HomeMy WebLinkAbout29738. laepcction. I.ender may make or cauee to be made rrasonable entriee upon and inapectiuna of the property, provide~l that l.ender ehall
Kive Eiorrower notice p~or to any auch inepection epecifying rnNaonable cauee therefu~ reiated to l.ende~'s intereel i~ the Ptoperty.
9. Condemnation. The proceeds of any award or claim tor damages, dinrt o~ coneequential, in connection with any eondemnation or
uthe~ taking of the propetty, or part thereof, or for conveyance in lieu of co~demnation, are hernby aeeigned and ehall be paid to I.ender.
In the event of a Iutal taking of the Property, the proceede shaU ~~ applied to the eumB secured by thia Morigage, with the e:cees, i[ any,
pa~d to I;orrower. In the event of a parlial tt~king o[ the Aroperty, unleee Horrower end I.ende~ otherwiee agree in writing, lhere shall be
~+pplied W the auma secured by this Mortgage euch proportion of the proceede ae is equal to that proportion which the amount of the sume
~ecured by thia blortgage immediately prior tu the dole ot taking bears to the fair merket value of the Property immediately priorto the date of
taking, with the balance of the proceeds paid to Borrower.
lf the Property ia abandoned by f3orrower, or if, after notice by I.ender to fiorrower that the condemnor offers to make an award or aettle a
claim !or damagee, E3orrower faile to reapond to l.ender within 30 days after the date euch notire is mailed, l.ender ie authorized tocollect and
~+pply the proceede, at l.ender's ~ption, either to reetoration o~ repnir ot the property or to the aums eecured by this Mortgage.
llnlesa I.ender and Rorrower otherwiae nRree in writing, any such application of proceede to principal ahall not e:tend o~ poetpone the due
~iate uf the monthly instnlimenta referred to in paragraphe l and 2 hereof or change the amount of euch inetsllmenta.
10 E3orn~wer N~+t Released. F.xtenaion of the time for payTn~nt or modification of amortization of the sums aecured by this Mortgage
Krunt:d by I.ender to any succei~~r in snteret~t of Bormwer shnll not operate to mlease, in any manner, the liability o[the original Borrower
.~nd Borrower's succegaors in intemst. (.ender ahi~ll not be required to commence proce.dings ugninst such succexaor or refueie to extend time
fur pa}•ment or othPnv~se m~~aify umortizatiun of the vums sctivred by this Mc,rtKaKe by rraxon of ~ny demand made by the. riginal Borruwer
,+nd F3orn~wer s successors in interc~st.
11. M~orbearance by I.ender Not a Waiver. Any forbearan~~e by I~ender in exerciaing any right or remedy hereunder, or otherwise
:-fforded by npplicable law, shall not be a waiver of or preclude the exercir3e of nny auch right or remedy. The procurement of inaurance or the
payment of taxea cr other liena or chargea by lxnder ahnll not be s wai~•er of l.ender'e right to accelerate the maturity of the indebtedneae
,trured by this Mortgage.
i'L. Remediee Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thia
~tortraKe or afforded by law or equity, and may be exercise~i concurrently, independently or succeaeively.
1:;. Succeasore and Aseigne f3ound; Joint and Several Liability; Captiona. The covenants and agreemen~q hrrein c~ntained ehall
hind, and the righta hemunder ahAll inure to, the respective successors and assigns of l.ender and f3orrower, aubject to the proviaiona of
pan~graph 1 i hereof. All covenants s~d agreementa of Borrower shaU be joint and aeveral. Thecaptiona and headinKe o[the paragraphs of
this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaiona hereof.
