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Execu~~d eh~ 2 9 th doy oJ March A. D. ~~7 4 by
G-C PROPERTIES, INC.,
a oorpo.a~ton ext,ttng w~de. eke Iaw: oj the State of Florida, w~d 1?nutng ib prtncipni piace oJ
6~inessat 663 Harold Avenue, Winter Park, Florida 32789,
hereinajter called ti?e mortgngor, !o
S.L.M. DEVELOPMENT CORPORATION,
a oorpomtion existing under t~a ~aws o~ fhe $tate oJ Florida . wit~ ifs permanent posto~ffce
~dd.ess n~ 1300 Seaway Drive, Fort Pierce, Florida .
tier+einajter called the morlAagee:
lwfe.e.ir wed ~erw t~e eer.r ••ao~o~ „d •~wart~a~ee•• iecF~de dt tle p.rties to ti's ia.w.nt .nd tbe Aeusj
ksal rrpae~tativd a~d mis~s o( i~divid~ub. a~d l6e eaoccsors aod arqM o( oorya~ratiom; aed ILe ~era ' aote'
i~ch~des a4 ve wtes 6crei~ docn'bed i( ~ae tlic oae-)
~~~~~e~~ Il~at /or good and w~l~bl~ ~?u~de.atto~s. and alao tn rnnsideration oJ Il~e aggre-
gate sum nwned in fhe promissory nole oj euen dnte heremith, her+einnjter described, tl~e mortgogor here-
6y gmnls, bargains, seUs, aliens, remis~s, conveys and conjirms unto the morlgagee nlI the certain Innd
o~ wl~ich the mortgagor ts now seizecr and ire possession ~ituate-i~ St. Lucie County.
Florida. ~~Z: ~
The unpla~ted part of Block 2, REVISED .
MAP FORT PIERCE BEACH, according to the .
plat thereof as recorded in Plat Book 8,
Page 29, Public Records of St. Lucie County, .
Florida; LESS AND EXCEPTING THEREFROM that
part lying Easterly of line more particu-
larly described in Official Records Book
175, Page 2019, Public Records of St. Lucie
County, Florida.
I
~ THIS IS A PURCAASE MONEY SECOND MORTGAGE.
By the acceptance of this Mortgage, the Mortgagee agrees that it ~
will subordinate the lien of this Mortgage to the lien of any con- ~
~ struction or permanent Mortg~ge (a "permitted Mortgage") made by •
~ ~ the Mortgagor to any institutional lender (i.e., an insurance
` company, national or state bank, trust company, savings and loan
association, pension or annuity fund, Massachusetts Business Trust
or real estate investment trust). This provision shall be self-
operative, and upon the recording of a permitted Mortgage, this
Mortgage shall at once become junior and inferior thereto; however,
the Mortgagee will at any time and from time to time upon request
of Mortgagor execute an appropriate instrument in recordable form
subordinating the lien of this Mortgage to the lien of a permitted
Mortgage.
The maximum amount of permitted Mortgage to which this Mortgage
may be subordinated shall not exceed TWO MILLION NINE HUNDRED
. . ' ` THOUSAND DOLLARS ( $ 2 , 90 0 , 0 00 . 00 ) .
_ ~
C° Based upon the construction of a multi-family project containing
, ,
;~`„ti4~ sixty (60) dwelling units and provided the Mortgagor is not in
default, the Mortgagee will release individual dwelling units
'
:.,r, from the lien of this Mortgage upon payment to it of TWO THOUSAND
~ ,`:'3~'.'' DOLLARS ($2, 000.00) per unit plus accrued interest.
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,,;;,;MTTtE '~d SUIiE d:i3 . FIRST fE~:F:AL BUIL~!NG ~ Sj~ s~j~~~j~,
~~~3 P. O. BOX : oQ9 ORLANDO, Fl0?tD;. 32~~2 ~/f ~ ~
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