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PURCiiASE i40NEY 1;RAP-AROl1ND 140R'PGAGE
T}iIS MORTGAGE .executed the 22nd gay of July , 1980
by Betty Ann Chaney and Georgianna McTighe ,
hereinafter called the 14ort[;~:gor to
Raymond B. Van Meerten hereinafter called the
Mortgagee:
W~[TNFSS, that for good arrd val u~~bl a consi derat i ans, and also
in consideration of the a:lgre F.*,ate sum named i n the Pl•omi s spry Note
of even date herewith. the mortgagor hereby [;rants, bargains,
sells, aliens, remises conveys and confirms onto the~l4ortgagee -
all the certain land of ~,rhicr, the Mort[;agor .is now seized and in
possession situate in St. Lucie County, r'lorida, _to-wit:
(See attached SCHl;Di1LF A) -
The mortgaged premises are subject to the lien of the follow-
ing described mortgage (trereinafter for convenience referred to as
"first mortgage"):
Dated September 11, 1975 filed September 12, 1975 from James Wayne Ruth and
Cathe Sue Ruth, his wife to The Lomas and Nettleton Company recorded in
Official Records Book 243, page 2124 Public Records of St. Lucie County,
" i Florida. ~ .
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~ mortgagor covenants and a[;rees~to comply with all of the
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
installments of principal and interest from time to time due under
said first mortgage in accordance with its terms. `lothing contained
_ herein shall require the holder of the note secured hereby to per-
. form the terms of provisions contained in said first mortgage -
+ required to be performed by mortF*al;or, its successors and assigns,
except the payment of installments of principal and .interest but
I ,only in accordance with the- ter•rns 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.
•
iortgagor covenants and agrees that, to the extent mortgagee
nays any installment of principal or interest or any other sums
due under the first mortgage, mortgagee shall become entitled to a
lien on the mortgaged premises hereunder but equal in rank and
priority to the first mortl;age and, in addition, to the extent
necessary to make effective such rank and priority: (i) mortgagee
. shall become subrogated to, receive and en3oy all of the rights,
liens, po~,rers 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 that hereafter become secured, hereunder..
In case of default hereunder, in addition to any other rights
~ and remedies available to mortgagee, mortgagee may, but need-not, •
~ make any payment or perform any act herein required of mortgagor
~ in any form and manner deemed-expedient, and may, but .need not,
make full or partial payments 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- •
feiture affecting said premises or contest any tax or assessment.
n ~ 5 R!:~'~f~: ~f_ 3'7, b 0 !ll ?A~Sz!(i 0/~TnJIl~y .
Fi':„•iS~ T3 .''i~:• 7 4. ~:r3 Cf N]L
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Cl.n~ idw;.{I~T Ga~i;T. S(. UiCiE CO, ~IQ• ao~c~5 P,~i134 - ,
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