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HomeMy WebLinkAbout25188. Il1~~MI0l1. [.ender may make or cauee to be made reaaonable entries upon a~d inepaction~ of the property, provided that Lender ahaU Qive 8orrower notice p~o~ w any such inspection apaifyi~g reaaonable cause thenfor related to Lender's iat~ra~t in th~ Proper4jr. 9. CondemnaUoa.'11~e psoceeds of aay award or claim for damages, direct or rnnsequential. in rnnnectioa Mrith any mndemnstion or other taking of the property. or part thereol, or for rnnveyance in lieu o! condemnation, are hereby a~signed and shaA be paid to l.ender. In the event of a btal taking of the Property. the proc,~eeds shall be applied b the aums aecured by this Mortgage. with the e:ca~, if any. paid to Borrower. In the event of a pertial lalring of the Property, unlese Borrower and I.ender otherwise agree in writing. there shall be applied to the sums aecwed by this Mortgage auch pmportion of the proceeda as is equal to that pmportion which the amount of the eums secured by this Mortgege immediately prior to the date of taking bears to the fa'u market value of the Property immediately prior to thedate of talting~ with the balanca of the procPede paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by l.ender to Borrower that the aondemnor otfera to meke an award or settle a claim tor damages. Borrower fails to respo~d to Lender within 30 days after the date auch notice is mailed. Leadec is anthoriied to collect and apply the proceeds, at Lendet's option, eithes to resbration or repair af the property or to the euma eecured by this Mortgege. Unlee~ Lender and Horrower otherwise agree in writing, any such application of proceede to pri~cipsl ehall not extend or postpone the due date of the monthly inatallments refened to in parag~apha 1 and 2 hereof or change the amount of such inatallments. 10. Borrower Not Releseed. E:teneion of the time for paym~nt or modification of amortization of the aums aecured by this Mortgege granted by L.ender to any successor in intereat of Borrower shall not operate to release. in any manner. the liability of the original Borirower and Borrower a aucceasora in interest. I.ender ahall not be requireci to oommence proceedings againat auch aucceaeo~ or refuae to eztend time for payment or otherwise modify amortization of the sums secured by this Mortqage by reaeon of any demand made by the original Borrower and E3orrower a successors in interest. 11. Forbearanee by Lender Not a Waiver. My forbearance by Lender in e:ercieing any right or remedy hereunder, o~ otherwise af~orded by appGcable law. ehall not be a waiver of or preclude the exerciee of any such right or remedy. The pmcurement of inaiuance or the payment of taues or other liene or chargea by Lender ahall nut be a waiver of Lender a right !o eccelerate the maturity of the indebted~eae aecured by this Mortgage. 12 Remediee ~mulative. Ali remediee provided in this Mortgage are dietinM and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be e:erciee~i ooncurrendy, independently or euoceeeively. 13. Succesaore and Aseigae Bound; Joint and Several Liebility; Captione. The covenants and agreemenle herein contained ahall bind, and the righte hereunder ahall inure to, the respective aucceseore and aseigne of l.ender and Borrower, aubject to the proviaions~o! paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and eeveral. The captiona and headings of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 14. Notice. Except for aay notice ~equired under applicable law to be ~Iiven in aoother manner, (a) any notice to E3orrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property AddreaAor at such other addrese as Borrower may designate by notice to Lender ae provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender's address stated herein or to such other addrese xs Lender may designate by notice to Borrower ax provided herein_ Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severabi lity. This form of mortgage combines uniform covenanta for national uae and non- uniform rnvenanta with limited variations by juriadiction to rnnstitute a uniform eecurity inetrument covering real property_ This Mortgege ahall be governed by the law of the jurisdiction in which the Property is located. ln the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict shall not aftect other proviaions of lhis Morigage or the Note which can be given effect without the contlicting provision, and to this end the provisions of the Mortgage and the Note are declared to be ae~ erable. 16. Barrower'e Copy. Borrower shall be furniehed a conformed rnpy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17. Tranefer of the Property; Aeeumption. If all or any part of the Property or an intereet therein is sold or tranaferred by Borrower without Lender'a prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security intereat for houaehold appliancea, lc) a trans(er by deviae, d~cent or by operation of Iaw upon the death of a joint tenant or (d1 the grant of any leseehold internat of three years or leas not rnntaining an option to purchase, I.ender may, at I.ender s option, declare all the sume aecurea by thie Mortgage to be immediately due and payable. Lender ahall have waived such option to aucelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the creditof auch peraon ia satisfactor}• to [.ender and that the intereat payable on the aums secured by thie Mortgage shall be at such rate as Lender ehall request. If I.ender has waived the option to accelerate provided in this priragraph 17, and if Borrower's successor in interest has executed a written asaumption agreement accepted in writinK by I.ender, Lenderahall release Borrower from all obliqations under this Mortgageand the Note. If I.ender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not less than 30 days from thedate the notice is rr.ailed within which Borrower may pay thesuma declared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower, invoke any remedies perroitted by paragraoh IA hereof. 17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been procured by Lender pursuant to Loan Agreenent 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 ~\ ~t. 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 ~j 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 FNA-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 17-A is in conflict with any part or parts of Covenant 17, supra, the terms of this Covenant l7-A shall prevail. ~ - ~~~x348 pa~E2516 t ~~~~..,y.~ _ _u-. _ - - - - _ s,.w. r ~;. ~_