HomeMy WebLinkAbout1186 ~I YORTpA4E UEED RAMGO FOpM RE6 ~
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l.C~<-~~~~NI rl~~~ Sth d~, oj October ~1. 1). tq73 6y
~ JAi~iES J. KII.C~IVNON, individually and as Trvstee, joined by his wife,
~ ALICE F. KILG~ANNON,
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~I h~rei~ia(ti~r ra~li•t1 Ih~ murf~~uryor. lu B~N ~1.~~E Q~~~$~ IN~R~~~
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~ ~IP/PIIIQr~Pf CQ'~P(~ ~/1P morl~~u~~i•t~:
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iNheee.er u.ed htrem tAe term+ ' wu~traq~.r" ~ni+ ..a~ori¢ar~e" ~oclu~ all the puties to this insttumeat and t6e 4ein,
Itqal t~p~~~eme~i~cs and assiKm o! imli~idwis. and tAe au«~...u~ and aniqd~ uI CMjlut~lluRi: lOd t6e lerm "eutt'
i~rlu.1'+ all the nutn 6e~~ia de+rnhed i( murc tAan oor.l
~ditnesseth~ ~~I(1~ ,01' 1~00(1 (IIIf~ 1'p~ifQ~~P f0lISl~P~a~lO11J, Q!I(1 Q~O 1/1 CO/ISl(~P~Q~1011 O' ~~P aa9fP-
gat~ sum name~~ in 1~~~ promissory noii• o~ ~•t~~n c~al~ fieretrit~~. l~Pr<~ina~ler t{escribet~. t~e mortgagor here-
; 6y t~rants. 6ur~~rtins, s~Ils, alic•ns, rvmisc~s, co?et~e~s antl con(irms ~u~1o f1~e mortc~agee all ~/~P cPrtain lant~
o( u~~~ir~i I~it~ mortga~~nr is nota s~i.e~~ nn~~ in poss~ssion sih~nf~ iri St. Id1C1@ County,
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_ See F~thibit "A" attached hereto and made a part hereof .
TH I S I S A PUR(3-IA.SE MONEY F IRST MORTGAGE . °
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PROVIDING bbrtgagor is not in default under this Atortgage, bbrtgagee hereby agree
' to release certain parcels from the lien of this mortgage upon the following
terms and conditions: (
1 1. Upon payment of the first annual~i.~stallment of this mortgage, Parcel 1 shall+
be released fran the encwnbrance of this mortgage. ~
2. Beginning with the secand annual principal payment, contiguous parcels of ~
five (5) acre tracts shall be released at the release price of Five ?
, Thousand Dollars ($5,000.00) per acre, the first five acre tract released ~
to be contiguous to the ten acre parcel previously released and each sub-
sequent five acre tract released sha11 be contigvous to the last preceding 1
five acre tract released. ~
~fortgagee hereby waives its right to obtain a deficiency judgment against ;
• , Nbrtgagor under the terms of this mortgage or the note secured hereby and
Mortgagor-shall have no personal liability of any kind. Mortgagee`s remedies ~
shall be limited solely to the security referred to hereimder and Mortgagee ~
= agrees to waive any and all claim to a deficiency judgment in the event of
; foreclosure. ~
' ~fortgagor covenants and agrees that it will at all times, properly spray,
~ fertilize, water, irrigate, cultivate, care for and maintain in a productive
~ condition all of the grove now on said property, or hereafter planted thereon,
' in a husband-like manner as said groves are usually kept in St. Lucie County,
~ Florida, and it shall be lawful for the mortgagee; its successors and assigns
~ at all reasonable times during the continuance of this security~instn~nent to
~ enter upon said premises for the purpose of inspecting the condition of said
~ groves. The pnming, hedging or replacement of citrus trees shall not be
' considered waste under this mortgage. The failure to maintain the grove
; enciunbered by this mortgage, in accordance with the standard set forth in
this paragraph, shall. constitute a default in the mnrtgage and note if such
# default continues for 30 days after kTitten noti.ce from mortgagee to mortgagor.
a In the event this mortgage shall become in default under any provisions
- cantained herein for more than 30 days after written notice thereof has been
- provided by mortgagee to mortgagor, mortgagee shall have the right to have a
receiver appointed to assure that mortgagee will fran that point thereafter
be entitled to receive the net proceeds of the sale of a21 fruit harvested
` from the groves on the encunbered property, to cure the default.
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.,`Z y~ y IN PAYMENT Of T~ ~
RECEIYEO '
. pl{E Ofi CU~S 1NTIWGIBLE tERSOPUI PttOPERn~ ~
' p~gsllANT TO C11Arjf~ 11-13~. loC~S OF 19I1. (
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~ RO~ER P017RAS C p- b ~'C, '
~tFRK CIRCUIt CWRfy,
st. WClE C0, F1A ~r~r21~ ~.1.~s.!
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