~~ther taking of the property, or part thereof, or fo~ conveyance in lieu o( cundemnalion, are hereby asaigned end ohall be paid to l.ende~.
In the eveot of a total taking ot the PiropeRy, the proceeda shall be applied to the aume aecured by thie Mortgage, with the excese, if any,
pr-id to E3orrower. In the event of a partial tnking of the Pruperty, unleae Borrower and l.ender otherwiee agree in writing, there ahal) be
:~pplied to the suma eecured by this Mortgage euch proportion of the proceeda ae is equal to that proporiiun which the amount ot the auma
,ecured by lhia Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of
~akinK, with the balanca of the proceede paid to l3ormwer.
If the Property is abandoned by F3orrower, or if, aRer notice by I.ender to E3~rrower that the condemnor ofters to make an award or eetUe a
~~I:-im fo~ damagea. E3orrower faila to respond to l.ender within ~ days after the dale euch notire ie mailed, l.ender is suthorized to collect and
:+pply the proceecis, at l.ender'e option, either to restoration or repair of the properiy or to the suma securnl by thie Mortgnge.
Unlrsa l.ender and Borrower otherwise agree in writing, any such application of proceeds to principal ahaU not extend or postpone the due
,i:~te of the monthly inatallments mferred to in paraECrapha 1 and 'L hereof or change the amount of euch inatalimente.
10. 8or ~pwer Not Released. Extenaion of the time for paym ~nt or modificatiun of amortization of the dums secured by thia Mortgage
,; r.~nted by l.ender to any succe~~r in interest of Borruwer ahall not operate to releac~e, in any manner, the tiability of the original Bonower
:~nd I3orrower's successora in interest. l.ender sh.+ll not t-e requirrd to rnmmence procecdinKe xgainst auch auccessor or mfuse to extend time
t~ ~r payment u~ o!h~na•ire m~~iify amortization of thc• sums ,c~•und by this ~1ortK.-Ke by rrasun of any demand made b~ throriKinal Borrower
~nd 1tu;ruwer's ~ua•es+on ~n intercwt.
l l. Fbrbearance by Lender hot a Waiver. Any forbearance by l.ender in exercisinR any riRht or remedy hereunder, or otherwiee
i fforded by a~.~plicable law, shall not be a waiver of or preclude the exercise of any such right or remtdy. The procurement of insurance or the
,~.~yment of tnxeA c;r other liena or chargea b~~ I.ender shxll not he a waiver of l.ender'a right to accelerate the maturity of the indebtedneae
~~~.•ured by thie Mortgage.
1'l. Nemediea Gumulative. All remedies pro~~ded in this Mort~age are diatinct and cumulative to any ather riRht ur remedy under thia
~i~~rtrc~ge or afforded by law or equity, an~ may be exercise.i concurrently, independendy or auccesaively.
l:i. Succesaura and Aseigns Bound; Joint end Several l.iability; Captione. The covenants and aRreements herein contained ahall
~~ind, and the riQhta hereunder ahall inure to, tiie respective succes.gors and assigns of I.ender and Fiorrower, ;!~b~ect to the provisiuns of
,~nr~Kraph 17 herr~f. All covenants und ngreements of [3ormwer shall be joint and several. The captions and headinKs of the paragraphs of
ch~:~ 1lortgage are for covenience unly and are nat W be used to interpret or define :he provisions hereof.
