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Home My WebLink About0158R. I~~pection. l.coder may make or cause to be made reawneble entrie~ upor- aod inapections of the properiy, provided lhat Lender ~hall give Borrower notice prior to any ~uch in~pection specifying reasonable ceuse therefor related W Lender's interest in the Ptoperty. 9. Condemnetioa. 71~e pmceeds of any award or claim for damagee, direct or con~equential, in conaection with any oondemnution or other teking of the property, or part thereof, or for conveyance in lieu of condemnation, ere hereby aasi~ned and shall be paid to I,ender. I~ the event of a Wtsl taking ot the Property, the proceede shall be applied to the eume secured by this Mortgage, with the e:cess. itany, paid to Borrower. in the eve~t of a partial taking of the Property. unleas Borrowe~ and I.e~der otherwi~e egree in writin~. there shaU be applied to the sums secured by lhis Mortgage such pmportio~ ot the proceede as is equal to that pwportion which the amount of the suma eecured by thie Mortgage immediately prior to the date of taking bears to the fair market value olthe Properiy iramediately prior to the date of taking, with the balanct of the pe+ocecds paid to Botrower. I[ the Property is abandoned by Borrower, or if, after notice by l.ender to E3arrower that the rnndemnoroPfers to make an award or settle a claim for dsmages, Borrower faila to reepond to Lender within 30 daye atter the date auch notice is mailed, l.ender is authoriud to collect end apply the proceeds. at Lender e option, eithe~ to restoration or repair of the property or to the aums eecured by this Mottgage. Unleae l.ender and Borrower otherwiee agree in writing, any euch application of proceeds to principal shall notestend or poetpone the due dete of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such inataUments. 10. Borrowor Not Releaeed. Extension of the time for paym~nt or modification otamortization of the aums eecured by thia Mortgage Kranted by I.ender to any auccesaor in intereat of Borrower ehall not operate to release, in any manner, the liability of the original Borrower aind Borrower's auccesaors in internst. l.ender ahall not be required to commence proceedings againat such succeasor or refuse to extend time for payment or otherwise modify amortiz.~lion of thr aums securcd by this Morig~Ke by res~sun of any demand made by the original Borrower ~nd f3orruwr~~'s Purcrs.w~rs in interest. ~ 11 Rorbearence by [.c+nder Not a Waiver. Any torbearance by Lender in exercising any right or remedy hereunder, or otherwiee afforded bv applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy_ The prncurement of iiieurance or the payment oi taxee or uther liens or charges by l.ender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtednesa secured by this Mortgage. 12 Itemedies Cumulative. All remedies provided in thia Mo~age are diatinM and cumulative to any other right or rnmedy under thia Mortcage or afforded by law or equity, and may be exerciee~i concurrently, independe~tly or succeeeively. 13. Succesaore und ABeigne Bound; Joint end Several Liability; Captione. The covenante and agreements herein contained ahall bind, and the righta hereunder ahall inure to, the respective aucceaaors and aeaigne of l.ender and Borrower, aubject to the provisions af paragraph 17 hereof. All covenanta and agreemente of E3orrower shall be joint and several. The captiona and headinge of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. Except for aay notice required under applicable !aw to be given in another manner, la) any notice lo E3orrower provided tor in this Mortgage shall be Etiven bp mailing auch notice by certified mail addresaed to Borrower at the Property Addressor at such other addreas ae E3orrower may deaignate by notice to l.ender as provided herein, and ~b) any notice to I.ender ahall be given by certified mai1, return receipt requested, to [.ender's addreas Rtated herein or to such other address as Lender may deaignate by notice to Borrower an provided herein. Any notice provided for in this Mortgage sl~all be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage: (',overning l.aw; Severability.'l7»s form of mortgage combines uniform rnvenante for national useand non- uniform covenants with limited variations by juriadiction to constitute a uni[orm security instrument covering real property. This Mortgage shall be govrrned by the Iaw of the jurisdiction in which the Property is Iceated. In the event that any pmvision or clau9e of this ~1lortgage or the Note conAicts w~th applicable law: auch contlict shall not affect other proviaions of this Murtgage or the Note which can be given eftect w~thout the contlicting provision, and to this end the proviaions of the Mortgaqe and the Note are declared to be aeverable. 16. Borrower'e Copy. Eiorrower ahall be furnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof_ 17. Traneter o[ the Property; Aseumption. If all or any part of the Property or an interest therein is sold or traneferred by Iiorrower w~thout I.ender'a prior written consent, excluding (a- the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security intereat for houaehold appliances, lc) a transfer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the qrant of any leasehold intereat of three years or less not rnntaining an option to purchase, Lender may, at C,ender n option, declare all the suma secureu by thia Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior to the eale or transfer, I.ender and the peraon to whom the Property is to be sold or traneferred reach agreement in writing that the credit of auch person is satisfactory to l,ender and that the interext payable on the suma secured by this Mortgage shall be at such rate as Lender ahall request. If Ixnder has waived the option to :~ccelerate provided in thia paragraph 17, and it E3orrower's succeasor in interest has executed a written s~ssumption aKreement accepted in w~riting by Ixnder, l.ender ahall release Borrower from all obligations underthis Mortgage and the ti ote. If [.ender eaercises such option to accelerate, I.ender shail mai! Borrower notice of acceleration in accordance with pazagraph 14 hereof. 5uch notice shall provide a period of not leas than :i(1 da~ s fmm thedate the notice is mailed within which E3orrower maY pa~~ the sums declared due_ If Borrower fails to pay such sums prior to the expiration nf such period, I.ender may, without further notice or demsnd on Eiorrower, mvoke any remedies permitted by paraRraoh IR hereof. 17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been procured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHOR~TY OF ST. µ 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 fVATIONAL 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 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 sha11 prevail. i ~ ~ ~,: . 8~~K350 P~~,~ 158