HomeMy WebLinkAbout1138 i; . ~
YORTOAOE OEEO 233f 0~ ~
~ lONO ~OAM RAMCO F04M RE6
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i Er~-ur~d ~l~p 1(1l.t day o1 JULY A. D. t9 72 6y
NORMAN J. COWAR'~, WALTER J. COWART and J. EDGAR COWART,
~erpina~fer collc~cl t{~e moifgoQor, lo
W. GUY INGRAM and RAMIE INGRAM, his wife ~
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~ ' ~ ~ hereina(ter called the mortgagee:
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1~ ~ ( Wf~cre.er used 6creia tAe terms ''mort~a~or" and "mo~t~asee" iaclude a11 tAe putia to this iaswae~t a~d ~Ae ?ein.
.~~a ~ k~l rcprcarnuuvea and aatiRm o( iadividrah, asd tbe mnci+ors aad auiRm o( carparatio~s: awf tie tcrn ••~ooe••
~ ~ inctudes ap ~be mta Aereia descri6ed it more tAaa oae. )
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~~tn~Q~~ tl~af /or good and ~~aluabte ~ons~derntimu, and also in consideratton oJ ihe nggre-
g~ gule sum namec~ in !he promissory note oJ even date herewith, ~ereina~ter descri6ed, t/~e mortgogor here-
^ by 9~nn~s, 6argains, sells, aliens, remises, conueys o~d conf irms unto 16e mortgagee all !he cer[nin Innd
~ oj which ttie mortgagu~ is now seizec~ and in possession situate in St. Lueie Co~~y~
~ ~ ~ Florida. viz:
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Beginning on the West line of the East 1/2 of the SW 1/4 of Section
~ 24, Township 35 South, Range 39 East at a point 1332.08 feet South
of the NW corner of said East 1/2 of SW 1/4, run thence Northeasterly
~ parallel with the northerly right of way line of Okeechobee Road
(State Road No. 70) a distance of 184.25 feet; thence run South,
parallel with the West line of the E 1/2 of SW 1/4 of said Section 24 .
~ to the northerly right of way line of Okeechobee Road; thence run
~ Southwesterly, along said right of way line, a distance of 184.25 ~
feet to said west line of East 1/2 of SW 1/4 of said Section 24;
~thence run North to Point of Beginning.
~ COVENANT OF MORTGAGEES
~By acceptance hereof, Mortgagees covenant and agree that so long as
M~ortgagors are not in default of payment of any sum when due, the lie
and operation of this mortgage will be subject and subordinate to the
lien and operation of any construction mortgage loan by Mortgagors
placed on mortgaged premises in favor of any bank, savings and loan
association, insurance company, or agency of the United States of
America, and this covenant shall extend to and comprehend any
permanent mortgage financing obtained from any ~it financial institu
tion or governmental agency in refinance of a prior construction
mortgage loan. AND Mortgagees do promise and agree to promptly exe-
cute and acknowledge such subordination of mortgage agreements as may
be necessary and requisite to comply with this covenant, by them to
be kept and performed. Should Mortgagees fail to deliver the Mortgag
Subordination Agreements as herein required upon request of Mortgagor ,
then all interest due or to become due on the promissory-note referre
to above shall cease and all principal payments due or to become due
shall abate until Mortgagees comply with such request.
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