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HomeMy WebLinkAbout19098. la~pectioa. Lender may make or cawe to be made rea~onable entne~ upon and inspection~ otthe pmperty. provided that L.end~ ahall give Borrower notice prior to any such in~pection apeci[ying reasonable cawe therefor related to Leader i interat in th~ Property. 9. Coademnation.'11~e proceeds of any eward or claim for damages, direct or consequentiel, in connection ~vith aay wrtdemaation or other taking ot the property, or part the~eof, or fot conveyanoe in lieu of eondemnation, are hereby a~signed and shall be paid to l.ender. In the event ot a total takiag of the Property, the peoceeds shall be applied to the suma secured by this Mortgage, with the ~oaa, if any. paid to Borrower. In the event of a partial taking of the Property. unleas Borrower and l.ender otherwise agree in writia~. there ahaq be appGed to the aums secur~ed by this Mortgage such proportion ot the proceed~ ae ia equal to that pmportio~ which the amonnt ot the s~uns aecured by thia Mortgage immediately prior to the date ot taking bears to the fair merket value of the Property immediately prior b the date oi taking, with the balanca of the proceeda paid to Borrower. If the Property is abandoned by Borrower. or if, after notice by I.ender to Borrower that the oondemnor offers b make an award or settle a claim Cor demages, Borrower fails b respond to I.ender within 30 days atter the date such notice is mailed. I.ender is suthorized to coAect and apply the pmceeds, at Lender s option. either b r~toration or repair of the pmperty or to the aums secured by this Mortgage. Unleas I.ender and Borrower otherwiae agree in writing, any euch application otproceeds b principal ahall not Pactend or postpone the due date of the monthly instalimenta referred to in paragraphs 1 and 2 hereof or change the amount oi euch installmenfs. 10. Borrower Not Releaeed. Extension of the time for paymant or modification otamortization of the eums secured by thie Mortgage granted by I.ender to any aucceaeor in intereet of Borrower ahall not operate to releaae, in any manner, the liability of the original Borrower and Borrower's succeasors in intereat. Lender ahall not be requioed to commence proceedinge againat euch aucceaeor or refuee to e:tend time for paymer.t or otherwise modify amortiaation of the suma secured by this Mortguge by reason of any demand made by theoriginal Borrower and E3orrowei s sua~easors in in~ereat. 11. Forbearance by Lender Not a R-aiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwiee afforded by applicabte law, ehall not be a waiver of or preclude the exereiae of any auch right or remedy. The prncurement of ineurance or the payment of ta~ces or other liene or charges by I.ender ahall not be a waive~ of I.ender e right to aocelerete the maturity of the indebt~ednees eecured by this Mortgage. 12 Remediea Cumulative. Ali remediee provided in thia Mortgage are distinct and cumulative to any otker right or remedy under thie Mortgage or aftorded by law or equity, and may be e:erciee~i concurrendy, independently or aucceeaively. 13. Sucoeaeore and Aesigne Bound; Joint and Several Liability; Captions. The covenantei and agreemente herein contained ahall bind, and the righta hereunder shall inure to, the reapective succeaeora and aeaigne of I.ender and Bormwer, aubject to the proviaione ot paragraph 17 hereof. All covenanta and agreements of Borrower shall be joint and eeveral. The captiona and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 14. Notice. F.xcept tor any notice required under applicable law to be given in another mannrr, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreee or at such other addrees as Borrower may designate by notiee to Lender_se provided hecein, and (b) any notice to I.ender ahall be given by certified mail, ret~un receipt requeated, to I,endei a addreas etated herein or to such other address as t.ender may deaignate by notice to Borrower an provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner designeted herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combinea uniform oovenante for national use and non- uniform rnvenanta with limited variations by juriediction to rnnatitute a uniform security instrun~ent o~vering real property. Thie Mortgage ahali be governed by the law of the jurisdiction in which the Property is located. In the event that any provu+ion or clauee of thie Mortgage or the Note conilicts with applicable law, such conflict shall not affect other pmvisions ot this Mortgage or the Note which can be given effect without the oonflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ehall be furniahed a conformed copy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17.1`renefer of the Property; Asaumption. If all or any part of the Property or an intereat therein ia eold or traneferred by Borrower without Leader e prior written conaent, excluding (a) the creation of a tien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest for houaehold appliances, (c) a tranafer by devise, d~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat ot three yeare or leae not rnntaining an option to purchaee, Lender may, at I.ender a option. declare all the sums aecurea by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if. prior ~ to the eale or transfer, I.ender ~nd the person to whom the Property ie to be aold or traneferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at such rate as Lender ahal) request. If Lender has waived the option to acerlerate pr~vided in this paragraph 17, and if Borrower's successor in interest has e:ecuted a written assumption agreement accepted in writing by I.ender, I.enderahall release Borrower from all obligations underthia Mortgageand the Note. • If I.endet eaercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Suct. notice ahall provide a period of not less than 30 days from the date the notice is mailed within which Bbrlnwer may pay the suma ~ieclnred due. If Borrower fails to pay such sums prior to the expiration ot such period, Ixnder may, without further notice or demand on E3orrower, ~nvoke any remedies permitted by paragraoh 18 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 \ 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 autamatically 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 examinatian 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 Covenat~t 17-A is in conflict with any part or parts of Covenant 17, supra, the terms of this Covenant 17-A shall prevail., , B~~K348 ~~~E1908 s ~ ~ -_ - ~ _. x., ._~_ .~ ., . _ d _ ,___ .~.~~