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KE•:AL 1•:STATF: i10RTGAGP:
THIS MORTGAGE made this 10thday of April 19 80 l3etween Yd8 I+IAe Spru@ll
of ?1;~Ce ar plan F~. PierGA
$t• I,uCi@ County, Florida, hereinaftc>r called the Mortgagor, and Personal Thrift P1an~InC•
F~• pie,•,,e a Kentnr,3~Fina*+^e Corporation, herc•inatter called the Mortgagee.
WITNESSETH: That said itilortgagor, in consideration of the principal sum specified in the promissory note here-
inatter described, received Irom the i\lortgagce, hereby mortgages and incumbers in favor of the said Mortgagee the real
1>raperty situated in $t• ZuCi@ County, State of Florida, dE scribed as follows:
~.OC~E L LOt 7
?~3 cedar Piave
Ft. Pierce, Fla.
St. I.ucie~ County ,
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as security for the payment of a promissory note, a copy of which is attached hereto, and incorporated herein by reference.
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The said Mortgagor does covenant with the said Mortgagee chat the said Dortgagor is indefeasibly seized of said t
land in fee simple and has the full power and lawful right to mortgage and incumber the same, that the said land is free from
cat! incumbrances except as above noted, and that the said Mortgagor, except as above nded, does fully warrant the title
to said land and will warrant and defend the same against thr lawful claims of all persons whomsoever.
AND THE SAID MORTGAGOR does further agre,• a§ follows:
1. To make promptly all payments required by the above described not c• and this mortgage as such payments
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i)•'cOme due.
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2. To pay promptly when due all taxes, assessments, liens, and incumbrances on said propgrly. - j
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3. To keep the buildings now or hereafter on said land insured against damage. by fire, lightning, windstorm or y
~~t1ic•r cas~.talty in a sum not less than the sum secured by this mortgage, in a company or companiet3'satisfactory to the 1
~lortgagec, said policy to be held by and payable to the Rlortgagce to the extent of the indebtedness remaining at the time i
~~f the> loss. if any sum becomes payable under such insurance pnl;cy, the Mortgagee may either apply it to the indebtedness
~~cured by this mortgage, or permit the Mortgagor to t+sc• it for other purposes, without impairing the lien of the mortgage..
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4. To permit, comrc,it or suffer no waste, impairment or deterioration of thEiflottg'eged~roperty.
5. If any payments provided for in the note on this mortgage are not promptly paid by the Mortgagor, if the buildings
r•• not kept insured as providrd, or it the \lortgagor defaults in any oC the other covenants, stipulations. or agreements,
~h•• Mortgagee, without waiving or affecting the option to foreclose, may otherwise pe°riorm any of the covenants or agree-
m••nts on b,•half of the Aortgagor, and any and all such sums or expenses paid or incurred, with interest thereon from the
•i;rt+• of payment at thc• rate• of interest prescribed in the note secured by this mortgage, shall also be secured by this
mortgage.
6. This mortgage lino shall e.,ct,•nd to and inrlud+• all rents :+nd profits of th+• mortgaged property. In the event of
f~~r~•closure the court is authorized to appoint a receiver of the mortgaged property and to apply such rents or profits to the
•~n~i~•btedncss hereby s,•curcd, regardless of the solvency oC th,• :~tortgagor or the adequacy of the security. ~
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7. This mortgage• shall ~•xtend to and includ<• anv and all ext:•nsions and r,*new•als of the hereinabove described
note and shall also secure am• sum or sum. that m+ght b•• I,+anc•d by ~turtgagee to Mortgagors in the future in the sum or
-ums for which dlortgagors shall execut,• th,•ir r.el;utiabl+• prorissory not,•s, not oxcceding 525, 000.00, together with 3
interest, taxes, levies, and insuranc,•.
t3. )f any payment provided for ?n the note or this mortgaq,• bo not paid within thirty days aft,•r it becomes due, or ~
if any agreement of this mortgage other than for the pa~•ment of mon,~y is breached, then the unpaid balance, not including
unearn,•d interest, shall immediately become duc• an~i pavabl+• at tl++• option of th+• Mortgagee, and the :Mortgagee may forc-
closc• this mortgage in accordance with procedures ••titablishc•d by law, and have th+• property sold to satisfy or apply on the
indebtedness h+~reby secured.
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