HomeMy WebLinkAbout0872 M()RT(;AGH; 4~~130 ~ ~
this Mortgage is made this 28 _ Jay oC September , 19_ 79.., by and betwri~ E ~ bus Martin, Jr. and Josie Martin,
hi8 Wife (s'M~tgaga"), a~ Valbndne F,nancwl, Inc. ("Mortgagee")
a hlorida corporation, having an office in the City of _ Ft . Lauderdale _ County of__ BYOWard- _ _ _ ,State of Florida.
v?'HEREAS, Mortgagor is indebted to Mongagce m the sum of--_
as evidenced by char certain prumiuury note of rscn data hcrewuh, esecutet1 by Mongagur and delivered to Mortgages, a ropy of which is attached
hereto (the "Noll);
s•
NOW, THEREFORE ro secure the prrformanre by Mortszlgor oF>sll i'rwrnants and condrti.rns in the Nurc and in this Mu?tgagr and in all usher tnstru-
::nts securing the Nae, and in order to charxr the properties, rnceresu and right< hernrraftrr drscritx'd with wch payment and performance and to yrcure
renewals and e:rtensions thereof, and fur and in consideration of the sum of Trn and uu~ IflO Dollars iS10.Otf), Mortgagor does hrrrhy mortgage, sell,
pledge and assign to Mortgagee all of the lend in the County of St,._ L11C~~_ _ _ _ _ _ _ _ , ,
~tatr of Florida, whicA is more particularly described as follows:
Lot 18, WHIDDON'S SUBDIVISION, According to the plat thereof on file in Plat Book 9, page 17,
Public Records of St. Lucie County, Florida.
~JtV:~*l'isR' 'y,, 1
C r. ~s~. ion.
PRINCIPAL AMOUNT 6, 000.00 „ant fo CtteP~~
INTEREST AMOUNT 6,973.20
TOTAL AMOUNT 12, 973.20 Clerk Cktuit
sy~~; IF U ~ N ~ Prepared by Helen Edo
.)~GiPLE'Sr tRU~T' & ~`I~l~ C4. 3876 W. Commercial Blvd.
Ft. Lauderdale, Florida 33319
351 N. STATE RffaC1 7
FT LAUb~RDAI~~, FLA. 3317
Tu have and to hold the same, together with al! improvements and appurtrnan~YS thereto, and oho all the estate, right, title, interest, homestead, right of
,fewer, separate state, property, possession and claim whatsoever of Rortgagor to the same in every part and parcel thereof unto Mortgagce in fee simple
t"!~tortgagcd Property").
- SUB!£C'T TO the following ^Prrmiurd Liens";
None (Except for a first with First Federal Savings and Loan)
f ROVIDED ALA'Al'S, that if Mortgagor shall pay to ~lortgager the ti~ae at the time, and in the manner +tipulated therein, and in all ether instru-
ntents securing the Note, including renewals, etterrsiom or maliticauons thereof, anti in the, ~kxlgage and in a!I usher instruments securing the Note, to
hr kept, performed or observed by Mortgagor, then this Mortgage shall ~rasr and br sued, but shall utherwue remain in full force and effect.
Mortgagor covenants and agrees with Mortgagee as follows:
t. Compfiaece otrirb \o1e sad Mortgage; V4'aranly of Title. Slortcagor ,hall .amply wuh all prosisium of the Notr, this Mortgage and of every other
instrument securing the Nott, and wdl promptly pay to \lortgager the principal with intrust thereon and all other wins rrywrrd to he paid by Mortgagor
under the Note and pursuant to the provisions of this \furtgagr and of rvrr~ usher instrument ,r vrinc the \utr- 1longagor is indcfrastbly sritrd u( the
Vortgaged Property in fee simple and Mortgagor has lawful authority to wmey, mortgage and rnwmber the same as provided by this Mortgage, and
.fors hereby so warrant.
Paytneet of Taxes sad Liens.:klortgagor shall pay ail the ta+ces, obligations and rnrumbrancc~, t~f every nature now w: the Mortgaged Property or
!hat hereafter may be imposed upon this !Mortgage or the Mortgaged Property or upon the indebtedness securctil hereby, except that Permined Liens may
he discharged in accordance with their terms. All such"payments to be made when due and payable according to law before they become deliqurnt and
hrfore any interest attaches or any penalty is incurred. Insofar as any indrbtedne++ is of record (except mdcbtrdness gising nse to Permitted Liens) the
same shall be promptly satisfied and evidence of such satisfaction shall br given to ~tortgagre.
