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,j ~ MORTGAGE
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T1iIS INDENTURE, made this 2nd day of June, 1980, by HUTCHINSON
ISLAND LIMITED, INC., a Delaware corporation authorized to transact business in the
State of Florida, hereinafter referred to as "Mortgagor", and hereinafter so
designated, and THE FIRST NATIONAL BANK OF CHICAGO, a national banking
association organized and existing under the laws of the United States of America,
hereinafter referred to as "Mortgagee", and hereinafter so designated;
WHEREAS, Mortgagor is justly indebted to Mortgagee in the principal sum
of Twelve Million Seven Hundred Thousand Dollars (=12,700,000.00) plus interest, as
evidenced by a certain promissory note of even date herewith ("Note"), executed by
Mortgagor and delivered to Mortgagee, and by reference being made a part hereof to
the same extent as though set out in full herein, the final payment of which is due not
later than May 31, 1983, subject to the Construction Loan and Project Agreement
executed concurrently herewith (hereinafter "Loan Agreement")~
NOW THIS INDENTURE WITNESSETH: That Mortgagor, to secure the -
payment of the principal sum set out in said promissory note, and interest thereon, and
in consideration thereof, and for other valuable considerations, has granted, bargained
and sold and by these presents does grant, bargain, mortgage and sell to Mortgagee and
to its successors and assigns forever, all that certain parcel or piece of land lying and
being in the County of St. Lucie, and State of Florida, more particularly described as:
See Exhibit A, and A-1 attached hereto and by
express reference herein made a part hereof.
Including, at such time that laid real estate as described on Exhibit A-1
shall be submitted to the provisions of the Florida Condominium Act, as amended from
time to time (the "Act"), by the recording of a "Declaration" in the Office of the Clerk
of the Circuit Court of St. Lucie County, Florida, each "Unit" and the "Common
Elements" appurtenant thereto (as such terms "Declaration", "Unit" and "Common
Elements" are defined in the Act and such Declaration), it being intended that each
reference in such Declaration to the "holder of a mortgage on a Unit", or any similar
reference, include Mortgagee until such time that the lien of this Mortgage on such
Unit has been released, which real estate, together with the following described
property is collectively referred to as the "premises",
TOGETHER with all buildings and improvements of every kind and descrip-
tion now or hereafter erected or placed thereon and all materials intended for
construction, reconstruction, alteration, and repairs of such improvements now or
i hereafter erected thereon, all of which materials shall be deemed to be included
within the premises immediately upon the delivery thereof to the premises, and all
k fixtures now or hereafter owned by Mortgagor and attached to or contained in and
used in connection with the premises including, but not limited to, all machinery,
f motors, elevators, fittings, radiators, awnings, shades, screens, and all plumbing,
heating, lighting, ventiliating, refrigerating, incinerating, air-conditioning, and
sprinkler equipment and fixtures and appurtenances thereto; and all items of furniture,
furnishings, equipment, and personal property used or useful in the operation of the
said real estate; and all renewals or replacements thereof or articles in substitution
i therefor, whether or not the same are or shall be attached to said building or buildings
in any manner; it being mutually agreed, intended, and declared that all the aforesaid
property owned by said Mortgagor and placed by it on the premises or used in
connection with the operation or maintenance of the premises shall, so far as
permitted by law, be deemed to form a part and parcel of the real estate and for the
purpose of this Mortgage to be real estate, and covered by this Mortgage.
TOGETHER with all and singular the tenements, hereditaments and appur-
tenances thereto belonging or in anywise thereunto appertaining, including any
~ reversionary interest in any roads or streets, any and all riparian rights, any and all
a ~ development rights, and any rights in ~ eny easements benefitting and servicing the
- premises encumbered hereby or any portions thereof, and the rents, issues and profits
thereof, and also all the estate, right, title, interest and all claim and demand
x whatsoever, as well in law as in equity, of Mortgagor in and to the same, including but
z not limited to:
~ (a) All rents, issues, profits, revenues, royalties, rights and benefits
derived from the premises from time to time, whether accruing under
~ ~ / 1'n~s ir.::nrnc:a pc~,nred by:
inPwtmtant0/T~ KEti;:t:TI1 .I. Wi~;IL
Glass "C" uttaeoibN~M~Mt!r~~r FLOYD PF.ARSON S'I'B~VART RICHMAN
GREEK ~ R'EIL, P.A
s s~..nt To C11~piK 71,13bw~a~~ 'I~~enty-FJth Floor Q
RO~w 1~ ~ yyt Une Biscayne Tower ~Q~X 3~z ~j,g C ~ ~ 03
',!yrk CItW~ O~IMR ~ ~~~r~ Miami, Florida 33131
Phone: 377-0241
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