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HomeMy WebLinkAbout0965 _ F ' ~ In the event of a totd t~kinq of th~ Prope~ty. t~s p~ocssds shall be app~~~~ 1 to the aums secured by this Mort~a9s, with the exc~aa. ~t any. paid to Bor~owe?. In tho ev~nt ~f a pan1a11akin~ of the P~ope~iy. unleas Bonower and Lender otherwiae a~~ee in Vv~itinQ, there shall bs applied to th~ sums secured by this MoM9ape such propo~tion of the proceeds as ia equal to that proportion which tM ~mount oi tM sums secured by thia Mortgage immediately prior to the date ot taking bears to the fai~ msrket value ot ihe Property lmmediatsly prior to the date of taking, with the balance of tha proceeds paid to Borrowe~. It the Property is al+andoned by 8orrowe~, or if, afte~ notice by lender to 8or~ower that the Condemnor otfers to make an awa~d or settle a claim tor damayes. Bo~~owe? faila to ~espond to Le~der within 30 days afte~ the date such notlce is mailed. Lende~ is autho~ized to Coltect and apply the proceeds, at Lender's option, either to ~estoration o~ repair of ihe Prope?ty or to the sums secured by this Monpa~e. Unless lender and Borrower otherwise ag~ee in w~iti~g, any such application of proceeds to pri~cipat ahall not extend or ; postpone the due date of the monlhly installments referred to in paragraphs 1 and 2 hereof or change the Fmount of such ~ installments. ` tp. do~rowK Not R~NaNd. Extension of the time tor payment or modification of amortization of the sums secured by ihis ~ Mon~a~e pranted by Lender to any auccessor in interest of Bo~rowe~ shAll not operate to ~etease, in any manne~, the liability of the original Bor~owe~ and Bonower's successors in interest. Lender shall not be required to commence proceedings against such ~ succeasor or leiuse to extend time for payment or othenaise modity amortization of the sums secu~ed by this Mortgage by reason ~ of a~iy demand msd~ by the o~iginal Borrower and Bo~rower's succesaors in interest. 11, Forb~a~w~ by L~nd~~ Not a Walwr. Any forbearance by Lender in exercising any right or ~emedy hereunder, or otherwise ~ aNorded by appticable law. ahall not bs a waiver ot or preClude the exercise oi any such ~ight or remedy. The procurement ot ; insurance or the payment of taxss or othe~ liens or chargea by Lender shall not be a waive~ of lender's right to accelerate the ~ maturiry of 2he indebtednsss secured by this Mongeye. _ tZ, p~nNdi~s Cu~nulaUw. All remedies provided in this Mo~t~age a~e distinct and cumulative to any other right or remedy under ~ this Mortgage o~ afforded by law or equiry, and may be exercised concur~ently, independently or successively. i g~~ ~d ~ow~e~ ~iolnt ~nd g~wral ~Isbult~/; Capqons. The covenants and agreaments herein contained shall bind, and the ri9hts hereunder shall inure to, the reapective successors and assigns ot Lender a~d Borrower. subject to the • provisions of pa~agraph 17 hereoi. All covenants e~d ag~eements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereot. 14. Notic~. Except tor any notice required under applicabls law to be given in another mann~r. (a~ any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bdltower at the P~operty Address or at such other addresa as Borrowe~ may designate by notice to Le~der as provided herein. and (b) any notice to Lender shall be . given by certitied 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 p~ovided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~S, ~iOwm~np Law; S~wrabNHy. 7his Mo~tgage shall be governed by the law of the jurisdictio~ in which the Property is located. In the event that any provision or cfause of this Mortgage or the Note conflicts with applicable law, such conilict shall not aifect other provisions of this MoHgage 6~ the Note which can be give~ effect without the conflicting provision, and to this end the provisions ot the Mort~a~s and the Note are declared to be severable. ts, 9arpwrs Copy. Bonower shall be fu~~ished a conformed copy of the Note and oi this Mortgage at the time of execution. T~~ p~ q~ prpp~~ ~qpn. If all or any pa~t of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conse~t, excluding (a) ihe creation of a lien or encumbrance subo~dinate to this Mortgage which does not relate to the transier of righta of occupancy in the Property. (b) the creation of a purohase money security interest for household appliance, (c) a transier by device. descent or by operation oi law upon the death oi a joint tenant or tenant by the entirety. Lender shall waivs such option to accelerate ii (A) the person to whom the Property is to be sotd or transierred (the "Transferee") (1) has at ihe time oi 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") for persons and families in the statistical area in which the residence is located: (2) intends to use the Property as his or her principal residence witt in 60 days of the date the MoKgage is assumed and intends to maintain the residence as his or her principal residence as long as he or she is liable under ihe Mo~-tgage 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 inte~eat in a principal residence (except in