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HomeMy WebLinkAbout15388. In~psctloa. Lender msy make or caws b be made sss~oaaWe entrie~ upop and ia~pectioru of the property, provided that Lead~ ~hall give Borrower notios prior ~o e~qy such uupectioa ~pecifying nawnsble cawe therefor related to Lender'~ intere~t in the Property. 8. Coadema~tion.'llse pmceed~ of aay e~wsrd os claim fos damege~, direct or oon~equential. ia cono~n with any aondesnnatioa or other takins o! the pmpeity. or pert thersof. or [or conveyanos in lieu of oondemnetion. ars hereby aNi~ned and shaU be paid to Lender. In the eveat of a total lakins of the Property, the proceed~ ahall be applied to We aums secured by thu Mortga~e. with the esoe~s, if any. paid to Borrower. In the svent of a~artial taldng of the Propaty. unless Bosrower aad Lender otheraiie a~ee in writin~~ there ~hall be applied to the ~ums secured by thu Mo~a~s such proportioa of the proceeds as u equsl to that proportion which the amount oi the ~um~ secured by thu Mortgage immediately prior to the date of taking bears fo the fair markd value of the PropeKy immediately prior b the daf~s of taking. ~rith the balanca of the proc~ed~ paid to Borrower. If the Pe~opetty is abandoned by Borrowrer, or if. aRer aotice by Lender to Borrower that the condeau-or ogen to make an swrard or ~ettle a claim for damegea. Borrower fails b respond b Lender within 30 days after the date auch notioe is mailed, Lenda is authorized to rnAxt and apply the prooeed~. at L.end~r's option. ~ther to ~+estoration or repair of the pmperty or to the sums aecured by thi~ Mortgage. Uales~ I.ender and Borrower otherwiee agree in writiag, any snch application of proceed~ to principal ~hall not e:tend or postpone the due date of the monthly installmenb referred to ia paragraphs 1 and 2 hereof or change the eaaunt of ~uch inatallmenta. 10. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the sume secured by thie Mortgage granted by I.ender to any succeaeor in interest of Borrower shall not operaLe to release, in any man~er. the liability of the original Borrower and Fiarower s suoceaoore in intereet Le~der ahaU not be required to oommence proceedings against auch auocessor or refuee to eztend time [or payment or otherwitee modi[y amortization of the aums secured by this Mortgage by reaeon ot any demand made by the original Borrowtt and Bormwer e suecesaors in interest. 11. Forbeeranc,-e by Leader Not s Waiver. My forbearance by Lender in e:ercising any right or remcdy hereunder. or oLherwi~e afforded by app4cable law, shall not be a waiver of or preclude the euercise of any such right or remedy. The pmcunment of inaurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of I.endes's right to aocelerate the maturity of the indebtedneas aecured by ehis Mortgeae. 12. Remedles Gumulative. All remediea pmvided in thie Mortgage are distinct and cumulative to any other right or remedy under this Mortcage or af~orded by law or equity. and may be euerciee~l ooncurrently, independently or suoceeaively. 13. 3~cceesors aad Aseigas Bouad; Joint apd Several Liabtlity; Captions. Tfie covenanta and agreemente herein rnntained shall bind, and the righta ~ereunder ehall inure to, the reepective aucc~esors and assigns of I.ender and Borrower, eubject to the pwvieione of paregraph 1? hereof. All covenanta and agreements of Bormwer ahall be joint and sev~ral. The captiona and headinge of the paragraphs of thia Mortgage are for covenience only and ere not to be used to interpnt or define the provieions hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (s) any notice to Borrower provided forin thia Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addreas or at auch other address as Borrower may deaignete by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by certified mail, retarn receipt requeated, to Lender'a addreea atated herein or to such other address ae Lender may designate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage shallbe deemed to have been given to Borrower ot l.ender when given in the manner deeignated herein. 15. Uniforen Mortgage; Governing Law; Severability. Thia form of mortgage rnmbinee uniform ooveaants for national uee and non- uniform rnvenanta with limited variations by jurisdiction to oonetitute a uniform eecnrity inatruiuent oovering real pmperty.'I1»a Mortgage ahall be govemed by the law of the jurisdiction in ~vhich the Property ia located. In the event that any pmviaion or clause of thie Mortgage or the Note conflicta with applicable law, auch contlict'shall not af[ect other proviaione of this Mortgage or the Note which can be given effect without the conflicting provieion, and to thia end the provieiona of the Mortgage and the Note are declared to be eevereble. 16. Borrower's Copy. Borrower ahaU be furniehed a conformed oopy of the Note and of thia Mortgage at the time of euecution or after recordation hereof. 17.15ransfer ot the Property; Aseumption. If all or any part of the Property or an interest therein ia sold or traneferred by Borrower without Lender s prior written coneent, excluding (a) the creation of a lien or encumbrance subordinate to thie Mortgege. (b) the creation of a purrhase money eerurity inf~ereat for househoW appliancea, (c) a transfer by devise. d~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereet of three years or leae not oontaining an option to purchase. Lender may, at Lender s opt-on, deciare all the sums secure~t by this Mortgage to be immediately due and payable. Lender ehall have waived euch option to socelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be eold or tranaferred reach agreement in writing thet the credit of such pereon ia satiefactory to I.ender and that the interest payable on the aums aecvred by thie Mortgage ehall be at auch rate as I.ender ehall request_ If Lender has waived the option,to accelerate provided in thia paragraph 17, and if Borrower s aucceasor in interest hae executed a written asaumption agreement accepted in writing by l.ender, Lenderahall releaae Borrower from all obligationa under lhia Mortgege and the Note. If Lender exerciaes such option to accelerate, Lender ahall mail Borrower notice of aooeleration in accordance with peragraph 14 hereoL Such notice ahall provide a period of not lesa than 30 days from the date the notice is ~nailed within which Borrower may pay the auma declered due. If Borrower [aila to pay such sums prior to the expiration otsuch period, I.ender may, without further nutice or demand on Fiorrower. ~nvoke any remedies permitted by paragradh 18 hereof. 11-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 Coun~ty, Florida, in said Agreement having been assigned to FLORI~A NATIONAL BANK OF ~; MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of .J 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 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, Nousi~g 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 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 11-A is in conflict with any part or parts of Covenant 11, supra, the terms of this Covenanfi 17-A shall prevail. ~ an~K348 PacE1538 ~ S ~ f „ • ci ~ .N~~.~~. _.. .. :...~ ,. ..._. _.'- _. iG}r='L.w%.3,.,n .,, .. .