HomeMy WebLinkAbout0336 PAGS 3 of MORTGAGE from BAY COI,ONY OF ~STUART, INC., a rlorida corporation,
to FIRST FISDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PZERCS
11. In the event the premises hereby mortgaqed, or any part
thereof, shall be condemned and taken for public use under tre power
of eminent domain, the Association shall have the right to demand
that all damaqes awarded for the taking of ox damaqes to said
premises shall be paid to the,Association, its successors or assiqns,
up to the amount then unpaid on this mortqage.
12. If foreclosure proceedings of any second n?ortgaqe or
second trust deed of any junior lien of any kind should be instituted,
the Association may at its option, immediately or thereafter declare
this mortgaqe and the indebtedness secured hereby due ar.3 payable.
13. PARTIAL RELEASE PROVISION. It is mutually understood and
agreed by an etween Mortqagor an Association that Mortgagor will
proceed to cause the mortgaged premises to be subdivided inta 32 lots
in accordance with a rendition by Greenlees, Montgomery & Associates,
Inc., engineers, entitled HAY COLONY OF STUART, consisting of three
sheets, each identified by the initials of mortgagor's executinq .
officers and delivered herewith to Association; and Mortgaqor will cause
a plat of such subdivision to be duly filed and made a part of the
gublic records of St. Lucie County and Martin County, Florida.
. After the mortgaged premises have been so subdivided and a
plat thereof filed of public record, Association, so long as Mortgagor
is not in default unde~c the terms of this Mortgaqe or the promissory note
secured hereby, agrees ~o release individual lots as delineated
by said sut~division plat, from the lien and operation of this mortgaqe
on the basis of the following scheduled retirement of the principaY _
debt made by Mortgaqor. All such releases shall be at the expense of
the Mortgagor.
~ Lots 24, 25, 26, 27, 28, 29, 30, 31 and 32 for $13,600.00 per lot
I,ots l, 2, 3 and 4 for $20,000.00 per lot
Lots 5, 6, 8,9, 10, 11-, 12 and 13 for $27,200.00 per lot
Lots 16, 17, 18, 19, 20, 21, 22 and 23 for $43,400.00 per lot
Lots 14 and 15 for-$52,800.00 per lot
14. This Mortgage constitutes one of two duplicate original
mort~ages which are being~simultaneously recorded in Mai:tin and St.
Lucie Counties, Florida. Both mortgages secure the same promissory
i note in the siim of $450,000.00, a copy of which is a part of each
~ mortgage. For intangible tax and documentary stamp tax purposes,
I this mortgage represents a value of pt~o , which
is 5 O $ of the face amount of the attac ed promissory note.
The respective amounts of intangible tax and docwnentary stamp
tax for each mortgage is being paid to each county wherein the
respective mortgage is being recorded.
A default in payment or in any other term or provision ~f said
promissory note or in the terms or conditions of e-ither inortgage shall
constitute a default of both m~rtgages. And in the event of default,
the M~ortgagee shall have such remedies as herein provided in said
mortgages and promissory note.
IN WITNESS WHEREOF, the said Mortgagor fias caused this instrument
to be executed in its name, and its corpo=ate seal to be hereunto affixed,
by its proper officers thereunto duly authorized, the day and ~ear first
above written.
Signed, sealed and delivered BAY COLONY OF STUART, INC., a Florida "
in the presence of: corporation
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