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HomeMy WebLinkAbout0989 In the event of a total taking of the Prope?ty, the proCeeds shall be applied to the sums seCUred Dy this Mortgage, wdh the excess, it any, paid to Bo~rower. In the event of a parlial taking of ihe Prope~ty, unless Borrowe~ and Lende~ otherw~se agree in writing, there shall be appl~ed to the sums secured by this Mortgage such proportion of the p~oceeds as is equal to that proponion which the amount of the sums secured by this Mo?tgage immediately prior to the date ot taking bears to the tair ma~kel value ot the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrowe~. If the Property is abandoned by Borrower, or it, after notice by Lende~ to Bor~owe? that the condemnor offers to make an award or settle a claim to~ damages, Borrower tails to ~espond to Lende? within 30 days after the date such notice is mailed, lender is authori2ed to collect and apply the proceeds, at Lender's option, either to restoration or repair oi the Property or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in pa~agraphs 1 and 2 hereot or change the amount ot such ~nstallments. 10. BoROwe~ Not Reltssed. Extension of the time tor payment or modification of amortization oi the sums secured by this Mo~tgage granted by lender to any successor in interest oi Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time tor payme~t or othenivise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors i~ interest. 11. Fo?bearance by Lender Not a Walve~. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lende~ shall not be a waiver oi Lender's right to accelerate the maturity ot the indebtedness secured by this Mortgage. 12. Remedles Cumulatlve. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively_ 13. Successon s~d Assl~ns Bound; Jolnt and Several Ltablllt~r; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of pa~agraph 17 hereof. All covenants and agreemenis of Borrower shall be joint and several. The captions a~d headings of the paragraphs oi this Mortgage are for convenience only and are not to be used to interpret or detine the provisions hereof. 14. Notice. Except for any notice required under appticable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certitied mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, ~eturn receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. . 15. Governlnp Law; Severabillty. This Mortgage shall be governed by the law ot the jurisdiction in which the Property is located. In the event that any provision or clause oi this Mortgage or the Note conflicts with applicable law, such conftict shall not aftect other provisions of this Mortgage o~ the Note which can be given efiect without the conflicting provision, and to this end the pravisions of the Mortgage and the Note are declared to be severable. 16. Bo?rowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution. ~"~~1( j 17. Transler of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by J Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage ~ which does not relate to the transfer of rights of occupancy in the Property, (b) the creation of a purchase money security interest ~ for household appliance, (c) a transfer by device, descent or by operation of law upon the death of a joint tenant or tenant by the ~ entirety_ Lender shall waive such option to accelerate if (A) the person to whom the Property is to be sold or transferred (the "Transferee") (1) has at the time of such transfer an Annual Family Income (as defi~ed below) not in excess of the then current Maximum Annual Family Income (as established by the Florida Housing Finance Agency (the "Agency") for persons and families ~n the statistical area in which the residence is located: (2) intends to use the Property as his or her principal residence within 60 days of the date the Mortgage is assumed and intends to maintain the residence as his or her principal residence as long as he or she is liable under the Mortgage Note; and (3) has not, at any time during the three-year period ending on the date the Mortgage is assumed, had a present ownership interest in a principal residence (except in the case of a residence in a Targeted Area as hereinaiter-defined); (B) the credit oi the Transferee is satisfactory to the Lender; (C) the entire unpaid principal amount of the Mortgage Loan will continue to be insured by a private mortgage insurer acceptable to the Agency; (D) the assumption by the Transferee will be approved by Barnett Banks Trust Company, N.A., as trustee under a Trust Indenture dated as of June 1, 1982, . and a Supplemental Indenture dated as of August 1. 