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HomeMy WebLinkAbout15628. la~psctioa. Lender may make os cawe to bc made reawneble e~trie~ upon and in~pection~ otthe pmperty, provided that Lender ~haU ~ive Horwwer aotice prios b any such in~pacbion specifying reawnable causs tharefor relsted to Lendes'~ interest ia the Prope~ty. 9. Condemnatlon.'IUe proceeds ot any sward or claim for damages, direct ot rnn~oquential, in cortnxtion witl~ aay aondea-nation or other taki~ ot the property, or psrt thereof. or for oonveyanoe in lieu of oondemnation, aro hereby twi~ned and ~hall be paid to I.ender. In the event of s total taking of the Property, the proceeds shell be eppGed to the suau secured by this Mortgags. with the ~eaa, if any. paid to Borrower. In the eveat of a partial taking of the Property. ualess Borrower and I.ender otherwiae agree in writin~. there ahdl be appGed W the sums secured by thu Mortgage such proportion ot the proceeds as is equal to that proportion which the amount ot the sum~ secared by thia Mortgage immediately prior to the date of taking bears b the [air market value of the Property immediately prior to the date oi taking, arith the balenoa of the proceeds paid to Borrower. lf the Property is abandoned by Boroower. ot if. eRer notice by I,ender to Borrower that the oundemnor oPlers to make an awerd or ~ettle a claim for damages. Borrower fails b reapond to Lender withi~ 30 days atter the date such notioe ia mailed, l.ender ie authorired b coqect and apply the proc~eeds, at Lender s option. either to ~toration or repair of the property or b the sums secured by thu Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proccedi to pri~cipel shall not extend or poetpone the due date of the monthly installments nferred to in paragiraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Exteneion of the time for paymant or modification of amortization of the sume eecured by this Mortgage qranted by l.ender to any eucceasor in intereet of 13orrower ahall not operate to releaee, in any manner, the liebility of the original Borrower and Bor~ower'e succeasora io intereet. Lender ehall not be required to rnmmence proceedinga egainet auch aucceasor or refuae to extend time for payment or otherwise modify amortization of the sums aecund by this MortgaRe by reason of any demand made by theoriginal Borrower and Eiorrower s sucreeaors in intereat. i l. Forbearance by Lender Not a Weiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwiee aFforded by applicabie law. shall not be a waiver of or preclude the exerriee of any auch right or remedy. The pmcurement of ineurance or [he pnyment of taxes or other liena or charges by I.ender ehal! not be e waiver of Lender's right to accelerate the maturity ot the i~debtednees eecured by this Mortgage. 12 Remedies Cumulative. All remediee provided in thie Mortgage are diatinct and cumulative to any other right or remedy under this _ Mortrage or afforded by law or equity: and may be e:ercise~i conciurendy, independently or succeasively. 13. 3ucceseors and Aseigas Bound; Joint and 3everal Liability; Captio~s. The covenante and agreementa herein contained eha11 bind, and the rights hereunder ehall inure to. the reapective aucreasors and aseigns of Lender end Borrower, eubject to the pmviaione ot paragraph 17 hereof. AU rnvenante and agreementa of Borrower rhall be joint at-d several. The captiona and headinga of the paragraphs of thie Mortgage are for covenience only and are not to be uaed to interpret or define the pmviaio~e hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided forin thie Mortgage ahall be given by mailing euch notice by certi6ed mail addreased to Borrower at the Property Address or at auch other addreee as E3orrower may deaignate by notice to I.ender es provided herein, and (b) any notice to Lender ahall be Siven by certified mail, return reoeipt requeated, to Lender e addresa stated herein or to auch other address as Lender may deaignate by notice to Borrower aa provided herein. My notice provided !or in this Mortgage ahall be deemed to have been givcn to Borrower or i.ender when given in the manner deeignated herein. 15. Uni[orm Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uni[orm covenante for national uae and non- uniform covenanta with limited variationa by juriadiction to constitute a uniform serurily inetrument oovering real property. This Mortgage ahall be governed by the law of the juriadiction in which the Property is located. In the event that any pro~~aion or clauae of thie Mortgage or the Note conflicts with applicable law, auch contlict ahall not aftect other provieions of thia Mortgaqe or the Note which can be siven eftect without the oonflicting pm~~aion, and to thia end the proviaione of the Mortgage and the Note arn declamd to be eeverable. 16. Borrower's Copy. Borrower ahall be fumiahed a conformed copy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. 'l~anefer of the Property; Aseumption. If all or any part ot the Property or an interest therein is aold or traneferrcd by l3orrower without Lender a prior written consent, e:cluding (a) lhe creation of a lien or encumbrance subordinate w thia Mortgage, (b) the creation of a purchaee money eecnrity interest for houeehold appliancea, lc) a tranafer by devise, d.~scent or by operation of law upon the death of a joint tenant or (d) the grant o! any leasehold intereat of three yeara or leas not oontaining an option to purchase, Lender may. at Lender s option, declare all the aums securgd by this Mortgage to be immedieeely due and payable. Lender ahall have waived auch option to eccelerate if, prior ' to the sale or tranafer, Lender and the peraon to whom the Properiy is to be eold or tranaferred reach agreement in writing that the creditof auch peraon ia satistactory to I.ender and that the interest payable on the aums aecured by this Mortgage ahall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate provided in this paregraph 17, and if Borrower's aucceasor in intereat hae eaecuted a written asaumption aqreement accepted in writing by l.ender, t.endcr ehall release I3orrower from all obligationa under thia Mortqageand the ; iVote. • ' If Lender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL i Such notice ehall provide a period of not lesa than 30 days fmm thedate the notice ia rr.ailed within which Borrower may pay theaume declared due. If Borrower faila to pay auch sums prior to the expiration of such period, l.ender may, without further notice or demand on Eiorrower, invoke any remedies permitted by paragraoh 1R hereof. 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 ~~'_lshall 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. 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 YA-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. ~ an~x348 P~~E~.562 ' ~ - _~ :z -- . ~` ~~~~~~: ~ ~.~_~.~:-~ _% ..__ -. -, h _:.~~ .