HomeMy WebLinkAbout0987 the capitalized value of the ground rent usinq a discount
rate announced by the Florida Housing Finance Agency. The
cost of acquiring does not include usual and reasonable
set~lement ~r financing costs, the value of services per-
formed by Mortyagor or members oF Mortgagor's immediate
family in completing the residence or the cost of land which
has been owned by Mortgagor for at least two years prior to
the date on which construction of the residence begins.
(e) ~vithout the Prior written consent of Lender, .
Mortgagor will not sell or transfer all or any part of the
Property or an interest therein, excluding (i) the creation
of a lien or encumbrance subordinate hereto, (ii) the crea-
tion of a purchase money security interest for household
appliances, or (iii) a transfer by devise, descent or by
operation of law upon the death of a joint tenant. Any such
written consent of Lender will require at least that the
provisions of the foregoing (a), (b), (c) and (d) must be
satisfied by any person assuming the rights of Mortgagor
hereunder and that the provisions of paragraph 17 above be
satisfied.
19. Acceleration; Remedies. Except as provided in paragraph
17 hereof, upon Mortgagor's breach of any covenant or agreement of
Mortgagor in this Mortgage, including, without limitation, the
covenants to pay when due any sums secured by this Mortgage and
the tax covenant contained in paragraph 18 hereof, Lender prior to
acceleration shall mail notice to Mortgagor as provided in para-
graph 14 hereof specifying: (1) the breach; (2) the action re-
quired 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 sums secured by this Mortyage, foreclosure by judicial
proceeding and sale of the Property. The notice shall furthez
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
i foreclosure. If the breach is not cured on or before the date
specified in the notice, Lender at Lender's option may declare all
of~ the sums secured by this r7ortgage 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 attorneys' fees, and_ costs of documentary evidence,
abstracts and title reports. .
20. Mortgagor's Right to Reinstate. Notwithstanding Len-
der's acceleration of the sums secured by this Mortgage, Mortgagor
shall have the right to have any proceedings begun by Lender to
enforce this Mortyage discontinued at any time prior to entry of a
judgment enforcing this Mortgage if: (a) Mortgagor pays Lender all
sums which would be then due under this Mortgage and the Note 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 expe~ses incurred by
Lender in enforcing the covenants and agreements of Mortgagor
contained in this Mortgage and in enforcing Lender's remedies as
; provided in paragraph 19 hereof, including, but not limited to, ~
~ reasonable attorneys' fees and liquidated damages, if any; and (d) I
~ Mortgagor takes such action as Lender may reasonably rec~uire to ~
~ assure that the lien of this Mortgage, Lender's interest in the
~ Property and Mortyagor'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 reinain in full force and effPCt as if no acceleration
~ had occurred.
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