HomeMy WebLinkAbout1330to 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 sums 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,
mortgagee at mortgagee's option may declare all of the sums
secured by this mortgaqe tc be 2::^^':A3iat~Z}~ ~?~~° a.^.~? pal ab2e
without further demand and may foreclose this mortgage by
judicial proceeding. Mortgagee 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.
25. The real property subject to the lien and opera-
tion of this mortga~e is intended by mortgagor to be developed
by it as a condominium, composed of eight phases, each having
one building containing 12 apartment units; such intended
development being agr.eeable to mortgagee and all subsequent
encumbrancers existing~as_of the date hereof. So long as
mortgagor is not in default under the terms and conditions
of this mortgage or of any inferior instrument of encumbrance,
with written notice of such default having been furnished
mortgagee by such subsequent encumbrancer, mortgagee will,
at the request and at the expense of mortgagar, execute and
deliver partial releases of individual condominium apartments
from the lien and operation of this mortgage according to
the schedule of payments appended to the construction loan
agreement by and between mortgagor and mortgagee (Paragraph
5, item c.).
26. Provided there is no default under this mortgage,
the promissory note secured by same, or the other documents
referred to herein, mortgagee agrees with mortgagor to subor-
dinate the lien and operation of this mortgage to necessary
easements for utilities, drainage and roadways; including,
without limitation, gas, telephone, electric lines and con-
duits, sewer and water lines, lift and pumping stations,
and to join in a legally sufficient declaration of condominium
acceptable to mortgagee so long as:
a, such subordinations and joinder are required
in connection with the development, use and enjoyment
of the property in the manner demonstrated hy the
plans and specifications on file with mortgagee; and
b. the holders of all instruments of subsequent
encumbrance shall have subordinated their respective
instruments to such easements and shall have joined
in said declaration.
IN WITNESS WHEREOF, mortgagor has executed this instru-
ment the day and year first above written.
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Signed, sealed and THE SANDS LAKE VIEW DEVELOPMENT,
delivered in the a Florida partnership,
presence o By: THE SANDS LAKE VIEW DEVELOPMENT
- ; -' ~~~ ~~ ~ ~ ' CORPORATION (General Partt~r ~of
,-~-~.= ~~~_ _,~c/ -,_ ~, The S Lake View Development').
' BY ri- . ~• ~~~ ,i~
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As its ~' ,~~~~%r
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FEE. KOBLEGARD 8c TEEL. P. A. -~;Cot ~~'~t e~,
ATTORNlYS AT LAW - ~ \T t =
POST OFi1CC BOX IOCO '; ~~~\Q ~+
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