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HomeMy WebLinkAbout19058. Ip~~CLIOA. I.ender msy make or cau~e to be made reawnable e~t~es upo~ a~d inspectio~s oithe pmperty, provided that l.eader ~haU ~ive BoROwer ~otice prior to any ~uch inspcction specifyinQ nawnable cause therefor related to l.endei ~ intered in the Property. 9. CondemnaUoa. The proc~eeds o! eu~y award or claim for damages, direct or conseque~tial. in oonnection with sny ooridemnetion or other takin~ of the pmperty. or paK thereof, or for conveyanoe in tieu ot oondemnation, are hereby ss~isned and shall be paid to l.ender. [n the event of a total taking of the Property, the proceeds shall be applied eo the sums secured by thi~ Mortgage. with the exces~. it any. paid to Borrower. In the event of a partial takir~g of the Property, unleas Borrowe~ and I.ender otherwise agree in writing, thera shall bs applied to the su~ns securrd by this Mortgage such proportion of the proceede as is equal to that proportion which the amou~t o! the sum~ secured by thu Mortgage immediately prior to the date of taking bears to the fair market value of the Property immedietely prior to the date of taki~g. writh the balenc~ of the pooceeds paid ta Borrower. lf the Property is abandoned by Bomower, or it aRer notioe by l.ender to Borrower that the oo~demnor otfero to make an award or settk a claim fo~ damagEa, Borrower fails to napond to I.ender within 30 days atter the date euch notice is mailed, Lender is authorized to collect and apply the proceeds. at i.ender's option. either to nabration or repair of the property or to the sums secured by this Mortgage. Unleas I.ender and Borrower otherwise agree in writing, any auch applicetion of peoceeds to principal shall not extend or pwtpone the due date of the monthly inatallments reierred to in paragraphs 1 and 2 hereof or change the amount of such instaUmenta. 10. Rorrower Not Releaeed. Exteneion of the time for peym~nt or modification otamortization otthe aume secured by this Mortgage granted by l.ender to any eucceaeor in interest uf Borrowe~ ehall not operate to release, in any manner, the liability of the oriqinal Borrower and Borrower R eucreseora i~ intereat. Lender shall not be required to rnmmence proceedi~gs againet such aucceaeor or refuae to e:tend time for payment or otherwiae modify amortization of the suma secured by thie Mortgage by reaeon of any demand made by the original Eiormwer and Borrower a auc~xsaors in interest. 11. Forbearance by Lende~ Not a Weiver. My forbearance by Lender in exercising any riqht or remedy hereunder, or otherwiee af~orded by applicable law. ahall ~ot be a waiver of or preclude the exerciee of any such right or remedy. The pmcurement of ineurance or the payment of ta~ces or other liens or ehargee by Lender ahall not be a e•aiver of Lender e right to accelerate the maturity of the indebtedneas secured by this Mortgage. 12 Remedies Cumulative. Al! remediee provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be exerciee.i concurrently, independently or aucceaeively. 13. Successors and Assigne Bound; Joint and Several Liability; Captione. The rnvenante and agreements herein contained ehall bind, and the righte hereunder ahall inure to, the respective aucceseore and aeaigna of Lender and Borrower, aubject to the provieions of paragraph 17 hereof. All rnvenants and agreementa of Borrower ehall be joint and eeveral. The captione and headings of the paragrapha of thie Mortgage am for rnvenience oniy and are not to be used to interpret or define the provieions hereof. 14. Notice. F.xcept [or any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided [orin thia Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addrese or at such other address ae E3orrower may deaignate by notice to I.ender as provided herein, and (b) any ~otice to Ix~der ahall be given by certified mail, return receipt requeated, to I.ender a address alated herein or to auch other addrees as Lender may designate by notice to ~3orrower as provided herein. Any notice provided for in this Mortgage ahall be deemed to have been qiven to Borrower or I.ender when given in the manner designated herein. 15. Unitorm Mortgage; Goveraing Law; Severability. Thia form olmortgagecombinea uniform covenanta fornational ueeand non- uniform rnvenants with limited variations by jurisdiction to conetitute a uniform eecurity inatrunient rnvering real property_ Thie Mortgage ahall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauae of this Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other provisions of this MortRage or the Note which can be given effect without the contlicting provision, and to thia end the proviaiona of the Mortgage and the Note arn declared to be severable. 16_ Barrower'e Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Transfer ot the Property; Aseumption. If all or any pxrt of the Property or an intereat therein ia eold or transferred by Borrower without Lendei a prior written rnnaent, excluding (a) the creation ot a lien or et~cumbrance aubordinate to thia Mortgage, (b) the creation of a purrhase money security intereat for houaehold appliances, (c) a trana[er by devise, d.~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or lese not containing an option to purchase. Lender may, ~t Lender s option. declare all the sums securea by thie Mortgage to be immediately due and payable_ Lender ehaU have waived auch option W accelerate if, prior to the sale or tranafer, Lender and the pernon to whom the Property is to be aold or trana[erred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ehall request. If Lender has waived the option to accrlerate provided in thia paragraph 17, and if Bormwer s succeasor in intereat hae executed a written assumption agreement accepted in writing by I.ender, [.ender ahall release t3orrower from all obligations underthia Mortgage and the tiote_ If Lender exercises such option to accelerate, l,ender shall mail F3~rrower notice of acceleration in accordance with paragraph 14 hereof. 5uch notice shall provide a period of not less than :~U days from the date the notice is mailed within which Borrower may pay thesuma declared due_ If Borrower tails to pay such surns prior to the eapiration of such period, l.ender may, without further notice or demand on Eforrower, invoke any remedies permitted by paraQraoh 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 HOUSING 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 , ime as all the Bonds shall have been fully paid or provision made for such payment pursu- a t to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon y' • ender 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. 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 famiiy 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 l7, supra, the terms of this Covenant 17-A shall prevail. ~ ! R~~x 348 FacE ~~704 } ~ ,~ ~.~~ ~ ~ .~ t ~~__ »,_ : ._ - - _s,~