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Home My WebLink About04868. Ia~pectioa. l.ender may mahe or cause to be made reasonable entries upon and inepections of the pwperty. provided that Lender shaU give Borrowar notice prios to sny such inspection sperifying reasonable ceuse eherefor related to Lender's inte~eet i~ the Property. 9. CoademnaUoa.'11~e proceede of any award or claim for dameges, direct or con~equential. in connectio~ with any ooademnatio~ or oth~ taking oi the pmperty, or part thereof. or for conveyance in lieu of condemnation, an hereby assigned and shall be paid b Lender. In the event of a total taking of the Property, the praceeds shall be applied to the sums secured by this Mortgage. with the e~ccess, if any. paid to Borrower. I~ the event of a partial taking of the Property, unleas Bormwer and Lender otherwise agrae ia writing, there shall be applied to the sums secured by thie Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sum~ secured by this Mortgage immediately prior to the date of taking beare to the fair marke! value of the Property immediately prior to tlle date of taking, with the balence of the proceeds paid b Borrower. If the Property is abandoned by Borrower, or if. aRer notice by Le~der to Borrower that the oondemnor offers to make an award or settle a ctaim [or damages. Borrower fails to respond to Lender within 30 days after the date euch notice is meilod. Lender is authorized to collect and apply !he proceeds. at I.ender's option. eith~ to restoration or repair of the property or to the sums secnred by this Mortgage. Unleas Iwnder and Borrower otherwiee agree in writing. any such application of proceeds to principsl shall not e~tend or postpone the due date of the monthly inetaUments referred to in paragraphs 1 and 2 hereof or change the amount of such instalLnenta. 10. Borrnwcr Not Released. E:teneion of the time for paymant or modi6cation of amortization of the sume eecured by thie Mortgage granted by Lender to any aucceaeor in intereet of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower e succeaeors in intereat. l.ender ahall not be required to oommence proceedinga againat euch succeaeor or refuae to e:tend time for payment or otherwise modify amortization of the sume secured by this Mortqage by reason of any demand made by the original E3orrower and Bnrrower e r;uc:esaore in interest. I 1. Forbearance by Leader No! a N-aiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwiee at'lorded by applicable lavr, ahall not be a waiver otor preclude the exerciae of any such right or remedy. The pmcurement of inaurance or the payment of ia:ea or other liena or charges by Lender ahaq not be a waiver of l.ender a right W accelerate the maturity of the indebtedness aecured by this Mortgage_ 12 Remedies Gtitmuletive. All rPmedies provided i~ this Mortgage are dietinct and cumulative to any other right or remedy under this biorte-age or aFforded by law or equity, and may be e:erciee~i ooncurrently, independendy or succeesively. 13. 3ucceseors and Aaeigns Bound; Joint aad Several Liabiltty; Captions. The covenanta and agreementa herein contained shall bind, and the rights hereund~ ehaU inure to, the respective succe8eore and aseigns of L.ender and Borrower, aubject to the provisione oi paragraph 17 hereof. AU rnvenante and agreemente of Borrower ahall be joint and eeveral. The captions and headinga of the paragraphs of thie Mortgage are [or rnvenience only and are not to be uaed to interpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law W be given in another manner, la) any notice to Borrower provided for in this Mortgage ahall be given by mailing euch notice by certified mail addreaeed to Borrower at the Property Addresa or at auch other addrese as Rorrower may deaignate by notice !o I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeeted, to Lender'a addreae atated herein or to such other addreas aa Lender may designate by notice to Borrower ae+ provided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 1 S_ Uniform Mortgage; Governing I.aw; Severability. Thie form of mortgage combinea uniform aovenanta for national uee and non- uniform covenanta with limited variations by juriadiction to rnnetitute a uniform eecurity instrument covering real property. This Mortgage shall be guvemed by the law of the juriediction in which the Property ie located. In the event that any provinion or clauee of thia Mortgage or the Note confticta with applicable law, euch conflict ehall not affect other provieions of thie Mortgage or the Note which can be given effect without the oontlicting provieion, and to this end the pmvisiona of the Mortgsge and the Note are declared to be eeverable. l6. Borrower's Copy. Borrower ahall be fumiehed a conformed copy of the Note and of thie Mortgage at the time o[ e:ecudon or after recordation hereof. 17. 'l~ansfer of the Property; Aee~~mption. If al! or any part of the Property or an intereet therein ie aold or traneferred by Borrower without I.endei s prior written rnneent, r~cluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a purchase money aecurity intereat for houeehold appliances, (c) a tranefer by deviee. d~ecent or by operation of law upon the death of e joint tenant or td) the grant of any IeaHehold intereet of three years or leae not oontaining an option to purehaee, Lender may, at Lender s option, declare all the auma secured by thie Mortgage to be immediately due and payable. Lender shall have waived such ~ption to accelerate if. prior to the eale or tranefer, Lender and the person to whom the Properiy is to be sold or traneferred reach agreement in writing thet the rredit of such person ia satiafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ae L.ender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succeaeor in interest hae executed a vvritten aasumption agreement accepted in writing by L.ender, Lender shall release Borrower from all obligationa under thia Mortgage and the V ote. I[ Lender exerciaes euch option to accelerate, I.ender ahal{ mail Iiorrower notice of acceleration in accordance with paragraph 14 heteof. ~uch notice shall provide a period of not less than 30 days from the date the notice is rnailed within which Borrower may pay the auma declared due. If Borrower faila to pay auch suma prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower, ~nvoke any remediea 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 Agreement between NOUSING 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 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 fiie with Lender, Housing Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami, v available for examination by any party during legal business hours of each business day. Among other things, the loan guidelines in said agre~ement 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. c ~~x~JU P~GE 48E