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Home My WebLink About07698. Inspection. I.ender may make pr cauee to be made reasonable entries upon and inspections oithe property, p~ovided that Lende~ ~haU give Borrower notice prior to any auch inepection specifying reasonable cause therefor related to Lender's interest ia the Property. 9. CoAdemaatio~. The proceeds of any award or claim for damages, direct or consequential, in connection with any oondcmnation or other taking of the property, or part thereof, or for rnnveyance in lieu of condemnation, an hereby asaigned and shall be paid to Lender. In the event of a total taking of the Property, the pmcceda ehall be epplied to the auma secured by thia Mortgage. witA the excees, it any, paid to Borrower. In the eve~t of a partial taking o[ the Property. unlesa Borrower and Leader otherwise agree in writing, then shall be applied to the eume aecured by this Mortgage such pmportion of the proceeds aa is equel to that proportion which the amount of the sums secured by thie Mortgage immediately prior to the date of taking bears fo the fair market value of the Property immediately prior to the dete of taking, with the balanca of the ptoceeds paid to Borrower. If the Property is ehandoned by Borrower, or if, aRer notice by Lender to Botrower that the condemnor ofTere to make an award or setde a claim for dameges, Borrower faila to reepond to I.ender within 30 days after the date euch notice ia mailed, I.ender is authorized to collect and apply the procecds, at L.ender'a option, either to reetoration or repair of the property or to the sume eecured by thie Mortgage. Unlees I.ender and Borrower otherwiae agree in writing, any such application of proceede to principal shall not e:tend or postpone the due date of the monthly inetallmenta referred to in paragirapha 1 and 2 hereof or change the amount of euch i~taUments. 10. Borrower Not Releaeed. Exteneion of the time for paymant or modification of amortization of the euma secured by thie Mortgage granted by Lender to any aucceaeor in intereat of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Rorrower's successore in intereat. l.ender shnll not be required to rnmmence proceedinga againat euch succeasor or refuee to extend time fur payment or otherwise moclify amortizatiun otthe suma secured by this Mortgage by reason of any demand made by theoriginal Borrower and ~3onow-i s sucri,ssora in interest. 11 Forbearance by Lender Not e Waiver. Any forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise af1'ordc~: by applicable law, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The pmcurement of ineurance or the payment ef taxes or other liene or charges by Lender shall not be a waiver of l.ender e right to accelerate the maturity of the indebtedneas aecured by thie Mortgage. 12 Remedies Cumulative. Al) ~emediea ~rovided in thie Mortgage are diatinM and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be e:ercise~i concurrently. independently or eucceseively. 13. Succeaeore and Asaigne Bound; Joint and 3everal Liability; Captions. The rnvenanta and agreements hemin rnntained ahall bind, and the righte hereunder ahaU inure to, the reapective eucceaeore and aeaigne of Lender and Borrovrer, subject to the proviaiuna of paragraph 17 hereof. AU covenants and agreementa of Borrower ahall be joint and eeverai. The captiona and headinga of the paragraphs of this Mortgage am for rnvenience only and are not to be uaed to interpret or de6ne the provieione hereof. 14. Notiee. F.xcept for any notice required under applicable law to be qiven in another manner. (a) any notice to E3orrower provided for in this Mortgage shall be given by mailing auch notice by certified maii addrese~.~d to Bor[ower at the Property Addreea or at auch other addrees as Borrower may deaignate by notice to I.ender ae provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeated, W l.ender'a addresa atated herein oi to auch other address ae l.ender may designate by notice to Borrower ae~ provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. IJniform Mortgage; Governing l.aw; Severability. Thia form of mortgagecombines uniform rnvenants for national uee and non- uniform rnvenanta with limited variationa by juriadiMion to rnnatitute a uniform eecurity instrument rnvering real property. Thie Mortgage shal: be governed by the law of the juriadiction in which the Property is Iceated. In the event that any provision or clauae of this Mortgage or the Note conflicts with applicable law, auch conflict ahall not affect other provieions of thie Mortgage or the Note which can be given effecl without the conflicting pmviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borruwer shall be fumiahed a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17_ 'I~anefer of the Property; Assumption. If ali or any part of the Property or an intereet thernin is aold or traneferred by ~orrower without Lender'a prior writ[en consent, e:cluding (a) lhe rrestion ota lien or encumbrance aubordinate to this Mortgage, (b) the creation ef a~ purchase money security intereat for houaehold appliances,lc) a transfer by devise, descent or by operation of !aw upon the death of a joint tenant or (d) the grant of any leaeehold intereet of three yeara or leae not containing an option to purchaee, L.ender may, at Lender s option, declare all the aums secarea by thie Mortgage to t-e immediately due and payable_ Lender ahall have waived euch option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the credit of euch person is satisfactory to [.ender and that the intereat payable on the suma secured by this Mort~age shall be at such rate as Lender shall request. If [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in intereat hae e:ecuUd a wTitten assumption agreement accepted in writing by l.ender, l.ender ehall release Borrower from all obligationa under thie Mortgage and the \ ote. If I.ender exercises such option tn accelerate, [.ender ahall mail Borrower notice ot acceleration in accordance with paragreph 14 hereof. Such notice shall provide a period of not leas than 30 days from thedate the notice ia mailed within which Borrower may pay the auma declared due_ If Borrower [ails to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on Iiorrower, invoke any remedies permitted by paragraoh 1R hereof. 17-A. The pr~ceeds of the loan evidenced by the promissory.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 Nousing 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 ~' 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 b~• 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 said agreement provide as follows: "Mortgage loans, with the exception of FNA-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 assumption fee in excess of one percent of the outstanding principal amount of the mortgage loan." 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 • ~ ~ ~';~ 3 9 ~~~ ?70 , ~ . F-~- _ -.. - -~