HomeMy WebLinkAbout08228. ln~pection. l.ender may make o~ cause to be made reasonable entries upo~ and inspectio~s of the property, pmvjded that l.ende~ shal)
give Borrower notice prior eo any such inepectio~ specifying reasoneble cause therefor related to l.c~d~r's interest ia thP Pcoperty.
9. Coademnetion. The proc~ceds of any award or claim !o~ damages, di~ect or consequential, in rnnnection with any oondemnation or
other taking u[ the pmperty, or part thereof, or tor rnnveyance in lieu ot condemnation, are hereby assigned and ehall be paid to l.ender.
In the event of a total taking of the Property, the pra>eeds ehall be applied to the eums s~cured by this Moregage, with the e:cees, if any,
paid to Boroower. In the event of a pa~tial taking of the Property, unleas E3orrower and t.ender otherwiee agree in writing, there shall be
applied to the sums secured by this Morigage such pmportion ot the proceede as is equal to that proportion which the amount ot the sums
eecured by thie I-lortgage immediately prior to the date of tsking beara to the fair market value of the Property immediately prior to the date of
taking, with lhe bala~ca ot the proceeds paid to Borrower.
If the Properiy is abandoned by E3orrower, or iC, after notice by t.ender to Borrower that the condemnor ottere to make an award or settle a
claim for damegea, Bor~ower tails to reapond to I.ender within :~0 daye after the date auch notice ie mailed, t.ender ie authorized to collect and
apply the proceeds, at l.ender'e option, either to reatoralion or ~epair of the property or to the aume secured by this Mortgage.
Unleae l.ender snd Borrower otherwiae agree in wridng, any such application of proceeds to principal ehall not e:lend or postpone the due
date o[ the monthly installments referred to in paragraphe 1 and 2 hereot or change the amount of auch instsliments.
10. Borrower Not Released. Extension of the time for paymant or modification of amortization otthe sums aecured by this Mortgsge
Kre~~ted hy lxnder to any euccesaor in inte~eat of Rorruwer ahall not operate to release, in any manner, the liability of the original Borrower
and Rorrower's succeasore in intereat. trnder ahall not be required to commence proce~.dings ag~inat auch succeasor or refuae to extend time
fnr payment or otherwise madify nmortizution of the auma etiecured by this Mortgt~ge by rexe~n of uny dem~nd made by the original Borrower
and E3orro~.er'n succrxxon, in inte~ext.
! 1. Forbearance by Lender Not a WeivPr. Any forbearance by l.ender in exerciaiag any right or remedy hereunder, or otherwise
aPfonied by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The pmcurement of ineurance or the
payment of taaee or other liene or cherges by l.ender ahall no! be a waiver of l.ender'e right to accelerate the maturity of the indebtedness
secured by this Mortgage.
12 Remedies Cumulative. All remediee provided in thie Mory~age are distinct and cumulative to any other right or remedy nnder this
Mortrage or aftorded by law or equity, and may be exerciee~l obncurrently, independently or aucceaaively.
13. Succeaeore and Aeaigna Bound; Joint and Several Liebility; Ceptions. The covenante and agreementa herein contained ahall
bind, und the righte hereunder ahall inure to, the rnepective aucceaeore and asaigne of I.ender and E3orrower, aubject to the provisione ot
paragraph I7 hereof. 411 covenante and agreement8 of Borrower ahall be joint and eeveral. The captions and headings of the paragraphe of
this Mortgage are for covenience unly and are not to be uaed to interpret or define the provieions hereof.
14. Notice. F:xcept for a~y notice reyuired under applicable law to he Kiven in ~nother manner, (~1 any notice to 13orrower provided for in
thia Mortgage shall be given by mailing auch notice by certified mail addreseed to E3orrower at the Property Addrexa or at such other addreee ae
Rorrower may designate by notice to l.ender ae provided herein, and Ib) any nolice to I.ender ahall be given by certified mail, return receipt
requei+ted, to I.ender's addreesa atated herein or to auch other addreae as l.ender may deaignate by notice to F3orrower ex provided herein. Any
notice provided for in thie Mortgage shal) be deemed to have been given to Rorrower or l~ender wher~ given in the manner deaignated herein.
15. Unitorm Mortgage; Governing Law; Severability. Thia [orm of mort~agecombines uniform covenante for national uae and non-
uniform covenanta with limited variadons by juriadiction to rnnatitute a uniform aecurity inatrun~ent covering real property_ This Mortgage
shxli be Kovrrned by the law of the jurisdiction in which the Pruperty is located. ln the event that any provieion or claue~e uf thia Blortgage or
the Note cc~nilicts w~th applicabte law, auch con(lict shall not affect other provisions of this MurtQage or the Note vvhich can be given ettect
without the c~nflictink proviaion, and to this erid the provieione of the Mortgage and the Note are declared to Le severable.
t6. Borrower'e Copy. E3orrower ahall be furniehed a conformed copy of the Note and of this Mortgage at the time of execution or after
recordation heceof.
1~. 7'ranafer ot the Property; Aseumption. If all or any part of the E'roperty or an intereat therein ie sold or traneferred by Borrower
without [.ender's prior written conaent, e:cludinR (a) the creatiun of a lien or encumbrance subordinate to thie Mortgage, lb) the creatian of a
purchase money security intereat for houeehold appliances, (cl a transfer by deviae, d:scent o~ by operation of law upon the death of a joint
tenant or ld) the grant of any leasehold interest of three yeara or lexa nut containing an option to purchase, I.ender may, at Lender e option,
dectare aU the aums secured by this Mortgage to be immediately due and payable. l.ender ehaU have waived such option to accelerate if, prior
to the sale or tranafer, l.ender and the person to whom the Yroperiy ia to be sold or transferred reach agreement in writinq that the credit otauch
peraon is satisfactory to t.ender z~nd that the interrst payt~hle on the sums securrd by thia MortKage ahall be at such rate as Ixnder shal)
reyuest. If I.enden c~~s waived the optiun to acceler.it~~ pro~ ided in this paragraph 17, and if &~rrower's succeasor in intereat has e:ecuted a
w-ritten assumptiun aKreement accepted in wntinK by I.ender, l.rnder ahall relrase Borrower from nll obliQatinna under this Mort~age and the
ti ote.
I[ [.ender exerciaes euch option tn ac~rleratr, l.ender sh.~ll mail Iinrn,wer nntirn of acceleration in aceordance with paragraph 14 hereof
yuch notice shall prnvide a peri~~d of not Iexs than :il~ days frum the datP the notice is rr.ailed within which Borrower may pav the aums declared
due. If Borrower fails to pay euch aums priur to the expirateun nt such periud. Ixnder may, without further n~>tice or demand on I3orrower,
invoke any remedirx permitted by paraKraoh IN herc~~f.
17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been
~ ~;prpcured 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 expTres 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 autamatically 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 follo,ws:
"Mortgage loans, with the exception of FHA-insured or VA-guaranteed mortgage
loans, r~ay 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."
f 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.
~~~~x 348 ~a~E 8z2
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