14.1\'otice. F:xcept for an~• noticr reyuired under applicahle i.~w to be Qi~•en in another manner. ~a- any notice to 13orrower provided forin
t his ~iort~uKe ~hall he giren by mailinK such notice by certified mail addressed to F3orruwer at the E'roperty Address or at auch other add~esa as
f~orruwer may drsiKnate b}• notice to l.ender as p:ovided hemin, and tb- any notice to I.ender shall be given by certified mail, return receipt
r~~c~ uested, tu l.ender's address stated herrin or to such other addrea.~ as l.ender ma5 d~siKnate by notice to }iorrower as pro~~ded herein. Any
n„tire pro~•ided for in this ;ltortRaKe shaU t~e deemed to have t-een gieen to E3orrow•er or I.ende~ when gi~en in the manner designated herein.
l:i. Uniform Nortqage; ~overning I.aw; Severability. This form of mort}~aKe combines uniform rnvenants for national usse and non-
uniform covenants w~th limited variations by jurisdiction to a~nstitute a uniform securih• inslrument n,venng real propertt. This Mortgage
~h<ill he Kavrrned by the law• af the jurisdiction in which ti~e F'roperty is located. In the e~•ent that any provi~ion or clause of this 1lortqage or
t tu~ l~ute conflicts N-ith npplicnble law, such contlict shall not affect other procisions of this 11urtRaKr or the Nute v-hich can be given effect
•xithuut the cuntlictinK pnn•isiun, and to this end the Druvisions of the Mortgage and the :`ute are declared to be severable.
16. Borrower's Copy. i~c~rrower shall be furnished a conformed copy of the Note and of this :1lortgaKe at the time of execution or after
r~rurdatiun hereof.
17. Tranafer of the Property; Assumption. If all or any part of the Property or an interest the~ein is sold or tranaferred by E3orrower
µ~thout I.endei s prior w-ritten consent, excluding (al the creation of a lien or encumbrance subordinate to this MortqaRe, ~ o- the creation of a
G~urch<-se money security interest for houtwhold appliancrs, (c1 a transfer b~• devise, d:scent or by operation of lav~ upon the death of a joint
et~nant or ld) the grant of any lea~ehold interest of three years or less nc~t containing an option to purchase, l.ender may, at Lender's option.
~iEK•lare all the sums securea by this Mortqage to be immediately due and payable. I.ender shap ha~~e waived such option to acrelerate if, prior
tu the sale or transfer, I.ender and the person tn whom the E'roperty is to be sold or /ransferred reach agreement in w~riting that the credit of such
p~~rson is satisfactory tcT I.ender and that thr intPrrst payable un the sums secured b~~ this ~1nrtKaKe shall t~e at such rate as (.ender shail
rryuest. If I.e•nder hag w•aivc~cl the r~ptiun tu acct•leratt~ pru~•idcK1 in this paraKraph 1;, and if I3~,rrow•er'~ succc~~~~r in interrst has executed a
~ riuen xssumptiun .~~terment accepted ~n w•ritinK by I.ender. I,rndrr shall release [iorrow~er from aIl obliKatiuns underthis ~1ort;;age and the
\ ~ite.
If (xnder exercis~~s such optiun to accelrrste. Iw~nder shall mai! R~rr~~wer notece of acceleration in accordance Nith para~Lraph 14 hereof.
~urh notice shall provide a peri~,d ~~f not less th.+n :t~-days from the date the nutice is rr.ailed N~ithin w•hich Rorrnw•er may pa>• the sums declared
~lue. If Borrower fails to pay such sum. prior to thc• expiration of such penud, I.c~nder mac. w•ithuut further notice or demand on Fiorrow•er,
in~•oke any remedies permittec~ by par.iKrauh iK he~rc~+~f.
J 17-A. The proc~eds of the loan evidenced by th~e promissory note secured hereby have beer~
procured by Lender- pursuant to Loan Agreement between tiOUSING FINANCE AUTHORITY OF ST.
~UCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St.
Lucie County, Florida, in said Agreement having been assigned to FLDRIDA NATIONAL BANK OF
''IAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of
~t. 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 oursu-
ant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon
~ender which must be adhered to by Lender and Borrower, any default in which by Borrower
shall automatically accelerate all remaining unpaid installments remaining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Nousing Fi*:ance 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 pravide as follows:
"Mortgage loans, with the exception of FHA-insured or YA-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 terrr of this agreer~ent. 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 assumed, 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, su~ra, the terms of this Covenant 17-A shall prevail.
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