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45845
MORTGAGE
AND
SECURITY AGREEMENT
THIS MORTGAGE AND SECURITY AGREEMENT made the~~~day of
August, 1979 between OCEAN TOWERS DEVELOPMENT CORPORATION, a Florida
corporation having its principal place of business at 10044 State Route A
1-A, Jensen
Beach, Florida 33457 (hereinafter called the "Mortgagor"), and MELLON BANK, N.A.,
a national banking association having its principal office at Mellon Square, Pittsburgh,
Pennsylvania, 15230 (hereinafter called the "Mortgagee").
WITNESSETH:
WHEREAS, in end by a certain Mortgage-Note (hereinafter called the "Note")
bearing even date herewith, Mortgagor is indebted to Mortgagee In the sum of SIX MILLION
EIGHT HUNDRED ffiGHTY-NINE THOUSAND SEVEN HUNDRED DOLLARS 06,889,700),
lawful money of the United States of America, advanced or to be advanced in the future
in accordance with a Construction Loan Agreement (hereinafter called the "Agreement")
bearing even date herewith, with interest thereon at the rates set forth in the Note,
said principal and interest being due and payable as provided in the Note, conditioned
upon the keeping, observance, performance and compliance with all the other terms,
covenants, provisions, conditions, stipulations, promises and agreements on Mortgagor's
part to be kept, observed and performed under the Agreement, the Note and this Mortgage; ?
NOW, THEREFORE, in order further to secure the payment of all sums
due or to become due under the Note or under the terms of this Mortgage, or any ex-
tensions or modifications thereof, as well as to secure the performance of all Mortgagor's
~ covenants and agreements contained in this Mortgage, the Note and the Agreement,
or any amendments thereof, and in consideration of the premises and the further sum
i of One Dollar 01.00) to Mortgagor in hand well and truly paid by Mortgagee at and before
the sealing and delivery hereof, the receipt whereof is hereby acknowledged, the Mortga-
gor has granted, bargained and sold, mortgaged, conveyed, aliened, enfeoffed, released,
confirmed, assigned, transferred and set-over, and by these. presents does grant, bargain
and sell, mortgage, convey, alien, enfeoff, release, confirm, assign, transfer and set-
over unto Mortgagee, its successors and assigns, the fee title to that certain tract of
land situate in the County of St. Lucie, State of Florida more particularly described
in Exhibit A attached hereto end made a part hereof (hereinafter called said "Land").
TOGETHER with the tenements, hereditaments, appurtenances and all
the estates and rights of Mortgagor in and to said Land.
f
C TOGETHER with all the right, title and interest of Mortgagor in end to
ell streets, roads and public places, opened or proposed, adjoining said Land, and all ease-
ments and rights of way, public or private, now or hereafter used in connection with
said Land.
TOGETHER with all right, title and interest of the Mortgagor, now owned
or hereafter acquired, in and to any land lying in the bed of any street, road or avenue,
open or proposed, in front of or adjoining said Land to the extent of the interest of the
Mortgagor therein, now or hereafter acquired.
t TOGETHER with all right, title and interest of the Mortgagor, now owned
or hereafter acquired, in and to any and all sidewalks and alleys, and all strips and gores
of land, adjacent to or used in connection with said Land.
79 ~o `
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