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HomeMy WebLinkAbout08188. In~pection. l.ender mey make or cause to be made reasonable eo/rier upon and inapections of the property, p~ovided that l.ender shall give Borrower notice prior to any such inspection epecifying reaeonable cause therefor related to Lender's i~terest i~ the Property. 9. Condemnatloa. The proceede of any award or claim for damages, direct or consequential, in oonneMion w~ith any oondemnetion or other taking of the property, or part thereof, or [o~ conveya~ce in lieu of condemnation, are hereby aeaigned and shall be paid to I.ender. 1~ the eve~t of a total taking of the Property, the proceeds shall be applied to the suras eecured by this Mortgage, with the esce~s, it any, paid to Borrower. I~ the event of a partial taking of the Property, unless Borrower and t.ender otherwiee agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount ot the suma aecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance o! the proceede paid to E;o-TOwer. If the Property is abandoned by Borrower, or if, after notice by Irnder to Eiorrower that the condemnor of[ers to make an eward or sctde a claim for dameges, Eiorrower fails b~espond to l.ende~ within 30 days after the date auch notice ia mailed, l.ender ia authorized to coliect and apply the pra~eeds, et I.ender's upti~n, eithe~ to restoration or ~epair of the property or to the sums aecured by lhis Mortgege. Unless l.ender and Borrower otherwise agree in writing, any such application of proceede to principal shall not extend or postpone the due date of the monthly inetallments referred to in paragiraphe 1 and 2 hereof or change the amount of such installmente. 10. Borrower Not Releaeed. Fxtension of the time for paymant or modification of amortization of the eume eecured by thie Mortgage granted by I.ender to any euccrseor in intereet of l3orn-wer ahall oot operate to release, in any ma~~er, the liabilily of the original E3orrower xnd fiorrower'e succeasora in intereat. I.ender ahali ~ot be ~quired fo rnmmence proceedinge aguinat euch aucceaeor or refuse to extend time for payment or uthervvise muciify amorli~atiun of thr sume securcd by thia Morigage by reason of any demand made by the o~iginal Rorrower .~nd Korrower's succeueu-ra in intereat. l 1. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in e:ercieing any right or remedy hereunder, or otherwiae nfforded by applicable law, shali not be a waiver uf or preclude the exerciee of any auch right or remedy.7l~e pmcurement of insurance or the payment of taxes or other liena or chargee by l.ender ahall not be a waiver of I~nder's right to accelerate the maturity of the indebtedneas aecured by thie Mortgage. 12 Remediee Cumulative. All remedies pro~~ded in thie Nortgage are diatinM and cumulative to any other right or remedy under this Mortrage or aftorded by law or equity, and may be e:erciee~i concurrently, independently or aucceeaively. 13. 3ucceesors and Asaigne Bound; Joint and Several Liability; Ceptione. The covenante and agreemente herein contained ahall bind, and the righte hereunder shall inure to, the reepective succeaeore and aseigne of l~ender and E3orrower, Pubject to the provieiona ot paragraph 17 hereof. All covenanta and aKreements of Borrewer ahall be joint and aeveral. The captiona and headinga of the paragraphe of thie Mortgage are [or covenieoce only and are not to be uaed to interpret or define the pmviaiont+ hereof. 14. Notice. F.xcept for ii~y notice required under applicable law to be given in nnother manner, ln) any notice to fiorrower provided for in thie Mortgage shall be given by mailing auch notice by certified mail addrexaed w t3orrower at the Property Addrese or at such other addreas ae Rorrower may desiQnate by notice to I.ender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt requeeted, to l.ender's addresa atated herein or to auch other addreas as lxnder may drsiKnnte by notice to Borrower ax provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to E~C-riower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagea,mbines uniform c~venante for national uae and non- uoiform covenants with limited variations by juriadiction to conatitute a uniform security instrument covering real property. Thie Mortgage ~ shaU be Koverned by the law of the jurisdiMion in which the 1'roperty is Iceated. ln the event that any provieion orclause otthie ll~ortgageor the Note contlicts w~th applicable taw, such conflict ahall not affect other provi~iuns of thia MortRage or the Note which can be p~iven effect without the contlicting pn»ixion, and u- thia end the provisiona of the MortQage nnd the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ehall be fumiahed a conformrd cvpy of the Note and of this Mortgage at the time of execution or after recordation hereof 17.'I~ansfer otthe Property: Aseumptiun. If all or any part of the Yroperty or an interest therein is sold or transferred by f3orrower without l.ender'a prior written consent, excluding la) the cmation of a lien or encumbrance aubordinate W thia Mortqage, lb) the creation ota purchaae money security intereat for household appliancex, lc) a tranafer by deviae, d~ecent or by uperation of law upon the death of a joint tenant or (d) the grant of any lear,ehold interest ot three yg;~ or lexa not containinq an uption to purchaae, I.ender may, at I.ender'a option, declare all the suma securea by thie Mortgage to he immediately due and puyable_ I.ender ahall have waived euch option to accelerate if, prior to the sale or transfer, l~ender and the person tn whom the Property is to beaold or transferred reach agreement in writing that thecredit of such person is satisfactory to I.ender and that the interrxt payable on the sumtt xecured by this Alortgage ehall be at xuch rate as I.ender ahall request. If I.ender has w•aivecf the opti~~n to acmlFrat~• pro~•idc~ in thix paragraph 17, and if Korrnwer's xuccesaor in interest has e:ecuted a w-ritten ai-sumplion aKrerment nccrpled in writinK by I.ender, l.rnderahall relrase Borrower from all obligatiuna under this Mortgaqeand the ti ote. If l.ender exercis~~ such option to acreleratr, I.ender tihall mail Rorrower notice of acceleratiun in accordpnce with paragraph 14 hereof. tiuch notice ahal) provide a periud of not Icws thun :f(-dayx from thedate the nutimix mailed within which Borr~~wer may pnv thesumadeclared due. If Rorrower faila to pay such sums prior to the expiratiun of such penud, Ix~der may, without further notice ~~r demand on Eiorrower, ~nvoke any remedics prrmittcd by paraKr:~oh IR here~~f. 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- 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 ail remaining unpaid installments remaining due under the promissory note secured hereby. A copy of the Loan Agreement is an file with Lender, Housing Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami, available for examination by an~ 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 11-A shall prevail. ~~a~x 348 F~GE 818 ~ ~ ~. r ~.~ .~.~. ~_~ _~. . .