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HomeMy WebLinkAbout15428. 1ll~plCtIOA. I.ender mqy make or cause to be made ee~wnaWe e~trie~ upon and 'uupectioru of the ptoperty. pwvided that l.ead~ shall ~ive Borw~re~ notice prior b any sucb inspection specityinQ ~easonabk cause thecefa caleted b Let~der'~ intere~t in the Prop~ty. 9. Coademnadoa.'i~s proceed~ of eu~y ewerd or clsim for damaga, direct or con~equential, in connectioA with say oondemnatioa or other tatin~ of the pmperty. os part thereof. or [or conveyanos in Geu of oondemnation, are hereby awigned and shaQ be paid to Lender. Ia the eveat oI a toW taki~g of the Property. the proceeda ~hall be applied to the ~ums ~ecured by thu Mortgage. with the exoeM. if eu~y. paid b Borrower. In the eve~t of a partial taking of the Property. ur~leas Borrow~ and I.ende: othenvi~e agree iA writias, then ~haU bs applied to the sutas secured by thu Mortgage ~uch proportion of the proceedi es iu equal to that ptoportion which the emount of the sum~ secured by thi~ Mortgage immediately prior to the date of taking bcars to the tair martet value of the Property immediately prior b ths date of taking. with the balance o! the procoeds paid to Borrower. If the Propedy is abando~ed by Borrower. or if. after notice by Lender to Borrower that the oondemnor oifere to make ati eward or settle s claim for demagc~. Borrower fails to respond to Lende~ within 30 days aRer the date such notioe ia mailed. Lend~ ii authorized to coUect and apply the proceeds. at l.ender's option. either to restoration or repair of the pmperty or to the suau secured by this Mortgaga Unless I.endu and Borrower otherwiee agree in writing, any such applicatioa of proceeds to principal shaU not estend or postpone the due date of the monthly installmente nferred b in paragraphs 1 and 2 henwf or change the amount of such iastallments. I0. Borrower Not Released. Extension of the time for paym~nt or modification of amortization of the eums eecured by thia Mortgege ~ranted by I.ender to any eucceaeor in interest ot Borrower ahall not operate to release, in any manner, the liability of the original Borrower and E3orrower'a aucceeaors in intereet~ I.ender ahall not be required to cammence proceedinge against such aucceaaor or refuee to eztend time for payment or otherwise modify amortization of the auma secured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower s succeseors in inte~est. 11. Forbearance by I.ender Not a N-aiver. My forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiae af[orded by appGcable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The pmcurement of ineurance o~ the payment of tazes or other liena or chergea by [.ender shall not be e waiver of I.ender a right to aocelerate the maturity of the indebtedneae aecured by thie Mortgage. 12 Remedies Cumulative. All remediee provided in thia Mortgage are distinct and cumulative to any other right or remedy undur thia Mortrnge or afforded by law or equity, and may be e:ercise~ ooncutrently. independently or aucceasively. 13. Succeseore and Assigna Bound; Jolnt and Several I.iability; Captioae. The covenanta and agreemente herein oontsined shall bind, and the righte hereundet ehall inure to, the reapective eucceeeoro and eaeigns of I.ender and Borrower, aubject tn the pmvisiona of paragraph 1? hereof. Ail covenanta and agreemrnte of Borrower shall be juint and aeveral. The captione and headings of the peregraphs of thie Mortgage are tor covenience only and are not to be uaed to interpret or define the provisiona hereof. 14. Notice. Except for a:~y notice required under applicable law ta be given in another manner, (a) any notice to Borrower pmvided forin thia Mortgage ahall be given by mailing euch notice by certified mail addresaed to Borrowerat the Property Addreas or at euch other addresa ae Borrower may designate by notice to Lender ae prorided hernin, and (b) any notice to l.ender ahalt be given by certified mail. return receipt requeated, to Lender'a addrees atated herein or to auch other addreas as Lender may designate by notice to Borrower as provided herein. My notice pro~~ded for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Gn~verning l.sw; Severabil ity. This form of mortgage combinen uniform oovenante for national uee and non- uniform covenanta with limited variationa by juriadiction to conatitute a uniform aecurity inatrun~ent oovering real property.'It-ia Mortgage shall be governed by the law of the juriediction in which the Property ia located. In the event that any provieion or clause of thie Mortgage or the Note conilicts with applicable law, auch contlict shall ~ot af'fect other proviaiona ot thie Mortgege or the Note which can be given effect without the contlicting provision, and to thia end the provieiona of the Mortgage and the Note are declared to be eeverable. 1&;Borrower'e Copy. Borrower shall be furniahed a conformed copy of the Note and of thie Mortgage at the time of execution or after recordation hereof. ~ 17. 'i~anefer of the Property; Aeaumption. I[ all or eny part of the Property or an interest therein ia eoM or transferred by Botrower without I.ende~'a prior written coneent, excluding (a) the creation of a lien or encumbrance eLbordinate to thia Mortgage, (b) the creation of a purehase money eecurity intereet for houeehold appliances, (cj a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leanehold intereet of three yeara or leas not rnntaining an option to purchaee, Lender may, at [.ender s option, declare all the aume aecured by this Mortgage to be immediately due and peyable. Lender shall have waived auch option to accelerate if. prior to the sale or tranefer, Lender and the persop to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such pereon is eatiefactory to Lender and that the interest payable on the aume aecured by this Mortgage shall be at auch rate as Gender shall request_ If l.ender has waived the option to accelerate provided in thie paragraph 17, and it Borrower s succeasor in interest hae e:ecuted a written assumption aqreement accepted in writing by I.ender, Lendershall releaseE3orrowerfrom allobligationa underthiaMortgageandthe Note. If I.ender exercises auch option to accelerate, l.ender ahail mail Rorrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days fmm thedate the notice ia mailed within which Borrowermay pay theaumadeclared due. it Borrower fails to pay such sums prior to the expirat4on of such period, l.ender may, without further notice or demand on Eiorrower, ~nvoke any remediea permitted by paraqraoh 1F+ hereof. ',~ j 11-A. The proceeds of the loan evidenced by the promissor-y 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. ucie 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 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. I~ucie 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 ag~reement. 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.l7-A is in conflict with any part or parts of Covenant . , 17, supra, the terms of this Covenant 17-A shall prevail. M B~11K348 pA~E1542 '~ ~ ~ . _ ~~!~s T: ~ _._ ~rr _ _., .. ... . ... ~., .: ~ -~a~~..