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Home My WebLink About07738. laspection. Lender may make or cawe to be made reasonable e~triee upon and inspections of the property. pmvided that I.ender shall give Borrower notice prior to ar-y such inspection specifying reaaonable cause therefor nlated to l.ender's intcrest in the Property. 9. Coademnstion. The proceeda of any award or claim for damages, direct or rnnsequential. i~ connection with any oondemnation or other taking of the property. or part thereof. or for conveyance in lieu of oondemnation. are hereby esaigned and shall be paid to I.ender. In the event oi a total taking of the Property, the proceede shall be applied to the suma secured by this Morlgage, with the e:cesa. if any, paid to Borrower. ln the event of a pa'al taking ot the Property. unleee Bormwer and Lender otherwise agree in writing, there shall be applied to the eums aecurcd by this Mortgage such proportion of the proceeds as ie equal to that proportion which the amount of the sutns eecured by this Mortgage immediately prior to the date of taking beara ta the fair market value o[the Property immediately prior to the date of taking, with the balanca of the proceeds paid to Borrower. If the Property ie ebandoned by Borrower, or if, aRer notice by I.e~de~ to Borrowe~ that the oondemnor ofters to make an award or settle a claim for damagea, Borrower faile b reapond to I.ender within 30 daya after the date auch notice is mailed, Lender is authorized tr~ coUect and apply the proceeda, at Lender'e option. either to reetoration or repai~ of the pmperty or to the eums iecured by thie Mortgage. Unlees Lender and Rorrower otherwiee agree in writing, any euch application of proceeda to principal ahall not e:tend or pc~tpone the due date of the monthly inetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of such inatallments. 10. Bormwer Not Releaeecl. Exteasion of the time tnr pnymant or modifirntinn nf Amortization nf Ehe eum9 secund by this Mortgage gra~ted by Lender to any succeseor in intereat of Borrower shall not operate to release, in any manner, the liebility of the original Borrower ana F3orrower's auccesaore in interest. Lender ahall not be required to rnmmence p~oceedings againat such euccesaor or refuse to extend time for payment or otherwise modify amortization of the sums secured by thie Mortgage by reason of any demand made by the original Borrower and f3orrower's succeasorx in interest. ' 11. Forbearance by I.ender Not a Waiver. Any forbearance by L.ender in exercieing any right or remedy hereunder, or otherwiee afTorded by applicable Iaw, ehell not be a waiver of or preclude the e:ercise of any euch right or remedy. The pmcurement of ineurance or the payment of ta:es or other liena or charges by [.ender ehall not be a waiver of [.ender s right to accelerate the maturity of the indebLednees secured by thia Mortgage. ~ 12_ Remedies Cumulative. All remediea pmvided in thia Mortgnge are diatinM and cumulative to any other right or remedy unde~ thia Mort~age or afforded by law or equity. and may be ezercise~i concurrendy, independently or eucceeaively. 13. Succeseore and Aaeigne Bound; Joint and Severel Liability; Captione. The rnvenante and agreements herein contained ehall bind, and the righta hereunder ehall inure to, the respective aucceeeora and seeigna of Lender and Borrower, aubject W the provisions of paragraph 17 hereof. All rnvenanta and agreements of Borrower ahall be joint and aeveral. The captions and headings of the paragrapha of this Mortgage are for covenience only and are not to be uaed to interpret or define the pmviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (al any notice to E3onower provided for in this Morigage shall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addreas or at auch other addreae as Borrower may deaignate by notice to Lender ae provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to I.endei s addreae atated herein or to auch other address se Lender may deaignate by notice to Borrower aA provided hetein. My notic~ provided for in this Mortgage shall be deemed to have been given to Borrower or [.ender when given in the manner deeignated herein. 15_ Uniform Mortgage; Governing Law; Severability,. 7'hia form of mortgagecombinea uniform rnvenanta for national uae and non- uniform covenants with limited variatione by juriadiction to rnnatitute a uniform security instrument cuvering real property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. !n the event that any provieion or clauae of this Mortgage or the Note conflicts with applicable law, such rnnflict shall not affect other proviaions of this Murtgage or the Note which can be given effect without the conflicting provieion, and to this end the proviaiona of the Mortgage and the Note•are declared to be aeverable_ 16. Borrower'a Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or atter recordation hereof. 17. 7~aneter ot the Property; Aseumption. If all or any part of the Property or an intereat therein is eoid or traneferred by Borrower without I.ender'e prior written conaent, eacludinq (a) the creation of a lien or encumbrance subord'enate to thia Mortgage, (b) the creation of a purchase money aecurity interest for houeehold appliancea, (c) a transfer by deviae, d.~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold inteceat ot three years or leas not rnntaining an option to purchaee, l.ender may, at Lender e option, declare all the sums aecured by thie Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the eale or tranafer, Lender and the peraon to whom the Property ia to be sold or trenaferred reach agreement in writing that the credit of euch person is satiafactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at such rate as L.ender ahall request. If I.ender hae waived the option to acceleraie provided in this paraqraph 17, and if E3orrower's successor in intereat haa exeruted a written asaumption agreement accepted in writing by I.ender. Lender shall release E3orrower from all obligat'rona under thia Mortgage and the Note. If Lender exerciaea such option to accelerate, l.ender shall mail Borrower notice of ecceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not leas than :i0 days from thedate the notice is rr.ailed within vrhich Borrower may pay theaums declared due. If Borrower faila to pay auch sums prior to the expiration of such period, I,ender may, without further notice or demand on Borrower, ~nvoke any remedie~s permitted by paragraoh 1R hereof. 17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been procured by Lender pursuant to Loan Agregnent between HOUSING FINANCE AUTNORITY OF ST. LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. ;'~ Lucie County, F~orida, 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 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 said 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 nat 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. ; ~ ~ ~ ~.. _ - -- 3lr~~ ~4~ eaCE 774