HomeMy WebLinkAbout0856 being part of the land encwnbered by the m~rtgages consolidated
by this Agreement, the Mortgagee's lien shall be expressly made
subject and subordinate to the lien and provisions of a mort- _
gage to be executed and delivered by the Mortgagor to First
FP~eral Savings and Loan Association of Ft. Pierce, Florida, as
security for the payment of a promissory note and any renewals
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and extensions thereof, to be executed by Mortgagor. Provided.
further, a default under the mortgage to be held by First Federal
Savings and Loan Association of Ft. Pierce, Florida, shall auto-
matically be a default under this mortgage and agreement. The
Mortgagor and First Federal by the terms of said mortgage shall
be obligated to give the Nl~rtgagee written notice of any default
thereunder and an opportunity to cure such default for a period of
20 days following the receipt of such notice. The Mortgagor coven-
ants and agrees that the proceeds of the loan_from First Federal
Savings and Loan of Ft. Pierce, Florida, shall be used solely to ~
pay the development and building costs, and carrying costs with
respect to the mortgage property. Said mortgage property, more
particularly described as follows: ~
~ Lot 2, Block 3 of I~DEL LAND COMPANY SUBDIVISION, accord-
ing to the Plat thereof as recorded in Plat Book 1, Page
41 of the Public Records of St. Lucie County, Florida,
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~ Excepting therefrom the following:
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f A. The north 100 feet thereof.
~ B. The east 333 feet of the south 200 feet of the north 300
~ feet less and except the south 21 feet thereof.
j C. The south 189 feet.
(2) With regard to the hereinafter described property being
~ part of the land encumbered by the mortgages consoli.dated by this -
; Agreement, the Mortgagee's lien shall be expressly made subject and
4 subordinate to the lien and provisions of a m~rtgage to be executed
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f and delivered by the Mortgagor to a financial institution as security
for the payment of a promissory note and any renewals and extensions
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111CHARD D. SNEED, JII. P~. • ATTORMEY AT lAW • 700 VINOINIA AVEMUE. SURE 102 • FONT PtERCE. iIORIDA 77150 - 1~ MS23]0
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