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Home My WebLink About25228. Ia~pectioa. l.ender may make or cause to be made reasonable entriee upon and inspectior-s oithe properiy. provided that l.endes sheU give Borwwer notice prior to any such inspection specitying nasonable cause therefor related to I.ender'~ iaterest in the Property. 9. Condemnation. The proceeds of any award or claim for damagas, direct or consequentiel, in connection vujth any condemnation or other takic~ of the property, or part thereof. or for conveyance in lieu of oondemnation, are henby aesigned and shall bs paid b I.eudes. In the event of a total taking of the Property, the procecds shall be applied to the sums secured by this Mortgage. with fhe esoes~. ii any. ~paid to Bon~ower. In the eveat of a partisl taking of the Property, unless Borrower and I.ender otherwise agrce ia arriti~, then ehall be applied to the sums secured by this Mortgage euch pmportion of the proceeds as is equal to that pmportioa which the amount of the sums se~vred by this Mortgage immediately priot to the date of taking beara to the fair market value of the Property immediately prio~ to thedate of taking, arith the balance of the pra.~eede paid to Borrower. lf the Property is abandoned by Borrower. or if, after notioe by l.ender to Borrower that the rnndemnor offere to make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 daye after the date euch notice is mailed. Lender is authorised to collect and apply the proceods, at Leader'e option. either to restoration or repair of the property or to the sums aecured by this Mortgage. Unlese I.ender and Borrower otherwiee agree in writing, any such application of proceede to principal shall not ea~tend or poetpone the due date of the monthly inetallmente refarnd to in paragrapha 1 and 2 hereof or change the amount of such inatallments. 10. Bonrower Not Released. Extension of the time for pay-mant or modification of amortization of the aums eecured by this Mortgage granted by l.ender to any eueceasor in intemat of Eiorrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrowei a auccesaora in interest. l.ender ahall not be required to commence proc~eedings agei~at such succeasor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by theoriginal Borrowrr and E3orrow~i a~ccY~ssore in interest. 1 i. Forbearance bv I,ender Not a Waiver. Any forbearancY by l.ender in exercising any right or remedy hereunder, or otherwiee afforded by applicsble Iaw, ahall not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of inaurance or the payment ot taxea or other liene oT chargee by I.ender ahall not be a waiver of Lendei s right to aecelerate the maturity of the indebtedneas aecured by this Mortgage. 12 Remedies G~tmulative. All remediee provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortcege or afforded by law or equity, and may be exerciee~i rnncurrently, independenUy or aucceasively. 13. Succeesore and Aseigns Bound; Joint and Several Liability; Captione. The covenants and agreements herein rnntained ahall bind, and the righta hereunder ahall inure to, the reapective auccesaore and aseigna of Lender and Borrower, aubject to the provieions of paragraph 17 hereof. AU covenanta and agreements of Borrower ahall be joint and several. The captiona and headinga of the paragrapha of this Mortgage are for covenience only and are not to be ueed to interpret or define the provieione hereof. 14. Notice. Eacept for a~y notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addreseed to Borrower at the Property Addresa or at auch other address aa Borrower may deeignate by notice to l.ender as provided herein, and (b) any notice to I.ender ahaii be given by certified mail, return receipt requested, to I.ender's addreas statec! herein or to auch other address as Lender may designate by notice to Borrower ata provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Eiorrower or l.ender when given in the manner deaignated her~ein. 15. Uniform Mortgage; Governing Law; Severebility. This form of mortgagecombinea uniform oovenanta for national use and non- uniform covenanta with limited variationa by juriadiction to constitute a uniform security instrument oovering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provit+ion or clauee of this Mortgage or the Note conflictc+ with applicable law, auch conflict shall not affect other proviaions of this Murt{tage or the Note which can be given effeM without the rnntlicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Barrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. '[~anefer of the Property; Aseumption. If all or any part of the Property or an interest therein is sold or traneferred by Borrower without Lender'a prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security intereat for household appliances, lc) a transfer by deviee, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of thtee years or lese not containing an option to purchaee, Lender may, at l.ender a option, declare all the eums secured by this Mortgage to be immediately due and payable_ I.ender ahall have waived snch option to accelerateif, prior to the sale or tranafer, I.ender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of euch petaon is satisCactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ahall requesf_ If I.ender has waived the option to accelerate pm~•ided in this paraRraph 17, and i[ ~3orrower's anccessor in intereat has ezecuted a written assumption agreement accepted in writing by l.ender, I.ender shall release $orrower from all obligations underthis Mortgage and the Note. if Lender e:ercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay thesums declared due. It Borrower fails to pay auch sums prior to the expiration of such period, l.ender may, without turther notice or demand on Eiorrower, invoke any remedies permitted by paragraoh 1R 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 FLORIDA NATIONAL BANK OF '~, MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of '~. St. Lucie ~ounty, 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 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 pQrson or family which would have been ` eligible for a mortgage loan originally under these guidelihes 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 l7-A is in conflict with any part.or parts of Covenant 17, supra, the terms of this Covenant 17-A shall prevail. ` - ~'-:.~ . ~ :~~ ,~. ..... _ . 8~`~ 348 ~~~E 2520