HomeMy WebLinkAbout0789 MORTOAO[ O[[O /
~ RAMCO IORM le[•
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~ ~ Executed the 14th day o/ December A. D. t9 79 by
BLUE THREE GROVES LIMITED, a Florida
Limited Partnership
,~.5 ~ hereinafter culled the mortgagor, to
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~ ~ ~ PRICE GROVES, INC., a Florida corporation ~
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~ ~ hereinafter called Ilte mortgagee:
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• ~ ~ ~Nhe~e~er ~.ed lieniw tl~e terms "mortfa~oe awd "morgta;ee" isrludc all the putip to tlue inutssewt awd tfte \ein. 4
V Iewal representatives aad arum of iadrridwab~awd toe wccessnrs awd assign of capoeatioas: awd t?e tessw "wove"
C ~ iarludes all the sates t><rcin de+cri~ed it to«e w oae.)
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o ~ ~~tnessebt, that jor good and valuable rnnsidernttoru, and also in considerntton of the aggre-
gate sum named in the promissory note of even date herewith. hereinafter described, the mortgagor here-
by grants. bargains. sells. aliens. remises, conveys and con/firms unto the mortgagee all the certain land
° _ of which the mortgagor is now seized and in possession situate in St. Lucie ~'ounty.
Florida. viz:
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~ The West 1/2 of Section 23, EXCEPTING THEREFROM
- a~i the right of way of Central & Southern Florida '
-•R.~ Flood Control District Canal 24, and the West
half of Section 26', EXCEPTING THEREFROM the
) ` ~ West 50 feet thereof; all in Township 36 South,
- ~ Range 38 East, St. Lucie County, Florida.
c~ 1. This is a purchase money second mortgage subordinate and f
u { inferior to the lien of that certain mortgage held by Connecticut
o ~ Mutual Life Insurance Company (hereinafter "Connecticut Mutual")
rn and identified on page 2 hereof. A default under the first
~ mortgage shall constitute a default hereunder. Any sums
expended by Mortgagee to cure any default under the first
t`-.',•; mortgage held by Connecticut Mutual shall be secured by the
lien of this .mortgage and added to the outstanding principal
balance hereof .
~ 2. Mortgagor shall maintain the citrus groves in a good and
c~ husbandlike manner in accordance with standard methods of citrus
~ o grove caretaking generally recognized, accepted and in use for
citrus groves located in the vicinity of the mortgaged property.
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- 3. This loan is personal to the Mortgagor and is given on the
express provision that should the Mortgagor sell, divest,
_ transfer, encumber, relinquish or ,lose its right, title or
- interest in the loan security or any portion thereof, including
the 1978/1979 citrus crop, the Mortgagee may, at its option,
accelerate the indebtedness secured hereby and thereafter
J,` enforce the collection hereof as herein provided. Nothing
herein contained shall preclude the Mortgagor from encumbering
~ - ~ citrus crops which post date the 1978/1979 citrus crop.
~ j 4. This mortgage is subject to the terms and conditions of that
certain Disbursement Agreement of even date between Mortgagor,
Mortgagee, and Connecticut Mutual. Mortgagor and Mortgagee
R ! i~ recognize and agree that the terms and conditions of the
d Disbursement Agreement and the Connecticut Mutual mortgage
ti ! constitute a material inducement to the granting of this loan,
` 3 ~ and as such 2ortgagor agrees that any amendment, change, or
E ~ o modification of either the Disbursement Agreement or the
~ 3 N Connecticut Mutual mortgage without the prior written consent
} of the Mortgagee shall constitute a default hereunder, and the
~ ~ r ~ ~ Mortgagee may, at its option accelerate the indebtedness
o~,-`,o secured hereby and thereafter enforce the collection hereof
~ o ~ . " as herein provided. '
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