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C. ASSIGNMENT. This agreement is not assignable and trans-
ferable without the written consent of the seller which
consent shall not be unreasonably witheld.
D. RESTRICTIONS. The property is subject to County requirements
and govermental ordinances, restrictions, and easements. The
property is -zoned single family residents Sandalwood Estates
Property Owners Association Inc., is the owners of Tracts A
and 8 in this subdivision. Tract A contains a man-made lake.
Tract B contains a hammock area and water treatment plant.
Membership in the association is restricted only to persons
owning property in this subdivision. The Association .is
charged with maintenance of Tracts A and B, Current maintenance
.is $100.00, water usage fee $15.00 per month.
E. EXISTING MORTGAGE. As stated above this lot and various other
lots of the Subdivision are encumbered by a mortgage executed
by the seller in favor of First Federal Savings and Loan As-
sociation of Fort Pierce, dated August 14, 1978, an-d reworded
in 0. R. Book 292, at page 231 of the Public Records of St.
Lucie County Florida in-the original principal amount of
$425.000.00. Said montage is a balloon mortgage due and payable
in full on August 14, 1983. Provisions exist in said mortgage
which require the release of individual lots upon the payment
to First Federal Savings and Loan Association of Fort Pierce
the specified release amounts. The release payment amount of
the lot covered in this agreement is $10,000.00. The date of
final payoff by the buyers as shown in paragraph 3 above has
been coordinated so that release of the above described property
may be timely made prior to the due date of the balloon payment.
The parties agree that in case of default in the mortgage by
the seller. the buyers may pay said amount directly to First.
Federal Savings and Loan Association of Fort Pierce and have
the above described property released from said subject mortgage.
F. GRACE PERIOD. DELINQUENCY CHARGEt DEFAULT AND TERMINATION
If the buyers fail to make any payment when due the buyers
shall be in default. After a period of 10 days in default
a delinquent charge of-189. per annum of the principal balance,
computed on prorated basis for each day late will be assessed
I'; added and collected, In lieu of a delinquent charge, seller
may terminate this agreement in the event of a default but
i before termination for failure to make payments, the buyers
shall have a grace period of 120 days, during all of which
interest, or delinquency charge, shall continue to run. At
least fourteen days prior to the expiration-date of the ~ap-
~ propriate grace period, seller shall have given to buyers
notice in writing by certified or registered mail of the amount
due and the exact date of expiration of, the grace period.- In
the event of failure of the buyers to comply with this agree-
meet, all monies paid by the buyers hereunder shall be kept and
retained by the seller as liquidated damages. The parties to
this agreement agree that said monies constitute a reasonable•
amount of damages incurred by the seller..
_ G. TERMINATION AFFATAVIT. If this agreement is terminated seller
may record an affidavit attesting to buyers default and the
affidavit of the termination shall be conclusive proof of such
default and termination for all purposes, and buyer irrevocably
{ authorizes seller to thus attest and record such affidavit as
though it were buyers'_own act and deed.
H. TIME OF PAYMENT ESSENTIAL. The time of payment shall be an
essential part of this contract and all the covenants and agree-
ments herein contained shall extend to and be obligatory upon
the successors, heirs, executors, administrators and assigns of
the respective parties.
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