HomeMy WebLinkAbout0245 MORTGAQE DEED / - / RAMGO FORM pE6
lONO IORM
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~ /:.r~cu1~~1 11u~ ~ ~ay oJ - June A. n. 19 73 by :
I JAMES E, FISCHER and PHILIP M. RICHARDSON, as Trustees of the Fischer ~
Medical Center, P. A. Employees' Pension Plan and Trust, as to an undivided -
50% interest; and GREY YERG and EDWARD M. NETTO, as Trustees of the
~+~eiraoft~ol~~ck46xaoxaoatarAaxasx Netto Construction, Inc. Employees' Pension Plan and
~ Trust, as to an undivided 40~o interest; and LLOYD TAYLOR, as Trustee, as to
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an undivided 10% interest; hereinafter called the mortgagor, to WALDO H. ;
7~.ANDER and COLLEGE PARK ESTATES DEVELOPMENT CORPORATION, a
~ereina(~t>~ ~~Il~d thp mo~t~~nq~: ~Florida corporation,
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I~ . iN'hamer used bereia t6t terwas "mw~Ka~w" an~+ "mortxas~e" iaclude all tRe putiea to this imtrumcet and t6e 6ein,
I le~al r~yrr,enuti.rs and u+iKm u( iadividuah, aod tAe sucreca~rs and assiR4s ot carporatioqa: aad tbe tera "sote" `
' inrludts all ~be nute~ herein de+cr~bed ii m.Ke Ihan one.)
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~ ~ttnesseth~ fhul ~or floocl and i~alua6lr consideralions, and nlso in conside?ntion of fhe aggre-
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gate s~mi named in Ihe promissory note o) ei~en dnte herewilh, tipreinnf ter desc?t6ed, the mortgagor I~ere-
j' by c~rants. 6~rgains, sells, aliens, remises, conneys and conjinns uRto Il~e mortgagee ajI Ihe certain [and
ii o( wh~~h !tie mortgai~or is now seize~ anc~ in possession situale in St. Lucie County,
/'(orit~a, t}iz:
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All of the S 1/ 2 of the SE 1/4 of the SE 114 of Section 1?, Township '
35 South, Range 40 East lying West of College Park Estates and
ii its ?-1 / 2 foot utility easement adjacent thereto, the plat of which
is recorded in Plat Book 12, at page 52, of the public records of '
~j St. Lucie County, Florida.
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' EXCEPTING THEREFROM ±he South 49. 5 feet 6eing used for `
canal right of way and further excepting therefrorn the North 25
feet of the 1~t%est 1/ 4 of the SE 1/ 4 of the SE 1/ 4 of the SE 1/ 4
conveyed to the City of Fort Pierce. '
THIS IS A PURCHASE MONEY MORTGAGE.
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This mortgage is made, given and accepted with the understanding
that the Mortgagor, their successors and assigns, sh~.ll have the r~ght to '
~ release portions of the property encumber,ed hereby, provided the mortgage f ~
and note secured hereby is not in default at the time of the pa.yment of the
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release price; and in connection with the giving of said releases, the •parties
I; hereto agree as follo~vs:
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w_ A. lipon th_e payment of the first $31, 000. 00 of the principal of
; : p the mortgage, Mortgagee shall release the Northerly four (4)
~ 'r ~,c~ acres of the property encumbered hereby. Upon the payment of
s z~i q~ the second $31, 000. 00 principa2 payment of this mortgage, Mort-
~ ~~1 M gagee shaii release an additional four (4) acres of the land
~ ;J~~.,,~,~ secured hereby, said four (4) acres to be adjacent to the first `
F ~ a!~ four acres previously released. Upon the payment of the final
~ 1~' principal surn of ~31, 000. 00, the entire »nreleased portion of
the premises secured hereby shall be released.
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;~2,> B. All payments for release of land shall be applied to the next ,'1 ~
`~`'"'y ' maturing installment of principal maturing under the note secured
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` h e r e b y. P a y rn e n t s m a d e o n a c c o u n t o f t h e n o t e s e c u r e d h e r e b y,
~ ~;y.. ,a~ ~ where such payments are other than those which were made for a
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? release of Iand, such as annual amortization payments, shall like-
S Y I 0 wise entitle the Mortgagor to receive releases computed in accordance
3 ;,~~i~, ~vith the terrns above set forth.
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s THIS INSTRUMENT PREPARED BY : i!N ~ j~
; ' Arthur E . Fox ~
~ ~ ~~gp~ p~ERIY,
? ~ 245 S. E. First Street ~~ER 71•134, ~s o~ lfi~.~l~ ~
` ~ Miami, Florida 33131 ~ ` '
' a~ Gqq~R ~OtlR1~ ST. WCIE 00, FLJ~
j ~1~ Pl.!'~
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