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HomeMy WebLinkAbout0946 ~ in the evenl Gf a tot81 tekinfl ol * °roperty, the procoeds shall be app:ied to sums secured by t~~s Mortga~e, with.the excess, if any, paid to ~orrawer. In t..., event ol a partial taking of the P~operty, um. @orrower and tendet otherwise a~ree in wr~tin~, there ahall ba applied to the sums secured by t~is Mortga~e such p~oportion of the proceeds as is equal to that proportion which the amount of lhe sums secured by this Mortgage immediately p?ior to the date of taking benrs to lhe lair market value of t~e Property immediately p~ior lo the date of taking, with t~e balance af the proceeds paid to 8orrawer. . ' It the Proparty is abandoned by F3orrower, or if, alier notice by Lpnder to B~rrowe that the condamnor ofteri to make an award or settle a cla9m (o~ damages, Bor~ower fait; to respond to Lender within 30 days after ti~e dete such notic9 ?s maj{~sd. Lender is author~zed to collect and apply the proceeds, at Lender'a option, eiiher to restorat+on or repair ot the Prb~erty ~or to the sums secured by this Mortgage. Unless Lender and Bo~~owe~ otherwise agree in writing, any such application of p~oceeds to principat ahall not. oxtendbr postpone the due date oi the monthly installments referred ~a in paragraphs 1 and 2 hereot o~ c~ange the amount ot such installmeMS. 10. 8onower Not RN~aud. Extension of the time for paymen! or mod~ficbtion of amortization ot the sums securod br this Mortgage granted by Lender to any successor in interest of Borrower shalt not operate to rolease, in any manner~ ihd li8bility ot the original Borrower and Bo~rower'~ successors in interest. Lender shall not be required to commence proceedings agatnst ~LCh successor ar retuse to extend time for paymeni or othen~rise modify amoNization of the surr:s seCUred by this Mortflafle by"reason of any demand made by the orig's~al Borrower and Borrower's successors in interest. 11. Forbear~nc~ by ~~nder Not a Wal~c~r. Any forbearance by lender in exercising any right o~ ~emedy hereunder, or otherwise alforded by applicable law, shall not be a waiver ot or preclude ihe exercise ot any such riyht or remedy. The procurement of ~nsurance or the paymeni ot taxes or other liens or charges by lender sha~l not be a waiver ot Lender's right to accelerate the maturdy ot the indebtedness secu~ed by th:s Mortgage. ~I 1Z. Remedl~s Cumulallv~. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under 1 tn~s Mortgage or alforded by law or equity, and may be exercised concurrently, independently o~ successively. 13. Succfssors and Assl~ns Bound; Jolnt and S~veral Llablllty; Captions. The covenants and agreements herein contained shall bind, and tha rights t?ereunde~ shall inure tO, the respective successors and assigns ot ~ender and Borrower. subje~t to the provisions of paragraph 17 hereot. All covenants and agreements of Borrower shalt be joint and several. The captions and headings of the paragraphs of this Mortgage a~e for convenie~Ce oRly and are not to be used to interprQt or defi~~e the provisions hereot. 14. Notlce. Except (o~ any notice required under applicable law to be given in another ma~ner, (a) any notice to Borrower provided tor in this Mortgage shall be give~ by mailing suc~ 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 prov~ded herein, and (b) any not~ce to Lender shall be g~ven by certified mail, return ~eceipt requested, to Lender's address stated herein o~ 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. Governln~ Law; Sererabillty. This Mortgage shall be governed by the law of the junsdiction in which the Propetty is located. in the event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not atfect other provisions of this Mortgage or the Note which can be given et(ect without the conflicting provision, and to this end the provisions ot the Mortgage and the Note are declared to be severable. 15. Borrow~rs Copr. Borrower shall be turnished a coniormed copy of the Note and of this Mortgage at the time of exeCUtion. 17. Tranaler of the Propert~l; Assumptlon. If all or any part of the Property or an interest therein is sold or transfe~red by Borrower without ~ender's prior written consent, excluding (a) thP creation oi a lien or encumbrance subordinate to this Mortgage wh~ch does not relate to the transfer o( nghts of occupancy in the Property. (b) the creation of a purchase money security interest . ~ for household appliance. (c) a lransler by device, descent or by operation oi law upon the death of a joi~t tenant or tenant by the ~ entirety. Lender shail warve su;.h opt~on tc accelerate if (A) the person to whom the Property is to be sold or t~ansferred {the ~ "Transferee") (1) has at the time of such transter an Annual Family Income (as def~ned below) ~ot in excess of the then Current Max~mum Annual Fam~ly tncome (as est3blished by the Florida Nousing Finance Agency (the "Agzncy") for persons and fam~lies ~n the statist~cal a~a ~n wh~ch the ~esidence ~s loCated: (2) iMer: ~s to use the Property as his or her principa' residence within 60 days oi the date the A~fortgags is assumed and mtends to maintain the res~dence as hss or her principal residence as long as he or she is I~able under the Mortgage Note: and (31 has not, at any time during the three-year period ending ~n thc date the Mortgage is assumed, had a present ownersh~p interest in a principal residence (except in tha case of a residence +n a Targeted Area as , nere~nafter-dehnedl: (B) the credit of the Transferee is satisfactory to the Lender, (C) the entire unpaid principal