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MORTGAGE DEED AND SECURITY AGREEMENT ~
THIS MORTGAGE DEED (the Mortgage), dated as of S~n,_temher 12 , 19~, by and between
Norris Gates and Rana Gates, his v3.fe
(bereinatter called Mortgagor) and Sun Bank Of St. Lucie Cotmty ,having an _
office at 111 Orange Ave. , Ft. Pierce , Florida (hereinafter called`.iortgagee);
WITNBS9L?TH, that in consideration of the premises and in order to Oscars the payment of both Wa principal ot, and
interest and any other sums payable on the note (aa hereinafter defined) or this Mortgage and the performance and ob-
setvance of s.U of the provisions hereof and of said" note, Mortgagor hereby grants, sells, warrants, aliens, rsmisee, releases.
conveys. assigns, transfers, mortgages and sets over and rnnfirms unto Mortgagee, all of Mortgagor's estate, right, title aad
interest in, to and under all that certain real property situate in Rt~~i a County, Florida more particularly
described as follows: -
Lots 8 and 9, Block 1, BONITA_ISLFS, UNIT #1 according to the plat
.thereof, as recorded in Plat Book 9, page 6~, of the Public Records
of St. Lucie County, Florida. '
CUMENTARYF,..F!"ORIQA'~j
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TOGETHER WITH all improvements now or hereafter larnted on said real property and all fi:tares, appliances, _
apparatus, equipment, heating and air conditioning equipr: gent, machinery and articles of personal property and replacement
thereof (other than those owned by lessees of said real property) now or hereafter attized to, attached to, placed upon. or
used in any way in rnnnection with the complete and comfortable use,-occupancy, or operation of said real property, all
licenses and permits used or required in connection with the use of said real property, all leases of said real property now 6r
hereafter entered into and all right, title and interest of Mortgagor thereunder; including without limitation. cash or securi-
ties"deposited thereunder pursuant to said leases, and all rents, issues, proceeds, and profits accruing from said real property
and together with all proceeds of the rnnversion, voluntary or involuntary of any of the foregoing into cash or liquidated
claims, including without limitation, proceeds
of insurance 4nd condemnation awards (the foregoing said real property,
tangible and intangible personal property bereina[ter referred to as the Mortgaged Property). Mortgagor hereby grants
to Mortgagee a security interest in the foregoing described tangible and intangible personal property..
'I`O HAVE AND TO HOLD the Mortgaged Property, together with all and singular the tenements, hereditamenta and
appurtenances thereunto belonging or in anywise appertaining and the reversion and reversions thereof and all the estate,
right, title, interest, homestead, dower and right of dower, separate estate, possession, claim and demand whatsoever, as
~ well in law as in equity, of Mortgagor and unto the same, and every part thereof, with the appurtenances of Mortgagor in
and- to-the same, and every part and parcel thereof unto Mortgagee.
Mortgagor warrants that it has a good and marketable title to an indefeasible fee estate in the Mortgaged Protrerty
subject to no lien, charge or encumbrance except such as Mortgagee has agreed to accept in writing and Mortgagor covera~~ts
that this Mortgage is and will remain a valid and enforceable first mortgage on the Mortgaged Property subject only to the
exceptions herein provided. Mortgagor has full power and lawful authority to mortgage the Mortgaged Property in the
manner and form herein done or intended hereafter to be done. Mortgagor will preserve such title and will forever warrant
and defend the same to Mortgagee and will forever warrnnt and defend t rl-e validity and priority of the lien hereof against
the claims of all perxons and parties whomsoever.
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Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and deliver all
and every such further acts, deeds, conveyances, mortgages, assignments, notices of assignment, transfers and assurances as f
Mortgagee shall from time to time require in order to presen~e the priority of the lien of this Mortgage or to facilitate the
performance of the terms hereof.
PROVIDED, HOWEVER, that if Mortgagor shall pay to Mortgagee the indebtedness in the principal sum of
= 40,379.86 as evidenced by that certain promissory note (the Note), of even date. herewith, executed by
Mortgagor and payable to order of Mortgagee, with interest and upon the terms as provided therein, and together with all
other sumo advanced by Mortgagee to or on behalf of Mortgagor pursuant to the Note or this Mortgage, the final maturity
date ofthe Note and this Mortgage. being 9-12-84 ,and shall perform all other covenants and
conditions of the Note, alt of the terms of which Note are incorporated herein by reference as though set forth fully here-
in, and of any renewal, extension or modification, thereof and of this Mortgage, then this Mortgage and the estate hereby
created shall cease and terminate. -
Mortgagor forther covvenants and agrees with Mortgagee as follows:
1. To pay all sums, including interest secured hereby wben due, as provided for in the Note and any renewal, extension
or modification thereof and in this Mortgage, all such sums to ire payable in lawful money of the United Stag of America
at Mortgagee's aforesaid principal office, or at such other piztt~ as Mortgagee may designate in writing.
Z. To pay when due, and without. requiring any notice from Mortgagee, a!1 taxes, assessments 9[ any type or nature
and other charges levied or assessed ,against the Mortgaged Property or this Mortgage and produce receipts therefor upon
demand. To immediately pay and discharge any claim, lien or enc~unbrance against the Mortgaged Property ~v6icli may be
or become superior to this I~iortgage and to permit no default or delinquency on any other lien, encumbrance or charge
against the Mortgaged Property.
3. I[ required by Mortgagee, to also make monthly deposits with Mortgagee, in anon-interest bearing account, to-
gether with and in addition to interest and principal, of a sum equal to one-twelfth of rte yearly taxes and assessments which
may be levied against the Mortgaged Property, and (it so required) one-twelfth of the yearly premiums for insurance
tber+eon. 'fire amount of such to:ea, assessments and .premiums, when unknown, shall be estimated by Mortgagee. Such
deposits shall be used by Mortgagee to pay such taxes, asseasmenta acrd premiums when due. Any insufficiency of such
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