HomeMy WebLinkAbout0994 In t~e event o1 a total tak~ng of the Property, the proceeds shall be appl~ed to the sums secured by th~5 Mortgage, w~th the
ezcess, il any, paid lo Borrower. In the event of a pertiai taking of the Property, unless 8orrower and Lender otherw~se agree ~n
wnting, the~e shall be applied to the Sums secu~ed by this Mortgage such proportio~ ot the proceeds es is equal to that proportion
which Ihe amount of the sums secured by this Mo~tgage immediately prior to the date ot taking bears to the fair ma~ket value o( the
Propeny immadiately prior to the date of taking, with the balance of the proceeds paid to Borrower.
If the P~ope?ty is abandoned by Borrower, or it, after not~ce by Lender to Borrowe~ that the condemnor offers to make an award
or settle a claim for damages, Borrowe~ fails to respond to Lende? withi~ 30 days atter the date such notica is mailed. Lender is
authorized to Coltect and apply the p~oceeds, at lender's option, either to restoration or repair oi the P~operty or to the sums
secured by this Mortgage.
Unless Lender and Bo~rower otherwise agree in writing, any such application of proceeds to principal shall not extend or
postpone the due date of the month~y installments referred to in pa~agraphs 1 and 2 hereoi or change the amount ot such
~nstallments. '
10. Bo?row~r Not R~le~sed. Extension of the time tor payment or modification of amortization of the sums secured by this
Mortgage 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 i~terest. lender shall not be required to commence proceedings against such
successor or refuse to extend time for payment or otherwise modity amorti2ation oi the sums secured by this Mortgage by reason
of any demand made by the originai Borrower and Borrower's successors in interest.
11. Fo?beara~ce by Lender Not a Walver. Any torbearance by Lender in exercising any right or remedy hereunder, or otherwise
aiforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of
irtsurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of lender's right to accelerate the
maturity of the indebtedness secured by this Mongage.
12. Rem~dles Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or ~emedy under
this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successors and Assfyns Bound; Jolnt snd Seversl llabfllty; Captlons. The covenants and agreements herein contained
shall bind, and the rights hereunder shall inure to, the respective successors and assigns oi Lender and Borrower, subject to the
provisions oi paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings
of the paragraphs oi this Mortgage are for convenience oniy and are not to be used to interpret or define the provisions hereof.
14. Notlce. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bo?rower
provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to 8orrower 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, return 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 tor in this Mortgage shall be deemed to have been given to
Borrower or Lender when given in the manner designated herein.
15. Governlny Law; Severabillty. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located.
In the eve~t that any provision or clause of this Mortgage or the Note conilicts with applicable law, such conflict shall not aifect
other provisions of this Mortgage or the Note which can be given eitect without the conflicting provision, and to this end the
provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a coniormed copy of the Note and oi this Mortgage at the time of execution.
17. Transfer of the Property; Assumption. If all or any part oi the Property or an interest therein is sold or trans(erred by
Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ihis Mortgage
which does not relate to the transfe~ of rights oi occupancy in the Property. (b) the creation of a purchase money security interest
1tor household appliance, (c) a transier by device, descent or by operation oi law upon the death of a joint tenant or tena~t 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
"Transieree") (1) has at the time of such transfer an Annual Family Income (as defined below) not in excess of the then current
' Maximum Annual Family Income (as established by the Florida Housing Finance Agency (the "Agency") tor persons and families
~n the statistical area in which the residence is located: (2) intends to use ihe 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
hereinafter-defined); (B) the credit of 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 Price (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 lhe Property is located) in accordance with §Section
t03A of the Internal Revenue Code of 1954, as amended, and the regulations thereunder ("Section 103A"): (F) the Transferee
~ executes a written agreement with the Servicer assuming the obligations under the Mortgage Note and this Mortgage: and (G) the
Transferee executes such afiidavits 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 ii the Transteree executes a written
` assumption agreement that is accepted in writing by Senricer, Lender shall release Borrower from all obligations unde~ this
' Mortgage and the Note.
For purposes of this Section 17 and Section 18, the following words and phrases have the tollowing meanings:
f (a) "Annual Family Income" means the adjusted gross income shown on line 31 of federal income tax form 1040 or line 10 oi
~ federal income tax form 1040A (in either case the most recent tax return required to be tiled by law), for persons and families
; residing or intending to permanently reside in the residence. Anything herein to the contrary notwithstanding, Lender must use (A)
i the lesser of (i) current annualized income or (ii) the income shown on federal income tax form 1040 or li~e 10 of the form 1040A, as
k 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 undenariting standards established by the Lender.
~ (b) "Purchase Price" means the cost of acquiring a residence from the seller as a completed residential unit, including (i) all
! amounts paid, either in cash or in kind, by the pur~haser (or a related party or tor the benefit of the purchaser) to the seller (or a
~ related party or tor the benefit of 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 tinanced with proceeds of the Mortgage
Loan; and (iii) where a residence is purchased subject to a ground rent, the capitalized value of the ground rent: but excluding (i)
! the usual and reasonable settlement or financing costs, e.g.,titling and transfer costs, title insurance, survey fees or other similar
( costs and credit reference fees, legal fees, appraisal expenses, "points" which are paid by the buyer or other costs of financing the
E residence: (ii) the value of services performed by the Borrower or members of the Borrower's family in completing the res~dence;
; 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 of the
~ residence begins.
(c) "Targeted Area" means the areas within the State ot Florida listed as Qualified Census Tracts, that is, areas in v~rhich at ieast
7096 of the population make 8096 or less of the area's median family income.
If Lender exercises its option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14
hereof. Such notice 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.,lf BOtrower fails to pay such sums prior to the e~:piration of such period. Lender may, without f urther notice
or demand on Borrower, invoke any remedies permitted by paragraph 19 i~ereot.
18. Tsx Cev~nants. The Borrower•convenants to execute an affidavit in order to comply with Section 103A. The Borrower
covenants herein and in such Afiidavit that (a) the residence is located in the State of Florida: (b) at the time of execution of this
Mortgage. Borrower has Annual Family Income not in excess of the then current Maximum Annual Family Income as established
' by the Agency from time to time: (c) Borrower will occupy such residence as his or her principal residence within 60 days of
~ execution of this Mortgage, will not use the ~esidence 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 Property) during the three-year period ending
~ on the date ot execution of this Mo~tgage (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 from time to time: and (f) Borrower had no
permanent mortgage loan on the Property at any time prior to executing this Mortgage.
The Borrower ~ovenants to take no action which would (a) cause the ioregoing representations which evidence compliance
w~th Section 103 ip pe untrue br (b) in any way adversely affects the eligibility of this Mortgage and the Mortgage Note for
purchase by the ~g~hcii under SecUoh 103A. ~~K
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417 P~~E 99~
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