amount ot the Mortgage Loan w~ll continue to be insured by a private mor?.gage insurer acceptable to the Agency; (D) the assumption by the T: ansleree wi!1 be approved by Barnett Banka Trust Company, N.A., as trustee under a Trust Indenture dated as of June 1, 1982, and a Supplementallndenture dated as of August t,1983, by and between the Agency and the Trustee: (E) on the date of trans(er ~ the Purchase Price (as defined below) of the Property does not exceed the maximur: purchase price establis`~ed by the Agency trom time to t~~ne (for the same type o1 residence in the statistical area in which the Property ~s located) in accordance with §Section t03A of the Internal Revenue Code of t954, as amencied, and the regu!ations thereunder ~"Section 103A"), (F) the Trans(eree executes a written agreement with the Servicer assuming the obli~ations under the Mortgage Note and t~is Mortgage; and (G) the ~ 7ransteree executes such aftidav~ts and documents as are necessary to assure the lender that th~ requirements of this paragraph are satislied. If Lender waives the opt~on to accelerate provided in this paragraph 17, and if the Transteree 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 oi this Section 17 and Sect~on 18, the lollowing words and phrases have the following meanings: (a) "Annual Family Income" means the adjusted gross income shown on line 31 of tederal inCOme tax torm 1040 or line 10 oi lederal ~ncome tax form 1040A (in either case the most rec9nt tax return required to be liled by law), for persons and tamil~es resid~ng or intending to permanently reside in the residence. Anything herein to the contrary notwithstanding, Lender must use (A) ihe Iesser of (i) current annualized income or (iil the income shown on federal income tax form 1040 or tine 10 0( the torm 1040A, as the case may be. in determ~ning whether a mortgage appl~cant earns income equal to or Iess than the maximum annual family income esta5lished by the Agency, and (B) current annualized income, in determ~ning whether a mortgage appficant qualifies under the underwr~~~ng standards established by the L.ender. (b) "Purchase Price" means the cost o( acquiring a ~esidence from the seller as a completed Tes~dent~al unit, including l~) all amounts paid, either in cash or in kind, by the purchaser (or a relatod party or for the benelit of the purchaser) to She seller (or a ~ re~ated party or (or the benefit of the sellery as coRSideration for the residence; {ii) il s residence is incomplete, the reasonable cost ~ of complet~ng the residence whether o~ not the cost af completing constructio~? is to be (inanced with proceeds of the Mortgage Lcan; and iiii) wnere a residence is purcha~ed subject to e ground rent, the capitatized value of the ground rani; but exc~uding (i) the usual and reesonable settlement or f~nencing costs, e.g..titling and t~ans:a: costs, t~tle insurance, survey tees or other similar casts and credit reterence lees. {egal lees, appraisal expe~ses. "points" which a: s paid by the b~yer or other costs of tinancing the res~dence: (ii~ the volue at services pertormed by the B~rrower ~r membars ot the 8orrower'~ lamiiy In completing the residence; ~ and (~ii) the cost of land which has been owned by the Barrower for at least two yEtars prior to the daleon ~hich construction of the ~ res~dence beg~ns ~ (c) "Tarpeled Area" moans the areas wdhin the Stete of Floride Gsled es Oualitiod Census TreCls, that is, araea ~n whlch at ~east € 70°x. of the populat~on make U096 or iess of tt~e area's med~an family income. ! If Lender exereises its option to accelerate. Lender shall mail Borrower nat~ce cf acceleration in accordance w~th pa~agrapn 14 ~ hereo(. Such notice shall pronde e penod of not lese than 30 days (rom the date the notice Is meiled ~rilhin wt~ich Borrower may pay the ~ums declared due. I( Borrewer lails to pay suc~ sums prio! to lhe expfretion of suCh penod. Lender may, wi;hout turiher notice or demand on Borrower, invoke any remedies permitted by paragraph 19 hereol. ~ 18. T~z Cov~n~nt~. The 6orrower convenants to execute sn alfidavit in order to comply w~th Section 103A. The Borrower ~ covenants hereln and In such Attidsvlt thet (ey the residence is located in the Stete ol Florida: (b) at the time of execution of this ~ Mortgage. Borrower has AnRUaI Family Income not in excess ot the then current Maximum Annual Famity Income as established by the Agency lrom time to t~me; (c) Borrower will otcupy s~~ch residence as his or her principal residence wrthin SO days of execution of lhis Mortgege, will not use the residence in a trade or business, as en investment property o~ as a recreational home, ~ and ~ntends to use the residence es his or her principal residence as long as Borrower is liable under the ivlortgage Note; (d) Borrawer had no present ownership interest in a pnnCipal residence (other than the Property) Quring the three-year period ending ~ on the date of execution ot this Mortgege (unless the residence is in a Tergeted Area): (e) the Purchase Pnce ot thu Property does i not exceed the approp~~ate Maximum Purc~ase Price es[ab{ished by the Agency from time to lime: and (f) Borrower had no permanent mortg~,lO~n on the Property at any time prior to exe~uting th~s Mortgage. . The Borrower co A nts to tak@ r~ Fction which woutd (a) cause tt:a toregoing representations which evidence ComplianCe w~tti Section 103A t~be_ untKle or in ~any way adversaly ellects the elig~b~'ity of this Mortgage end the MortgagA Note for purchase by the AgenCy uAder SeCtion 103A. r. ~~C R ~ s. ~ ~~j~;.!( ~ d - ~ _ - - - _ - a