HomeMy WebLinkAbout2969K. (~epection. l.ender muy mnke ur caue~e tn t~r made rexeaneble entrire upon nnd inepectione uf the pmperty, providrd lhal Irnder ehell
give t;urrowe~ notice prio~ to any such inapection specifying reaaunable cnuae therefor related lo I.ender'e intereat in the F'roperty.
9. Condemnation. The pro~~ie of any awArd or claim for damages, direct or cone~yuential, in rnnnection with any condemnauun or
other taking of the property, or pArt thereof, or for conveyance in lieu of condemnation, are hereby aeeiRned and ehal) be paid to I.rnde~.
In the event of a wtal tt+king of the E'roperty, the procee~la ehall be applied to the euma eierured by thie Mortgage, wilh the exceas, if any,
paid to f3orrower. In the event ot a pan~al tnkinK of the Pruperty, unleaa I~rruwer and l.ender otherwieie a~cr in writing, there ahall be
~~pplied to the auma aecarnd by thie Mortgag~ auch proportiun of the proceede as ie eyuai to that proF~rtion which the amount ot the suma
xecur~l hy thie MortgnQe immediately prior to the datc of taking beara to the fair market value of the E'roperty immedietely prior to the date of
ttikinK, with the balancr of the prc~ceede paid ta Borruwer.
If the I'roperty is abandoncd hy I~rrower, or if, after notice by I.ender to Norrnwe~ that the condemnoroffers to make an award oreetUe a
cl~im for damxgee, F3orruwer fails to rexpcmd to l.ender within :~fl daya afler the date such notice is mailyd, l,ender ix authorized to collect and
c~pply the proce~eda, nt I.endei a option, either U~ reetorntion or rrpa~r of the property or to the suma eecurc~ by thie Mortgage.
l'nleax I,ender and F3orrower otherw•ise agree in writinQ, any auch application of proceeds to principal ahall noL extend or poatpone the due
~~~te of the monthly inatallmente referred to in paragraphe 1 and 2 hereof or chanRe the amuunt of euch inetalimenta.
11-. E3~rrower Not Keleae-ed. Extension of the time for paym ~nt ~,r mocfificatiun of amurtization of the vums xecund by thia Mortgage
Knmtec! b}• l,~,iucv~ t~• any succr:zsor in interest of R<~rn~w•er shall nat operate to releaxe, in finy mannrr, thr litihility uf the s,riKinel Korruwer '~,
and l~~ rrower':~ Kuc~•essorrl in ~ntrre~t I.~~nder vhall nut i~e• re~uirE~l to n~mmrnce procerdinKs aKainst sui•h succr~or ur refuse t~, extend time
for p:~}•ment or utherwise m~Kiif~• :~murtizatiun ullh~~ ~ums s~rur~~c! br th~s 1lurtka~e by rt•~i~un of any demund m.-de by theonK~nal Iiurruw~er
:uid I~orru.Yer'~ .u~~•~•~.~~rs in interewt
1 l. hora•arsu~e~c by I,ender Not a Weiver. Any forM•arance by I,endNr in exercieinR any riKht or remrdy herrunder, or otherwiee
afforded by applicable I:-w•, shall not be :~ waiver of ur precludi• the exercise of anp such riKht nr remedy. The pmcurement of insurance ur the
paymrnt uF t;~~es or ot!ier liene~ or charKes by I,ender sht+ll not bc• a w•aiver uf Irnder's riKht G, accelerate the maturit~• of the indebt~~inrsa
~ecured by this M~~rtRnKe.
1`L. 1t~medie8 Cumulath•e. All remedies provided in thia :~tortRage are distinct and cumulative to any other nght or remcdy under this
~lortraKe or afforded by law or equity, and may br exercixe~l cuncurrently, independently or succexsively.
1:3. SuccessorP and Axsigna Iiound; Joint and 5everal I.iability; Captiona. The cuvenants and uKrc~mrntx here~n cuntainrd ahall
bind, and the nKhts hereunder Rhall inure to, the resspective successora and aav~gna ot l.ender Hnd F3orrow•er, subjec•t to the pro~~eiuna of
paraRraph 17 hereof. All covenants .ind aKreements of Rorrower ahall he joint and several. The captions und headinKR of the paragraphs of
tfiia MortgaKe are for co~~enience unl}~ and are nut to be uscd to interpret or define the pro~•iaions hereof.
1-3. \'oticr. F:xcf•pt fur :-i~~ nutice rev~uir~•d und~r ,ip~~lic:l~llP IAN' ((1 ~l{• ~IVk~n in :in~~the~r m:~nnc•r, ta- an}• not~cr to }i~~rruwer pr~»•~deci for in
thic :NortKaK~ shal[ ix•Qiven b~• m.~~linK ~uch notice h~• certifii~ mail :~ddrrs!iecl tc~ 13orroweF nt the Yru~ rty Address ~•• ut euch nther atidreas aR
Korrower may desiKnate b~• not~cr t~Pl,ender ~is pro~•idcd herrin, and Ib- any notice to l.~nder shall t~ Kiven b}• cFrtified mail, return rrcreipt
rF~yuestrd, to I.ender's address stated herein or to such other :iddress as 1.~ nder ma~~ drsiKnate by notice to Fiorruwer t~F prr~~ided herein. Any
not~cr pru~•-dc~i fur in this Murt~aK~~ sh.ill tx~ decmt~l tr~ ha~•e be~rn gi~•c~n tn (~,rrower ~~r l.~~nder ~•hrn Kiven in thc manner dexignated herein.
