HomeMy WebLinkAbout03218. Iiupsctioa. Lendee mqy make or caws to be made rsewaaWe eatries upoa and 'uupection~ of We propert,y, ~ovided,that Iwad~r ~haU
~ive Horror-er aotia peior to aqy such iaapection specibrin~ rst~wnabk caws theretos related to L~der'~ iaterat u- the ProyKyr.
9. Coademn~don. The procsed~ oi uiy Ranud or claim for d~a-s~M, direct o~ oon~equenti~l. ia oonrecaon with ~ny ooademnation ~
othu talria~ ot We proqrfy. or part tbersof. or fa~ ooaveyaaos in lieu oi oonde~nnation. ars hereby a~a~d ~nd ~h~11 bs p~id to I.sAder.
In the event of ~ total takint of ehe Property. the pmoesda shell be appli~d to ths ~ums ~ecured by thi~ Mort~Ke, arith tM e~cosM. ii aq~-.
paid to Horrower. In tM sveat of a parti~l takins of the Pruperty. unles~ Borrower aad Lender otherwi~e asree u- ~reitint. there ~haU be
applied t~o the ~ua~s ~e~weed by thia M~aQe ~uch pcoportioa oi the proceedi u i~ equal b that psopo~tion which tbs amonat of tla ~
~ecured by this Mort~ase immediately prior to the date oi takin~ bs~n b the fair market vdus of the Property irnmediately prior to tM date ot
takin~. .viW tl~e balaace ot the proceed~ paid to Boreower. ~
If the Propery- u ab~ndoned by Bormwer, or if. aRer notice by Lender to Borsower that the oondeinaoc otten to make an award or ~sttk a
claim for dama~es. Boirower faila to re~poud to Lender within 30 day~ atta the dste such aotios u mailed. I.ender is aattwrized eo ooUect and
apply We prooeed~. at Lender'~ option. either b redoretioe or repair of the prope~ty or b the suau aecured by twi~ Mott~e~s.
Unles~ I.ender and Bore~ower otherw~i~s a~ee~ ia ~rritin~, aay such applicstion of prooeed~ to priacipal ~hdl not este~d a~ pwtpoae tbe dne
date of the moathly uutallmenb referred Lo iA pua~raphs 1 and Z hereof or chan~e the amouat of~uch instaWneata.
10. Borrow-er Not Relea~ed. E:tenaoa of the time for paymant or modification of amortisation of the sumi ~ecund by this Mortge~e
granted by t.ender to at~y euccessor in interest of Borro~rer shaU not operate to nlease, in any menner, the liability of the ori~inal Borrower
and Borrower a successon in inter~R Lender shall not be required to oommence proeeedings againet such succYSeor or refuse b e:tend time
for payment or otherwise modify amortization of the eums secured by thia Mortgage by reawn of nny demand made by the origina) Borrower
and Borrower a successors in interest.
11. Forbear~noe by Lender Not a R-aiver. My forbearauoe by Lender in eserciat~g any right or remedy hereuader. or otherwi~
afforded by applicable lsw. shall not be a waiver of or p~eclude the exercise of any such right or remedy. The procureanent of uuutatroe or the
paymcnt of fa:ea ~ other lie~s or charge~ by LeAder shall not be s waiver of Lender s right to acoelerate the maturity of the indebtedn~
secured by this Mortgaga
12 Remedle~ Gtitmulative. All remedie~ provided in this Mortgage an distinct and cvmulative to aay other right or nmedy under thia
Mortcage or afforded by la~v or eqnity. and may be ezercise~i ooacurrendy. indepc~ndeatly or suoeessively.
!3 Suooeswn and Assi~n~ Bouud; Joiat aad 3everal I.isblllty; Caption~. The oovenents and agreements herein oontained shall
bind. and the righb haeuader ahall inure to. the respective succeasors and essigns of I.ender and Bormwer. eubject to the provisions of
paragraph 17 hereof. All oovenaata and agr~eements of Borrower shell be joint and several, The captione and heading~ of the paragraplu of
this Mortgage are for covenienoe only and an not to be used to interpret or defiae the proviaioas hereof.
1~. Not1ce. E:oept for any notict tequired under applicable law to be given ia another man~er. (a) any notice to Botrower provid~ for in
this Mortgage ehall be given by mailing such notioe by certified mail addrea~ed b Borrower at the Property Addrees or at such other addreas as
Borrower may designate by notice to I.ender eu provided herein. and (b) any natioe to Lendes shall be given by oertified mail. retarn receipt
requeated. to l.ender s addrees atated henin or to auch other addrees as Lender may designate by notioe to Borroa-er as pmvided herein. My
notice provided for in this Mortgage ahaU be deemed to have bcen given to Borrower or Lender when given in the manner deagnated herein.
15. Uaitona Mortga~e; Governiag I.aw; 3everabitity. Thia form of mortgage combines uniform oovenanb for national use and non-
uniform covenants with limited variatione by jurisdiction to oonetitute a uniform secnrity inatnmient oovering real property.'l~ie Mortgage
ahall be governed by the law of the jurisdiction in which the Property ia located. In the event that any pmvision or clause of this Mortgage o~r
the Note rnnilicts with applicable law. euch contlict ahall not affect,other pmviaiona of this Mortgage or the Note which can be siven etYect
without the oonflicting proviaion, and to this end the pmvisions of the Mortgage and the Note are declared to be severable.
1& Bflrrawer's Copy. Borrower shaU be fumiahed a conformed oopy of the Note and of thia Mortgage at the ti~»e of ~ecution or after
recordatioa he~reof.
17. Traasfer ot the Property; Asaumption. If all or any part of the Property or en interest therein i$ sold or transfernd by Borroaer
without Lender s prior written conaen~ acluding (a) the creation of a lien or encumbrance eubordinate to this Mortgage. (b) the creation of a
.~~ ~ purehase money secnrity intenst for houeehold appUances, (c) a tranafer by devise. desoent or by operation of law upon the death of a joint
7}' tenant or (d) the grant of any leasehold interest of three years or less not oonlaining an option to purchase. Lender may. at [.ender's option.
~ declan all the suma secnreu by thie Mortgage to be immediately doe and payable. Lender shali bave waived auch option to aocelerate if. prior
to the sale ~ tranifer, Lender and the person to whom the Property is to be sold or transferrod reach agreement in writing that the ce+edit of snch
person is satisfactory to Lender and that the intereet payable on the sums eecured by this Mortgage shsll be at such rate ae Lender shall
request. If Lender hae waived the option to accelerate provided in thie paregraph 17, and if Borrowa's suocessor in iatereet hes ~ecuted a
written assumption agreement aecepted in writing by Lender, Lender ahell release $orrower from all obligationa under this Mortgage and the
Note.
If I.enda ezercises such optidn to accelerate, Lender ahali mail Borrower notice of acoeleration in accordance with paragraph 1~ here~L
Such notice ehall provide a period of not leea than 30 daye from the date the notice ia mailed within which Borrower may pay the sums declared
due. If Borrower faila to pay auch euma prior to the expiration ot auch period, Lender may, without further notice or demand on ~iorrower.
~nvoke any rernedies permitted by paragraoh 18 hereof.
11-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 AUTNORITY 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
MI~IMII, Florida, as Trustee under a trust indenture from said Nousing 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 autanatically 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 af 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.
BOOK348 P~~E 321
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