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HomeMy WebLinkAbout0982 , 8. Iwpectiod. I.eitder may make or cause to be a~ade ressoaable eatries upon and inrpectia~ of ttw property. P~'ovided tLat Lender shaU Qive Botrowes noti~s priar to eqy ~uch itupection speci~yinB ceeaaiable csuae tl~efor relsted to Lender'~ iatee+e~t in tl~e Pe~oQ~t~. 9. Condemusdon. The proceeds of auy swrard or claim for dama~e~. direct o~ aonaequential. ia oo~ecti4n ~iW +mJ~ a othe: takins of the pmperty. or Part th~eof. o: tos oopreyanoe ~t, ti;eu ot oon~aaoA. are ~r +~i~ aod abali be paid b lender. In the event of a total takin~ of the P[opertY, the prooeed~ d?aU be applied to the wms ~ecnred b~r this Matsaf~. ~th tbe ~ace~s. if an7. paid to Borrower. In the event of s paitial taking of the Prop~rty. unlea Boarower and Leude~ otherwi~e a~ree in ~ritint. ~bere ~aU be applied to the sume sec~red by thu Mortgage such PmPortioa of the prooeed~ a~ u eqad b t6at proportion whid~ tbe aaioant d tbe wms secured by this Mortgage immcdiately ~ptios to the date of taking b~ars tA tbe fair ma:kel valne of We Pe~opetty immediatdy prios to tbedate of taking. with We balanca of the pmceeds paid to Borrower. If the Proparty is abandoned by Bon~owu, or if. aRer aotioe by Lender w Bormwrer that We oondemao: offas to make aa ~waed or ~,ttle a claim for damaga. Borrower fails to reepond to I.ender withia 30 days atita the date snch notioe u mailed, Lender is aathori~ed to oo~lect and ePP~Y ~e proceeds, at Lende~'s option, eithe~ co rescoraaon or re~sir of che ~ty or s~ We sums .ecured by this Mar~age. Unless Lend~c aad Borrower otherwise aBree ia writing. any wch applicatioa of prooeed~ to prindpsl shall not eztend a~ postpoae tbe dne date of the monthly installments referred to in peiragraphs 1 aad 2 hueof or change tlie amoant of wch iastsUmeat~. 10. Borrower Not Released. Extenaion oi the time for paym ant or modification of aawrtisation of the wms secured by tbis A~ortgage granted by Lendar to any aucceesot in intenat of Borrower shall not operafR to nlease. in any mauner. t!u liability of the original Bormwer and Borrower'e oucceseota in interea~ I.ender ehall not be reqnired to o~mmenoe pmoeedinea neainat sncb s~oce~or or rduse W e~end time for payment or ptherwise modify amortization of tlie aums aecured by this Mortgage by reason of any demand made by the origwal Bo~ro~+er and Borrower's auccesaors in interest. 11. Forbe~ranae by I.ender Not a R?aiver. My forbearance by Le~d~ in ezerasine any ri8ht or zrmedy heeeunder. ~ othawise afforded by applicable law. ehall not be a waiver of or preclude the esezcise of any such right or remedy.lLe pro~reinent of in~nranoe or the payment of tases or othez liens or cherges by Lender shaH not be a waiver of Leade~s rigbt w aoodaate the maUuity of the indebtednea eecured by this Mosfgage. 12 Remedies Cumulative. All reQ?ediee provided in thie M~tgage are distinct and cnmulative to any oth~ right o~ rcmedY nnda tLi~ Mortr_age or afforded by law or equity. and may be ezercise~i ooncarrendy, indep~dead3? or suooa~sively. 13. Sueoessors and Aesigns Bound; Joint and Several Liability; Captions.'11~e oovenanta and aercem~ts herein oontained ~ha11 bind, and the rights hereunder ehall inure to, the reapective snooeasora and aasigns of I.ender end Boirwver, subject to the provi~~s ~ paragraph 17 hereof. AU covenante and agreementa of Borrows shall be joint and severai.lbe captions and h~din8s of the parsg*aPhs ~ this Mortgage are for rnvenience only and are not W be uaed to interPret or de5ne tbe provisions hQeo! 14. Notice. Except for an~r aotice required under applicable 1aw to be given in anoth~ manner, (a) any notioe to Horrower Prm'ided for in this Mortgage shall be given by mailing auch notice by certified mail addteased to Borrower at the Property Addres~ or at soch otLer addnas as Borrower may designate by notice to I.ender se pmvided herein. and (b) any nobiae to La~der ahall be giveu bq oerti5ed mail, retom rec~eipt requested, to Lender's addreas atated herein or to such other address aa Lender anay designate by notioe to Botrower ss pravided herein. Any notice pmvided for in this Mortgage ahall be deemed to have been givea to Bormwer or Lendtr when given in the manner design:ted herein. 