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HomeMy WebLinkAbout08068. Inspectlon. Le~der may make or cause to be made reaaonable entries upon a~d inspection~ o[the pmpeety, provided that Lender shaU give Borrower notice prior to any such inspection specitying reasonable cause therefor related to l.ender's intereet in the Property. 9. Coademnsdon. The proceeds of any award or claim for damages, direct or consoquential. in connection with ~ny oond~nation or other taking of the property. or part thereof, or fo~ conveyance in lieu of oondemnation. are hereby asri~ned aad ~hall be paid to Lender. In the event of a total taking of the Pcoperty, the pra,~eeds shall be applicd to the sums secured by this Mortgage, with the e:ces~. itany. paid to Borrower. In the event of e paetial taking of the Property, ualesa Borrower and I.e~der otherwi~e agree in w~riting, there shall be app4ed to the sums eecured by this Mortgage such pmportion of the pmcee~ia as ia equal to thst proportion which the amount of the sums eecured by this Mortgage immediately prior to the daee ot taking beare to the fair market value otthe Property immediaeely prior eo the date oi taking, with the balanca of the pmceeds paid b Borrower. If the Property is abandoned by Borrower. or if. aRer notice by l.ender to Borrower that the oondemnor oPfers to make an award or settle s claita for dameges, Borrower fails to reepond to Lender within 30 deys aiter the date euch notice ie mailed, l.ender is authorized to coUect and apply the proceeds, at Lender s option. either to restoratio~ or repair of the property or to the aums secured by this Mostgage. Unlesa Lender and Borrower otherwiar agree in writing, any euch application of proceeds to principal shaU not extend or poetpone the due date of the monthly itistallmente referred to in peragraphe 1 and 2 hereof oT change the amount of auch insfsllments. 10. Borrower Not Released. Bxteneion of the time for peym~nt or modification of amortization of the eume eecured by this Mortgage granted by [.ender to any aucceaeor in interest of Borrower ehall not operate to retease, in any manner, the liability of the origi~ai Borrower and Borrower e succeasora in intereat. Irnder ahall not be required to rnmmence proceedinRe againet euch aucceeaor or retuae to e:tend time for payment or otherwise mndify amortization of the suma aecured by thie Mortguge by reason of any demand made by theoriginal Borrower and Borrower a auccessore in intereat. 11. Forbearence by l,ender Not a Waiver. Any forbearance by I.ender i~ exercieing any right or remedy hereunder, or otherwiee afforded by applicable law, ehall not 6e e weiver of or preclude the exercise of any auch right or remedy. The pmcarement of ineurance or the payment of taxea or other liene or chargea by l.e~der ehall not be a waiver of Lender's right to accelerate the maturity of the indebLedneas eecured by thie Mortgage. 12 Remedies Cumulative. All remediea provided in thia Mortgage are distinct aod cumulative Eo any other right or remedy under this Mortrage or afforded by law or equity, and mey be exerciee~l ooncurrently, independendy or succeasively. 13 Successore aad Aseigne Bound: Joint and Several Liability; Ceptions. The covenante and agreementa herein contained ahall bind, and the righte hereunder ahall inure to, the ~eepective aucceeaors and aseigns of I.ender and Borrower, aubject to the proviaione o! paragraph 1? hereof. All covenanta and agreemente of E3orrovver shall be joint and eeverel. The captione and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manne~, (al any notice to Korrower pmvided forin this Mortgage shall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreae or at auch other addreae aa Borrower may deaig~ate by notice w Lender ae provided herein, and (b) any notice to l.ender ahalt be given by certified mail, return receipt requeated, to Lender'e addreas atated herein or to auch other addreas as Lender may designate by notice to Borrower an provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein. 15. Unitorm Mortgage; Governing Law; Severability. Thie form otmortqagecombines uniform eovenante for national use and non- uniform covenanta with limited variatione by juriadiction to conatitute a uniform aecurity instrument covering real property. Thie Mortgage shall Le governed by the law of the jurisdiction in which the Nroperty is located. In the event ihat any provieion or clause of thia Mortgage or the Note con0icte with applicable law, such conflict shall not aftect other provisions of thia Murtgage or the Note which can be given eftect without the contlicting proviaion, and W this end the pmvisione of the Mortgaqe and the Note are declared to be severabla 16. Borrower'e Copy. Borrower ahall be furniehed a rnnformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17. 'I~aneter of the Property; Aeeumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower without [.endei a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for houaehold appliancea, (c) a tranafer by deviee, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereat of three years or leas not rnntaining an option to purchaee, l.ender may, at Lender a option. declare all the sums sec~~rea by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if prior to the eale or tranefer, Lender and the pereon to whom the Property is to be sold or trana[erred rnach agrtement in writing that the credit of euch peraon is satiafactory io I.ender and that the interest payable on the aume secured by this Mortgage ahall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph t 7, and if E3orrower'a suceeaeor in interest has e:ecuted a written asaumption a~reement accepted in writinK by [xnder, l.ender shal) release Fiorrower from all obligations underthia Mortgage and the Note. ' If I.ender exercises auch option to accelerate, I.ender shall mail Borrower notice of acreleration in accordance with paragraph l4 hereof. Such notice shall pmvide a period of not leas than :i0 days from thedate the notice is rr.ailed within which f3orrower may pay theauma declared due. If Borrower fails to pay such sums prior to the expiration of euch period, [.ender may, without further notice or demand on Horrower, ~nvoke any remediea permitted by paragraoh IH hermf. 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 County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL BANK OF MIAMI, 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 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 1Qans, may not be assumed except by a person or family which would have been eiigible 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 l1-A is in conflict with any part or parts of Covenant ~ 17, supra, the terms of this Covenant 17-A shall prevail. - ~~('X J4~ P~GE SO~ , ~ _ ~ t~ ,~~ - , ~ ~~..-~,~~.~~~ _. - ~ ~ -` - _ _