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HomeMy WebLinkAbout1657 _ 45121 C~?5A kc 62693 -2 THIS MORTGAGE INDENTURE I~ ~ : ` ` ~ Ex«uted trait der of March . A.o., 1g 80 • by CLINTON P . LAMERSON and SAMIHA LAMERSON, husband and wife; and HASSAM S. ELKHADEM and NADIR M. SLKHADEM, husband and wife. party of the lu~part Ihereinatta called Mwtgsgal, to ~YO CHASE FEDERAL SAVINGS AND LOAN ASSOCIATION ~ a corporation earstiitq urdN the Taws of tM United States of America, party of the f«ono part (here+nif tp Called the Assoaatgnl, WITNESSETH, That for divers good artd valuable considerations, and to s«ure tM payment of the aggregate vein of money named m the Drom+ssory note of even date hertwilh, hereinafter rrttntrorsed, together w+th interest thNeon and all other sums of money s«ured hereby as hereinafter W ov+ded, the Mortgagor dwtt grant, Oar gam, sell, alien, remise, release, convey and confnm unto the Association, m fee swrtpM, the lolbwing described real estaq, of which tM Mortgage is now seized and possessed and in attfollows CondominiumyParcel No. 6422t~ofuBSACHTRE$ II, a Condominium,Faccordinrg to the Declaration of Condominium thereof, as recorded in Official Records Book 321, at Page 2609, and any amendments thereto, of the Public Records of St. Lucie County, Florida. SUBJECT TO terms and conditions of above Declaration of Condominium and any amendments therto, sail restrictions, easements and reservations of record. TOGETHER with all structures and improvements now and herNllr on said land and the fixtures attxhed thereto, also together vwtA all and singular the tenements. heredrtsments, easements, riparian rights and appurtenances thereunto Otlon9in9. a in any verse appertarmng, and the rents, issues, and profits thereof, and also all the estate, right, title, interest and all claims and demands whatsoever, ss well in law ss in equity, of said Mortgagor in and to the same, and every Dart and Parcel tliereol, and also all gas and el«tnc fiklurK, radiators, hEaters, air conditioning egwpment, macbrntry, boilers, ranges, elevators and motors, bathWbs, sinks, rva[er closets, water basins. D+pes. faucets, aril other plumbing and heating fixtures, mantels, refrrge+atrrg plans and ice boxK, window ,creeps, screen doors, venetian blinds, storm shutters and awnings, which are now or may hereafter pertain to or lx used with, in a ort card premises, even though they be tfttxhed Or detxhable, are artd shall be deemed to !K Irxtures aril accessions to the treehWd and a part of the realty, and, rl the above described property n now or shall hereafter be used fa commercial purposes, their the lu+niwre and fwnishrngs and any replxements thereof which may be owned by the Mortgagor and which are now or may herealtN be located upon the above dtscnbed property. TO HAVE ANO TO HOLO the same, together with all the estate. right, title, mtaest, homestead. dower and right o) dower, separate estate, posseuion, claim and demand whatsoever, in taw or in equity, of the said Mortgagor rn and to the same, and every part thereof, unto the said Association in fee simple. The Mo+tgagor hereby covenants with the Assocwtron that the MatgagM rs rrtdeteatibly seised with the absoiute and fee s+mpk title to said property. and has full power, and law/ul wthonty to sell, convey, uansler and mortgage the same. that rt shall Ix: lawful at any time hereafter /d the Associatan to pexeaWy and yuretly enter upon, have, hoW a+xl entoy card property, aril every part thereof, that said W.oPe+ty rs tree and discharged hom all bens, encumbrances, and claims of any kind, including tames and assessments, except the hen he+eot, which n a fast lien on said property. that the Mwtgagw will make such further assurances to pert«t the fee simple title to said property .n the Associaton as may reasonably be reywretl. and that the Mortgagor does hereby fully warrant unto the Association the title to said property and will defend same ,r,l,,rnst the mortgage claims arW demerits of all persons whomsoever. NOW, THEREFOPE, the condition of this mortgage n such that d the Mortgagor shall well and truly pay umo the Association, the indebtettnMs evidenced by that certain promissory note, a1 even date herewith, made by the Mortgagor and payable to the Associat+on, m the P++ncipal win ~t----------SIXTY-ONE THOUSAND, TWO HUNDRED-------------- ootLARs s 61, 200.00 together with interest a: tne+em stated, payable over a term of 348 months, and shall perform, comply with and atwife by exh and every the stipulations, agreements, conditions and covenants contarnetf and set forth m this mortgage and m the fxomiswry note securM hereby, then this mortgage and the estate hereby created shall cease and be null and void. TRANSFER OF THE PROPERTY; ASSUMPTION If all or any part of the Property or an interest therein is sold or transferred by Mortgagor without Association's prior written consent, excluding (aI IM creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfe? sty devise, descent or by operation of law upon the death of a point tenant or ld) the grant of any leasehold interest of three years or less not containing an option to purchase, Association may, at Association's option, declare all the sums secured by this Mortgage to be immediately due and payable. Association shall have waived such option to accelerate if, prior to the sale or transfer, Association and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person K satisfactory to Association and that the interest payable on the sums s«ured by this Mortgage shall be at such rate as Association shall request. If Association has waived the option to accelerate provided in this paragraph and if Mortgagor's successor in interest has executed a written assumption agreement accepted in writing by Assoxiation, Associa.ion shall release Mortgagor from all obligations under this Mortgage and the Note. If Association exercises wch option to accelerate, Association shall mail Mortgagor notice of acceleration. