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HomeMy WebLinkAbout0917 . 8. In~pection. Lender may make or cawe to be made reaaonable entrie~ upon and in~pection~ of the property, provided that Lender ~haU give Borrower notics prior b any such inspoction specifying reasonable cause thenior related to Lender'~ iatere~t in the Property. 9. Condem~latton.'11~e proc~eds of any award or claim for damage~, direct or consequentisl, in rnnnection with any oondemaetion or other taking of the property. or part thereof, or for rnnveyance in Ueu of oondemnation. are hereby aaeigned and shall be paid to Leader. I~ the eveat of a eotal taking of the Propedy, the proceeds shall be applied to the suma secured by thie Mortgags, with the ~oes~. iI any. paid to Borrower. In the event of a partial taking of the Property. unleea Borrower and Lender otherwiae agree in writing, then shall be epplied W the sums secured by this Mortgage such proportion of the proceeds as is equal to ehat proportion which the amount of the sums eecunri by this Mortgage immediately prio~ to the date of taking beara to the fair market value of the Property imanediately priorb thedate of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. aRer notice by I.ender to Botrower that the oondemnor offers to malce an award or setUe a claim for damagee. Borrower faile to reapond to l.ender within 30 days after the date such nodce is mailed. I.ender ie authorized to collect and apply the proceeds, at [.ender s option, either to restoration or repair of the property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not e~tend or postpone the due date of the monthly iastallmeata referred to in paragraphs 1 and 2 hereof or change the amount of such iastallmeata. 10. Borrower Not Releaeed. F.xtenaion of the time for paym~nt or modification of amortization of the snms eecnred by thie Mortgage qranted by I.ender to any oucceaeor in interest of Rorrower shaU not operate b ralease, in any manner, the liability of the original Borrower a~d Borrower 8 succeaeora in interea~ Lender ahall not be required to rnmmence proceedings againat auch aucceeaor or refuse to extend time for payment or otherwise modify amortization of the auma secund by this Mortgage by reason of any demand made by the original Borrower and BorzF~Nera auucesaure in interest. 11. Rorbearaace by l.ender Not•a Waiver. My forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwiee afforded by applicable 1aa, ahall not be a waiver of or preclude the exerciee of any euch right or remedy. The pmcurement of inaurence or the payment o( tazes or other lie~e or charges by t.ender ahall not be a waiver of i.ender s right to accelerate ihe maturity of the indebtednese aecured by this Mortgage. 12 Remediea Gtimulative. All remediee provided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be e:ercieed aoncurrendy, independently or auoceeeively. 13. 3ucceeaors and Aseigne Bound; Joint and Several I.iability; Captions. The covenanta and agreemente herein rnntained ehall bind, and the rights hereunder ehall inure to, the respective succeseors and asaigns of Lender and Borrower, aubject to the provisione of paragreph 17 her~of. All covenenta and agreementa of Borrower ahall be joint and several. The captions and headings of the paragraphe of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreae or at euch other addreee ae E3orrower may deeignate by notice to [.ender ae provided herein, and (b) any notice to [.ender shall be given by certified mail. return reoeipt requested, to l.endei s addrees atated herein or to auch other addrees as Lender may designate by notice to Borrower es 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 designated herein. 15. Uaiform Mortgage; Goveraing Law; Severability. Thie form of mortgage combinea uniform oovenante for national uee and non- , uniform covenanta with limited variations by jurisdiction to oonstitute a urriform security instrument rnvering real property. This Mortgage ahall be governed by the law of the juriadiction in which the Property is located. In the event that any provu+ion or clause of thie Mortgage or the Note conflicts with applicabte law, auch confliM ahaU not af~ect other proviaions of this Mortgage or the Note which can be given effect without the rnnilicting proviaion, and to thie end the provisione of the Mortgage and ihe Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of ezecution or after recordation hereof. 17. 'I~ansfer of the Property; Aesumption. tf all or any part of the Property or an intereet therein ie eold or traneferred by Borrower without I.ender e prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to fhis Mortgage, (b) the creation of a purchase money security interest for houeehold appliances, (c) a tranefer by devise, d.~eoent or by operation of law upon the death oja joint tenant or (d) the grant of any leasehold interest of three years or leae not rnntaining an option to purchaee, I.ender may, at Lender's option, declare aU the sums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived euc6 option to aecelerate if, prior to the eale or tranefer, [,ender and the person to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of auch pereon is gatiafactory to Lender and that the interest payable on the sums aecured by this Mortgage ahall be at auch rate ae Lender ehall request_ If I.ender hae waived the option to accelerate provided in this paragraph 17, and if Borrower's aucceasor in intereat has executed a written assumption agreement accepted in writing by Lender, L.endershall releaee Borrower from all obligationa undetthis Mortgageand the j Note. i If Lender exerciaes auch option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL f Such notice shall provide a period of not lesa than 30 days from the date the notice ia rr.ailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on ~iorrower, mvoke any remediea permitted by paraqraoh 1R hereof i 17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been ~ ~ procured by Lender pursuant to Loan Agreement between NOUSING FINANCE AUTHORITY OF ST. ~ LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. Lucie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL BANK OF 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 ~ time as all the Bonds shall have been fully paid or provision made for such payment pursu- j 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 e shall automatically accelerate all relnaining 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 otF~er things, the ioan guideiines in said agreement provide as follows: ~ i "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 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. b~;~K353 PAGE 915 : ~ ~ ~ ~ _ - - _ . - ` . .