HomeMy WebLinkAbout0595 p~srowaa ossv IIAMCO ROIIU Rt•
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Ex~uted.~he 17th day oj April A. D. tq 73 6y
RICHARD E. HUNT
1?e.sino/!er cn!!ed the mortgagor, eo M. A. RAMSEY, as to an undivided 1/4 interest;
PHILLIP P. ZIPES, as to an undivided 1/4 interest; and
LEON D. MILLER, as to an undivided 1/2 interest,
tiereinaf ter called the mortgagee:
(Wbcrever wed 6ere:a the tcrm~ " aad ••~tp~ee•• iach~de aU ti~ artia a t4~ ira+rnt ud ttie~?tirsj
ks~ nP~~+~nntivea and a~ m ~o~t~~uM '~i~l,iy.aad tlis sr~so~ aad arina o( coryor~tiar; ud tic eera ' w~e'
indudea all tLe wtes 6e~ci~ deaen"bed ii ~e owe.)
~`~I~Q~~ thnt jor good and valuable c~onsiderations, and a4o in oonsider+ation oj tk~ aggro-
gnte sum named in li~e promissory nole oJ e~en tjate ~e~+ewith, heretnnf
ter clwcri~. t~e nwrtgagor k~t~s-
by grants, bargnins, se~l.t, a~iens, ?emises, conveys nnd conf
irnu unfo the rnorlgugee oU !he cwtatn lartd
of whic~ t~e morlgagor is now seizec~ anc~ tn possession siluate in St, Lucie Co~h?.
Florida, viz:
From the NW corner of the NE 1/4 of Section 27, ~ownship 35
South, Range 40 East, run west along the north line of
Section 27, 152 feet to the easterly right-of-way of U. S.
Highway 1, thence run South along said right-of-way a distance
of 1,222 feet to the point of beginning, thence run east-
- parallel to the north line of Section 2? a distance of 800
feet, thence south parallel to the easterly right-of-way of
U. S. Highway 1 a distance of 300 feet, thence west parallel
to the north line of Section 27 a distance of 800 feet to
! the easterly right-of-way of U. S. Highway l, thence north
~ along said right-of-way 300 feet to the point of beginning.
THIS IS A PURCHASE MONEY MORTGAGE.
In the event Mortgagor does not co~nence construction of a
Ramada Inn, or equivalent motel, upon the above-described
~ property within ninety (90) days of date, then Mortgagees
~ may, at their option, elect to accelerate the due date of
~ the entire indebtedness evidenced by the purchase money
~ notes, copies of which are attached hereto. "Commencement"
shall mean placement of foundation and footings.
If Mortgagor secures a loan to finance the construction of
~ said motel from a com~nercial bank, savings and loan associa-
tion or insurance company authorized to do business in the
State of Florida, then the Mortgagees agree to subordinate
C this mortgage to the lien and_operation of any such con-
~ struction or long-term mortgage provided, however, that at
~ the time of requesting such subordination the Mortgagor
~i shall supply to the owner a personal surety bond in an
amount equal to ten percent (10~) of the amount borrowed
from such lending institution, which bond shall secure to
the Mortgagees payment of ten percent (10$) of the amount
. borrowed, as aforesaid, in the event Mortgagor abandons
` the subject project prior to completion.
~ Notwithstanding anything contained elsewhere herein, the -
~ Mortgagees' right to accelerate the due date of the entire
~
~ ~ indebtedness shall be contingent upon first giving Mortgagor
thirty (30) days written notice of default.
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RECEIVED IN PAYMEN~ OF Tl~t
DUE ON CIASS 'C INTAN61~l.E PERSOtW. PRO?ER~`1.
Pl1RSlW~i TO (~1APTE1~ 71•134, ACiS OF 19/1. f
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