i~!. Notice. F.xcept for any notice required under applicahle law to be Kiven in anather manner. (nl anv notice to f3orrnwer provided for in
t his Mortgage shall be Qiven by mailing such notice by certified mail addressed to Botrower at the Yroperty Addrese or ~t auch other address ae
kiorruwer may desiKnate by notice to I.ender xa provided herein, and Ib) any notice to l.ender shall be given by certified mail, return receipt
r~~yueatrd, to I.ender's address stated herein or to such other addreas as I.ender may draignate by notice to f3orrower as provided herein. Any
nutice providcd for in thix Mortgage shall be deemed to have been given to F3nrrower or I.ender when given in the manner designated herein_
1~. Uniform Mortgege; Governing Law; Severability. This form of mort~agecombines uniform covenanta for national useand non-
uniform covennnts with limited variations b~~ jurisdiction to rnnstitute a uniform aecurity instrun~ent cuveting rea! property. This M~rtgage
shull he Kovrrned by the law of the jurisdiction in which the F'r~~perty is locat~d. In the e~•ent that :~ny proviRion or clause o: this Mortgage or
tne Note con(licLK ~ith r~pplicable law, such contlict shall not aifect other provisiuns of this hturtgage or the I~ote which can be given effect
w~thuut the cuntlictinQ provision, and to this end the pro~•ieions of the MoRgage and the+~+ te are declared to be se~~erable.
16. Borrower's Copy. Borrower shall be furniahed a canformed rnpy of the Note and of this MortgaQe at the time of execution or after
re~ordation hereof.
17.'Iti-anafrr of the Property; Assumption. If nll or any part of the F'roperty or an interest therein is sold or tranaferred by Borrower
w ithout I.ender's prior written conaent, excluding lal the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a
purchase money security interest for househoid appliances, (cl a transfer by devise, d~scent or by eperation of law upon the death of a joint
t~~nant or (d) lhc Krant of any leasehRld interest of three years or less not containinK an option to purchaae, I.ender may, at Ixnder's option,
~i~rlare all the sums securea by this Mortgage to be ~mmediately due and payable. I,ender ahall have waived such option to accelerate if, prior
a, the sale or tranafer, l.ender and the person t.~- w•hom the E'roperty is to ~e aold ar transferred reach aKreement in writing that thecredit of auch
person is satisfactory to Lender and that the intereat pay~ahle on the sums scrured by th~s :11ortKaKe shall t-e at such rate as I.ender ahall
rt•yuest. If I.ender has v~aieexi thr optiun to acceferate pnn•ided in this paraKraph 17, and if 13urruwer's successor in interext has executed a
w-ritten ~~ssumption aKreement acc~ptc~ci in vcritinK b~• Iw~~der, l.ender shall release iinrrow~er frum all abliKatiuns under thia Mortgaqe and the
\ nte.
If Ixnder exercises such uption to accelerat~, l.ender sh~~ll m.iil iinrn~wer notice of accelerati~~n in accordance with paraRraph 14 hereof
~uch not:ce shall pro~•ide a periud otnot Itw, than :i1~ da~•s fn~m thed.ite thP nutice is rr,ailc~l w•ithin which Borrow•er ma~ pa>~ the sums declared
<fue. If Borrower fail~ to pac Ruch ~;umc prior to the expiration nf such peri~~~, I.erder n~ay, N•ilhout further notice or demand on Korrower.
~nvoke an~~ remedies permitte*c! Fn• paraKra~h 1H h~reuf.
17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been
procured by Lender p~rsuant to Loan Agreement between NOUSING FINANCE AUTHORITY OF ST.
LUCIE COUNTY, Florida, and Lender, the :nterest of the Housing Finance Authority of St.
L~cie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL ~ANK OF
"iAMI, 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 Indenture, 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 remaining unpaid instaliments remaining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
!-iousing Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami,
a~ailable for examination by any party during legal business hours of each business day.
limong other things, the loan guidelinzs in said agreement provide as foliows:
"Mortgage loans, with the exception of FHA-insured or VA-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 mortgaye 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 11-A is in conflict with any part or parts of Covenant
17, supra, the terms of this Covenant 11-A shall prevail.
~ .;:~~ 351 Pa~E29~8
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