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Home My WebLink About18938. Iaspection. I.eader msy make or cause to be made e~eaaonable entrie~ upon and itupection~ of the property, pmvided thet I.endet shall give Borrowes notice prior to any ~uch inspection specityin~ reasonable cause thecefor related to Lender'~ interoat in the Property. 9. Condemnotioa. Tf~s pmceeds of ar-y award o~ claim tor damages. direct or consequential, in connectioa ~rith any oondemnstion or other taking of the pmperty, or part thereoi, or !or coaveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the eveat of a total taking of the PropeKy, the pr+oceeds shall be applied to the sums secured by thia Mortgage, with the e:cew, if any, paid to Borrower. In the event of a pertial taking of the Property, unlees Borrower and Lender otherwise agree u- writi~, then shalt be applied to the sums secured by this Mortgage such proportion of the proceeds as ia equal b that proportion which the amount of the eums eecured by this Mortgage immediately prior to the dete ot taking bears to the fair market value of the Property immedistely prior to thedate of taking, with the balanca of the proceede paid to Borrower. If the Property is abandoned by Borrower. or if, aRer ~otice by l.e~der to Borrower that the condemnor of[era to make an award or settle a claun for daraages, Rorrower fails to reapond to l.ender within 30 daye after the dete auch notice ie mailed, [.ender is authorised to collect and apply the proceeds. at Lender's option, eilher to reetoration or repair of the property or to the sums eecured by this Mortgage. Unlees I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal ehall not e:tend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. liorrower Not Releaeed. Extenaion of the time for paym~nt or modification of amortization of the aume aecured by this Mortgage Kranted by [.ender to any aucceasor in intereet of Borrower ehall not operate to releaee, in any manner, the liability of the original Borrower nnd Borrower'a auccesaora in internat. Lender ahall not be required to eommence proceediags against auch eucceesor or refuee to extend time for payment or otherwise modify amortizution of the sums aecured by this Mortgage by reaeon ot any demand made by the original Borrower nnd B~.~rowA's auccraswra in intereat. 1 I. Forbearaace by Lender Not a Waiver. My forbearence by l.ender in exercieing any right or remedy hereunder, or otherwiee af[orded by applicable law, ahafi not be a waiver of or preclude the exercise of any auch right or remedy. The pmcurement of irtaurance or the payment of taxea or other liens or chargea by l.ender ahall not be a waiver of L.ender'e right to accelerate the maturity of the indebtedneae aecured by this Mortgage. ' ~ ' ' 12 Remediea Cumuletive:'~!1 remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortcage or afforded by law or equity, and may be e:erciee~i concurrendy, independently or eucceaeively. 13. Succeaeore and Aeeigne Bound; Joint and Several Liability; Captione. The covenante and agreemente herein contained ahall bind, and the righte hereunder shall inure to, the reapective succeaeors and aseigns of I.ender and Borrower, eubject to the provieiona of paragraph 17 hereof. All covenanta and agreemente of Borrower shall be joint and eeveral. The captions and headinga 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. Except for any notice required under applicable law to be given in another manner, lal any notice to Borrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreae or at auch other addrees as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to L.ender shall be given by certified mail, return receipt requested, to Ixnder's address stated herein or to euch other address as [.ender may deaignate by notice to Borrower an pmvided heiein_ My notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner deaignated herein 15. Un iform Mortgage; Governing Law; Severabi lity. Thia form of mortgage combines uniform covenante for national uae and non- uniform covenanta with limited variatione by juriadiction to conatitute a uniform eecurity inatrunient rnvering real property. Thia Mortgage shal) be governed by the law of the jurisdiction in which the Property is located. ln the event that any proviAion or clause of thie Mortgage or the Note conflicts with applicable law, such conflict shall not affect other proviaions of this Murtgage or the Note which can be given effect without the contlicting proviaion, and to this end the pmvieions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Horrower ehall be fumiehed a conformed copy of the Note and of this Mortgage at the time of eYecution or after recordation hereof. ~ 17. 'I~enefer of the Property; Aseumption. If all or any part of the Property or an interest therein ie eold or tranaferred by Borrower without Lender a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest for houaehold appliances. (c) a tranafer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or tesa not containing an option to panhaee, I.ender may, at i.ender'e option, ~ declare all the auma secured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the sale or transfer, [.ender and the peraon to whom the Property ia to be aold or tranaferred reach agreement in writing that the creditof auch II~ peraon is eatisfactory to Lender and that the interest payable on the aume secured by this Mortgage shall be at auch rate as Lender shall request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if E3onower's succeasor in intereat has e:ecuted a ~ written assumption agreement accepted in writing by Ixnder, I.enderahall release Borrowerfrom allobtigations underthis Mortgageand the Note. ' If Lender exercisea such option to accelerate, l.ender ahali mail f3orrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than :~ days from thedate lhe notice ia rr.ailed within whieh Borrower may pay thesuma declared due. If Borrower fails to pay such sums prior to the expiration otsuch period, i,ender may, without further notice or demand on ~3orrower, ~nvoke any remediea permitted by paragraoh 1R hereof. i~~~,L,~ rl7-A. The proceeds of the loan evidenced by the promissory note secured hereby have been ~ p ocured 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 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 ~romissory note secured hereby. A copy of the Loan Agreement is on file with Lender, ~iousing 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 vrould 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. i ~ ~:~`~K348 F'GE~.892 ~ 3 { ~ ~_+ ~ ~ ~_' ~ ~ .......~ . ... ..- : . . ... _ _. . - .s . ..-. ~:Y~