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MORTGAGE DEED AND SECURITY AGREEMENT ~ s'
THIS MORTGAGE DEED (the Mortgage), fisted ~ of March 21 , ~ 19 80, by and between !
William L. Penn and Beverly J-. Penn, his wife
(hereinafter called Mortgagor) and Sun Bank of St . Lucie County .having an I
• 111 Oran a Avenue, Fort Pierce ~
office at g .Florida (hereinafter called'Mortgagee); ( .
WITNE39ETH, that in consideration of the premises and in order to secure the payment of both the principal of, and ;
interest and any other sums payable on the note (as hereinafter defined) or this Mortgage and the performance and ob-
servance of all of the provisions hereof and of said note, Mortgagor hereby grants, sells, warrants, aliens, remises, releases,
conveys, assigns, transfers, mortgages and seta over and rnntirms unto Mortgagee, all of Mortgagor
s estate, right, title and
interest in, to and under aU that certain real property situate in S t . L u C i e County, Florida more particularly
described as follows:
Beginning at the southwest corner of the Wty of the alts
of the Salts of the NEts of Section 8, Township 35 South,
Range 39 East, run North along the West line .of the Wtt ,
33 feett thence turn and run East 42.5 feet for point of
beginning, thence continue East 147.5 feet, thence turn
and run. North 250 feet, thence turn and run West 147.5 -
feet, thence turn and run South 250 feet, to point of
beginningt The same being Lot 1 of an"unrecorded plat of ~
the Wts of the Wti of the Salts- of the NEts of Section 8, -
Township 35 South, Range 39 East . RE~tYED _ ~ M ?AYN~11T ~ TAXES
D11E ON t~SS,'C' INTIINti:BIE PfRSOtL:I P20PEST1(,
~ PURSU6Ni Tt1 CIL#PTcR 71.134. ACJS Df 1l7L
h . ~ 5 1to~1t POITRAS s
txEwl a~aaT colalT sT u1~ a. fu
TOGETHER WITH all improvements now or hereafter located on said real property an~ all fiztures, appliances,
apparatus, equipment, heating and air conditioning equipment, machinery and articles of personal property and replacement t
thereo[ (other than those owned by lessees of said real property) now or hereafter aftized to, attached to, placed upon, or f
used in any way in connection 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 or
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 conversion; voluntary or involuntary o[ any of the foregoing into cash or liquidated
claims, including without limitation, proceeds of insurance and condemnation awards (the foregoing said real property,
tangible and intangible personal property hereinafter referred to as the.Mortgaged Property). Mortgagor.hereby grants
to Mortgagee a security interest in the foregoing described tangible and intangible personal property.
TO HAVE AND TO HOLD the Mortgaged Property, together with all and singular the tenements, hereditaments 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
:end to the same, and every part and parcel thereof unto Mortgagee.
Mortgagor warrants that it has a good and marketable title to an indefeasible tee estate in the Mortgaged Property
subjeM to no lien, charge or encumbrance ezcept such as Mortgagee has agreed to accept in writing and Mortgagor covenants
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 toll 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 warrant and defend the validity and priority of the lien hereof against ;
the claims of all persons and parties whomsoever.
Mortgagor will, at the cost of Mortgagor, and without ezpense to Mortgagee, do, execute, acknowledge and deiiver all
:ind every such further acts, deeds, conveyances, mortgages, assignments, notices of assignment, transfers and assurances as
Mortgagee shall from time to time require in order to preserve the priority of the lien of this Mortgage or to facilitate the -
perforrm~~ce of the terms hereof. -
PROVIDED, HOWEVER, that it Mortgagor shall pay to Mortgagee the indebtedness in the principal sum of
g 5249.18 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 sums advanced by Mortgagee to or on behalf of Mortgagor pursuant to the Note or this Mortgage, the final maturity ;
March 20 1984
date of the Note and this Mortgage being ~ ,and shall perform all other covenants and
conditions of the Note, all of the terms of which Note are incorporated herein by reterehce as though set forth fully here-
in, and of any renewal, extension or modification, thereof and of this Mortgage, then this Mortgage and lbe estate hereby
created shall cease and terminate.
Mortgagor further convenanta and agrees with Mortgagee as follows: i
1. To t
~ pay all sums, including interest secured hereby when due, as provided (or in the Note and any renewal, extension
or modification thereof and in this Mortgage, all such soma to be payable in lawful money of the United States of America
at Mortgagee's aforesaid principal office, or at such other place as Mortgagee may designate in writing.
2. To pay when due, and without. requiring any notice from Mortgagee,_al) taxes, seaesamenta of any type or nature
{ :?nd other charges levied or assessed against the Mortgaged Property or this Mortgage and produce receipts therefor upon
r demand. To immediately pay and discharge any claim, lien or encumbrance against the Mortgaged Property which may be
or become superior to this Mortgage and to permit no default or delinquency on any other lien, encumbrance or charge
against the Mortgaged Property.
3. It 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 the yearly to:ea and assessments which
may be levied against the Mortgaged Property, and (if so required) one-twelfth of the yearly premiums for insurance
thereon. The amount o[ such taxes, assessments and premiums, when unknown, shall be estimated by Mortgagee. Such
deposits shall be used by Mortgagee to pay such taxes, asaessmenta and premiums when.due. Any insufficiency of such
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