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Home My WebLink About01848. [nspection. I.ender msy ma1[e or cause b be made reawna~leentries upo~ and in~pection~ of the pmperty. provided that Lender shall give Borrowe~ notice prior w a~y such in~pection ~peci[ying reaaonabb csuse therefw related w l.ender i intered in the Property. 9. Coademt~stioa. 71~e proceeds of any award or claim for duna~es, direct or oon~equential, in connection with any ooademnatioa or other taking of the propeirty, or part thereof, or tor co~veyanoe in licu oi oondemnation, are henby assigr~ed a~d shaU be paid b l.ender. In the event ot e total taki~g of the Property, the proceeda ehaU be ~pplied to the sums secured by this MortgaQe, with the ~oas. ii any, paid w Borrower. In the eve~t of a partial taking of the Property, nrilee~ Bormwer a~d Lender otherwise agree in writin~, then ~hall be applied to the eums secured by this Mortgage euch pmportion of the p~oceeds as is equal to that pmportion which the amount of the suma eecured by thie Mortgage immediately prior to the date of taking bean b the fair market value of the Property immediately prior to the date of taking, with the balanca ot the proceeds paid to Borrower. If the Property is abandoned by Borwwer, or it atter notice by l..n-der to Borrower that the oondemnor offers to make an award or setde a claim for damages, Borrower faila to respond to Lender within 30 day~ after the date such notice is mailed, I.ender ia authorized to coUect and apply the proceeds. at [.ender a option. either to reatoration or repair of the pmperty or to the sums aecured by this Mortgage. Unlees l.ender and Borrower otherwise agree in writing, any such application of pmceeds to principa! shall not ~tend or postpone the due date of the monthly ituitallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Horrower "riot Reteaeed. E:teneion of the time for paym ant or modification of amortixation of the euma secund by thie Mortgege granted by l.ender to any aucceaeor in intereat of Borrower shall not operate W releaee, in any manner. the liability of the original Borrower and Borrower's succeasore in intereat. l.ender ahall not be required to commence proceedings againet auch euccesaor or refuae to extend time for paymer~ or otharwise modify amortization of the sums aecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower a successr,ra in intereat. 11. Forbearance by I.ender Not a N-aiver. My forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by ppp!icable iaw, shall not be a waiver of or preclude the exerciee of any euch right or remedy. The pmcurement of ineurance or the payment of taxes or olher liens ot chargee by Lender ehal) not be a w-aiver ot Lender'e right to aecelerate the maturity of the indebtednees aecured by this Mortgage. • •-• 12 Remedies Cumulative. Al! ~emediee pmvided in thu Mortge-ge are distinct and cumulative to any other right or remedy under thie Mortcage or afforded by law or equity, and may be e:ercisevl a~ncurrendy, independendy or aucceeeively. 13. 3ucceseore and Aseigne Bound; Joint and Seversl Liabitity; Captions. The covenants and agreemente herein rnntained ehall bind, and the righte hereunder ehall inure to, the reapective eucceesore and assigne of Lender and Borrower, eubject to the proviaions of paragraph 17 hereof. All covenanta end agreemente of Borrower ahall be joint and eeveral. The captione and headinga of the paragrapha of this Mortgage are for covenience only and are ~ot to be used to inkrpret or define the provisiona hereof. 14. Notice. Fxcept for any notice required under appiicable I~w to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing auch notice by certified mail addressed to Borrower at the Property Address or at auch other addreee ae Borrower may deHignate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to Lender'a addresa stated herein or to such other addreas as Lender may deaignate by notice to Borrower an provided herein. Any notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or [.ender when given in the manner deaignated herein. 15. L'niform i~tortgege; Governing I.aw; Severabit ity. Thia form of mortgage combines+ unifora~ cv~vrnan w for national urse and non- uni[orm covenanta with limited variationa by juriadiction to conatitutea uniform eecurity inBtnuuent covering reai property_ Thie Mortgage shall be governed by the law of the juriadiction in which the Property ia lceated. In the event that any provinion or clauae of thie Mortgage or the Note contlicta with applicable law, such contlict ahall not affect other proviaions of this Mortgage or the Note which can be given effect without the ec-nllicting proviaion, and to thia end the proviaions of Lhe Mortgage and the Note are declared to be aeverable_ 16. Borrower'e Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17_ Tranefer of the Property; Aseumption. if all or any pari of the Property or an intereat therein ia eold or traneferred by Borrower without [.ender'a prior written consent, excluding (a) lhe creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest for household appliances, (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 leaeehold intereat of three years or lese not containing an option to purchase. Lender may, et Lender e option, declare all the sums sec~red by this Mortgage to be immediattiy due and payabte. Lender shall have waived euch option to accelerate'J. prior to the eale or tranefer. Lender and the peraon to whom the Property ia to be sold or t~ansferred reach agreement in writing that the credit of euch person ia satiafactory to l.ender and that the intereat payable on the auma secured by this 111ortgage shall be at such rate as [.ender ahall request. If I.ender has waived the option to accelerate provided in this paragraph 1 T, and if E3orrower a auccesaor in interest hae executed a w~ritten aeaumption agreement accepted in writing by I.ender, Lender shall release E3orrower from all obligations under thia Mortgage and the ti ote. If Lender exercisea such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. 5uch notice sha11 provide a period of not less than 30daya from thedate thenotice ie ~r.ailed within which Borrower may paY the suma declared due. If Borrower fails to pay auch aums prior to the expiration of such period, Ixnder may, without further notice or demand on Eiorrower, ~nvoke any remediea permitted by paragra~h 18 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 AUTHORITY OF ST. LUCIE COUNTY, Florida, and Lender, the interest-of the Housing Finance Authori~y of St. Lucie County, Florida, in said Agreement having been assigned to FLORIDA PiATIONAL 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 impased upon ` Lender which must be adhered to by Lender and Borrower, any default in which by Borrower . shall autanatically 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 asswnption 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 11, supra, the terms of this Covenant 17-A shall prevail. i ~ a ~ ~~-.. _ _ -,. ~ 3n~x 350 Fa~ 184 ~