HomeMy WebLinkAbout0995 18. AccNKaNoe; R~m~dl~s. Except as provided in para~raph 17 hereof, upon 8orrower's breach o1 any covenant or agreement
of Borrower in this Mort~age, includin~, without I~mitation, the covenanta to pay when due any sums seCUred by this Mort~age and
the tax covenant contained in pa?agraph 18 he~eof, lender prior to acceleration shall mail notice to 8o~rowe? as provided in
paragraph 14 he~eof 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 Borrower, by which such breach must be cured; and (4) that failure to cure such breac~ on o? before the
date specified in th@ notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and
sale of the Property. The notice shall f unher inform Borrower oi the right to reinstate afte~ ecceleration and the right to assert in the
(oreclosure proceeding the non-existence of a detault o~ any other defense of Borrower to acceleration and forectosure. If the
breach is not cured on or betore the date specified in the notice, Lender at Lender'a option may declare all of the sums secured by
this Morigage to be immediately due and payable without tunher demand and may foreclose this Mortgage by judicial proceeding.
Lender shall be entitled to collect in such proceeding all expenses of toreclosure, inctuding, but not limited to, reasonable
attorney's fees, and costs of documentary evidence, abstracts and title reports.
In addition to all other rights of the Lende~ hereunder, if the Lender o~ Service~ at any time discovers that 8orrower's covenants
he~ein and Bor~owe~'s affidavit executed in connection with obtaining financing of the P~operty hereunder contains a
misstatement or omits to state a tact requested to be stated therein and such misstatement or omissior~ is as to a mattef which
causes the Note and this Mortgage to ~ot be eligible for tax-exempt financing bythe Florida Housing Finance Agency. Lender shall
have the option of either increasing the Note interest rate to the conventional mo~tgage interest rate then prevailing in the County
i~ which the Property is located, or accelerating the indebtedness secured by this Mortgage as provided above in this parag~aph 19.
Any such increase in inte~est rate shall be effective as of the first day of the calendar month after the Lender gives notice ot
Borrower's misstatement or omission; provided, however, ihat ii such notice is given less than ten (10) days prior to the f irst day of
such month, such increase shall be effective as of the tirst day oi the next succeeding calendar monih.
20. Borrowers Rl~ht to Relnstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower sh ~II
have the right to have a~y proceedings begun by Lender to eniorce this Mortgage discontinued at any time prior to entry of a
~ udgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note,
had no acceleration occurred; (b) Borrower cures all breaches oi any other convenants or agreements of BorroKercontained in this
Mortgage; (c) Borrower pays all reasonable expenses incur~ed by Lender in eniorcing the covenants and agreemeMs of Borrower
contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 19 hereof, including, but not limited to.
reasonable attorney's fees; and (d) Borrower takes sucF~ action as Lender may reasonably require to assure that the lien of this
Mortgage, Lende~'s interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue
unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in tull force
and effect as if no acceleration had occurred. -
21. Asslgnment of Rents; Appolntment of Recelver. As additional security hereunder, Borrower hereby assigns to Lender the
rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 19 hereoi or abandonment of the
Property, have the right to collect and retain such rents as they become due and payable.
Up~n acceleration under paragraph 19 hereof or abandonmenf of the Property, Lender shall be entitled to have a receiver
appointed by a court to enter upon, take possession of and manage the Property and to collect the rents of the Property, including
those past due. All rents collected by the receiver shall be applied tirst to payment of the costs of management oi the Property and
collection of rents, including, but not limited to, receiver's fees, premiums on receiver.'s bonds and reasonable attorney's fees, and
then to the sums secured by this Mortgage. The receiver shall be liable to account onlyforthose rents actually received. Nothing in
this paragraph shall be construed to permit the renting of the Property in violation of Section 103A of the Code, as amended.
22. Release. Upon payment of all sums secured by this Mortgage, Le~der shall release this Mortgage without charge to
Borrower.
23. Attorney's Fees. As used in this Mortgage and in the Note, "attorney fees" shall include attorney's fees, if any, wfnich may be
awarded by an appellate court.
IT WITNESS WHEREOF, Borrower has executed this Mortgage.
Signed, sealed and delivered
in ihe presence of:
C~ ~
' ~ 1~1~_ l' ? ~,t )~.~-~~t- t ~X ~ • (Seaq
e n o0
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~ ~ '\t""'~ • / (Seal)
' renca . Un ood
;
~i STATE OF FLORIDA )
i ) ss.:
COUNTY OF St. LUCIe)
~ I hereby ce~tify that on this day, before me, an officer duly authorized in the state aforesaid and in the county atoresaid to take
acknowledgements, personally appeared
~ Michael R. Underwood and Brenda C. Underwood, his wife
i
. to me known to be the person(s) described in and who executed
the fosegoing instrument and acknowledged before me that they executed the same for the purpose therein
expressed. '
WITNESS my hand and ofiicial seal in the county and state atoresaid this 22nd day of
r November , t9 83.
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~ My Comrlilssion expires: ;
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