the case oi a residence in a Targeted Area as hereinatter-detined); (B) the credit oi the Transferee is satisfactory to the lender. (C) the entire unpaid principal amount of the Mo~tgage l.oan will continue to be insured by a private mortgage insurer acceptable to the Agency; (D) the assumption by the Transferee will be approved by BarnetR Banks Trust Company, N.A., as trustee under a Trust Indenture dated as of June 1, 1982. - and a Supplementallndenture dated as of August 1, 1983, by and between the Agency and the Trustee; (E) on ihe date of transier the Purchase Price (as detined below) oi the Property doss not exceed the maximum purchase price established by the Agency f rom time to time (for the same type of residence in the statistical area in whieh the Property is located) in accordance with §Section 103A of the Internal Revenue Code of 1954, as amended, and the regutations thereunder ("Section 103A"): (F) the Transieree ' executes a written agreement with the Servicer assuming the obligations unde~ 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 ~n this paragraph 17, and if the Transteree executes a w~itten ~ assumption agreement that is accepted in writing by Service~, Lender shall ~elease Borrower from all obligations under this Mortgage and the Note. ? ~ For purposes of this Section 17 a~d Section 18, the following words and phrases have the ioltowing meanings: ' (a) "Annual Family Income" meana the adjusted gross income shown on line 31 of federal income tax form 1040 or line 10 of ~ ~ tederat income tax lorm 1040A (in either case the most recent tax return ~equired to be filed 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) ~ the lesser oi (i) current annualized income or (ii) the income shown on federat income tax form 1040 or Jine 10 of the form 1040A, as the case may be, in determini~g 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 establiahed by the Lender. (b) "Purchase Price" means the cost of acquiring a residence irom the selle~ as a completed residential unit, including (i)~att amounts paid, either in cash or in kind, by the purcbaser (or a related party or for 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) it s residence is incomplete, the reasonable cost of completing the residence whether or not the cost of completing const~uction is to be financed with proceeds of the Mortgage Loan; and (iii) where a resid8nce is purchased subject to a ground ~ent, th~ Capitaliaed ~lye~~f,tpe ground rent; but exctuding (i) ; ~ the usual and reason~ple settlement or financing costs. e.g..titling and trensisr ~osts, title insurance. survey fees or other similar ~ costs and credit reterence fees, legal fees, appraisal expenses, "points" which are pa'id by the buyer Or other costs of financing the ~ residence: (ii) the value of senrices pe~formed by the Borrower or members ot the 8or~owe~'s family in eompleting the residence: and (iii) the cost of Iand which has been owned by the Borrower for at Ieaat two years prior to the date on which construction of.the ~ residence begins. • • (c) "Targeted Area" means the areas within the S.tate of Florida listed as C~ua~ified Census Tracts, that is, areas in which at least ~ 709~ of the population make 8096 or less of the area's median family income. If Lender exercises its option to accelerate. Lender shall mail Bor~o r acceleration in acCOrdance with paragraph 14 ~ hereof. Such notice shall provide a period of not less than 30 days fro~~~ti~l~~iibtice is mailed within which Borrower may pay ; the sums declared due. li Borrower tails to pay such sums prior to the expiration oi such period, Lender may, without further notice ~ ~ or demand on Borrower, invoke any remedies permitted by paragraph 19 hereof. 1~..Tax Cov~wanb. The ~orrower convenants to execute an affidavit in orde~ to comply with Section 103A. The Borrower • ~ covenants herein and in such Affidavit 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 excesa of the then current Maximum Annual Family Income as established by the Agency irom time to time; (c) Borrower will ocCUpy such residence as his or her principal residence within 60 days of ~ execution of this Mongage, will not uae the residence in a trade or business, aa an investment p~operty or as a recreational home. ; and intends to use the residence as his or her principal reaidence as long as Borrower is liable under the Mortgage Note: (d) Borrower had no present ownerahip interest in a principal residence (otherthanthe Property) during thethree-yearperiodending 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 ~mum Purchase Price established by the AgenCy irom time to time; and (f) Borrower had no permanent mortgage los~~~ Proqert~r~~'eli~~'time prior to executing this Mortgage. The Borrower covenarits ke no ac~iefw~ifiieh would (a) cause the foregoing representations which evidence compliance ~ with Section 103A to be untrue or (b) in any way adversely affects the eli9ibility oi this Mo?iQaye and tha Mortgage Note tor > purchase by the AQency under Section 103A. • (1(~ ' BQOK P'~GE e~if ~ . , _a_ - - _ . s . . .w. . _ . ~ ~ _