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Mortgagor may pay the sums d«lared due. If Mor[gagor fails to pay such sums prior to tM expira- rion of such period, Association may, without further notice or demand on Mortgagor, invoke any remedies permitted by paragraph 15 hereof. AND the Mortgagor does hereby covenant and spree 1 To pay all and singular the principal and interest and Other Sums Of money payable by value of said promissory note and this mortgage. or either, promptly ort trig days respectively the same severally Decome due 2 io pay all and singular the taxes. assessments. other povernment8l levies. liabilities. obligations and encumbrances o1 ewry nature on said described property and the related debt acquisition each and ewry when dos and payable accordrnp to law. before they become delinquent and. if the same shall rpt bs promptly paid. the Association may at any time. either before or after delinquency. pay the same without waiving or aH«tinp the optan to lorscbse. a any riplit hereunder. and every payment so made shall bear interest Irom tM date tttsreof at the rate of eighteen per cent 1189E? per annum Ct 3 That the Mortgagor will keep all real and personal property now a hereafter encumbered by the lien of this rrartpape insured as may be rsgwred from time to _ -ts t.me by the Association against loss by firs. windstorm ar?d otMr hazards. Ciwalties and continperttaes for wch periods and for rat bas than wch amounts as ' ~ cQ may be requued by the AsSOCiatrOn and to pay promptly when due all ptenuums for wch insurance Mwtpapor apses to deliver renewal a replacement - -fl ~ pol~aes of any nature or replacement csrtifiutes of mwrancs to the Assocatan, at least ten (101 days prior to the expiration or snruvsrsary date o1 the existing polities The amounts of insurance required Dy the ASSOCiatron shall be minimum amounts ft)r which said mwrsrtce shall be written and it tthsll b0 incumbent ;r upon the Mortgagor to maintain wch additional inwrance as may be necessary to meet and comply fully with all co-inwrancs rsquiremsnts contained in said f - " pol~aes to the end that sad Moripapor a rat a co-inwrw tMreunder. Inwrarxe shall be written by a company or companies approved or designated by the ! , _ ; Association and all policies and renewals tMreof shall De hsb by the Association .All detailed desipnatans by the Mortpspor which are accepted by the Association and all agreements between Mortpapor and Associston relating to inwrance, now enstinp a hereafter made. shsN be in wntirtp and shall be a part of this mongage agreement as fully as though set forth verbatim Mrnn and shag govern both parties hereto and their successors and atisiprts No tier upon any ` ~ _ 1. ~ of said polices of insurance or upon any refund or return prsmwm which may W psyabls on tM cancellation a tsrminatan thereof. shall be given to other than [ [he Association. except Dy power endorsement af(ued to wch policy and approved by the Associaton Each pdicy of insurance shall haw aHusd thereto a j i ~ Standard New York Mortgagee Clause without Contribution. nttakirtp cell loss tx bases order wch policy payable to the Assocation as its imerest may appear ~ In the event any sum or wins of money become payebN thereunder, the Asstxiation shall haw the option to receive and apply tM same on account of the in- s debtedness hereby secured, or to pernut the Mortpapor to receive and use rt. w any part (hereof, withtwt thereby waitrinp w impainnp any equity. hen a rpht ~ under and by virtue of ttus mortgage In event of bas or physical damage to the mortpsped property. ttis Mortgagor shall prve immediate notice tMreot by mad L~ r• to the Assouatan and tM Asstxiatwn may make proof of loss d the same is not made promptly by the Mortpapw. In event of forecbwn of tMs mortgage. or other transfer of titb to the mortgaged property. in extinpuiahrMnt of tM indebtedness s«ured Mreby. all rpht. t+tls and interest of tM Mortgage in and to ~ i any inwrance pOliatrs then M force sMll pass to tlse purcMser a grantee. TM Mtxtpapor furtfter sprees to able by the rules and enstinp-regulations of the - Association. m connection with rerlirued insurance ctsvsrspe of tM property herein enwmDered. G Paragraph ~ and tfass wfuch follow an contsiMd on tM nwrse tide d tMs mortpspe snd by reference sn incorporated into tM body of ttrs mortpspe. The terms Mortgagor and Association, whenever used rn this instrument, shall inNude the heirs, personal represenutivts, successors Or assgns of the respective parties hereto. Wherever used, the singular riimber shall include the plural and the plural the sirigirlar, and the use of any gender shall include all gendtrs. IN WITNESS WHEREOF, tMse premises haw Oeen ex«uted on the day and year first above writun. fined, seated and dNivered m the pr race of- c~111` r hg~ rT`~~'~G ISEALI t CANTON P LAME ON ti ~ Q ~ d n~ ~ ~ a.o (sEAu as to Mr . Lamerson SAM RSON ~-t:~.ti.•. S . r ISEALI - Q y HAS~A ~ . EL EM tit, ~ ~ r7-~.~l-Cw.esc _ ~ ~ ~~~~C~~d~~.-y (SEAL) as to and Mrs. Elkhadem y~,~cN~ADIA M. ELKHADEM ~i~~.f!.~ ~~L % ~.L r STATE Of MICHIGAN COUNTY OF , L(pyL • March . 19~.Y by t The foregoir+g instrument was acknowledged before me this ~ day of 3~i1[~4:4,AMERSON; and HASSAM S. ELKHADEM and NADIR M. ELK:HADEM, ~ " ~t ;and wife IfIWt ' ` ~ ~ t ~ • ~ _f-,~~ LENDER J,' 1~--' ~ ff 2 mot. ->'l~ sa ~ otte A. Karppinen ~ -~Id~Y Fubiic - Hou Thtoa Co .:'tic}aycut - -i ~ ;,7 Y .Mt Qc~ttmlaekio Nor. 27' 1b89 notary PtrWic, sot. of biICHI N • p i* . . ~ - _ ~ . r< ~c~ 8C'1K ?~~1J PAGE