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Executed the ~f day o/ Apri 1 A. D. 19 80 by
HENRY J. KURTZ and MARY A. KURTZ, his wife
hereinaJler called the mortgagor, to
RICHARD K. W~LSHANS, a single adult,
hereinafter called the mortgagee:
(t~'Aere.er wed txrei• e6e termr mar ss~~oorr~~• asp! ••mortaasee•• include aU tLe oartia to tttit imwoeat a>td t4.
1cRa1 representatives aad arri as of i•d~vidaah, snd ilte srccesrors and aoi~s d corporatiar; a•d ttte tern ' •ote'
iarludes aU the notes berei~ it more ttua ooe.)
~ttnessedt, that for good and valuable considerations, and also to consideration o/ the aggre-
gate sum named in the promissory note of even date herewith, hereinafter described, the mortgagor here-
by grants. bargains, sells, nliens, remises, conveys and confirms unto the mortgagee al! the certain Land
of which the mortgagor is now seized and in possession situate in St. Lucle County.
Florida, viz:
That part of Lot 16, lying West of U.S. Highway #1, Block 3,
ST. LUCIE GARDENS, as per plat thereof recorded in Plat Book
1, Page 35, of the public records of St. Lucie County, Florida,
which property is located in Section 26, Township 36 South, Range
40 East.
LESS AND EXCEPT THE FOLLOWING PARCEL:
Begin at the Southwest corner of Lot 16, Block 3, Section 26,
Township 36 South, Range 40 East, St. Lucie-Gardens, Plat No.
1, Plat Book 1, Page 35, St. Lucie County Public Records; _
thence-run North 0°15'42" West, along the West line of said
Lot 16 for a distance of 385'; thence run North 89°44'18" East
for a distance of 71.46'; thence-run North 62°12'31" East for
a distance of 74.82' to the Western right of way line of U.S.
Highway #1; thence run South 27°47'29" East along the said
right of way for a distance of 475' to an intersection with
the South line of said Lot 16; thence run West along said
South line for a distance of 357.36' to the point of beginning.
~ Subordination Provision:
Provided this mortgage is not in default, Mortgagee hereby
agrees to subordinate one time only the lien of this mortgage
to a subsequent mortgage given to a bank, federal savings and
loan association, licensed mortgage company, real estate invest-
ment trust, or an insurance company (which institution must be
licensed to do business in the State of Florida), for the purpose
of constructing improvements on the above described land. The
amount of such subsequent mortgage shall not exceed Seventy (70$)
Percent of the actual contract price of the improvement to be
constructed thereon. Such subsequent mortgage shall provide that
in the event of a default thereunder, the holder thereof shall give
the Mortgagee hereunder fifteen (15) days written notice, during
which time the Mortgagee hereunder, at his option, may cure such
default. Any money expended by the Mortgagee hereunder to cure
any such default, together with interest at the highest rate then
allowed under the laws of the State of Florida until paid, shall be
secured by the lien of this mortgage.
! S-- iii -
• THIS IS A FIRST PURCHASE MONEY MORTGAGE.
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