Fort Walton Beach Council agenda — 02-08-05 — reading text

shall be payable upon demand. Nothing contained in this paragraph 7 shall require Mortgagee to incur any expense or take any action hereunder. . 6. Inspection. Mprtgagee may make or cause to be made reasonable entries inspections of the Property upon reasonable notice to upon and Mortgagor~ 7. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any' condemnation or other of the Property, or taking part thereof, or for conveyance in lieu of condemnation to the extent of the balance of all sums due or to become due under the Note or this unpaid Mortgage, are hereby assigned and shall be paid to Mortgagee, terms of any mortgage, deed of trust or other subject to the security agreement with a lien which has priority over this Mortgage. 8. Mortgagor Not Relea$ ed; Forbearance by Mortgagee Not a Waiver. No extension of the time for payment or modification of the terms or conditions of the Note or this Mortgagor shall operate or release Mortgagor, in any manner, from Mortgage granted to liability under the Note or this Mortgage. Any forbearance by Mortgagee in exercising any afforded by apPlicable_. right or remedy hereunder, or otherwise law, shall not be a waiver ~f or preclude the exercise of any such right or remedy. 9. Successors and Assigns Bound; Joint and Several covenants and agreements and references to Liability; Co- Signers. The Mortgagor and Mortgagee herein contained shall bind, and the rights hereunder shall inure to, their respective heirs, successors and assigns, subject to the provisions of paragraph 14 hereof. All covenants and agreements of Mortgagor shall be joint and several. Any Mortgagor who co- signs this Mortgage, but does not execute the Note is co- only to mortgage, grant and convey that Mortg~ signing this Mortgage s interest in the. terms of this Mortgage; is not property to Mortgagee under the personally liable on the Note or under this Mortgage; agrees that and any other Mortgagor hereunder may agree to extend, modify, forbear, or make Mortgagee accommodations with regard to the terms of this any other and without releasing that Mortgage or the Note without that Mortgagor's consent Mortgagor or modifying this Mortgage as to that Mortgagor' s interest in the Property. This Mortgage and the Note secured thereby are non- assumable, except as may be provided in paragraph 14 hereof. 10. Notice. Except for any notice required under applicable law to be given in another manner: ( a) any notice to the Mortgagor provided for in this Mortgage shall be given by mailing such notice by certified mail at the Property Address or at such other delivering it or by address as Mortgagor may designate by notice to the Mortgagee as provided herein, and ( b) any notice to Mortgagee shall be given by certified mail, to the address stated herein with a copy to Florida Housing Finance Corporation, HOME Irvestment Partnerships Program, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 1329, or to such other address as 32301- Mortgagee may designate by notice to the Mortgagor as provided herein. 11. Governing Law; Severability; Costs. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the shall not limit the Property is located. The foregoing sentence applicability of federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, " costs," expenses," and " attorneys' fees" include all sums to the extent not herein. prohibited by applicable law or limited  12. Mortgagor's this Mortgage at the time of Copy. Mortgagor shall be furnished a execution or after conformed copy of thaNo fa and of recordation thereof. 13. under any home Rehabilitation Loan Agreement. rehabilitation, improvement, Mortgagor shall fulfill all of Mortgagee. At Mortgagee' s Mortgagor's ob/i~~ ns is entered In tloWith repair, or other loan option, agreement acceptable to Mortgagor shall execute and deliver Mortgagee, an assignment which 0 to against parties who of any Mortgagee, in a form suPply labor, materials or rights, claims or defenses which Property. services in connection with Mortgagorrnay have improvements made to the 14. Transfer of the transferred, gifted or Property. If all or any part of the otherwise conveyed, otherwise, or if the whether by Property or any interest in I IS ,sold, action is instituted Mortgagor is voluntary divested of title by jUdicial act, involuntarily, by operati01 of ~'W or against the sale, levy or other rented, all sums Property, or if a prior is refinanced, orproceeding, or Ifore 05ure secured by this mortgage lea sed or however, a transfer to person Mortgage shall if the Propertys be permissible who is an heir or immediately become due and provided thaI the devisee of payable. Provided. Occupies the Note and this Mortgagor, upon the death of shall Property as their principal Mortgage are not then in default Mortgagor~: ( a) requirements set forth in place of residence; ( b) and that said ~~ so Rule 67- 50, FAC. qualifies under the including without imitation an and 24 CFR Part 92; and ( c) income eligml" t~ and pays such agreement assuming the obligations under executes such documen s fees and charges as notice of Mortgagee may reasonably the Note and this 9 e) acceleration. The notice Mrxt9::: shall provide a require. Mortgagee shall notice is given in aCCordance with periOd of not less than giveWo ~ agor secured by this Paragraph ( 10) hereof thirty (30) days from tm da e the Mortgage. If said sUms are not within which may invoke any remedies permitted paid in full prior to the Mortgagor must pay all sum s by this Mortgage expiration of this period, !brig a gee without further notice 15. or demand. Acceleration; Remedies. Mortgagor's breach of