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HomeMy WebLinkAbout1811 . j. • 3- ~ - ~r; - t:. - z _ ~ t 1 t USDA-FmHA ~ , P+asition s J - • Form FmHA 427-1 FL' TM form of this instrument wss drafted by the Office of the ~ - {Rev. 8-31-78) (i«wral Cowl of the united Stata3 Department of AgrlcuM turn, Washington, O. C., and tM malarial In the blank spans in tM form was inserted by W under tM direction or f . _ t ~ • 1 . Roberta Walters as agent for Stewa~ ~itle~. ~ \`C~~1M ~-n--~-P'- CpID~°rr4a7 $lyd. (Plsmq Fort ~r~s1~.,. Fhr; dA • (Address) REAL ESTATE MORTGAGE FOR FLORIDA - THIS MORTGAGE is made and entered into by RAYMOND MARINA, JR AND EDMEE MARINI . his wife nsding ~ ~ Palm Beach ~ County, Florida, whoa post office address is 8411 Pondwood Road ~ Boca Raton ,~orid, 33434 ~ , the mortgagor(s), herein called "Borrower," and the United States of America, acting throegh the Farmers Home Admin- istration, United .States Department of Agriculture, the mortgagee, whose principal office is located in Washington, D. C.: herein called the "Government," and: - . WHEREAS Borrower is justly indebted to the Government as evidenced by one or more certain promissory note(:) or assumption agreement(s), herein called "note;' which has been executed by Borrower, is payable to the order of the Government, authorizes acceleration of the entire indebtedness at the option of the Goveroment upon any default by Borrower, and is described as follows: Armed Rate Due Date of Final Date of Instrument Principal Ar?tount o Inttrut lnstdlment May 13, 1977 $65,000.00. 59e May 13, 1984 May 18, 1978 $50,000.00 3% May 18, 1985 August 2, 1979 $200,000.00 59'e August 2, 1986 And the note evidences a loan to Borrower, and the Government, at any time, may assi the note and insure the payment thereof pursuant to the Consolidated Facm and Rural Development Act, oc Title V of the Housing Act of 1949; And it is the purpose and intent of this instrument that, among other things, at all time: when the note is held by the Government, or in the event the Government should assign this instrument without insurance of the note; this instrument shall secure payment of the note; but when the note is held by an insured holder, this instrument shall not secure payment of the note or attach to the debt evidenced thereby, but as to the note and such debt shall constitute an indemnity mortgage to secure the Government against loss under its insurance contract by reason of any default by Borrower: .And this instrumcnt also secures future advances made within twenty (20) years from dau hereof to anyone herein called Borrower when evidenced by a note or notes covering loans made or insured under Subdtk A of the Consolidated Farm and Rural Development Aa or Titk V of the Housing Aa of 1949, provided the total prindpal indebtedness of the . original and future loans shall not exceed f 315 •000 , 00 , subjeu to the same toms and condition regarding the assignment of -said notes hereinabove provided and all references in this instrument to the "note" shall be deemed to , include future notes. NOW, THEREFORE, in consideration of the loan(s)-and (a) at all times when the note is heW by the Government, or in - the event the Government should assigtt this instrument without insurance of the payment of the note, to secure prompt payment of the note and any renewals and extensions thereof and any ageernents contained therein, including any provision for the payment of an insurance or other charge, (b) at all times when the note is held by 'an insured holder, to secure performance of Borrower's agreement herein to indemnify and save harmless the Government against loss under iu insurance contract by reason of any default by Boaower, and (c) in any event and at all times to secure the prompt payment of all advances and ezpenditurea made by the Government, with interest, as heceiaafter described, and the performance of every - covenant and agreement of Borrower contained herein or in am supplementary agreement, Borrower does hereby grant, bugain, sell, convey, mortgage, assign and forever warrant onto the Government the followirtg property situated in the State ofPlorida,Cotmty(ies)of Palm Beach and St. Lucie __LiR~'~~ ~~GE~,~-:. FmHA 427.1 FL (Rev. &31.78) - _~r.a - _ _ _ _ - .