3- lastrnntee. Mortgagor shall keep the Mortgaged Property and the improvements now existing or hereafter erected on the Mortgaged Propertyinsurtd
.r; may be required from time to time by Mortgagee against loss by fire, other hazards and rnntineencie+ in such amounts and fur wch pericxls as may be
required by Mortgagee- Mortgagor shall pay promptly, when due, am" premiums on such insurance. All insurance shall be carried. with companies
approved by Mortgagee and the policy and rcnewats thcrrnt shalt be held by ~lorrgager and have attached thereto loss payable clauses in favor and in
corm acceptable to Mortgagee. In the event of loss, Mortgagor shall give immediate notice by mail to Mortgagee and Mortgagee may make proof of loss if
not made promptly by Mortgagor. Each inwrance company concerned is hereby awhorized and directed to make payrnrnts for such loss directly to
'torgagee instead of tither to Mortgagor or Mortgagor ar?d Mortgagee ~oimly. insurance proceeds ur any part thereof may be applied by Mortgagee at its
~ptton, after deducung therefrom al: its expenses including attorney's fors, either to the nYluction of the indebtedness hereby secured or to the restoration
,,r repair of the property damaged. Mortgagee is hereby authorized, at its option, to settle and compromise any claims, awards, damages, rights of action
sod proceeds, and any other payment or relief under any insurance policy. In the event of foreclosure of this Mortgage or other transfer of title to the
i ~turtgaged Property in extinguishment of the indebtedness secured hereby. all nght, title, and interest of Mortgagor ra and to any insura:rce policies then
~n force shalt pass to the purchaser or grantee. Mortgagee may at its opuon reyuire Mortgagor to deposit with Mortgagee on the first day of each month,
in addition to making payments of principal and interest, until the Note is fully paid, an amount equal to one-twelfth (I: 12) of the yearly premiums for all
t u~.~. Such deposits shall nor be, nor be deemed to be, [rust funds, bur may be commingled with the general funds of Mortgagee, and no interest shall
heypayabk in respect thereof. Upon demand by Mortgagee, Mortgagor shall deliver to Mortgagee such additional monies as are necessary ro make up any
deficiencies in the amounts necessary to enable Alottgagee to pay such premiums when due. In the event of default under any of the terms, covenants and
conditions in the Note, this Mortgage or any other instrument securing the Note to be performed or observed by Mortgagor, Mortgagee may apply to the
reduction of cite sur~rs setiarcd 1•w:cby, ir. s;:ch manttcr as tlortvavee shall determine, any amount under this paragraph remaining to Mortgagor's credit
and any return premium received from cancellation of any insurance policy by !1lortgagee upon foreclosure of this Mortgage.
4. Coedetataatios. If the Mortgagecd Property or any part thereof shall be damaged or taken through condemnation (which term when used herein
shall include any damage or taking by any governmental authority or any other authority authorized by the laws of the State of Florida or the United
Stapes of Amerip to so damage or take, and any transfer by pnvatc salt in lira thcrrnf), tither temporarily or pcrmancntly, the entire indebtedness and
other sums secured hereby shall, at the opuon of Mortgagee, become immediately due and payable. Mortgagee shall be entitled to all compensation
awards, damages, claims, rights of action and proceeds of, or on account of any damage or taking through condcrnnation and is hereby authorized, at its t
option, to commettce, appear in and prosecute, in its own or Mortgagor's name, any action or proceeding relating to any condemnation, and Io settle of
~ompromist any claim in connection therewith. All such compensation awards, damages, claims, rights of action and proceeds, and any other payrents or
relief, and the right thereto, arc hereby assigned by Mortgagor to Mortgagee and Mortgagee after deducting therefrom all its expenses including attorney's
tees may release any monies so received by it without affecting the lien of this Mortgage or rrtay aptly the same, in such manner as Mortgagee shall deter-
mine, to the reduction of the sums secured hereby and to any prepayment charge provided in the Note. this Mortgage or any other instrument securing the
Note. Any balance of such monies then remaining shall be paid to Morgagor. Mortgagor agrees to execute such further assignments or any compensa-
nons, awards, damages, claims, rights of action and proceeds as Mortgagee may require.
S. Gtr of Mortgaged Property. Mortgagor shall not remove or demolish any building ur other propttty forming a part of the Mortgaged Property
.+tthout the written consent of Mortgagee. Mortgagor shall not pcrmtt, commit, ur suffer any waste, impairment or deterioration of the Mortgaged Prop-
erty or any part thereof, and shall keep the carne and improvements thereon in goal condition and repair. Mortgagor shall notify Mortgagee in w•nting
within five (S) days of any damage, a impairment of the Mortgaged Property- Mortgagee may, at Mortgagee's discretion, babe the Mortgaged Pmp:rty
~nsperted at any time and Mortgagor shall pay all cysts incurred by Mortgagee to exeruung such irnpcytion-
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