Loading...
HomeMy WebLinkAbout08108. Inspection. Le~der may make or cauee to be made rearonable ent~iee upon and inspections of the ptoperty, provided that I.eader ~hall give Sorraw~r notice prior to any euch inspection ~pecifying reasonaDle cauee theaefor related to Lender's intereet in the PropeRy. 9. Copdemnatlaa. The proceeds of any award or claim foc damagea. direct or consequential, in coanectia- with any oondemnation or other taking of the property, or part thereof, or tos conveyance in lieu of rnndemnation, an hereby asaigned and shall be paid to Irender. In the event of a total taking of the Property, the proccede shall be applied to the euma eecured by this Morigage. with the e:ceas, itany. paid to BoROVirer. In the eve~t of a partial taking ot the Ptoperty, unleea Borrower and Lender otherwiee agree in wridng, then shall be applied to the euma eecured by this Mort~age such proportion of the proceede ae ia equal to that pmportion whicA the amount ot tha sua~s secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to ehe dete of taking, wilh the balanca of the proceede paid to Borrower. I[ the PropertY is abandoned by Bote~ower, or i[, after notice by Lender to Rorrowec that the oondemnor of[ers to make an awaTd or settle a claim for damages, Borrower fails to respond to l.ender within 30 days aRer the date euch notice ie mailed, Lender ie authorized to collect aad apply the proceeds, at I.e~der s option, either !o reetoratio~ or repair of the property or to the suma eecured by thie Morigaqe. Unless Lender and Borrower otherwise agree in wriling, eny such application of proceeda b principal ehaU not extend or postpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereot or change the amount of euch installmenta. l0. Borrower I~tot Released. Bxteneion ot the time far paym~nt or modificatio~ otamortization of the suma secured by this Mortgage granted by Lender to any aucceseor in intereet uf E3orrower shall not operate to releaae, in aoy manner, the liability of the original Borrower and BoROwer'a auccessors in +nterest. l,e~der ahall not be required to rnmmence proceedinga against such aucceasor or refuae to extend time [or payment or othenvise modify amortization of the aums aecured by this MortguKe by reason uf any demand made by the original FioTrower and E3orrowet s succea.gors in interesl. I 1. . Forbearance by l.ender Not a Waiver. Any forbearance by l.ender in exerciaing any right or remedy hereunder, or otherwiee af~orded by applicable law, ehall not be a waiver of or preclude the exerciee of any auch righl or remedy. The prc+cutement of inaurance or the payment of taues or other liena or chargea by Lender ahall not be a waiver of I.ender'e right to accelerate the maturity of the indebtedneea secured by thie Mortgage. 12 Itemedies Cumulative. Ail remediea prnvided in thia Mortgage are die/inM and cumulative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be exerciscwl concurrently, independently or eucceaeively_ 13_ Succeaeors and Aeaigne Bound: Joint and Severel Liability: Captione. The covenante and agreementa herein rnntained ehall bind, and the rights hereunder afialt inure W, the reapective auci.~eaeors and asaigne of Lender and Eiorrower, subject to.Ihe provieione of paragraph 17 hereof. Ail covenants and agreements of Iiorrower shall be joint and several. The captione and headings of the paragrapfie of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof 14. Notice. F xcept for Uny notice reyuired under applicable law to be Kiven in another manner. (a) any notice to Rorrower provided for in thia Mortgage s!-all be Riven by mailing auch notice by certified mail addreased to [3orrower at the Property Addresa or at such other addreea ae E3orrower may deeignate by notice to Lender as provided herein, and lb- any notice to l.ender shall be given by certified mail, return recei~ requeeted, to [.ender'a addreae atated herein or to auch other addreaa as Lender may designate by notice to Borrower ax provided herein. My notice provided for in thia MortgaKe ahall be deemed to have been given to Borrower or I.ender when qiven in the manner deaignated herein. 15. Uniform Mortgage; Governing Law: Severebility. Thia form of murtqage combines uniform covenants for national use and non- uniform covenants with limited variationa by juriadiction to constitute a uniform eecurity instrun~ent cc vering real p~operty. This Mortgage ahall be govrrnrd by the law of the jurisdictiun in which the Property is located. In the event that any provinion or clause of this 1Nortgage or the Note con:licts v~~th applicable iaw, such conflict shali not affect other provisiona of this MortKage or the Note which can be given effect without the conflicting provisi~n, and to this end lhe p~oviaions of the Mortgage and the Note are dec{ared U~ be aeverable. 16. Bflrrower'e Copy.l3orrower ahall be furniahed a conformed copy of the Nole and of thie Mortgage at the time of execution or after recordation hereof. 17. 'l~ansfer of the Property: Aaeumption. !f all or any part of the Property or an intereat therein is aold or tranaferred by I3orrower without Lender'a prior written coneent, excludinQ (al the creation of a lien or encum6rance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest for houaehold appliances. (c) a tranafer by devise, d~scent or by operation of law upon the death of a joint tenant or td) the grant of any leasehold interest of three yeara or leas not rnntaining an option to purchase, Lender may, at Lender'a option, ' declare all the auma secured by this Mortqage to be immediatety due and payable. Lender eha{1 have waived auch option to accelerate if, prior to the sale or traneter. Lender and the person to whom thr Property is to be sold or tranaferred reach agreement in writing that the credit of such person ia satisfactory to I.ender and that the interrst payahle on the suma secured by thia Mortga~e shaU be at auch rate as I.ender ehall rrquest. If l.ender has waived the option to acceteratr provided in this para~Craph 17, and if E3orro~+er's auccessor in intereat has e:ecuted a written asaumption agreement accepted in writinR by Ixnder, [.ender ahaq release Korrower from a!l obligationa undertfiis Mortgage and the ''I Note: . if I.ender eaercises such option ta accelerate, i.ender shalFm~+il Rorrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shiitl proeide a period of not lrss than :i{I dxysin~m the datethe notice is rr.ailed K•ithin which Rorrower may pay thesums declared due. if Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without .uRher notice or demand on liorrower, ~ ~nvoke an remedies permitted t» para~raoh 1R hereot 17-A. he proceeds of the loan evidenced by the promissory note secured hereby have been i ,;;~i -~~ ~ procu by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST. I ~~'N LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. ,~. Lucie County, Florida, in said Agreement havin9 been assigned to FLORIDA NATIONAL BANK OF ' MIAMI, Florida, as Trustee under a trust indenture fran 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 ~ully paid or provision made for such payment pursu- ant to the Indenture, whichever shall be earlier, certain loan guidelines a~e imposed upon Lender which must be adhered to by Lender and Borrower, any default in which by Borrower shall automatically 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 FNA-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 ~r~ay be increased in the event of such an assumption, but only after the agree- ment has terminated. In the ev~nt 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. ~ . E'1?K -~~~ PAGE 01U ~ ~ -~- - ' ~ , ~~ ~~ ~-:s;;~.~~,,,...~~ . - -- . =. ~.~.. .