HomeMy WebLinkAbout1927 encumbering such Parcel 2 upon the payrient of the sum of Sixty
Thousand Dollars ($60,000.00~ towards the princ~al of ~he indebt-
edness secured by the said promissory note. (Continued on Page 7-A~
6.a~ Ray and his partner, J. Frank BrooMe, as co-partners
trading and doing business as Bluefield Dairies, under an agreerr,ent
dated the lst day of September, 1961, ~s amended, are tne owr.ers
and holders of a promissory note in t'r.e amount of ~174,320.78
dated August 21, 1.967, made, executed and delivered to them by
Wesley Harvey, Charles Harvey and Basil Harvey, securen by r.~ort-
gage deed of even date therewith recorded on August 21, 1967,
Official Records Book 103, page ~+35, of the Public Records oi
Okeechobee County, Florida, and Ray hereby agrees to endorse said
promissory note and assign said mortgage to Robert B. Butler, as
Trustee, and that said Trustee shall collect insta?lment paymen~s
of principal and interest as they become due thereon, and to pay
or accrue for the payment of the principal~and interest install-
' ments due or to become due upon the indebtednesses secured by
said mortgages now held by the Federal Land Bank of Colur.ibia
~ and the Citizens National Bank of West Hollywood, in such manner
that the installment payments secured tiy said mortgages encwr?oer-
ing Parcel 2 shall be kept current to date and provisions macie for
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accrual of payments coming due thereon prior to the next succeed- .
ir.g due date of the installment due to be made upon the mor~gage
wherein said Messrs. Haxvey are the mortgagors. It is ~he inten-
tion of Ray and Marilynn that the payments coming due fror;l t'r.e
Harveys, their heirs and assigns, shall first be applied toward
the currently or coming-due installments upon the two mortoages ~
encw:?bering Parcel 2, and tha~ any excesses of sucr proceeds, fro:,i
time to time, shall, at the option of Ray, be applied to:tiard t'r.e
prepayment of the encumbrances upon Parcel 2 or paia to :~:ari~5r;.n,
so that the priority of her third mortgage lien upon saic P2rce1 2
shall be thereby improved.
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6.b~ Ray hereby acknowledges that the encu.~:~:ance~ upor
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said Parcel 2 were originally given to secure obligatior.s owe~ by
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[lLlt. !r[NCEN AND 61JYL[R. AITORNiYi AT ~AW. MOLLYWO00. OLORIOA ~
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