1983, by and between the Agency and the Trustee: (E) on the date of transfer the Purchase P~ice (as defined below) of the Property does not exceed the maximum purchase price established by the Agency from time to time (for the same type of residence in the statistical area in which the Property is located) in accordance with §Section 103A of the Internal Revenue Code of 1954, as amended, and the regulations thereunder ("Section 103A"); (F) the Transferee j executes a written agreement with the Servicer assuming the obligations under the Mortgage Note and this Mortgage; and {G) the ! Transferee executes such affidavits and documents as are necessary to assure the Lender that the requirements of this paragraph ~ are satisfied. If Lender waives the option to accelerate provided in this paragraph 17, and if the Transferee executes a written ~ assumption agreement that is accepted in writing by Servicer, Lender shall release Borrower irom all obligations under this Mortgage and the Note. ~ For purposes of this Section 1'I and Section 18, the following words and phrases have the following meanings: " (a) "Annual Family Income" means the adjusted gross income shown on line 31 of federal income tax form 1040 or line 10 ot ~ federal income tax form 1040A (in either case the most recent tax return required to be filed by law), for persons and families ~ residing or intending to permanently reside in the residence. Anything herein to the contrary notwittistanding, Lender must use (A) ~ the lesser of (i) current annualized income or (ii) the income shown on federal income tax form 1040 or line 10 of the form 1040A, as the case may be, in determining whether a mortgage applicant earns income equal to or less than the maximum annual family ~ income established by the Agency, and (B) current annualized income, in determining whether a mortgage applicant qualifies under the underwriting standards established by the Lender. ~ (b) "Purchase Price" means the cost of acquiring a residence irom the seller as a completed residential unit, including (i) all amounts paid, either in cash or in kind, by the purchaser (or a related party or tor the benetit of ihe purchaser) to the seller (or a i related party or for the benefit oi the seller) as consideration for the residence: (ii) if a residence is incomplete, the reasonable cost ~ of completing the residence whether or not the cost of completing construction is to be financed with proceeds of the Mortgage Loan; and (iii) where a residence is purchased subject to a ground rent, the capitalized value ot the ground rent: but excluding (ij j the usual and reasonable settlement or financing costs, e.g.,titli~g and transfer costs, title insurance, survey fees or other similar f costs and credit reference fees, legal fees, appraisal expenses, "points" which are paid by the buyer or other costs ot financing the ~ residence; (ii) the value oi services performed by the Borrower or members of the Borrower's family in completing the residence: and (iii) the cost of land which has been owned by the Borrower for at least two years prior to the date on which construction oi the ~ residence begins. - (c) "Targeted Area" means the areas within the State of Florida listed as G~ualified Census Tracts, that is, areas in which at least 70% of the population make 8096 or less of the area's median family income. Ii Lender exercises its option to accelerate, lender shall mail Borrower notice of acceteration in accordance with paragraph 14 , hereof ~Suc#rhotice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower feils to pay such sums prior to the expiration of such period. Lender may, without further notice or demand oA~Borrower, invoke any remedies permitted by paragraph 19 hereof. 18. Taz Covenants. The Borrower convenants to execute an aifidavit in order to comply with Section 1Q3A. The Borrower ~ covenants herein and i~ such Affidavit that (a) the residence is located in the State of Florida; (b) at the time of executior~ of this i Mortgage. Borrower has Annual Family Income not in excess of the then current Maximum Annual Family Income as established ; by the Agency irom time to time; (c) Borrower witl occupy such residence as his or her principal residence within 60 days of ~ execution of this Mortgage, will not use the residence in a trade or business, as an investment property or as a recreational home. ~ and intends to use the residence as his or her principal residence as long as Borrower is liable under the Mortgage Note; (d) ! Borrower had no present ownership interest in a principal residence (other than the ProRerty) during the three-year period ending ~ on the date of execution of this Mortgage (unless the residence is in a Targeted Area); (e) the Purchase Price of the Property does ~ not exceed the appropriate Maximum Purchase Price established by the Agency irom time to time; and (f) Borrower had no permanent mortgage loan on the Property at any time prior to executing this Mortgage. The Borrower coveha0ls 1~ take naacUon which would (a) cause the foregoing representations which evidence compliance w~th Section 103A to be u~true or (b),in;any way adversely afiects the eligibility of this Mortgage and the blortgage Note to.• - purchase by the Agency under Section 1a3A. fiR ~ Q~Q ~ ~r P~f,E vC.~:~ ~ ~ _ ~