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Home My WebLink About0482 ~ 8. ln~pectioa. Lender may make or esu~e to be made reawnable e~trie~ upon and in~pections of the property, pmvided that Lender ~haU give Borrower notice p~or to a~y such irupection specifying reasonable cawe thcnfor related to l.ender's inte~eet in the Property. 9. Coadeau~aUon. The pmcceds of any award or claim for damages. direct or rn~sequentiul, in rnnnection with any oond~nation or other taiung of the pmperty, or part thereof, or fo~ cor-veyance in lieu of oondemnatioa, are hereby assigned and shaU be paid to Gender. In the event of a total taking of the Property, the proceeds shaU be applied to the sums socured by this Mortgage, with the esoes~. if any, paid w Bore~ower. In the event of a partisl taking of the Property. unleea Borrower and l.ender otherwise agree in writing, there ~hall be appGed to the su~ns secured by this Mortgage such pmportion of the proceeds as ie equal to that proportion which the amount of the suans aecured by this Mortgage immediately prior to the dete of taking bears to the [air market value of the Property immediately prior b the det~e of talcing. with the balanca of the pmcceds paid to Bonower. It the Pmperty is abandoned by Borrower, or if, after notice by t.ender to Borrower that the oondemnor o~ers to make an award or setde a claim for dameges. Borrower fails to napond w Lender within 30 days after the date such notice is mailed, l.ender is authorir~ed to collect end apply the pmceeda. at I.ender'a option, either to reatoration or repair of the property or to ihe sume secured by thia Mortgege. Unlees Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not e:tend or postpone the due date ot the mo~thly installments referred to in paragraphs 1 and 2 hereof or change the amount of such inaeaWnents. 10. Borrower Not Releaeed. E:teneion of the time for paymant or modification otamortization of the sume secured by thia Mortgage granted by l.ender to eny succeasor in intereat of Borrower ehall not operate to release. in any manner, the liability of the original Borrower and Borrower a aucceaeore in intereat. I.ender ehall not be required to commence proceedings againat auch eucceseor or refuse to estend time for paymentor otherwise :nodify amortization of the suma aecured by this Morigage by reason of any demand made by the original Borrower and &~rrower's auccessc.rx in intereat. 1!. Forbearence by I.ender Not a Waiver. My [orbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee afforded by spplirable Isw. shall not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of inaurance or the payment of ta:es or other liens or chergea by I.ender shall not be a waiver ot Lender e right to accelerate the maturity o! the indebtedneas secured by thia Mortgage. 12 Remedies G~mulative. All remediee pmvided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortcage or afforded by law or equity, end may be e:erciee~i eoncurrently, independently or eueceeeively. 13. Succeeaore and Aeaigns Bound; Joint and Several Liabitity; Captione.l'he covenante and agreementei herein contained ehall bind, and the righta hereunder ahall inure to, the reapective auccFeeors and easigne of [.ender and Borrower, eubject to the provieiona of paragraph 17 hereof. Ap covenanta and agreementa of Borrower ahall be joint and eeveral. The captions snd headings of the paragraphe of this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaions hereof. l4. Notice. Except for any notice requind under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing euch notice by certi6ed mail addreaeed to Borrower at the Property Addreae or et auch other addreee ae F3orrower may designate by notice to I.ender aa provided herein, and (b) any notice to Lender shall be given by certi6ed mail, return receipt r~uested, to Lender 6 addreae atated fierein ~r to ~uch other addreax ae l.ender may deeignate by notice to Borrower an provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15_ Uniform Mortgage; Governing I.aw; 3everability_ This farm of mortgage combines uniform oovenante for national useand non- uniform covenante with limited variationa by juriadiction to constitute a uni[orm eecurity inetrument rnvering real property. This Mortgage ahall i,e governed by the law af the juriadiction in which the Property ia located. In the event that any proviaion or clauee of thie Mortgage or the Note contlicts with applicable law, auch contlict ahall not af~ect other proviaions of thie Murtgage or the Note which can be given effect without lhe mntlicting provieion, and to thie end the pmvieions ot the Mortgage and the Note arn declared to be aeverable. 16_ Borrower'e Copy. Borrower ehall be furniehed a conformed oopv of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17.'l~ranafer of the Property; Aesumption. if all or any part of the Property or an internat therein is eold or transferred by Borrower without Lendei a prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchase money aecurity intereet for houeehold appliancee, (c) a transfer by deviee, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intereet of three yeara or leae not rnntaining an option to purchane, i:ender may, at Lendei a option, declare all the auma securea by this Mortgage to be immediately due and payable_ Lender ehall have waived euch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ie to be eold or traneferred reach agreement in writing that the credit of auch person is eatiefactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at auch rate as Lender ehall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if t3orrower's succeasor in intereat has e:ecuted a written assumption agreement accepted in writing by l.ender, Lenderahall release Borrower from all obligationa under thia Mortgage and the Note. If Lender exerci~ea such option to accelerate, l.ender shall mai) Rorrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not lesa than 30 days from thedate the noticeia mailed within which Borrower may pay theauma declared due. [f Borrower faiia to pay euch sums prior to the expiration of such period, [.ender may, without further notice or demand on Horrower, invoke any remedies permitted by pazagraoh lA 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 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 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 shall prevail. ~~~~K350 ~~~~E 482