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shall request. If Association has waived the option to accelerate
provided in this paragraph 22, and if mortgagor's successor
in interest has executed a written assumption agreement accepted
_ in writing by Association, Association shall release mortgagor
from all obligations under this mortgage and the note.
23. Except as provided in paragraph 22 hereof, upon
mortgagor's breach of any covenant or agreement of mortgagor
in this mortgage, including the covenants to pay when due
any sums secured by this mortgage, Association prior to accelera-
Lion shall mail notice to mortgagor as provided in paragraph
21 hereof specifying: (1) the breach; (2) the action required
to cure such breach; (3) a date, not less than 30 days from
the date the notice is mailed to Mortgagor, by which such
breach must be cured; and (4) that failure to cure such breach.
on or before the date specified in the notice may result
in acceleration of the sump secured by this mortgage, foreclosure
by judicial proceeding and sale of the property. The notice
shall further inform mortgagor of~the right to reinstate
after acceleration and the right to assert in the foreclosure
proceeding the nonexistence of a default or any other defense
of mortgagor to acceleration and foreclosure. If the breach
is not cured on or before the date specified in the notice,
Association at Association's option may declare all of the
sums secured by this mortgage to be immediately due and payable
without further demand and may foreclose this mortgage by
judicial proceeding. Lender shall be entitled to collect
in such proceeding all expenses of foreclosure, including,
but not limited to, reasonable attorney's fees, and costs
of documentary evidence, abstracts and title reports. As
used in this mortgage and in the note, "attorney's fees"
shall include attorney's fees, if any, which may be awarded
by an appellate court.
24. Notwithstanding Association's acceleration of
the sums secured by this mortgage, mortgagor shall have the
I'~ right to have any proceedings begun by Association to enforce
this mortgage discontinued at any time prior to entry of
~ a judgment enforcing this mortgage if: (a) mortgagor pays
Association all sums which would be then due under this mortgage,
the note and notes securing future advances, if any, had
no acceleration occurred; (b) mortgagor cures all breaches
of any other covenants or agreements of mortgagor contained
~ in this mortgage; (c) mortgagor pays all reasonable expenses
incurred by Association in enforcing the covenants and agreements
I of mortgagor contained in this mortgage and in enforcing
Association's remedies as provided in paragraph 23~hereof,
including, but not limited to, reasonable attorney's fees;
and (d) mortgagor takes such action as Association may reasonably
require to assure that the lien of this mortgage, Association's ,
interest in the property and mortgagor's obligation to pay
the sums secured by this mortgage shall continue unimpaired.
Upon such payment and cure by mortgagor, this mortgage and
the obligations secured hereby shall remain in full force
and effect as if no acceleration had occurred.
PARTIAL RELEASE PROVISION
z It is contemplated that the proceeds of the within
mortgage loan will be used by mortgagor to construct a five-
townhouse condominium apartment building on Tract B of the
j within described real property. At such time as such condo-
; minium apartment building is completed and a proper declara-
tion of condominium, agreeable to Association, has been placed
of public record, Association agrees that so long as mortgagor
is not in default under the terms and conditions of this _
mortgage and the promissory note secured thereby, Association
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FEE. KOBLEGARD 8c TEEL. P. A. {
ATTORNEYS AT L„W e[mx ~ L 1~ p~'E 251
POST OFFICE BOX 1000 {i VWV ii
FORT PIERCE, FLORIDA !l450
Tttt~eowt. (!05) 461.0020
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