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Executed the 15th day o/ May ~ q, p, ~q80 by
ANITA M. LoPRESTI, as Trustee,
heroinajfer called flee mortgagor, fo
W. R. LAUGHON, as Trustee,
leeroinajfer called flee mortgagee:
(W6erever med 4reu ebe eery "sor aid 'sortp~ee" include atl e?e Mrties b tiie i~ra~t end de~kus~
kcal repeaeantirq god o/ urWLiWeud. t4 srrcceraes a.d asipe of oorpoeotioeti; aid tM Bees ' .oee'
includes •q tAe iota berei~ de~eribed iI sore ore.)
that /or good and valuable considerations, and abo in conatderotion o/ the aggro:
gate sum named in the promissory note of even date leerowtth, heroinajter described, flee mortgagor hene-
by grants, bargains, sells, aliens, romises, c~onueys and conjirnu unto flee mortgagee all the cwtain land
of wleicle flee mortgagor is now seized and in possession situate in $t , Lucie Counh?.
Florida, ~~iz:
A portion of Lot 2, Block 4, Section 12, Township 37 South, Range
4Q East, of ST, LUCTE GARDENS, as recorded in Plat Book 1, Page 35
of the Public Records of St. Lucie County, Florida, being more par-
ticularly described as follows:
Beginning at the intersection of the South line of said Lot 2 and
the Easterly right of way of U.S. Highway 1; thence N27°50'31"W,
along said right of way fora distance of 125.00 feet, to a concrete
m~ went aid po'nt bei g' a p0 NT OF BE INNING• thence o tinrude
NZ~"50'31"~,a dls~ance.o~ 2~Q.00 ~eet, to fie Centerline o~ ~owa
Creek; thence meandering along the said Centerline, N81o48'23"E, a e
distance of 165.00 feet; thence run S05o49'24"E, a distance of
30.00 feet; thence run N84o10'36"E, a distance of 328.79 feet, to
the West right of way of-Lennard Road; thence run SOOo00'10"E,
along the said West right of way, 200.00 feet to a concrete monu-
ment; thence run S82o43'30"W, a distance of 379.76 feet to the
POINT OF BEGINNING, .all lying and being in Section 12, fiownship 37
South, Range 40 East, St. Lucie County, Florida, and containing '
2.122 acres, more or less, RM~sn s a5o.oo
JN PAYMENT OF TAB
C1J: ON CIrSS 't: INTAHGBIi: PERSQNaL PROPEJrlY, '
' tU~icS~fAMT TO CHATTER A-l:A, ACTS OF 1t17L
, 5 0 aocEa PEtTr•J1s
a~iac aitcwT catRT, sT. ttt~tt: ca, a~.m -
THIS IS A PURCHASE MONEY FIRST MORTGAGE.
i
~ Mortgagor and Mortgagee covenant and agree that this Mortgage may not
be assumed without the prior written approval of the Mortgagee. Any
sale or conveyance of the subject property prior to the full payment
4 of the indebtedness secured by this mortgage shall constitute a
default under the terms and conditions of this note and mortgage, the
occurrence of which will give the mortgagee the right to accelerate
all sums~due and to become due hereunder.
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~ The mortgagor and mortgagee do further agree that the mortgagee shall
r
upon the request of the mortgagor, subordinate this mortgage to a
mortgage securing a note payable to a recognized financial institu-
tion, in an amount not to exceed $250,000.00, said note to bear
interest at a rate not to exceed 15%~and upon terms of repayment no
. shorter than 10 years, provided that the proceeds derived from said
loan shall be used only for financing improvements on the above
described real property. It is understood and agreed that the amount
to which this mortgage shall.be made subordinate shall include a
` reasonable loan fee and that this right to require mortgagee to
subordinate this mortgage shall be available for a period of one
year from the date hereof and shall be exercisable only once.
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