HomeMy WebLinkAbout29818. Inepection. l.e~drr may make o~ cuuae to be made reueonable entriee upon and inapecti~ns of the pruperty, provided that I.ender ehull
~ive f3orrower notice prior to any such inapection epecifying retisonable cauee therefor relaled to l.ender'e intereal in the Property.
9. Condemnation. The proceeda of any nwnrd or claim for damagee, dirrct or coneequential, in connection with any condemnation or
~~ther taking ot the property, or pari lhereof, or for conveyance in lieu of condemnation, are hereby asaigned and shall be paid to I.rnder.
In the rvent of a total taking of the 1'roperty, the pnx-eeda ehull be applied to the eume xecured by thie Murtgage, with the exceae, if any,
4~a~d to t3orn~wer. !n the event ot a paRial taking uf the Proprrty, unleeie E3orrower and I.ender otherwiee agree in writing, there ehall be
.~E~plied to the aums aecured by this Mort~aRe »I~r.h prupurtion of the pr~xxeeda as ie equal to that proportion which the amount of the aume
~crured by thia MortRage immediately prior to the date of tuking beare to the fair market value oithe Property immediately prior to thc date of
c:iking, w~ith the balancr of the proceede paid to F3orrower.
If the Pr~nperty is abandoned by E3orrower, or if, niler notice by !~ender to Borrower that the condemno~ offere to make an award or eettle a
.•I:iim for damages, Borrower faile to reapund to I.cnder within :30 days nfter the date such notice ie mailed, lxnder is authorized to collect and
apply the proceeds, at l.ende~ a option, either to reatort~tion or repxir of the properiy or to the aume aecurcd by this Mortgage.
Unle~ [.rnder and B~rruwer otherwise ~Kree in writing, nny such application olproceeda to principal ahall ~ot extend or poatpone the due
~i;~te uf the monthlv inatallments referred to in paragraphe 1 and 2 hereof or change the amount of such in~~ailmenfs.
10. I3orrower Not Releaaed. Extension of the time for paym; nt or modification of amortization otthe aums aecured by this Morigage
~rantcd by l.ender to any succesxor in interest oC t~~rruwer ah.ill not operate to relense, in any manner, the liubility of the ori~inal Borrower
;~nd Korrower's successors in interest. l.ender ~h~~ll nut be reyuirtd to cY~mmence pruce~inKx aKainat such sucresaor or refuse to extend time
f~ ~r payment or otherwiu~ m~Klif~• amurtir.~ti~~n of tht• tiums :~ec-ured by this :11ortKaKe bp rrxnon uf any demand m:~de by theoriKinal fiorrowe~
~nd !{urruwer's su~rc~.x~~r~ in intem.t.
I 1. Forbearauce by LenAer Not a Waiver. Any forFxaranm by I.ender in exercisinK an~~ riQht or remedy hereunder, or otherw•iae
,fforded by applicable law, ehall not br a wxi~~er of ur prrciudr the exerciwe of any such riKht ur rrmedy_ The pr~~curement of inaurance or the
p.~>•ment of taxea or other liena or charKes by l.ender shi-11 not be a waiver of (.ender's right tc~ Accelerate the maturity of the indebtedneas
-~Y~ured by this Mortg~Ke.
I`2. Remedies Cumulative. All mmedies provided in this Mortgaqe are diatinct and cumulative to any other right or remedy ander thia
~~uCLt'AgB Oi AffOTdf`d f)\• lav- or equity, und may be exercise~i concurrentiy, independentl~ or aucceasively.
13. Successors and Aesi ~_Bouqd; Joint and Several Liability; Captions. The covenantx and agreements herein contained ahall
hind, xnd the riKhta hemunder shall inure to, the respective successors and asaigna of I.ender nnd Korrov-er, subject to the provisiuna of
i~:+ragraph 17 here~~f. All co~~en.~nts and agreementx of ~rmwer shall t-e joint and several. The captionR and headinKK of the paragraphe ef
,tus 1lortgage are for covenience only and are not to be usrd to interpret or define the Rrovisiona hereof. ~
14. Notice. F:xcept for.in~• nuti~r rei~uired und~r applicahle I~w• to be Ki~•en in .~nother man~er.la~ any notice tn liorruv-er ~fi-v~ded furin
t~:is ~lortguKr shall t-e Ki~•en h~ mHilinK such notice by certifieci mail addres.ged tu Bormwer at the Yroperty Addre~x or at such other address as
ti~,rrow•er may desiKnate by notice to I,ender as provided herein, t~nd ~bl any notice to l.ender shall be given by ceriificd mail, return receipt
r~t~ uested, to t.ender's addrea, stated hemin or to such other addreF.g as t.ender may drisiKnate by notice to f3orrower ~R provided herein. Any
;:~ rticr providrd for in this lllortkaKe shal) be deemed tu have been gi~•en to &,rruwer or [.ender when given in the manner desiECnated herein.
