HomeMy WebLinkAbout2007 ~ _ _ ' ~ _ ~ ~ - ~ir~~i?~~•M!
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(b} ~ny Ot,n~r Q.~y, by gift to a m~abrir of bis
. i.r--..~3iate famfly, tac~~gcri a~oi~n or d~viae his acrca, or
= anl ~ortion tharcoF, Prce of axiy obligatio:~ to eoll said ~
a~as to a.zy o~ t3:o othcr Oz~~ra or ~rstors as roq~ir~d by
~*a~pa~~3raph ~aI i~ec3iate~y prccs.*ding. •Z~di~?te fzu?ily•
!or ~zpoaaa o! tbis. agr~c.:.ent ohs21 ba Q~c
:~d to a~aan
Owne+•m epoase or iosuo, or a trus~t ~ar his or hor hanafit~
provida3, how~aver, 4uch ~c~bor of Owner' o i~.~cdiato laratly
~hall r,ol8 r3uch progcsrty sub ject to aZl at t2:s terras and
pr~visioaa 2~ereof and ahall make no gurthcr tacan8gc+r, oth~r
t~an as herain provided. ox~ept for tranaf~ra by way of
gi~t or daviuo to euch s trust os to mo~abore o! eaid donea'~
i~diate family. . .
12. ~a) 2n tho oveat that any Ownar shall fail
to ~uako hia poriodic pny.~e..:tn of principal or intcr:..:t
- pursuaat to th+~ Pgomi~~ory ::~t~ G:~ecuted in conaoct~:_:3 witb •
tho purcr~ao~ of bie ~cr~~ ar o~ a.~y othar Mortqaga ~i:•~reon y
o~ hypo:hocstioa those~f, or ~`~~11 fail to p~?y t3ia r:~~~l -
~statQ ta.-:ca loviEd on his ~ro:a:rty, or shall faf 1~c ~a::e -
hiB p~~;~nt for any othcr c~o~n or e.vpcn~es f.n cer•r~c~: foa
wi~h t.'~o ~n~g~~ut. deveio~nt or orr~tioa of tY:o G~ove
oz~ I'~e~~:..vvo~ac, upan ca21, z.^1 faile to curo cuch dofwuZt
~vit.'~in '_0 daya a:t~r t2:e ~;~-~nt ist de; auLt wMs ~cze, ~:ior~ `
t2se 8e:~ulti~ Ow~or r~ust cffcr to (anx3 f~ Ogarator
ol~c'.:.a, ~ha21~ aQll, anc3 Op~rator sha21 havc tho rig:_:. (but
aoi t3i~ oblfgation) to pur~;~aso dcfaulting Otr.•.or's a:..~:~aqe ~
(k~ich ~hall br3 r2euacd to f~clc:3o h~a intezo~t ia thL
Rccesv:~ir~ at "fair r.tarhEt valuc", Said o~for to cc~: ~
chall w-~ ac~iin3.cterod ~or tra ~agit of aIl re~:~sinir:_; ~
t?c~r.3e~~ rnd Opc=s~or in ti~~ r..~nr..c3r ~a provi8sd in ~
P3r: il (a) above, anc: the ~irat da~e upoA w'hich ae- ,
. fr~ui~ c:~currcd_. ahall be de~a8 the 8ato Lpon ~h~ch the
dc~aul~inq Owne~c offer~d 4.o so2.1.
(b) "Fair ~rk~t val.uc" for gus~pcaoa of ~ia ~
a:re_-~:-~~t shall bo doter:nin~3 ~J ~rDitrat3.on, or th~ ~.:,:an
p~ icc o~ fi,~cee indep~xu:ea~ a;~s~; ~er3 ap~ointccd by Gt.;;ra~a~t the
~.:.t. : o~ valuatiQn ehall ba c~c~~rm~.r.ed by Gp^acatcr. • Said -
~~i4:~ ion or srAan prira c:~:t..r.~in~~ion sh~.ll bci rsld ~nd/or
c'.^t~~°i~^~ in Ft. Picrco, Florida wit3:in 60 daya o~ ~egaultt
~~bit :-~tion, if h02d, Ehall b~ heforo r.nd ia aecarda
:~e arith
t~':~ rs:.e~ the3n ob~aininq of t?:e _~'i.~ric~ Arbitration ' -
p:saciation. Oparu~or may oxtend nny dato h~r~ur.~c= or
in the tlso ec2~.ednle~ avplicablo r.ora~ und~c t,~e groce~uro
d~~csibed in Paragzaph 1~. (s) u~ to but n~ot exceQ3ing 30 ''t „
daya in sach in8tancaQ
(c~ 2n additioa t, tha foreyoing,anl ~ot in
liau thoreoP (ail rights af Op~r3~or horewzocr a:~ aIl ot.hor
~:raviaion$ o~ this agree~c~zt e?~all bo cwaul~tivej , O~^ra~or .
s31 r.ave the right tbnt not tho 4blir~~tion) to z:v3.:~ for
t;xa aceount of any 4~ar~cr racmica in c~~efault wSich Er., lI, to-
r,~thc3s ~,rith iuterest and ooEts ~ir.curr~d (incln33aq all caurt
ca:~ts und reasonable att~or~ya' f~ea expoz~ed or in~red by
op^rratoz in the eafareemsnt of its righto or any praviaion-of
thie agre~men~~ constitntt a lien as provided ia PBragrspb
8 heteo£.
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5 BOOK ~V~, •PAGE` zQ5 w
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