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Home My WebLink About1488 8. Inopection. lmnder may malce ur cnuee to be made ~asoneble entriee upon and i~spectione ollhe p~operiy. provided that I.endershall give Horrower notice prior to any such inepection specifying reasonable cauee therefor nleted to l.ender'~ ipf~ere~t in the Prope~ty. 9. Condemnetion. The proceeds ot eny award or claim [or demage~, direct or consequential, in conntctio~ with any oondemnation or other taking of the property, or part thereot, or for conveyance in lieu ot rnndemnation, are hereby assigned end shall be paid to I.endr~. !n the cvent of n total taking of the Ptoperty, the proc~eeda shaU be applied to the eume securod by this Mortgage, with the e:cesa, itany, paid to Horrower. i~ the event of a pa~tiai taking oi the Property, unless BoROwe~ and [.ender otherwise agree in writing, there shall be applied to the aume secured by this Mortgage such proportion ot the proceede as is equal to that proportion which the amount o! the sums eecured by this Mortgage immediately prior to the date ot taking beare t~ the fair market value otthe Property immediately prior W the date of taking, with 1he balance ot the proc~ceds paid to Borrowe~. If the Pmperty ie abandoned by Borrower, or if, after notice by l.ender to Borrower that the rn~demno~ offere to make an award or settle a claim for damages, E3orrower fails to reepond to I.ender within :i0 days aRe~ the date euch notice is mailed, l.ender is aulhorized tocollect and apply the proceeds, at l.ender'e option. either to resturation o~ repnir o! the property or to the suma secured by this Mortgage. Unleae I.ender and 8orrower otherwiee agree in writing, any such application of proceeds to principal ehall not extend or poetpone the due date uf the monthly inatallme~ta referred to in paragirephe 1 and 2 hereof or change the amount of euch ioatallments. 10. Bormwer Not Releaeed. F.xtension of the time for paym ~nt or modification of amortization of the aums secured by this Mortgage ~tranted by l.ende~ t~ any auccesaor in interext of Borrower ehall not operate to releaee, in any manner, the liability of the originel Borrower aod E3orrower's auccessora in internst. I.ender ahall nol br requirrd to commence proceedinga aRainat auch sucresaor or rnfuse to extend time fnr pnyment or otherwise modify umortizt~ti~in of the :~ums secund by thie Mortgage by reason of nny demaod made by the original Borrower and ~-rr:~v.er's xurcrs~»h in interest. 1:_ Forbcarence by I.ender Not a Waiver. Aj~y forbearance by I.ender in exen,ising any right or mmedy hereunder, orotherwise afiorde!i by applicable law, shall not he n waiver of or preclude the exemine of any euch right or remedy. The procurement of inaurance or the peyment ot taxes or other liene o~ chargea by Lender ahal) not be a waiver of l.endei a right to accelerate the maturity of the indebtedneae aecu~d by thie Morigage. 12 Kemediea Cumuletive. All remediee provided in thia MortgaRe are distinct and cumulative to any other right or remedy under thie Mort~-age or aftorded by law or equity, and may be exercise~l concurrenUy, independently or aucceeeively. l:t_ Succeasore and Assigns Bound; Joint and Several Liability; Captione. The covenanta and agreements herein containedehall bind, and the righta hereunder shall inure to, the respective succexeore and aeaigna of [.ender and Rorrower, subject to the provisions of paragraph 1? hereof. All covenanta and agreementa of Borrvwer xhal! be joint and several. The caplions and headings of the paragraphe of thia Mortgage are for covenience unly and are not to be used to interpret or de6ne the provisiona hereof. 14. Notice. Excrpt for any noti~~e requimcl under applicable law to be Kiven in nnother manner, (a) any notice to Eiormwer provided for in th~s MortgaKe shall be given by mailing auch notice by certi6ed mnil addreased to f3orrowe~ at the Yroperty Addreas or at such other addreae as Rorrower may detsiRnate by notice to I.ender as pmvided herein, pnd Ib) any notice to l.ender shall be given by certified mail, return receipt requested, to l.ender's addresa staied herein or to euch other uddress as l.ender may draig~ate by notice to Iiorrower ax provided herein. Any notice provided fur in this Mortgage shail be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 15. Uniform Murlgaae; Guverning Lt-w; Severability. This form of mortgage combinea unitorm covenanta for national use and non- uniform covenants with limited variationa by jurisdiction to cunatitute a uniform security instrument covering real property. Thie Mortgage shall E+e Koverned by the law of the jurisdiction in which the Property is located. In the event that any pmvieion or clause of this 111ortgaqe or the Note conflicG4 w~th applicable law, such conflict shall nut affect other proviaions uf this Murtgage or the Note which can be given effect withuut the contlicting provisiun, and to this end the provisions of the Mart~age and the Note are declared to be severable. l6. Borrower'e C'opy. Borruwer shall be furnished a con[ormed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hemof. 17. Tranafer of the Property; Aaeumption. If all c~r any part of the Pmpertv or an interest thernin ia sold or traneferred by E3orrower without l.ender'a prior written conaent, excludinR Ia1 the cmation of a lien or encumbrance aubordinate to thia Mortqage,lb) the creation of a purchase money serurity intereat for houaehold ttppliances, lc) a transfer by devise, d.acenl or by operation of law upon the death of a joint teoant or ld- the grant of nny leasehold intereat of three years or lrss not containing an option to purchase, Lender may, at Lender e option, declare all the sums securect by this Mortgage to be immediately due and payable. Lender ehali have waived such option to accelerate if, prior to the sale or transfer, I~nder and the person to whnm thr Pruperty ia to be sold or tranaferred reach aRreement in writing that thecreditof such prrson is satisfactvry to l.ender and that the interest paynble on the aums secured by this MortQaQe shall be at such rate as I.endeT ahall reyuer,t. If Ixnder has waivr~ thr option to ~cmleral~ pro~•idrd in this paraKraph Ii, and if Bortower's successor in interest has eaecatrd a wTitte~n axsumption agrerment accepted in v~ ritinK b~• [ xnder, l.ender shall relexxe Borrovver from all ~hli~;ation ~ under this MortRaKe and the ti ote. If l.ender exercises xuch optiun to accrlerate•, I.ender shall mail Rormwer notice of acceleration in accordance with paragraph 14 hereof. ~uch notice sh~ll prm•ide a peri~~ uf not I~~s th.~si :i11 days frum the date the rotice is rr.ailecl within ~n•hich Borrower may pay thesums declared due. If Borruwer fails to pay such sums prior to the expiratiun of such period, I.ender may, without furlher notice or demand on Eiorrower, mvoke any remediex permittc~i b~ paraKraoh 1R hPreof. 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 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 '~~l 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 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 ioan 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 termirated. 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." j 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. ~ ~:: x350 YdGF~487 ~ ~~ :.~. - - . _- - - - _ _ ---~