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Home My WebLink About15708. IDiplCUOA. l.ender mqy make or cawe to be msde reawa~ble ~trie~ upoa and 'uupections of the pmperty. provided Wet Lsad~ ~haU ~ive Bortow~ aotioe ptior to aqy such in~pectioa speci[yin~ reawnable caws therefor related b Lendes'i interest in the P[op~tt,y. 9. Coademaation. 71~e pmoeed~ of any award or dsim for dama~er. direct or con~eque~tiel. in eonp~ction wrfth any aoad~nnatiop or other taking of the pmperty, or part thereof, or !or conveyance in lieu of oondemnatioa, ere hereby esai~ned and ~hell bs paid b I.eader. In the event of a btal taking of the Property. the proceed~ shall be applied to the aumi ~ecured by thie Mort~a~R with the ezcea, if aay, paid b Borrower. In the event of a paitial taking of tbe Property. unless Borrower and Lender otherwi~e agree it~ writias. thers ahali be applied to the sums eecured by thia Mortgage ~uch propoction of the proceed~ a~ u equal b thet proportion wrhich the amount oi the ~ums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propeirty immediat~sly prior to the date ot taking. with the balanea ot the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notioe by Lender eo Borrowes that the oondemnor oEfers to make an award or ~ettle a claim for damagea. Borrower fails to respond to Lender w~ithin 30 days afi,er the date such notice is mailed. Lender is authorised to ooUect aad appiy the proceeds, at I.ender's option, either Lo restoration or repair of the prope~Ry or to the sums ~ecured by this Morfgage. Unles~ Lender and Borrower otherwise agree in writing. any such appUcation of pmceeda to principal shall not estend o~ po~tpone the due date of the monthly installmeats nferred to ia paragraphs 1, and 2 hereof or change the aaauat of such instaUmeats. 10. Horrower Not Releseed. E:tenaion of the time for payma~t or modification of amortization of the euma secured by this Mortgege granted by l.e~drr to any succeaeor in interest of Borrower ehall not operete to release, in a~y manner. the liability of the original Borrower and Bormwer a aucceseors in intereat. I.ender shall not be required to oommence proceedings against such succeeaor or refuee to extend time [o~ payment or otherwise modify amortization of the auma secured by thia Mortgage by reaeon of any demand made by the original Borrowet and Borrower'a sucY~eseore in internat. 11. Forbearaaoe by I.endet Not a VNaiver. My forbearance by Lender in e:ercising any right or remedy henunder, or othrrwis~ afforded by applicable lew, ahall not be a waiver of or preclude ttie exercise of eny such right or remedy. The pmcurement of insorance or the payment of taues or other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness aecured by this Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or cemedy under thie Morte~age or afForded by law or equity, and may be e:eirise.i oo~currendy, independently or su~ively. 13. 3ucceseors and Aasigns Bound; Joint and Severa! Lisbility; Captions. The covenante and agreements herein contained shall bind, and the rights herEUnder shaU inure to, the reapective succeeeors and assigns of Lender and Borrower, eubject to the p'mvieions of peragraph 1? hereo! All covenante and agreemente of Borrower ahell be joint and eeveral. The captions and headings of the paragraphs of thie Mortgage are for rnvenience only and are not b be used to interpret or define the proviaiona hereof. 14. Notice. Except for aay notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgege shall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addrees or at such other addnss as Borrower may designate by notice to Le~der ae provided herein, and (b) any notice to [.ender shall be given by certified mail, nturn rcceipt requeated, to Lender'a addrese atated herein or to euch other addrees as Lender may deeignate by notice to Borrower aa provided henin. My notice provided for in thia Mortgage ahaU be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15_ Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform aovenanta for national use and non- uniform covenante with limited variations by jarisdiction to rnnetitute a uniform aecwity inatrument covering real property. This Mottgage ahall be govemed by the law of the juriadiction in which the Property ie located_ In the event that any proviRion or clauee of this Mortgage or the Note contlicte with applicable law, auch rnnflict ahall not aftect other proviaions of this Murt{tage or the Note which can be given ef~ect without the rnnflicting provieion, and w~ this end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furniahed a oonformed rnpy of the Note and of thia Mortgage at the time of euecutiun or atter recordation het~of. 17.1'ranefer of the Property; Aseumption. If all or any part of the Property or an intereat therein ia eold or tranafrrred by Borrower without I.ender's prior written consen~ excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaee money aecurity intereet for houaehold appliancea, !c) a tranafer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or lese not oontaining an option to putchase, Lender may. at Lender'a option, declare all the aums aecured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranefer. Lender and the person to whom the Property is b be sold or tranaferred reach agreement in writing thet the credit of such peraon ia eatistactory to I.ender and that the interest payable on the suma secured by this Morigage shall be at such rate as Lender shall request. I[ Ixnder Fias waived the option to accelerate provided in ihia paragraph 17, and if Borrower's auccesaor in intereet has e:ecuted a w-ritten assumption agreement accepUed in writing by [.ender, Lender ehall release Rotrower from all obligationa under thie Mortgage and the Note_ If Lender eaercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 1~ hereoL Such notice ahall provide a period of not lesa than :i0 daya from the date the notice is mailed within which Borrower may pay thesume declared due_ If Borrower faila to pay such aums prior to the expiration of such period. I.ender may, without furthet notice or demand on Borrower, -nvoke any remediea permitted by paragraoh 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 Authority of St. Lucie County, Florida, in said Agreement having been assigned to FLQRIDA 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 Lertder and Borrower, any default in which by Borrower shall, autanatically accelerate all remaining unpaid installments remaining due under the aromissory note secured hereby. A copy of the Loan Agreement is on file with Lender, Nousing 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 1~7-A is in conflict with any part or parts of CovenaRt 17, supra, the terms of this Covenant 17-A shall prevail. ~~R a~~K348 PA~E1570 _ -- ~..~ ` ~~~=_ary~:.4 . _ 4h~._ _~ _n_ . ._ _ , ~ . ~