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MORTGAGE 4,~4~~a5 ~ JO
.EFFECTIVE DATE: FRBRUARY 1, 1sS0
PARTIES: (1) UNITEp CHURCH BOARD FQR HOMELAND MINISTRIES, a corporation
organized and existing under the laws of the State of New York, having its principal
office at Z87 Park /lvenue South, New York, New York tOQ10, hereinaher referred to as O
"UCBHM' ;
(2) FLO CONFERTsNC&. OF THB UNITED CHURCH , a rnrporation I
~1~~st~sfihder the laws of the State of Florida , heated at
~a~s~~~ {~T lb Ave ~ uu , in the Cty of Winter Park -
ot~ ~ar~ $r~da ~z~89 ,and State of Florida ,
hereinaher referred to as "Mortgagor". -
RECITALS: (3) Mortgagor is a corporation organized under the laws of said State;
(4) Mortgagor is indebted to UCBHM for aid provided or to be provided in the amount of
SEVENTY-NINE THOUSANQ.AND NO/100 -
ts 79 ~ 000.00 ) Dollars;
(S) The purpose of the aid described in paragraph 4 is to enable the Mortgagor (or the _
church related to Mortgagor) to purchase site for new. church start
_ - in Port St. Lucie,- Florida -
. - ;
- (6) Mortgagor is the owner of certain real property hereinaher described.
IT IS AGREED AS FOLLOWS: - - . {
(T) Mortgagor, for and in consideration of the aid described in paragraph 4,covenants
and agrees with UCBHM, its successors and assigns, that it will pay to UCBHM the said indebtedness and interest
thereon-from the date hereof or such later date that such aid shall be provided to Mortgagor, as folbws:
Interest only in payments beginning the first day of February, 1980 and
continuing monthly thereafter~on the first of each month up to and -
including the month of January, 1982; there:a_fter principal. and int est
shall be payable -
- Ow On Clra'~C'_l~Ia~M1~~.
~oatld,~o~ll~s q~ -
in instalments of EIGHT HUNDRED THIRTY-SEVEN AND 92/100 CIatR~ittt#att~~ Ltd i
(f 837.92 ) Dollars or more permonth commencing the first dayef February ~~2
and continuing thereaher-on the same day of every month until the full principal sum and interest thereon shall
have been paid in full. The unpaid balances on the indebtedness shall at all times bear interest at Five
(5 9G) per centurn per annum from the effective date of this mortgage, or such later date that the aid described
in paragraph 4 shall be provided to Mortgagor. from each payment shall first be deducted the interest due and
j the balance shat l be applied to principal. The Mortgagor may make larger payments at any time or pay the indebt-
edness in full, and interest shall immediately cease on all payments so made. - -
IN ADDITION TO THE FOREGOING, MORTGAGOR COVENANTS AND AGREES AS FOLLOWS: -
-(8) That Mortgagor (or the church for whom the aid was provided)ahall use the aid
described above for only those purposes set forth in paragraph S; that the premises mortgaged by this instrument
shall be used exclusively by an evangelical church in.-fellowship with and holding membership in a Synod,
Conference, or Association, or their successors, of the United Church of Christ, or its successor; and that the
premises mortgaged by this.instrument shall be used and shall continue to be used for activities and purposes
directly related to the ministry of said Mortgagor, or the church related to Mortgagor, including public worship,
Christian education, or parsonage. - -
(9) Mortgagor will pe~orm all acts necessary to preserve its corporate' existence
unimpaired; shall not bi• deed, mortgage or otherwise alienate, encumber or allow to be alienated-or
encumbered, except as hereinaher provided, any portion of the premises described Iwrein; shall pay and
discharge a{I taxes, assessments and other liens that may be imposed upon the premises as and when the same shall
become due and payable; shall keep the buildings erected or to be erected on themortgaged property inwred in
a company satisfac~ory t~ UCBNiM against loss or damage by fire, windstorm, hurricane, tornado and cycbne, in
an amount equal to the full insurable valute of the property; shall if requested provide certificate to UCBHM
~ -establishing that UCBHM is a named beneficiary on said policy; and waives the application of all statutes of
~ limitation. ,
- (10) ~ In the event the Mortgagor shall fail to make any payment to others undertaken by it }
to be paid, UCBHM maymake such payment (including the provision of inwrance and payment of taxes) and such
payments shall be a lien on the premises and added to the amount secured by this instrument. - _
(11) In the event that any portion of the aid provided to Mortgagor shall be for the !
purpose of financing construction on the mortgaged premises, Mortgagor covenants that no part of said -
construction has been commenced, and no part wilt be commenced prior to the recording of this mortgage.
(12) Interest shall be charged on-funds advanced to theiNortgagor from the effective
date of this mortgage, or such later date that the aid described in paragraph ~ is mailed from UCBHiN's principal
office. Payments made by Mortgagor on the indebtedness secured by this instrument shall be aedited as of the
date such payments are received by UCBHM at its principal office.
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