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F~M UI~ II1P 16th day o/ Aecember A, D. ~967 6y
EDSALL GROVES, INC. , a Fbrida corporation ~
,~I with mailing address at Rt. 1, Box 265-L, Vero Beach, Florida,
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~ 'i hereina(le~ callc~cJ Il~e mortgapor, fo Rjj-NjAR~ j]1jC. ~ a Florida corporation,
II with mailing addresa at C/o ~u~~ ~ j~, ~,3 ~
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l~errinajtPr cal~ecl f/ie mortga~ee~:
lNAerr+er a+ed 6ereia ~4 te~m '•morts~•• a~d ••wa4tasK ' i~ch~de all t6e par~ie~a to tlw iwsw~e~t aad t~e ?ein, '
kcal repreaeautises s~d sssyt~s ot i~di~~idwis. aad tAe wnea+nn aod sni~n ol corpora~io~s; awd tk ter~ ••~oEe,•
~eclude+ all tAe w..tn bereia deatri6ed i( so~e t6ae owr.)
, ~~~~Q~~ Il~at jor goocl and ~~aluable c~onsiderations, and also in rnnsiderntion o/ tlee aggre-
~ gaf~ sum namec~ in l~e p?omissory nofe o( even (IOtP herrwifh, hereina~ter descri~, f~e moHgogor he?~e-
~ by gmnls. ~ia~ains, se«s, alie~s, remises, rnni+eys enc~ con~irms eaito tti~ morfgagee aII il~e cerfain jund
} o~ w6~~h rhp morfgaflor is nocv seizer~ anc~ in possession siluate in $t, Lucie County.
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1=lorida, e~iz: '
~ 1~ The South one-ha]f (S2) of the Northeast one-quarter (NE;)
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~ j of Section 14, Township 36 South, Range 38 East, Excepting
' therefrom all rights-of-way for public roads and drainage
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Including as a part of the realty all pernaanently installed
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irrigation systems and equipment, mcluding all pumps,
n~~ motors, engi.nes, pump houses, tanks, pipes and mains,
F$~ y~ pipeZines, together with a11 equipment necessary for the use
h x~, and operation thereof, now on the premises.
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'~i ~ TH1S IS A PURCAASE MONEY MORTGAGE executed for the purpose
~ N y q~ E? of evide~[cing and securing the balance of the purchase price of the mort-
gaged premises and the same is subject in priority only to the lien of a e
!;~first mortgage executed by mortgagee to The Prudential Insurance Company
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of America under date_ of December 28, 1965, and being on file ia
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OfficiaZ Record Book 135, at page 89 of the public records of St. Lucie ;
~ j~ County, Florida, in the face amount of $56, 000. 00; the said mortgage '
j presently securing a principal balance of ~46, 000. 00 with there being
~ an agreement on the part of the said first mortgagee to make a further
i ';i or future advance in the principal sum of ~10, 000.00 to be likewise
` secured by said first mortgage desd. .
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ADDITIONAL GOVENANTS TO BE KEPT
; AND PERFORMED BY MORTGAGOR
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f 1. In the event the first mortgagee does make a further advance to
~ mortgagor thereby increasing the mortgage debt taking priority to the lien
and operation of this second mortgage, then, and in such event, the mort-
gagee upon receipt of such further advance sha11 immediately cause fhe
~ amount of such advance to be paid by way of prepayment of the promissory
note secured hereby; and if mortgagee receivea such future advance and de-
j~ faults in making immediate payment as covenanted, such default shall,
without notice, entitle mortgagee to demand full payment of the then re-
~i maining purchase money mortgage debt and proceed to foreclose this mort-
gage notwithstaandin~ auy grace period provision contained in this mortgage
or the promissory note secured hereby.
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