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F..~.~ ~~i~~l ~hp 1~ day o/ January A. D. i96g 6y
VAUGHN & WRIaHT, INC., a Florida corporation, of
16 N.E. 4th Street, Fort Lauderdale, Florida,
, J~er~ina(trr inllc~tl II~p mortga~o~, ro L. C. VAU(~HN ~ld JAMES A. VAUGHN~ bOth Of
~ i+ the City of West Palm Beach, Palm Beach County, Florida,
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(i I~~rrinajt~r colled the mortgagee:
(WI?emYr ased berei~• the terms "mort~w" and "isortxa~ei' ixlude all J~e partia to t4is imtryseat aad tAe 6eu+.
le~al rcyre+cauti~es and usiRm of iadividwls. aad t6e wne~xKa aad assita oI corporacioas: a~d t6e term "wtc„
inrludrs all the awes bcrein described it ~owe t6as one.)
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~ ~~~I~e ~ that )or good and valua6le consideralions, and also in consideration oJ f1?e aggre-
~ flnte sum name~ ir. t{~e promissory nofe o~ eren dale hp.+~u~~rh. {~ereina~ler c~escri~, the mortgago~ here-
~iy flranls, bargnins, se~~s, a~iens, remises, rnnveys anc~ conlirms unto the mortgngee nj~ t~e certnin ~antl
i; of tuhich the morfgaflor is now seize~ anc~ in possession siluate in St. Lueie County.
' Florida. niz:
; Lots 8 and 9, of K. B. Raulerson~s Addition to the
~ City of Fort Pierce, Florida, according to plat thereof
recorded in Plat Book 1, Page 3 of the public records
of St. Lucie County, Florida; said lots lying in and
~ comprising a part of the SE 1/~ of SW 1/~ of Section
10, Township.35 South, Range ~0 East, together with the
i; buildings and improvements thereon.
_ j~ Sub~ect to taxes for the year 1969 and subsequent
~j thereto and sub~ect also to easements, reservations
and restrictions of record. ~
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This is a purchase money second mortgage ar~d is inferior !
` Ei and sub~ect to a first mortgage given by L. C. Vaughn
- i; and Varina W. Vaughn, his wife, and James A. Vaughn and ~i
. Dorothy A, Vaughn, his wife, to Gulf Life Insurance ~
i: Company on which there is presently due and unpaid the
principal amount of $28,9~3.72 which the mortgagor has
i expressly assumed and agreed to pay. Said first ~
j mortgage shall not be modified or extended without
~ ;I, mortgagee's prior written approval. In the event that ~
the mortgagor herein shall default in any payment or i
condition stipulated in any prior mortgage for a period
of 15 days, or in the event of any default in a prior (
;j mortgage so as to cause the same to be accelera.ted }
and become due and payable during the continuance of this i
;j mortgage, then the entire sum, less any unearned interest,
i; secured by this mortgage shall become due and paya.ble at ~
the option of the mortgagee. ~
` `i Privilege is reserved to prepay the note secured by this ~ j
i mortgage at any time without penalty.
~ ~ Mortgagee agrees to release that portion of Lot 8, abovedescribed,
f which is presently unimproved and measures approximately 75' in
width, front to rear, in the event mortgagor desires to sell the
, , same provided, however, that the net proceeds of such sale are
; appl~ed, first to make any payment required to obtain a partial
~ ; release thereof from Gulf Li e Insurance Company the first mortga~e~,
I~ second, a sum not to exceed ~3 000.00 to be appl~ed to the making of,
~ improvements to existing build~ngs on the remainder of the mort-
gaged property so as to rovide additional rental income space, such~
; re~~a]~income as ~recei e~ to b~ a~l~ed in reduct~on o~ the in-
de e ess secure by ~h s mor gag n inverse o er o payment of
i; the principal balance, and the balance, if any, to be applied to
said principal indebtedness, in inverse order of pzyment oP said
principal balance.
~ (CONTINUSD PAGE 2)
Il~is Inatrwnent was prepared by:
;i JACKSON & JACKSOP~
ggr~ ' Attorneys-at-Law ~ppp~D~ ~
230 Royal Palm Way (
J Palm Beach, Florida ~
eooK175 ~~t1~43 ~
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