HomeMy WebLinkAbout15348. IaapeMion. Lender may make or caws b be made rea~oneble entrie~ upon ai-d inipactions of the property. provided that Lender ~haU
give Hortower aotios prior to say such irupection specifying reawnable cause therefor releted to I.ender ~ intere~t ia the Prope~ty.
9. Coademnatlon. 71~e proceed~ of eny ewerd or claim for dsaaa~es, direct or cotuequeatial. ia oonnectien with any ooAdemnatioa o~
other takir~ of the prop~ty. os pett thezeof. or for conveyance in lieu of ooademnation. are hereby srd~ned and ~haU be paid to Leader.
Ia the event o[ a beal tsking ot the Property, the proceeds shall be applied to the aums secured by this Mortgags, with the ~oe~ ii any.
p~id to Borrowror. In the event of a partial taking of the Property, unlees Borrower and Lender otherwise agree in writin~~ Were ~haU be
appGed to the sums ~cured by thu MoregaQe ~uch ~oportioa of the proceeds as is equal to that proportion which the amount of the suau
secnred by thia Mortgage immediaeely prior to the date of taking bean to the fair market value of the PropeKy immediately prior b the date oi
talrinQ. rriW the balan~ oi the proeeede paid to Borrower.
lf the Property is abandoned by Borrower. or if, aRer notice by I.eader to Borrower that the oondemnor offen to make an award or eettle a
claim [or da~nagw. Bon~ower faila eo respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to rnUect and
apply the p:ooeeds. at Lender s option. eitl~es to restoration or repair oi the pmperty or to the sums ~red by this Mortgege.
Urtless I.euder and Bormw~ otherwise agree ia writing. any euch application of ptoceeds to principal ehall not ~tend or pwtpone the due.
date of the monthly inatallmenb refured to ia paragraphs 1 and 2 henbf or change the amount of such instaliments.
I0. Borrower Not Released. Extension ot the time for paym~nt or modification of amoitization of the eums eecuttid by thie Mortgage
granted by Lender tc any succesaor in interest ot Borrower ehall not operate to release, in any manner, the liability of the original Borrower
a~d Borrower 8 succeasore in interest Lender ahall not be required to commence proceedings againat auch aucceseor or refuae to e:tend time
fo~ payment or otherwise modify amoriization of the suma secured by this Mortgage by reason of any demand made by the original Borrower
and Bomower's suoceseore in interest.
I 1. Forbearsace by Lee~der Not a Waiver. My forbearunce by l.ender in exercieing ~ny right or remedy hereunder, or otherwiae
afforded by appticabie law. sbaU not be a waiver of or preclude the exerciee of any auch right or remedy. The pmcurement of ineurance or the
payment o[ ta:es or other liens or chargea by Lender shall not be a waiver of Lendei e right to accelerate the maturity of the i~debtedneaa
aecund by this Mottgage.
12 Remedies Cumnlative. Ali remedies provided in thie Mortgage are distinct and cudluladve to any other right or remedy nnder this
Mortcage or afforded by law or equity, and may be e:erciserl concurrendy, independently or succeaeively.
13. 3uccessors and Assigne Bound: Joint and Several Liability; Captions. The rnvenants and agreementa herein contained ahalt
bind, and the rights hereunder ehall inure to. the respective succeesors and aeaigns of Lender and Borrower, aubject to the provisiona of
paragraph 17 hereof. AU covenants and agreementa of Borrower shall be joint and eeveral. The captions and headinge of the paragraphs of
thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisione hereof.
14. Notice. Ezcept for a:-y notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thia Mortgage ahall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreae or at such other addreae as
E3orrower may deaignate by notice to Lender aa provided hemin, and (b) any notice to Lender ahall be given by certified roail, retwn receipt
requeated, to Lender's addreae atated herein or to such other addreea ea Lender may deaignate by notice to Borrower as provided herein. My
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in themanner deaignated herein.
15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform oovenants for national ueeand non-
uniform covenanta with limited variationa by juriedictio~ to oonatitute a uniform eecurity inatrument rnvering real property. Thia Mortgage
ahaU be governed by the law of the jurisdiction in which the I'roperty ie located. In the event that any provieion or clause of this 111ortgage or
the Note contiicts with applicable law, Auch conflict ahall not affect other pmviaions of thia Mortgage or the Note which can be ~iven ef~ect
without the eonflicting pmvision, and to this end the provieiona of the Mortgage and the Note are declared to be severable.
1& Barrower'e Copy. Borrower aha11 be furniahed a conformed oopy of the Note and otthia Mongage at the time of excc~ition or after
recordation hereof
17. 'ltirane[er ot the Property; Aseumption. If alt or any part of the Property or an intereat therein ie eold or tranaferred by Borrower
without Irnder'a prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a
purchase money security intereat for houeehold appliancea, ~c) a trana(er by devise, deecent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three yeara or leas not rnntaining an option to purrhaee. Lender may, at I.ender s option,
declare all the suma secured by thia Mortgage to be immediately due and payable. I.ender ehall have waived auch option to aocelerate if. prior
to the sale or tranafer, Lender and the pereon to whom the Property ie to be i+old or tranaferred reach agreement in writing thet the credit of such
person is eatiafactory to Lender and that the intereat payable t~n the suma secured by thie Mortgage ahall be at such rate as I.ender shall
reqo~at. If Lender has waived the option to accelerate provided in thia paraqraph 17, and if Borrower's succesaor in interest has e:ecuted a
written asaumption agreement accepted in writing by [.ender, Lender ehall release fiorrower from all obligationa under khis Mortgage and the
~1ote.
If Lender exercises such option W accelerate, I.ender shalt mail E3orrower notice of acceleration in accordance with paragraph 1~ hereof.
Such notice ehall provide a period of not lesa than 30 days from the date the notice ie mailed within which Borrower may pay the aums declared
due. If Borrower [ails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on ~iorrower,
~nvoke any remedies permitted by paragranh 18 hereof.
17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been
procured by Lender pursuant to loan Agree~nent b,etween NOUSING FINANCE AUTHORITY OF ST.
LUCIE COUNTY, Flo.rida, 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 Qxpires 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 automatically accelerate all remaining unpaid installments rer~aining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Nousing Finance Authority of St. Lucie Cqunty, 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.
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