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HomeMy WebLinkAbout03098. Lupectioa. I.eader may make or cauas to be made reawnabb eatrie~ upoa aad in~pectio~u oith~ prop~rty. p~ovided that Iwadu ~hall Qiw Horrower notios prior b uiy ~nch uupsctioa ~peci~yins reaaoaeble causs therelor related b I.snde~'~ iaterwt iu the Propee~jr. 9. Ca~demnadon. 7Ue pcoceed~ of any award or claim for dam~a. direct or oon~equentiRl. in ooqo~ctioo with aqy ooademnation or other taldn~_ ot We W'oPnt1-, or part theceos'. or fos ouz-wyana in lieu ot oondNnnatioA, sre hereby wisned aad ~haA be paid to Leades. Ia the sveat of e toW takin~ of the Propeity. the prooeed~ ~haU be applied b the suau ~scured by thi~ Mait~ase. with tl~e esoa~, if aay, paid to Borroaer. In the ev~t of R partisl takin~ of the Pe~perty. ualees Borro~ver and Lender other~viae a~ee in writin~. Wers shaU be appGed to the wau ~ecured by tbiu MortsaQs wch proportioa ot the pevoeed~ iu iu equal b thst propo~tion which the amouat of the ~unu secured by thi~ Morfsa~e iwiaediately prior to the date of takin~ bear~ to the fair meirkd value oithe Property immediately prior b the date of teWn~. with the M~lance of the proceed~ paid b Borro~ver. Ii the Property ia abRndoned by Borrower. or if. aRsr notica by Lender to Borrow~ar that the ooademnor ofler~ to make e~n awud or ~sttle a claid- for dam~es. Bor~ower faib b re~pond to Lender within 30 day~ aReer the date snch notica ii mailed. Lsndac ia authorised to ooUect and epp~y tlie q~ooeed~. at Lend~'~ optioa. either to re~toration or repair o[ the property or to the ~um~ ~ecured by thia Mo~a~e. Ualew Lender and Borrow~ otherwi~e a~ree ia ~vriting. any euch applicatioa of proceeds b priacipJ ~hall aot estend or pwtpone the dne date of the month~y installmenb nferred to in para~raplu 1 and 2 h~eof or chaa~e the amount oi wich uutalLnenta. 10. Borrower Not Rele~~ed. Sxtendon of the time for payaa3at or modiRcatio~ of amortisation of the sums secared by this Mori~a~e granted Ly La-der to any snecrs~or in intere~t of ~orrowe~ shall aot operate to nlease. in any manner. the liebiGty oi the original Borrower and Botrower's succeswrs in interes~ l.endar shall not be required to oommence pra.~eedings egainst such successor or refuse to extead time [or payment or otlrerwise modify amortization of the suma eecured by this Mottgage by reawn of any demand made by the original Borrower and BorrowA's aucces~rs in inttresL. I1. Forbearwnoe by Lentler Not a Waiver. My forbearance by LendeT in exercising any right or nmedy hereunder. or otherwi~e afforded by epplicabk law. shall n~ be a waiver of or preclude the esercise of any such right or nmedy.'11~e psocurement of insuranoe or the payment of tases or other lieiu or charge~ by Lender ehall not be s waivez oi Lender'~ right b aocelerate the maturity of the indeb4dnea~ secnred by this Mortga~e. 12 Remediei Gumulative. AU nmedies provided in this Mortgage an distinct and cumulative to any other right or nmedy nader this Mortcage or afforded by law or eqnity. and msy be e~cercised ooncurrently. independently or suooesaively. 13. 3uooeawn and As~iau~ Bound: Joint and 3eversl I.iabillty; Caption~. The oovenants and agreements herein oontained shaq bind. and the rights hereuader shall inure to, the eespective suoceswn and assigns of I.~nder end Borrower, subject to the provisions of paregraph 1? hereof. All rnvenants and agreements of Borrower shell be joiat and several. The captione and headinga of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define We proviaions hereof. 1~. Notice. E:cept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided forin thia Mortgage ehal! be given by tnailing such aotice by oerti5ed mail addnssed to Borrower at the Property Addnas or at such other addres~ as Borrower may designate by ~otice to Lender as provided herein. and (b) any nobice to Lender ahall be givea by certified tneil. rdurn noeipt requested. to I.ender s addrese stated haein or to such other addnss as I.endeT may designate by aotioe to Borrowu aa pmvided herein. My notice provided for in thie Mortgage shall be dcemed to have been given to Borrower or Lender whea given in the manner designated here~n. 15. Unitorm Mortgage; Goverain~ I.aw; 3everabilitp. Tfiis form of mortgage combinea uniform aoven~nts for national use and non- uniform covenante with limited variations by jurisdiction to oonstitute a uniform seciuity instrument oovering nal property.'l~is Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conQicts wilh applicable Iaw, such contiict shall not efrect other proviaions of this Mortgage or the Note w~hich can be giv~ eNect without the rnr-llicting pmvision, and to thia end the pmvisiona of the Mortgage and the Note are declared to be savesable. 16. Borrower's Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of ezecution or efter reco~+dation hereof. 17. 75raasfer of the Property; As~umption. If all or any part of the Property or an iatenst ths~ein ia soW or transferred by Bormwer without Lendei s prior written consen~ aclnding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money aecurity intereat for household appliances. (c) a tranafer by deviee, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaehold intereat of three years or less not oontaining an option to purchase, I.~nder may. at Lendet's option. declen all the suma securea by thie Mortgage to be immediately due and payable. Lender ehall have waived auch option to acoelerate if. prior to the sak or transfer. Lenda and the peraon to whom the Property is to be eold or transferred reach agreement in writing that the credit of such persoa ia satisfactory to l.ender and that the interest payable on the suma secured by this Mortgage shall be at auch rate ae I.ender shall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a succesaor in interest has executed a written asenmption agreement accepted in writing by l.ender, [.ender sha11 release Borrower trom all obligations under this Mortgage and the Note. If Lender euercisee auch option to aocelerate, Lender ahall mail Borrower notice of aooelrration in aooordance with paragraph 14 hereoL Such notice shaq provide a period of not lesa than 30 daya from the date the notice is rnailed within which Borrower may pay the euma dtclared due. If Borrower taila to pay such suma prior to the expiration ot auch period, Lender may, without further notice or demand on 13orrowru, mvoke any remedies permitted by paragraoh 18 hereof. 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 int~rest of the Housing Finance Authority of St. Lucie County, Florida, in said Agreement havinq 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- ~ 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 renaining unpaid installments remaining due under the promissory note secured hereby. A copy of the Loan Agreement is on file with Lender, Nousing 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 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. ! BQf~ J~ PAGE c~ t s -- ., ~~ -= - _ - .~•. ~ ~ ~: _ .~, ;_..~_ ~ .__._ _ _ _ _ ~~.-~...,~-~"