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Home My WebLink About2506 8. Inspectioa. [.ender may mal~e or cause to be made reasonable entries upon and inapectio~u oithe piropecty. Qcovided that Lendu ahall give Borrow~ notice prior b any such in~pection speci[ying reasonable cause therefor celated to Lender's interest ia the Propesty. 9. Condemnatioa. The proceeds of any award or claim for daaaages, direct or consequeatial. in connection with any condeiaaatioa or other takinQ ot lhe property, or part thereof. or fot conveyance in lieu of oondemnation, are hrreby assigned and sbdl be paid to L.ender. in the event of a total taking of the Property, the pra~eeds shall be applied to the sums secured by thia Mortgege. with the e~coees. if any, paid to Borrcwer. In the event of a partial taking of the Pruperty. u~leas Borrower and Lender othetwise agree in writing. then shall be applied to the sums secured by this Mortgage such proportion of the proceeds es is equal to that proportion which the amount of tha sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Pcopedy immediately prior to ihe date of taking, with the balanct of the proceeds paid to Borrower. If the Property is abandoned by Borcower, or if, aRer notice by Lender to Borrower that the oondemnor offe» to make at~ award or setde a claim for damages. Bore~owec faila to respond to Lender within 30 days after the date such notice is mailed, I.ender ia authorirsd to rnllect and apply the pmoeeds, at Lender a option. either to restoration or repair of the property or b the eums secured by this Mortgege. U~lees I.ender and Borrower otherwiee agree in writing, any snch application of pmceeda to principal ehall not eztend or postpone the due date of the moeth~y installments refetred to in paragraphs 1 and 2 hereof or change the amount of such instaWr-ents. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modification of amortization of tke aums secured by thie Mortgage granted by I.ender to any eucceseor in intecrst of Borrower ahaU not operate to release. in any man~er, the liability of the original Borrower and Borrower's succeasors in intereet. I.ender ehall not be required to oommence proceedinga againet auch aucceasor or refuae to extend time for payment or otherwise modify amoriization of Ihe aums secnred by thie Mortgage by reason of any demand made by the originai Borrower and E3orrower a succ~eeaorx in interest. 11. Forbearance by Lender Not a Waiver. Any torbearance by Lender in exercising any right or remedy hereunder, or otherwise affotded by appliceble taw, efiall not be a waiver of or preclude the exerciee of any auch right or remedy. The pmcurement of ineurance or the payment of ta:ea or other liene or charges by Lender ahnll not be a waiver oE Ixndei s right to accelerate the maturity of the indebtedneas secured by thie 11~ortgage. 12 Remedies Cumulative. All remediea provided in this Mortgage arr dietinM and cumulative to any other right or remedy under thie Mortcage or atYorded by law or equity. and may be e:erciee+l concurrently, independenUy or auoceeaively. 13. Succeasore and Aseigne Bound: Joint and Several Liability; Captioae. The rnvenante and agreements herein rnntained ehall bind, and the rights hereunder ahail inure W, the reepective eucceeeors and sseigns of Lender and Borrower, eubject to the provinione of paragraph ~7 hereof. All covenanta and agreements of Botrower ahall be joint and sevetal. The captione and headinga of the paragrapns of this Mortgage are for covenience only and are not to be used to inteipret or define the proviaions hereof. 14. Notice. F.xcept for any notice required under applicabte law to be Etiven in another manner, (a) any notice to Borrower prflvided for in this Mortgage shall be given by mailing such nutice by certified mail addreaeed to Borrower at the Piroperty Addreea or at such other addreee ae Borrower may designate by notice to Lender as pmvided herein, and (b) any notice to Lender ahall be given by certified mail, ret~un receipt requeated, to Lender a address stated herein or to auch other address as Lender may deaignate by notice to Borrower an provided herein. My notice pro~~ded for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15_ Uni form Mortgage; Governi ng l.aw; Severability. Thia form of mortgage combinea uniform aovenanta for national uee and non- unifotm covenanta vrith limited variations by jurisdiction to consiilute a uniform eecurity instrument rnvering real property. This Mortgage ahall be governed by the law of the juriadiction in which the Property is located. In the event that any proviRion or clause of this Mortgage or the Note conflicts with applicable law. such conAict ehall not affect other proviaiona of this Murtgaqe or the Note which can be given eftect without the conflicting provieion, and to thia end the proviaione of the Mortgage and the Note are declared to be aeverable_ 16_ Borrower'a Copy. Borrower ehall be [umiahed a conformed copy of the Note and otthia Mortgage at the time of execution or after recordation hereof. 17. 75ranefer of the Property; Aeaumption. If aU or any part of the Property or an intereat therein ia eold or tranaferred by Borrower without Ixnder's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a pumhase money aecurity jntereat for houeehold appliancee, (c) a transfer by deviae, d~cent or by operation of 1aw upon the death of a joint tenant or (d) the grant of any Icaschold interest of three yeare or less not oontaining an option to purchaee, Lender may. at Lender a option, declare all ihe sums secnred by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior to the eale or tranafer, Lender and the person to whom tfie Property ie to be sold or tranaferred reach agreement in writing that the credit of euch person ia satisfactory to Lender and that the interest payable on the aums secured by this Mortgage ahall be at such rate as Lender aha11 request. If [.ender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower a eucceasor in intereat hae e:ecuted a written asaumption agreement accepted in writing by Lender, Lender shall releaee fiorrower from all obligationa under thie Mortgaqe and the Note. I[ I.ender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordence with parugraph 14 hereof. Such notice shall provide a period of not leas than 30daya from thedate the notice ia rr.ailed within which Borrowermay pay thesuma declared due. I[ Borrower fails to pay sach sams prior to the expiration of auch period, Lender may, without further notice or demand on Horrower, \,~ invoke any remedies permitted by paragraoh 18 hereof. Y' 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 COUN7Y, 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 satid Loan Agreement which expires at such time as all the Bonds shall have been fully paid or provision made for such payir~ent 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 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 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. ~~i~K 348 P~~E 2504 ~ ^~ _ ~ - - ~~_ ~ , ~~'~_ -- ~__'.,~-~.s... _„~ ~. _._ ~ :.,_ '- _:~