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HomeMy WebLinkAbout0704 St~4~69 i3 - ..t- MORTGAGE DEED AND SECURITY AGREEMENT THIS MORTGAGE DElSD (ths Mortgage), dated as of October 1, , 19 80, by and between Gulfstreaw Broadcasting Co., Inc., a Florida Corporation (hereinafter called Mortgagor) and Sun of St. Lucie County ,having an ootice at 111 ,Orange Aileriue. Fort Pierce, ,Florida (hereinafter called Mortgagee); WITNE38ETH, that in consideration of the liremises and in order to secure We payment of both the principal ot, and interest and any other sums payable on the note (as hereinafter defined) or this Mortgage and the per[ormance and ob- servance of all of the provisions hereof and of said note. Mortgagor hereby grants, sells, warrants, aliens, remises, releases, rnnveys, assigns, transfers, mortgages and sets over and rnntimrs unto M^*tgagee, all of Mortgagor's estate, right, title and interest in. to and under a!1 that certain real property situate in S - _ . ~ _ e County, Florida more particularly described as follows: The West 157 feet of the East 695 feet of the North 159 feet of the South 376 feet of the SEti of the SEtt of Section 6, Township 35 South, Range 40 East., St. Lucie County, Florida, TOGETHER WITH anon--exclusive easement for ingress and egress being the West 50 feet of the East 588 feet of the North 162 feet of the South 217 feet of the SEts of Section 6,.Township 35 South, Range 40 East, St. Lucie County, Florida. AAUlYEO : °Z~~~,a; IN PAYMEIIT OF TAX[S NE All ClAti 'C INTAMA:ALE PEtsSWIAE PitAP~~ - 0 C !fi><tIANi TO CNAPTEA T1a34, AOTS Of II?I, R06ER POItRAS ~.~T f~RT. iL LKi RAyQF~- . TOGETHER WITH all improvements now or hereafter located. on said rea! property and all fixtures, appliances, apparatus, equipment, heating and air rnnditioning equipment, machinery and articles of personal property and replacement thereof (other than those owned by lesaeea of said real property) now or hereafter affixed to, attached to, placed upon, or used in any way in connection with the complete and rnmfortable use, occupancy, or operation of said real property, all licenses and permits used or required in conneMion-with the use of said real property, all leases of said real property now or hereafter entered into and all right,-title and interest of Mortgagor thereunder, including without limitation; cash or securi- ties deposited thereunder pursuant to said leases, and all rents, issues, proceeds, and profits accruing from said real property and together with all proceeds o[ the conversion, voluntary or involuntary of any of the foregoing into cash or liquidated claims, including without limitation, proceeds' of insurance and condemnation awards (the foregoing said real property, tangible and intangible personal property hereinafter referred to as the Mortgaged Property). Mortgagor hereby grants to Mortgagee a security interest in the foregoing described tangible and intangible personal property. TO HAVE AND•TO HOLD the Mortgaged Property, together with all and singular the tenements, hereditamenta and appurtenances thereunto belonging or in anywise appertaining and the reversion and reversions thereof and all the estate, right, title, interest, homestead, dower and right of dower, separate estate, possession, claim and demand whatsoever, as ~ well in law as in equity, of Mortgagor and unto the name, and every part thereof, with the appurtenances of Mortgagor in and to the same, and every part and parcel- thereof unto Mortgagee. Mortgagor warrants that it has a good and marketable title to an indefeasible tee estate in the Mortgaged Property ~I' subject to no lien, charge or encumbrance except such as Mortgagee has agreed to accept in writing and Mortgagor covenants f that this Mortgage is and will remain a valid and enforceable first mortgage on the Mortgaged Property subject only to the exceptions herein provided. Mortgagor has full power and lawful authority to mortgage the Mortgaged Property in the manner and form herein done or intended hereafter to be done. Mortgagor will preserve such title and will forever warrant and defend the same to Mortgagee and will forever warranE and defend the validity and priority of the lien hereof against the claims of all persons and parties whomsoever. j Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and deliver all E and every such further acts, deeds, conveyances, mortgages, assignments, notices of assignment, transfers and assurances as Mortgagee shall from time to time require in order to preserve the priority of the lien of this Mortgage or to facilitate the performance of the terms hereof. PROVIDED, HOWEVER, that if Mortgagor shall pay to Mortgagee the indebtedness in .the principal sum of = 136,000.00 as evidenced by that certain promissory note (the Note), of even date herewith, executed by Mortgagor and payable to order of Mortgagee, with interest and upon the terms as provided therein, and together with all other sums advanced by Mortgagee to or on behalf of Mortgagor pursuant to the Note or this Mortgage, the final maturity date of the Note and this Mortgage being April 1, 1982 ,and shall perform all other covenants and conditions of the Note, all of the terms of which Note are incorporated herein by reference as though set fortjt fully here- in, and of any fnewal, extension or modification, thereof and of this Mortgage, then this Mortgage and the estate hereby created ahaU cease and terminate. Mortgagor further convenanta and agrees with Mortgagee as follows: 1. To pay all sums, including interest secured hereby when due, as provided for in the Note and any renewal, extension t or modification thereof and in thin Mortgage, all such soma to be payable in lawful money of the United States of America ~ at Mortgagee's aforesaid principal office, or at such other place as Mortgagee may designate in writing. r 2. To pay when due, and without. requiring any notice from Mortgagee, all tares, aasessrnents of any type or nature and other charges levied or assessed against the Mortgaged Property or this Mortgage and produce receipts therefor upon ~ demand. To immediately pay and discharge any claim, lien or encumbrance against the Mortgaged Property which may be I or become superior to this Mortgage and to permit no default or delinquency on any other lien, encumbrance or charge ! against the Mortgaged Property. i 3. If required by Mortgagee, to also make monthly deposits with Mortgagee, in anon-interest bearing account, to- getherwith and in addition to interest and principal, of a sum equal to one-twelfth of the yearly tares and assessments which may be levied against the Mortgaged Property, and (if so required) one-twelfth- of the yearly premiums for insurance thereon. The amount of such taxes, asse~nents and premiums, when unknown, shall be estimated by Mortgagee. Such- deposits shall be used by Mortgagee to pay such taxes, assessments and premiums when due. Any insufficiency of such • -1- I sn~ 341 PAGE 704 - _ ~