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Home My WebLink About0350 392i3~ ~ EED AND SECURITY AGREEMENT ~ MORTGAGE D THIS MUNTGAGE DF.ED Ithe Mortgage), ciated na of Jan. 27 , ly 78 , by and I~elween INNERCITY DEVELOPMENT CORPORATION (hereina[te~ ct~lled MortKagor) and SUN BANK OF ST. LUCI~ COUNTY , h:iving un oftice nt 111 Orange Avenue , Florida Ihereinutter ~•ullec! rlortgugee): WITNESS~'1'H, that in consideration of the premisee And in orde~ to secure the payment of both the prim•i{x~) ot, and inte:+eat and any other auma {wyable on the note (as hereinp(ter defined) or ihis Mortgage und the pertormance and ob- aervance ot all of the proviaions hereof and o( said note, I14ortgngor hereby granta, sells, warrttnts, aliens, remisea, rnleusca, com~eys, asaigns, trana(era, mortgageg and sete over and contirma unto Mortgngee, all oi Mortgugor s estate, riRht, title :~nd intereet in, to and under all thnt certuin mul property situUtein St_ Lucie Counly, Floridt~ more particula~ly descritxd as toliows: Lot 18 in RICHARD EDWARDS SUBDIVISION, as per plat thereof ~ recorded in Plat Book 10, Page 1, Public Records of St. Lucie County, Florida. qcce?vcd ! In P~n+~tt 0~ T~ION OuP On CIBSS "C" Itlt~tfObN~MfoflM'MOp~1ly{. ~ / . ~-J j'~?~1~F _-3F~ •~_jFr-. . , p,usuenlTOC~1~K71~1~A~~m• ;,~RENTAKY. _ ti.~•~ ) R00lR*OI1RA~ ~ ~ . - etEYENUE- ~ ~~~c~.~.s~.~o.~.~ c - ~...iJU'?b l'.~~ -T ~ f 5. 0 ~ ` a_ = - - ---s- ~ - - - ~ TOCE.'THER WITH all improvements now or hereafter located on s.~id real ~~ro~~erty and ~ll (iztures, ~ppliances. apµ~ratua, equipment, heating and air conditioning equipment, machinery and articles ot personal property and replacement thereof (other than those owned by lessees of said mal property) now or hereatter x((ized to, attached to, placed upon, or used in any way in connection with the complete and com[ortable use, occu~~ncy, or operation of said real property, :~II licenaes and permits used or required in connection with the use ot said mal property, all leases ot said rnal property now or hereatter entered into and all right, title and interest ot MortRagor thereunder, including without limitation, cash or securi- tiea deposited thereunder pursuant to said leases, and atl rents, issues, proreeda, and profits accruing from said real property and together with all proceeds o( the com~ersion, voluntary or involuntary ot any ot the toregoing into cash or liquid:ited claims, including without limitation, proceeds of insurance and rnndemnation awairda (the foregoing said m:il property. tangible and intangible personal property hereinafter re(erred to as the MortRaged Properly). Mortgagor hereby Krs~nts to Mortgagee Fi aecurity intereat in the foregoing described tt~ngible and int~~nRible personal property_ TO HAVE AND TO HOLD lhe Mortgagec! Property, together with all and singular the tenements, hereditamenls and a{~purtenances themunto belonging or in anywise appertaining and the reversion and reversions lhereof and all the c~state, right, title, interest, homestead, dower and right ot dower, separate estate, pos.gession, claim and demand wh:~tsoever, as well in law as in equity, of Mortgagor ~nd unto the same, and every part thereof, with the appurtenances ot MortRaRor in and to the same, and every ~~art and ~~arcel thereof unto Mortgagee. Ii Mortgagor warrants that it has a good and marketable titie to :m indefeasible (ee estate in the MortgaQed Property II subject to no lien, charge or encumbrance ezcept such as Mortgagee ht~s agreed to accept in writing and M~rtRagor covenants that this blortgage is and will remain a valid and enfomeaMe (irst mortg:ige on the Mortgaged Property subject only to the ~ exceptions herein pmvided. Diortgagor has tull ~~ower and lawful :iuthority to mortgage the Mortgagecl ProE~erty in the ( manner and form herein done or intended hereafter to be done. Mortgagor will preserve such title nnd will forever warrant ! and detend the same to Mortgagee and wiU fore~•er warrant and defend the ~alidity and priority oi the lien hereof aRainst ~ the claims o( all persons and parties whomsoever. i ~ Mortgagor will, at the cost ot Mortgaqor, and wifhout expense to htortg~+gee, do, execute, acknowledge and deliver all E€ and every such turther acts, deeds, com•ey~nces, mortgages, assignments, notices of assiRnment, trnnsters and assurances as g Mortgagee shall fmm time to time mc~uire in ~rder to presen~e the priority of the Gen of this MortgaRe or to facilitate the ~ pertormance of fhe terms hereof. ~ PROVIDED, HOWEVER, that i( ~tort~aRor shall pay to :4lortg:igee the indebtedness in the principal sum ot s 10,000.00 as e~ndenced by that certain pmmissory note (the Nole), ot even date herewith, eiecuted by 111ortgagor and p:iyable to order of Mortgagee, with interest and uE~on the terms as provided therein, and together with all other sums ad~•anced by Mortgagee to or on behal( of MortRagor pursuant to the Note or this Mortgage, the final maturity date of the Note and this Mortgage being ~Y l, 1978 ,;~nd shall ~~erform all other covenants and conditions o! the Note, all of the tem~s of which Note are incorporated herein by reternnce as though set forth (ully here- _ ~ in, and of any renewal, extension or modi(ication, thereot :~nd of this Mort~age, then this Mortgage and the estate hereby ~ created shall cease and terminate. ~ Mortg:~~or furfher com•enanfs and agrees wifh Mortg:+gee as iollows ~ 1_ To pay all sums, including interest secured hereby when due, as provided for in the Note and any renewal, extension ~ ~ or modification thereo( and in this MortAnge, all such sums to be payable in I:iwful money of the United States ot America ~ ait Mortgagee e aforesaid princi~~al olfice, or at such other place as MortgaRee m.~y desiQnate in writinR. ~ 2. To pay when due, and without requiring any notice from Mortgagee, all taxes, assessments ot any type or nature ~ .ind other charges levied or as.sessed agzinst the Mortgaged Property or this Mortgage and produce receipts therntor upon ~ demvnd. To immedialely pay and discharqe any cluim, lien or encumbrance against the Mortgaged Property which may be ~ or became superior to thie MortgaRe and to permit no de(ault or delinquency on any other lien, encumbrance or charge ~ aQainst the Mortgaged Property. ~ ~ ~ 3. If required by Mortgagee, to also make monthly de~wsits with I4tortgagee, in a non-interest bearing account, to- gether with and in addition to interest and principal, of a sum equal to one-twelfth of the yearly taxes and assessments which may be levied against the Mortgaged Property, and lif so requiredl one-tweltth of the yearly premiums for insur~nce ~ thereon The amount of such taxea, asseesments and premiums, when unknown, shall F?e estitnated by Mortgagee. Such _ ~ deposils ahal) be used by MortRaRee to pay such ~~xea, assessments and pretniums when due. Any inautticiency of such ':S' ~ 800K ~S~ PAGf t3Q9 ~ ~ ; 3 ~ fg4' .~0. ~'t. . v~ _ .r~