HomeMy WebLinkAbout0050 1HIS IS A BALLOON MDR'I'GAGE, and the FINAL PAYh~NP OF 'I1~ 8A1.AiVCE DUE UPON MATURITY IS
636,382.82 , TOGL"Itint 1~I1H ACCRUED IN'I'ERFST~ IF ANY AND ALL ADVANCEMErtTS MADE BY ~
- TEIi~iS OF 'IRIS bpRTCAGF.. ~ ~
48'7823 ~ i
PURCHASE MONEY WRAP-AROUPID MORTGAGE P~'~J
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19$0
,THIS MORTGAGE executed the 20 day of ~y ,
by R. FARRELL 'I1.ICMAS and CYNTHIA M. '11-IOMA.S, his wife
hereinafter called the Mortgagor to
HILDRF.D M. HARKONEN, a married adult hereinafter called the
Mortgagee:
IJITNESS, that for good and valuable considerations, and also
in consideration of the avgrc:gate sum named in the Promissory Note
of even date herewith, the rortgagor hereby I;rants, bargains,
sells, a]iens, 2'emises conveys and confirms ~Tnto the Mortgagee
all the certain land of which the 1ortgagor is now seized and in
possession situate in St. Lucie County, r'lorida, to-wit:
(See attached SC}?EDUCE A)
The mortgaged premises are subject to the lien of the follow-
ing described mortgage (hereinafter for convenience referred to as
"first mortgage"):
Dbrtgage to W. G. rS•athes, Inc., dated June 16, 1959, recorded in D1tg. Book 156,
page 596 of the Public Records of St. Lucie County, Florida, ?nd a_s~vrTed to
John Hancock r~.Ttual Life Insurance CoTrQany, in A. bi. Book 13, page 204, of the
Public Records of St. Lucie County, Florida.
Also subject to Second Mortgage, as follows: Mortgage to Ivan G. Shaffer, recorded ~
in 0. R. Book 245, page 869, of the Public Records of St, Lucie County, Florida, }
dated October 28, 1975. ~
,
?~]ortgagor covenants and agrees to comply with all of the I
" terms and provisions of said first mortgage (except the requirement
- to make the payments of principal and interest thereon)., and upon
compliance by mortgagor with the terms and provisions contained in
said first mortgage and contained herein, mortgagee will pay the
j installments of principal and interest from time to time due under
~ said first mortgage in accordance with its tea=ms. i3othing contained ,3
. ! herein shall require the holder of the note secured hereby to per-
's
form the terms of provisions contained in said first mortgage
" required to be performed by mortgagor, its successors and assigns, ~
~ except the payment of instalLr~ents of principal and interest but -
only in accordance with the tLr•ms and provisions hereof. If mort-
gagor shall default in the performance of any term or provision
contained in this mortgage, mortgagee shall not be obligated to pay
- any principal or interest under the first mortgage.
Mortgagor covenants and agrees that, to the extent mortgagee
! pays any installment of principal or interest or any other sums
due under the first mortgage, mortgagee shall become entitled to a
-lien on the mor•tc~aged prerr:ises hereunder but equa] in rank and
~ priority to the first mort~?ag? and, in addition, to the extent
necessary to make effective such rank and priority: (i) mortgagee
shall become subrogated to, receive and enjoy all of the rights,
liens, powers and privileges granted to the first mortgagee under
the first mortgage, and (ii) the first mortgage shall remain in
existence for the benefit of and to further secure the debt and
other sums secured, or ti~at hereafter become secure?, hereunder.
In case of default herei.nder, in addition to any other rights
s_ and rerledies available to mortgagee, mortgagee may, but. need not, '
rr.ake any Payment or perform any act herein required of mortgagor
in any form and manner deemed expedient, and may, but need not,
rake full or partial payir,ents of principal or interest on the first
mortgage, other prior encumbrances, if any, and purchase, discharge,
compromise or settle the first mortgage, any tax lien or other prior
lien or title or claim thereof, or redeem from any tax sale or for-
feature affecting said premises or contest any tax or assessment.
R~csived • ~ ~ In Psl?rne~t Of Twat
Oue On Clsss "C" IrTtarq~is Pwsonsl prop+rty,
pu~susM To Cheptsr 71. 134, /?Ct! 0~ ~
- I1R ROGER POITRAS
Ii00K~~ PAGE ~ .:r~.y C,rcuit CouR, S~ LucM, Co., fh.
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