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Home My WebLink About15118. Ia~pectioa. I.ender me~y make or cause to be made reaaonable entrie~ upon and inipectio~u oithe property. pmvided that I.ender shaU give Borrowe~ aotica prior to any such inspecbioa specitying reaw~able causs therefor related to Lender'~ interest in the Propstty, 9. COl1(I@IIIAtl~OA.'I7~e proc.~eed~ of any award or claim tor dama~e~, direM or con~equeatial. in rnnnection with at-y oot-d~an~tioa or oth~ taking ot the property, os patt thenwf, or for coaveyance in lieu of oondemnatioa, sre henby asai~ned end shap be paid to Lender. In the event of s total taking of the Property, the proceeda shall be appUed b the sums secured by tl~i~ Mortsage, with the esosM, if any, paid to Borrower. In the eve~t of a partial tul~ing o! the Property. unleas Bortower and Leade~ oth~cwiee agree in writins. there she11 be applied to the sums aecured by this Mortgage such proportion of the proceeds aa ia equal to that pmportion which the amount of the aums eecured by this Mortgage immediately prior to the date of taking bean b the fair market valuo of the Property immediately prior to the date of taking, with the belanoa of the proceeds paid to Borrower. It the Property ia abandoned by Borrower. or if, aRer notice by Lender to Bonower that the ooademnor of~ers to make aa eward or setde a claim for damages. Borrower fails b respond to Lender withu- 30 days after the date such notioe is mailed, Lender ia authorized to collect aad apply the prooeeds. at Lender's option, either fo natoration or repair of the pmperty or to the sums secured by this Mottgage. Ualeee Lender aad Borrower otherwise agree in writing~ any such applicatioa of proceeds b principal shall not e~[tend or postpone the due date of the monthly iiutaAments referred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Borr ow er Not Relea~ed. E:teneion of the time for paymant or modification of araoriisation of the eums secured by thia Mortgage granted by Lendei to any ancceseor in i~tereat of Borrower ehall not operate to releaee, in eny manner, the liability of the original Borrower and Bor~ower'e succeaeora in interee~ I.ender ehall not be required to oommence ptoceedings againat auch succeeaor or refase to extend time for paymcnt or otherwiee modify amoriization of the aume aecured by this Morigage by reason ot any demend made by the originai Borrower and Borrow~'s auoceseors in intereat. - 11. Forbeareaoe by I.ender Not a R/aiver. My forbearance by Lender in exeicising any right or remedy hereunder, or ofherwise af~orded by applicable law, ehall not be a waiver of or preclude the e:erciae of any auch right or remedy. The procurement of insurance or the payrnent of taxes or other~liens or c2~arQps by Lender shall not be a waiver of Lender's right to aocelerate the maturity of the indebtednees eecured by thie Mortgage. • • .. . . ~ • ~ •~ --^• 12 Remedies Gtimulative. All remedies providedih t~C~Viortgage are dietinct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may~ 1~ e~ierlis~lbncureently. independently or aucceasively. • ~ 13. Succeseore and Aseiga. Bound; Joiat and 3everal Liability; Captions.'17ie eovenants and agreementa herein oontained shali bind, and the rights hereunder shall inure to, the respective auccessore and aasigns of Lender and Borrower, aubject to the pmvisiona of paragraph 17 hereof. All covenante and agreementa of Borrower ahall be joint and several. The captions and headings of the paragrapha of thie Mortgage are for covenience only and are not to be ueed to interpret or define the provisione hereof. 14. Notice. Eacept for any notice required under applicable law to be qiven in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreaeed to Bon~ower at the Property Addreea or at such other addree8 as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be given by certi6ed mail, return receipt requeated, to Lender e addrees etated herein or to auch other addrese ae Lender may designate by notice to Borrower aa provided herein. My notice provided for in thie Mortgage shall be deemed to have been given to Borrower or L,ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of morigage combines uniform oovenante for national use and non- uniform covenanta with limited variationa by juriadiMion to rnnatitute a uniform eecurity inatrument oovering real property. This Mortgage shall be govemed by the law of the juriediction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict ehall not af~ect other provieiona of thie Mortgage or the Note which can be given eftect without the conflicting proviaion, and to this end the proviaions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ehall be furniehed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 1 T. Tranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower without L.ender s prior written conaent, ezcluding (a) the rreation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a parchase money aecurity intereet for houaehoid appliancee, (c) a tranafer by deviae. deacent or by operation of !aw upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leea net containing an option to purchase. I,ender may, at Lender's option. declare all the aums secured by this Mortgage to be immediately due and payeble. Lender ahall have waived such option to aocelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be eold or traneferred reach agreement in writing thet the credit of such peraon i8 satiafactory to L.ender and that the interest payable on the suma secured by this Afortgage ehall be at auch rate ae I,ender ehall request. If I.ender has waived the option to accelerate provided in thie paragraph 17, and if Borrower s succesaor in intereat has ezecuted a written aaeumption agreement accepted in writing by Lender, Lender ahall ~elease Borrower trom all obligatione under thia Mortgage and the ti ote_ If Lender exercises auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereot Such notice ehall provide a periad of not less than 30 days from the date the notice ia ieailed within which Borrower may pay the sume declared due. If Borrower fails to pay such sums prior to the expiration of auch peri~d, Lender may, without further notice or demand on E3orrower, ~nvoke any rnmediea permitted by paragrauh 18 hereof. ~--~ 17-A. The proceeds of the loan evidenced by the pramissory note secured hereby have been procured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST. ~~~ LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. ~''~ Lucie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL BANK OF MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of ' i St. Lucie County, Florida. Under the terms of said Loan Agreement which expires at such ~ time as all the Bonds shall have been fully paid or provision made for such payment pursu- ant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon Lender which must be adhered to by Lender and Borrower, any default in which by Borrower shall automatically accelerate all remaining unpaid installments remaining due under the promissory note secured hereby. A copy of the Loan Agreement is on file with Lender, Housing Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami, available for examination by any party during legal business hours of each business day. Among other things, the loan guidelines in sa~id agreement provide as follows: "Mortgage loans, with the exception of FHA-insured or VA-guaranteed mortgage loans, may not be assumed except by a person or family which would have been eligible for a mortgage loan originally under these guidelines for a term not to exceed the term of this agreement. The interest rate on the mortgage loan may be increased in the event of such an assumption, but only after the agree- ment has terminated. In the_event a mortgage loan is assumed, lender may not charge or impose an asswnption fee in excess of one percent of the outstanding principal amount of the mortgage loan." q If any part or parts of this Covenant 17-A is in conflict with any part or parts of Covenant ~ 17, supra, the terms of this Covenant 17-A shall prevail. i . BO~K 347 P,~E 1508 E ~ ~ - ~ ~ ri ;~ 'A~~~ ~ -~- ~:;;~ ~~ :-r~,. . . ;:~ _ ' ~ . __a