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HomeMy WebLinkAbout0966 ~ . . ' 8. In~pectioa. Lender may make or cawe to be made reawaable entriea upon and inspectione of !he pmperty. pmvided that Lender ~hall give Bonower notioe prior to any such inepectioa specitying reasonable cauee therefor related to Lender's iAterest in the Ptop~ty. 9. Condemnation. The proceed~ of any award or claim for damages, direct or consequeatial, in connecaon wi~h any oondeoaaaaon or othe: takin~ of the pmperty. or psrt thereof. or [or conveyaaoe in lieu of oondemnatioa, are hereby a~sign~d and ~hall be paid to I.eader. In the eveat of a total taking of the Property, the proceeds shell be applied to the suma aecured by this Mortgage. with the ~oew. if any. paid eo Borrower. Ia the event of a partisl taking of the Property. unlees Borrower and Lender otherwiee ag~ee iA writit~, then ahall be applied to the suau secured by this Mortgage snch proportion of the proceeds as is equel b that proportion which the emouat of the ~ums eecured by thie Mortgage imanediately prior to the date of taking bears to the fair market value of the Prope=ty immediately prior b the dete of taking. wiW the balanoe of the pioceeds paid to Borrower. ff the Property is abandoned by Bosrower, or if. aRer notioe by Lender to Borrower that the oondemnor offers to make an award or eetde a cleim for damages. Borrower fails b respond to Lender within 30 days after the date such notice is mailed. Lender is authorised to collect and _ apply the proceeds, at Lender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Ualeas Lender and Borrower otherwise agree in writing. any such applicatioa of proceecls to principal shall not eutend or postpone the due date of the monthl,y inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of such inetallments. 10. Botrower Not Released. Exteneion of the time for paym~nt or modification of amortization of the euma secured by this Mortgage Etranted by I.endrr to any eucceasor in intereat of Bortower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrovrer'a succseaore in intereat I.ender ahall not be required to aommence proceedings against auch auccessor or refuee to extend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower e autt~eesors in interest. ' ~ 11. ForFieara~ by I.ender Not a VNaiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwise afford~d by applicable law, shall aot be a waiver of or preclude the e:erciee of any euch right or temedy. The procurement of insurance or the payment of taxes or other liene or chasgee by Lender ahall not be a waiver of I.ender e right b eccelerate the maturity of the indebtedneas aecured by this Mortgage. • • ~ 12 Remedies Cumulative. All remediee pmvided in thie Mortgage are dietinM and cumuletive to any other right or remedy ~nder thia Mortcage or afforded by law or equity, and may be ezerciee~i ooncurrently. independently or sucaessively. 13. 3ucceaeore and Assigne Bouad; Joint aad Several Liabillty; Captiona. The oovenants and agreements herein oontained ehell bind, and the rights hereund~ ahali inure to. the respec[ive aucceeaors and aseigna of I.ender and Borrower. eubjec< <o the provieions of paragraph 17 hereof. All oovenants and agreements of Borrower ahall be joint and eeveral. The captions and headinge of the paragraphs of thia Mortgage are for rnvenience only and are not to be ueed to interpret or define the proviaions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addreesed to Borrower at the Property Addrees or at auch other address as Borrower may deeignate by notice to L.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeated, to Lender's addreas stated herein or to euch other address ae Lender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. Thia form of mortgage combines uniform oovenante for national uee and non- ; uniform covenants with limited variationa by jnrisdiction to rnnatitute a uniform eecurity instnuuent oovering real property. This Mortgage ~ ahail be governed by the law of the juriadiction in which the Property ia located. In the event that any provinion or clauee of thie Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other provisiona of this Mortgage or the Note which can be given effect ' wlthout the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be aeverable. . 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. I 17. 'l~ranafer of the Property; Aesumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower without Lender'a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaee money security intereat for houeehold appliancea, (c) a tranafer by devise, dc~ecent or by operation of law upon the death of a joint tenant or (d) the grant of anv leaeehold intereat of three yeara or leea not oontaining an option to purchaee, Lender may, at Lender s option, ~ declare all the aums aecurea by this Mortgage to be immediately due and payable. I.ender ehall have waived such option to accelerate if. prior i to the eale or tranafer, Lender and the peraon to whom the Property is to be eold or tranaferred reach agreement in writing thst the credit of such ~ person is eatiafactory to Lender and that the inteceat payable on the sums aecured by this Mortgage ahall be at auch rate as I.ender ahall request. If Lender hes waived the option to accelerate provided in thia paragraph I?, and i[ Borrower a succeaeor in interest has e:ecuted a written assumption agreement sccepted in writing by Lender, Lender ahall release Borrower ftom all obligationa under thia Mortgage and the i Note_ ~ If Lender exerciaes auch option to accelerate, I.ender shali mail Borrower notice of acceleration in accordance with paragraph 14 hereof. j Such notice ahall provide a period of not lesa than 30 days from the date the notice is ~r.siled within which Borrower may pay the sums declared ~ due. If Borrower fails to pay such suma prior to the eapiration of such period, Lender may, without further notice or demand on [iorrower, i mvoke any remedies permitted by paragraoh 18 hereof. j 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 Count~, Florida, in said Agreement having been assigned to FLORIDA NATIONAL BANK OF f 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 ~ ~!~l time as all the Bonds shall have been fully paid or provision made for such payment pursu- IL~ ant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon 1~ Lender 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, ~ 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: ~ "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 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 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, supra, the terms of this Covenant 17-A shall prevail. - aa~c 352 eacE ~5 _ ' ~