15. l.'niform 1~lortgage; Gove~ning l.aw; Severability.'fhis form of mortKagecumbinex unifurm covenanta for national uaeand non-
cin~furm cc~~ eneintw with limited variations by jurisdiction to n,nstitute a uniform security instrument cuvering rea) property. This Mor:gage
~h.iU be ~;o~~rrned hy thr law• uf the jurisdictiun in which the E'roperty is locatcd. In the event that ao~• provi~ion or clause of this :1lortgage or
~ hc• \ott• conflict~~ w•ith applirable law~, such conflict shall nnt affect other prn~•isinns of this ~1urtKaRe ur the \ute which can be given effect
ti~ ~thuut the cuntlictinR pmrisiun, and to this rnd the pru~•isions of the 1lonqaKe and the Note are declared to be se~•erable.
16. Borrov~•er'e Copy. F3urrow~er shall be farnished ~i cunformed copy nf the il~ole and of this Mortgage at the time uf execution or after
rt~curdation hereof. ,
1 Z Transfer of the Yroperty: Assumption. !f all or any paK of the }'rvperty or an interest therein is sold or traneferred by Borrower
~.~ ithout I.ender's prior w~ntG~n consent, exdudinK ~al the creation of a lien or encumbrance sutwTdinate to thia MortgaKe, (b) the creatiun of a
,~urc-~ase mone~• secunty interest for househotd apptiances, rc) a transfer by devise, d:scent or bl operation of law upon the death of a joint
;.•nant or id) the ~rant of am• leasehold interest of three years or less not rnntaininQ an option to purchase, l.ender may, at l.ender'a option,
iw•late all the sums securea by thie ~tortgaKe to be immediatcly due and payable. I.ender shall have waived such option to accelerate if, prior
?~ ~ ihe sale or transfer, l.ender and the peisun to w•h~im the Yropert}• is :o be sold or transferred reach aRreement in writing that the credit of such
~,rrson is satisfactory tu I,ender and that the -nterest pat•able on the sums ,ecured b~ this 11ortKaKe shall be .+t such rate as I.ender shaU
-~Yant~t. If l.t~ndrr h:i5 K'tilCE'(I If)r npt~ur. to arcelerat~ pr~~~•ided in this paraKraph 1 ~, and if F3orrower's successor in interest has executed a
.~ r~ttrn xssumption aKreement acceptrtl ~n w•ritinK by l.ender, l.endershall release Kurruwer frum all obliKatiun~ underthis MortgaKeand the
\ nte.
[f ixnder exercisc~ such uptiun t~~ accr~i•ratr. Iw~nder shal! mail liurri~wrr notice of acceleratiun in ~ccurdance w•ith paraRraph 14 hereof.
~uch nutice shall pru~•ide a peri„d ~~f nut lt•ss th:in ~i~ 1 d:~~•s fr~im thedate th~• nuhc~ is rr.ailecl w~ithin w~hich Sorr~,wer may pa~• the sums dec;ared
!iue. If Borrow•er fails to pay suc~h sums pnor to thf~ expiration of such pen~~c1, l.ender mas, without turthe~ notice or demand on tiorrower,
im•oke~-n~~ remediec pt~rmittcd bt• paraKraoh IK hc•rer~f
l7-A. The proceeds of the loan evidenced by the promissory note secured hereby have been
:r•ocured by Lender pursuant to Loan AJreement between NOUSING FINANCE AUTFIORITY OF ST.
~UCIE COUNTY, Florida, and Lender, the interest of the Nousing Finance Authority of St.
!ucie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL BANK 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
~ender which must be adhered to by Lender and Borrower, any default in which by Borrower
shall auta-natically accelerate all rernaining unpaid installments remaining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Housing rinance Authority of St. Lucie Caunty, Florida, and Florida National Bank of Mia~i,
available for examination by any party during legal business hours of each business da~r.
Among othQr things, ±he loan guidelines in said agreement provide as foliows:
"Mortgage loans, a~ith the exception af FNA-insured or VA-guaranteed mortgage
loans, may not be assumed except by a person or family which would have been
eligible for a mortga~e loan originally under these guidelines for a term not
to exceed the term of this agreernent. The interest rate on the mortgage loan
may be increased in the event of such an assumption, but only after the agree-
rrent has terminated. In the event a rrortgage loan is assumed, lender may not
charge or irnpose an a~ssumption fee in excess of one percent of the outstanding
principal amount of tF~e mortgage loan."
if any part or parts of this Covenant 17-A is in conflict r~ith any part or parts of Covenant
17, supra, the terms of this Covenant 17-A sha,ll prevail.
~.:~ ~K
' ~~ 351 ~~~E 29`~6