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PURCHASE MONEY WRAP MORTGAGE DEED
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0 ~ THIS MORTGAGE DEED ("Mortgage") executed the ~k day of
1979, by R08ERT L. LIPTON, (hereinafter ca1le~Tie "Mortgago ,
_ ~ ~CLJNII4INGS, TRUSTEE, (hereinafter called the "Mortgagee"):
~ (Wherever used herein the terms "Mortgagor" and "Mortgagee"
~ include all the parties to this instrument and the heirs, legal repre-
' sentatives and assigns of individuals, and the successors and
~ " assigns of corporations)
WITNESSETH, -that for good and valuable considerations, and also in
consideration of the aggregate sum named in the promissory note of even date
herewith, hereinafter described, the mortgagor hereby grants, bargains,
sells, aliens, remises, conveys and confirms unto the mortgagee all the certain
~ land of which the Mortgagor is now seized and in possession situate in St.
Lucie County, Florida, viz:
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The South 790 feet of the North 1,040 feet of the following: .
Government Lot 2 and the Northwest one-quarter of the Southwest
one-quarter of Section 14, 'Township 34 South, .-Range 40 East; and
o The South 790 feet of the North 1,040 feet of the following
i O
The Northeast one-quarter of the Southeast one-quarter and Govern-
~ went Lot 3, Section 15, Township 34 South, Range 40 East, together
with all riparian and littoral rights appurtenant thereto, if any, but
excepting therefrom all right-of-ways for public roads .
_ ' TO HAVE AND TO HOLD the same, together with the tenements, here-
. o ditaments and appurtenances thereto belonging, and the rents, issues and
c profits thereof, unto the Mortgagee, iri fee simple.
{ ° AND the Mortgagor covenants with the Mortgagee that the mortgagor is
~ ` 1 r ~ indefeasibly seized of said land in fee simple; that the Mortgagor .has good -
'right and lawful authority to _convey said land as aforesaid; that the Mortgagor
~t will make such further assurances to perfect the fee simple title to said land
; - in the Mortgagee as may reasonably be required; that the Mortgagor hereby
h:~.~ fully warrants the title to said land and will defend the same against the
~ lawful claims of all persons whomsoever; and that said land is free and clear
L! z , ~ a of all encumbrances, except that certain "First Mortgage" as hereinafter
w ~ ~ ~ ~ defined . This Mortgage is subject and subordinate to that certain Mortgage
~ ~ ; - ~ s i ~ N in favor of Ronald Howe, as Trustee, recorded in Official Records 234, Page
d :2830 of the Public Records of St. Lucie County, Florida {the "First Mortgage") .
, ,1 ~ i i 1 This Mortgage is a Purchase Money Mortgage entitling the Mortgagor t0 the
release of the real. property encumbered hereby upon payment of certain
amounts upon the terms and conditions hereinafter set forth; provided however,
that no release of property from the lien of this Mortgage shall. be construed
nor shall same require the Mortgagee hereunder to obtain releases from the
First Mortgage until such time as the First Mortgage has been completely
satisfied in accordance with its terms . The Mortgagor hereby covenants and
agrees to comply with all of the terms and provisions of the First Mortgage
~ (except the requirement to make the regular scheduled installments of principal
and interest on the First Mortgage); and upon compliance by the Mortgagor
• with all of the terms and provisions contained in said First Mortgage and this
Mortgage, the Mortgagee will pay the regular installments of principal and
interest from time to time due under said First Mortgage in accordance with
its terms to the extent of the payments received on the "promissory note",
This Instrument Prepared by: RETURN TO:
Barry Somerstein, Esq.
Ruden, Barnett, McClosky & Schuster ~iICHAFL V'~. MELVIN
p. O. Box 1900 QUITE 402, 2^27 E. COMMERCIAL BLVD.
Fort Lauderdale, Florida 33302 FORT LAU^E~DAl.E, FLORIDA 33308
OCUMENT_ARY.~°`;:;~STA„~MP
TATAX ~ DOCUMENTARY STA,__MP__TnX ~
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Oi REYENUf ~s _ n I ~EpT, OF REVENUE ~ •
o ~S:P19'19I~80~.~U{ ,-yfP1979'~ Z00.~0~
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