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HomeMy WebLinkAbout0537 • , 4Z3U'796i } , ~ MORTGAGE DEED AND SECURITY AGREEMENT THIS MORTGAGE DEED (tbe Mortgage), dated as of 2 5 , 19 ~ , by and between KENT DEVELOPMENT LTD., a Florida limited partnership (hereinafter called Mortgagor) and SUN BANK OF ST. LUCIE COUNTY ,having an afti~eat 111 Orange Avenue, Fort Pierce ,Florida (hereinafter called Mortgagee); WITNT333ETH, that in consideration of the premises and in order to secure the payment of bout the principal of. and interest and any other sums payable on the note (as hereinafter defined) or Wis 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, ronveya, assigns, transfers, mortgages and seb over and~coatirms unto Mortgagee. all of Mortgagor's estate. right, title earl interest in, to and under all that certain real property situate in St. Lucie County. Florida more particularly $ described as follows: Lot 6 in_Block 2, PORT ST. LUCIE INDUSTRIAL PARK, UNIT ONE, according to the. Plat thereof as recorded in Plat Book 15, - Page 27, 27A-27F of the, Public Records of St. Lucie-County, Florida. 5 By virtue of that certain Subordination Ar~retanent dated ~ruaiy 13, 1980 and dulx ; e~oecuted bx all ink parties, the v~nthin mortgage is superior t4 that certain f mortgage 9ivetl by Mbrt to Ha[Ipstad Mortgage tiart I,ZD, in the original pri:~ amount of $1,2 0,000.00 cdlaated June 25, 197 and reeo>`ded in Official Reoord Book 3 at page 244 of the Public Reoards of St. Lucie Oot~ty, Florida,. which mortgage was assigned in part to: Cilwrd Mortgage dorporation Ltd. , Da>`mac (edit Cozporation, 211919 Holdings Ltd., CarrAm Mortgage Qarp., Ltd., Individual Investment Corporation and A~oe Mortgage QaYp•? as evidenced by that certain Mtamorandtm of Participation Agreement dated Sept. 4, 1979 and reoorcied in Official Record Book 319 at page 1193 of the Public Records of St. Lucie County, Florida. TOGETHER WITH al! improvements now or hereafter located on said real ! property and all fixtures, appliances, apparatus. equipment, heating and air rnnditioning equipment. machinery and articles of personal property and replacement thereof (other than those owned by lessees of said real property) now or hereafter affixed to, attached to, placed upon, or 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 o[ 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- i ties deposited thereunder pursuant to said leases, and all rents. issues, proceeds, and profile accruing from said real property and together wiW all proceeds of the conversion, volunta-ry or involuntary of any of the foregoing into cash or liquidated F 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, I - 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 tee estate in the Mortgaged Property subjeM to no lien, charge or encumbrance except 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 subjeM only to the exceptions herein provided. Mortgagor has full power and lawful authority to mortgage the Mortgaged Property in the manner and torn 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 persona and parties whomsoever. - Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and deliver all and every such further acts, deeds, eonveyancea, mortgages, assignments, notices of assignment, transfers and assurances as - Mortgagee shall tram time to time require in order to preserve the priority of the lien of'this Mortgage or to facilitate the a performance of the terms hereof. j i PROVIDED, HOWEVER, that it Mortgagor shall pay to Mortgagee the indebtedness in the principal sum of f S 150.000.00 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 proviided 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 date of the Note and this Mortgage being -.APrll 1• 1990 ,and shall perform all other covenants and conditions of the Note, all of the terms of which Note are inrnrporated 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. 3 Mortgagor further convenanta and agrees with Mortgagee as follows: 1. To pay all sums, including interest secured hereby when due, as provided for in the Note and any renewal, extension or modification thereof and in this Mortgage, all ouch sums 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, all tares, assessments of any type or nature and other charges levied or aaseased against the Mortgaged Property or this Mortgage and produce receipts therefor upon 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- getherwith 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 (it so required) one-twelfth of the yearly premiums for insurance thereon. The amount of such taxes, assessments and premiums, when unknown, shall be estimated by Mortgagee. Such deposits shall be used by Mortgagee to pay such taxes, assessments and premiums when due. Any insufficiency of such ' 3 ~ blShtsrittrf MhS p~eparcd ~ 3 n 0 • p 0 - R9'Jttt t!. llcYd GI _1_ A©Ce~vru s It1~NfUaTilwt MEltL G~':C; ~ t)ue bn Class "C' lrtrttn~ighrMttlrllr~/wMr 124-A Zar Sirt~t BO~~~V PdGE Pwkuartl to Cfttyiw71,1i1rAt~g1~. - IgOiR POfIMS Fat Pitru. Fi~id~ C.Nrt Ckadt ~i !R ~wla Ala ~