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Home My WebLink About08148. laspection. It~de~ may make or cauae to be made reawoable eotries upon and inspections o[the properiy, provided that l.ender shall give Borrowet notice prior to any such inspectio~ ep~rifying reasonable cauae theoefor releted to l.cnder's intereal in the Property. 9. Condemnation.'Rie proceeds of any award or claim for damages, direct or conaequentisl, ia ooanection with any oondemnation or other taki~g o[ the property, or part thereof, or tor conveyance in lieu ot rnndemnatioa, are hereby aseigr~ed and shall be paid to Lender. ln lhe ever-t of a total taking of the Property, the pm~.~eeds ahall be applied to the aume secured by thie Mortgage, with the escees. if any, paid to Boroower. In the event ot a partial taking o~ the Property, unleas BoROwe~ and [.ender otherwise agree in writing, there ehaU be applied to the auma secured by thie Mortgage auch propottion of the proceeds ae is equal to that proportio~ which the amount otthe sums aecured by this Mortgage immediately prior to the date of taking bears co the fair market vatue o[the Property immediately prior to thedate o[ taking, vrith the balance of the proceede paid to Borrower. If the Properiy is abandoned by Borwwer, or if, afier notice by l.ender to Eiorrower that the condemno~ offere to make an award or settle a claim for damagea, 8orrowe~ tails eo reepond to I.ender within 30 daye after the date auch notice ie mailed, I.ender is authorizod to collect and apply the proceeds, at I.ender s option, either to restoration or repair ot the property or to the eums secure~ by this Mortgage. Unless Lender and Borrower otherwiee agree in writing, any auch application of proceede to principal ehell not extend or poetpone the due date of the monthly inetallments referled to in paragrephs 1 and 2 hereof or change the amount of euch i~atallments. 10. Borrower Not Releaeed. Bxteneion of th~ time for payTn_nt or modification af amortization of the aums aecured by this Mortgaqe grantee! by l.ender to any eucceseor in interestpf F3orrower shall not operate to release, in uny manner, the liability of the original E3orrower and Horn-wer'a aucceasors in interest. I.ender shall not t-e required to rnmmence proceedings against euch succeeaor or refuse to extend time for payment or otherwise mixlify amortizati~,n o( the aums secured by this MortgaKe by re~n of any demand made by the origin~al Ror?ower and Borrower'a successon+ ~n interrst. 11. Forbearence by I.ender Nol a Waiver. Any forbearance by I.ender in e:erciaing any right or remedy hereunder, o~ otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any such right or remedy. The pmcnrement of ineurance or the payment of taxes or other liene o- chargee by I.ender ahaU not be a waiver of Lender'a right to accelerate the maturity of the indebtedness secuced by this Mortgage. 12. Remedies Cumulative. All remediee provided in thia Mortgage are distinct and cumulative to any other right or remedy under thia Mortrage or aftorded by law or equity, and may be exereise~l concurrently, independe~tly or aucceaaively. 13. SucceseorB and Asaigns Bopnd; Joint and Several Liability; Captione. The covenante and aRreements herein contained ahal) bind, and the riRhta hernunder ahall inure to, the reapectivesucceRSOrs and aseigna of Lender and Eiorrower, aubject to the proviaiona uf paragraph 17 hereof. All covenanti+ and agieemenfs of E3orrower ahall be joint and aeveral. The captions and headinqs of the paragraphe of this Mortgage are for covenience only and are not to be ueed to interpret or define the provieione hereof. 14. Notice. F:xcept [or n~y notice required under applicable law to be Riven in another manner, (al any notice to f3orrower provided for in thia Mottgage ahali be given by mailing such notice by certified mail addreased to Rorruveer at the E'roperty Addreae or at auch other addreae as Borrower may deaignate by notice to I.ender se provided herein, and (b1 any notice lo I.ender ahal) be given by certified mail, return receipt requested, to I.ender's addreas atated herein or to auch other address as l.ender may designate by notice to I3orrower at+ provided herein. Any notice provided [or in this Mortgage shall be deemed to have been given W Rorrower or I.ender when given in the manner deeignated herein. - 15_ Unitorm Mortgage; Governing Law; Severebility. This form of mort{tage cumbines uniform rnvenantslor national uae and non- uniform covenanta with limited variations by juriadiction to cnnstitute a uniform aecurity instrument cr,vering real property. This Mortgage shall be Koverned by the law of the juriadiction in vvhich the Property is located. !n the event that any proviaion or clauae of thia 111ortgage or the Note c~,nflicts with applicable law, such conflict shal) not aftect other proviaiona ot this Mortgage or the Note which can be given effect without the conflicyng provision, and to this end the pmvisions of the Mortgage and the Note arn declared to be severable_ . 16. Borrower'e Copy. E3orrower ahall lie furnished a ronformed copy of the Note and otthia Mortgage at the time of execution or after recordation hereof. 17. Tranefer ot the Property; Aseumption. If all or any part of the Property or an intereat therein is aold or tranaferred by Borrower withoul I.ender's prior written consent, excluding Ia) the creation ot a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchase money security interest for houeehold appliancea, lc1 a tranafer by deviae, d~scent or by operation of law upon the death of a joint tenant or ld) the ~ant of any leasehoid interest of three yeara or lesa not containing an option to purchase, l.ender may, at Ixnder'e option, declare all the sums aecured by this Mortqage to be immediately due and payabie. I.ender ehall have waived auch option to accelerate if, prior tu the eale or tranafer, l.ender and the person to whom the Property is to be sold or transferred reach agreement en writing that the credit of auch peraon is satisfactory to l.ender and that the interest payable on the auma secured by thie MortgaRe shall F-e at such rate as Lender ehaU request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if F3orrower'a succesaor in inLeresl has e:ecuted a written :isHUmptiun aKreement accepted in writinK by'I.ender, l.ender shall release Korrower from all obligati~~ns under this Mortgage and the Note. If I.ender exercises such option to accelerate, i.ender shall mail Rnrrower noticeof acceleration in accordance with paraqraph 14 hereof. Such notice shall provide a period of not ler.s than :i(1 days frum the date the notice is rr.ailed within which Bnrn-wer may pay the sums declared due. If Borrower fails to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on ~3orrower, mvoke any remediea permitted by paraKraoh IK hermf. ~~t17-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 Al17HORITY OF ST. ~~..JLUCIE 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 renaining 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 YA-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 ~ 11, supra, the terms of this Covenant 17-A shall prevail. ~~,'~ 3~8 Px~E 814 t ~ ~ - _ .~~~ ~~. ~: ~~ ~ _ , = -- ~ -_;::, ~~:..~