15. Uniform Mortgage; Governing I.aw; Severability.'lUia form of mortgageoombinea uniform covenants fo~ national oseand non- uniform covenants with limited variatione by juriediction W oonatitute a uniform secarity inatTUaient ouvering real propaty-'lbis Mortgage ahall be governed by the law of the iuriadiction in which the Propeity is located. In the event that any provunoa or clanse of this Martgage or the Note confticta with applicable law, auch contlict ahall not a~ect other proviaions of this Mortgage or the Note which caa be given ef~fect without the oonilicting provision. and to thia end the proviaiona of the Mortgage and the Note are declared to be aeverable. 16. Bflrrower's Copy. Borrower shall be furniehed a conformed aopy of the Note and of this Mortgage at tLe time of ezecaCion or after recordation hereof. 17. 'I~anefer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold o* tranafer~ed bY Bortower vvithoat Lender'8 prior written consent. ezcluding (a) the creation of a lien or encumbranoe subo:dinate to thia Mortgag~e. (b) the creatioa o~f a purchaee money aecurity intereat for honsehoW appiiancea, te) a trenefer by devise, desoeat or by operation of law upon the death of a joint ; tenant or (d) the grant of any leasehold intereat of three yeara or leea not c+ontaining an optioa to pnrchase, Leader may. at I.eade~a option, declare all the auma eecured by this Mortgage to be immediately due and payable. I,ender shall have waived soch option to aooderate if. p~rior to tfie esle or tranefer. I.ender and the person to whom the Property ie to be sold oT tranaferred reach agreemeat in writing that the credit of soch ` peraon is eatisfactory to Lender and that the interest payabie on the aums ee~red by thia Mortgage aba11 be at sach rate as I~ender ahall ~ requeat. If I.ender has waived the option to accelerate provided in this paragraph 1~, and if Borrower a su~oeasor in interest has ezernted a written assumption agreement aocepted in writing by Lender, Lender ahall release Borrower [rom sU obligatioaa under this Mortgage and the I Note. If Lender ezerciaes such option ta accelerate, [.ender shall mail Borroweir notice of accelaation in ~cs~r~iaa%~ x~t~ paragraFh I~ ba+eo£ ~ ~uch notice ahall pmvide a period of not less than 30 days from the date the notice is dailed within whic,h Borrower maY PaY theaums dedared due. If Borrower faila to pay auch sums prior to the exp'vation of such period, l.ender may, without fiutha notice or demand on E3orrower. i ~nvoke any remediea permitted by paragraoh 18 hereof , 17-A. The proceeds of the loan evidenced by the promissory note secured her~eby have been ' ,~procured by lender pursuant to Loan Agreement between NOUSING FINANCE AUTHORITY OF 5T. LUCIE COUNTY, Florida, and Lender, the interest of the Housing Fina~ce Authority of St. Lucie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL BANK OF , I MTA1~'!I~ F~~ri~a, as Tr~s±ee und~r a tr~st irxlenture fr~r. s~id !'.~~si~ F~~~2 nili`.iic~'ity ~f ' I 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 Mhich by 8orrower shall automatically accelerate all remaining unpaid installments remaining due under the ` promissory note secured hereby. ~A copy of the Loan Agreement is on file Nith Lender, ~ Housing Finance Authority of St. Lucie County, Florida, and Florida National Sa~k 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 VA-guaranteed mortgage ~ loans, may not be assumed except by a person or family which would have been ; E 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 martgage 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 asswnption fee in excess of one percent of the outstanding ~ ~ principal amount of the mortgage loan." ~ ~ nant 17-A is in conflict Nith any part or parts of Covenant ~ If any part or parts of this Cove ~ 17, supra, the terms of this Covenant 17-A shall prevail. - $~352 P~ 981 ~ ~ _ _ : .