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Ii(iVt ~ W Ilrs same, together with the lertemenls, hereditaments and appurte-
nances~th„ere~to belonging, and the rents. issues and profits thereof, unto the mortgagee, to fee simple,
T11~Y the mortgagor. copenanls utilh the mortgagee that iha mortgagor u Indef
ewibly seized of said
land in /ee simple: that the mortgagor has good right and lawful authority to rnnvey ,std land as afore-
said; that the mortgagor will make such further assurances to perfect the fee simple title to laid land in the
mortgagee as may reasonably be required; that the mortgagor hereby /u!!y warrants the tills to said land
and will defend the same against the Lawful claims of all persons whomsoever: and that said land is /tee
and clear of all encumbrances except tnaatter8 Of record.
~r0utded ~UJS, that if said mortgagor shall pay unto said mortgagee the certain promis-
~ sory note hereinafter substaratittlly copied or identified. to-wit: Oopy of said Note attached here-
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3 Ji3:i,:x1U. W Palm 13t,ac;l1 Florida . e1u6u~C 28, w 79
fOR VALUE RECEIVED Ifre undersigned pranises to pay to the ceder +>t
~ ~ 3 DOVE . PA(&"SEtTIF~, INC.
the principal :urn d.. NINE HCND~ EIGEfl'Y--FIVE ~..IO.tIJLS.1.1.1I~TD~_.FIVE, HI[hIDRED - - coasts 1x985,500.00 .1,
IogelF+cr with interest Ihercon from date, al the rafcJ~C..$'peclf~.~,l.•.U~~~t••-••
each year; both pincipal and inlMesl being payable in lawful money 01 the United Slalcs a its eQuivalenl, al 5601 N. Ooean.._Drive, 'Ibrt
Pierce, Florida. 33450
to be payable as follows, to-wit:
I
No interest shall be due until the earlier of the filing of a subdivision plat and
sale of the first lot at the property knoHm as King's Island, or three (3) years from the
e date hereof. ZY>tereafter, interest shall accrue at the rate of Zlen per Dent (10~',) per
annum and shall be repayable at the titttesprincipal payments are due. Principal shall
be due and payable as follows: $100,000.00 on or before September 5, 1980; an addition-
al $100,000.00 on or before September 5, 1981; an additional $185,000.00 shall be due
and payable on or before September 5, 198; additional principal payments of $150,000.00
shall be due and payable ea.chh six (6) tmnths thereafter beginning on March 5, 1983 until
this Note is paid in full.
Zhe privilege of prepayment in whole or in part is reserved.
In the event any payment of principal or interest is not made within thirty (30)
days of its due date, this Note may be accelerated.
Zhis Note is secured by a purchase money ~brtgage. By acceptance hereof, all holders
of this Note agree that they shall look solely to the property mortgaged to secure repay-
ment of this Note, and that they will not seek a personal jud~tlent or a deficiency against
the maker.
? Each maker and endorser severally waives demend, prdest and notice of maturity, non-payment a p~olest .sad all eequireennn?s nscessary to hdd each of
E them haute as maters and endorsers.
- Each mater and endorser further agrees, loinlly and severally, fo pay a{I costs of collection, including a roasonaWe attorney's tee in case the principal d
- Ihn note or any payment on the principal a any interest (hereon is nut turd at she. respective mslexily therrtof, tx in case it becomes necessary to proleN the
security hereof, whether suit bo brorrghl c+r n.d
this hole and dderred imeresl piymcnts shall bear interest al the rate o(. ten...... ....par coal, err annum Iron rn,+Iwily cold paid.
This nose rs secetred by a _...._....malgage a) even dale M:re:vith and is to be canarued and e.JorcrMl accardeng to the laws of the Slate of Florida;
upon default in the payment d principal andla interest due Dee any note secured by said Malyage, all notes so secured and remaining unpaid shall forthwith
became dui and payable notwithstanding (heir tenor.
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