15. t'niform 1lortgage; Governing I.aw; Severability. 7'his furm uf mort~ta~;ecumbim•s uniform c-~~vrnantr, for ~atiunal usFand nun-
uniform ~o~enants w-~th limitEd e•ariatiuns by jurisdi~tiun tu cY,nvtitule i unifurm secunty invtrument cucenn~; real pruperty. This ~1ortKdK~'
ch:~ll }x• ~;~~ti~rrn~vl b~• the law ~~f tht~ juri~dictinn in a~hi~•h the I'rupr•rty ~s I~K~ated. In tht• t~~•ent that .~n~• pru~•i~~on or clausE• uf this ~lortqaKe or
the \~~te rnnfli~•ts w~~th appli~ :~blt~ I:iw•, wch c•nnf~~ct shall n~rt affrct otht•r pro~•isiuns uf thi~ ~1i~rtK.~Kr or the tiute w•hich can be Kiven effect
w•~th~~ut the cu~tlictinK pru~•i~inn. and tu this ~•nd th~• pru~•isiuns of the 11urt~;.~Ke :ind thc~ Note are ~PC•lared tu }x• tieverable.
11~. Barro~a•er's ('opy. fic~rrow•er sh~U t~c~ furnished a cunfurmed ~Y~p~~ of the N~>te and of this :11ortK~Ke at thr time of executiun or after
rrcordatiun hereof.
1 7. 7'ranqfer ot thr Property; Aseumption. If all ur any part uf the i'ruperty c,r an interc~t therein ir: suld ~,r transferred by f3orruwer
w~thc» it I.endrr's priur K•ntten consent, excludinK tai thr crevtion of a lirn or encumbrance subordinate w this MortgaRe, (bl the creation of a
purrhuu~ mune~• sec-unt~~ interrst fnr househc,ld apphancrs, tc~ a transfer b~• de~•ise, descent or by operatiun of law up~~n the dea!h of a joint
:enant or ~d~ tht• Krant oF am• lefist•huld ~nterest uf thn~• ~~e.irs ur lr.tis nut c-nntaining ~+n option tu purchar,e, l.ender m~_:, at Irnder's option,
declare ail the sumc secureq by this !11c~rtK.iRe t~~ bc- immrdi:~tel~• dur and payable. l.ender ehall have wai~•cd auch option to xccelerate if, prior
tu the sale or tranti[er. I.ender and the ~ersun to w•h~~m th~ F'ruperty is to he suld or transferred reach aQreement in w~ritinR that the ~rediiotauch
prr~on is satisfactur~• tu t.end~r :~nd that th~• ~nt~•rett p:iyahl~• ~~n the sums sirurrd by th~c ~1urtKaK~• shall tx• at such rate as I.ender shall
rt~yuest. If Lrnder h:~~ w•:iia~~•d the• ~~ptiun t~~ :i~•~•e•Irr.itr pr~~~~~di•d ~n th~c parx~,::iph 1 ~, :~nd ~f ft~~rruw~er'~ sur~e~ssur in ~ntrrrxt haR execvtrd a
w~nttcn ,issumptiun .i~;reY~nu•nt a~•c•i•pte•d ~n ~•nt~n~; h~ Le•ndrr, IxndFrsh~iU r~•ie~iKF liorn~wer fr~~m .~II nfili~at~nns under thi~ 11urtKaKr~-nd the
\~ite
If I~ndNr exrn•ititw cu~~h upti!m t~~ ;u•ri•Irrnt~•. I.e•nder ~h..ll m:ul li~~rn~we•r nuucr uf arcFiFraunn in ac. c,rd:incr w•~[h paraKraph 14 hereof.
~uch notice• shall prm•idt• :~ pi•n~N1 nf n~~t 1~•~s th:~n :t~ ~ d:~~~s fr~~m the• d:it~• th~• nutirF~ ~s n,a~I~~ci K~ith~n w~hu•h Knrrnwer ma~~ p:~~• thrsums dc-clarrd
duE• lf Rnrrow•rr G~~I~ tu p.i~~ such sum4 pnnr t~~ th~• Fxp~rnt~un ~~f such Fff•nud. L<•ndt•r m:~~•. w•ithuut further notire -er demand ~:n fSorro,xer.
~ncoke.~n~• rf•mf~dit>. pc~rm~tt~~1 t~v par:~~,~r:+i~h Ir he•re~~f.
l7-A. The proceeds of the loan evidenced by the promissory note sec~~red hereby have been
procured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST.
LUCIE COUiVTY, Florida, and Lender, t-;e interest of the Housing Finance Authority of St.
!ucie County, Florida, in said Agreement haviny been assigned to FLORIDA NATIONAL BANK OF
MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of
t. Lucie County, Florida. Under the terrns of said Loan Agreenient which exp;res at such
~~time as all the Bor~s 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 default ~n which by Borrower
•shall automatically accelerate all reraining 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. Lu~~e County, Florida, and Flnrida National Bank of Miami,
~ available for examination by any party during legal business hours of each business day.
Amony other things, the ~oan guidelines in said ac,reement provide as follows:
"Plortgaye loans, vrith ±he exception of FHA-insured or VA-guaranteed mortgage
loans, may not be assur~ed except by a person or fa~rily whicri would have been
eligible for a mortgage loan originally under these yuidelines for a terr~~ not
to exceed the term of this ayreer~ent. The interest rate on the mortgage loan
may be increased in the event of such an as5umption, but only after the agree-
~rent has terminated. In the event a mortgagP loan is assumed, lender may not
charge or irT~pose an assumption fee in excess of one percent of the outstanding
principal arnount of the mortgage loan." ~~ .
If any part or parts of this Covenant lI-A is in conflict wi~h any part or parts of Covenant
17, supra, the terR;s cf thi s Covenant 17-A shai 1 G~rev4i 1.
~ ~r, ~51 f~~~E 2i764
i :,_ ~1(