HomeMy WebLinkAbout1616 Richard Joseph S;~~ba, E qt . a~U~ySO
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Thrs mortgage was prepared by, _ BOX _2110 ,
veto Beach, Fla MORTGAGE
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T his Mortgage is trade thu der} UcNovember, , w 80 by and between Roy Lee McGriff and Janice A McGriff, his
wife I"Mortgagor~), and American Fundin Ltd. , A New Jersey Ltd_
Partners lp, d a The Money ~~~~g,,,get~), having an office at -f00 B xcayne 8 v
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(ley ul ldml Cuum}, of Da a ,State of Florida. I
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W I T N E S S E T H
WHEREAS, Mortgagor is indebted to Mortgagee in the sum of Thirty Six Thousand Five Hundred Twenty-Two (536522 )
u evidenced by that certain promissory note of even date herewith, executed by Mortgages and delivered to Mortgagee, a copy of which is attached
hereto (the "Note);
NOW. THEREFORE to secure the performance by Mortgages of all covenants and conditions in the Nae and in this Mon~a~e and in all other instru-
mrnts securing the Note, and in order to chuge the properties. interests and rights hereinafter described with such payment and pertormana and to secure
renewals and extensions thereof, and fa and in consideration of the sum oStrnLuCie~l~ (f 10.00), Mongsgor doer hereby mortgage, seu,
pledge and assign to Mortgagee all of the land in the County of S
~ State of Florida, which is more particulaUly described u follows:
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".Lot 167, SHERATON PLAZA, UNIT THREE, REPEAT, according
v to the plat thereof as recorded in Plat Book 16, page
12 of the Public Records of St. Lucie County, Florida."
0
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~ R" "Y.b : d S. ~ 0 IN PAYNIFlIT Oi TAXES . - .i _ `
O
L!: C 1 Cl~ :S •C' t;tii: ~ °LE P:650RHi PROPERTY. .
Fi;':~~:.Yl 70 iH=.1'::: 71-::4, ACiS OF M71. . - ~ = ~ t
~ ItGSti PLREAS = ~
~ C1LElI pai:WT CO~iT, iT. tllt~ ~ -
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X In accordance with the rulings ,~1 the Florida Ikl+anment of Rcsrnue. the 1>.xumcntan Stamn lax and Intangible Tax should tx
O .alculated on S 12,600 ,the amount financrd to this transaction.
C]
To have and to hold the same, together vvtth all improvements and appurtenances thereto, and also all the estate, right, title, interest,
G homestead, right of dower, separate estate, properly, possession and claim wfiatsoexer of Mortgagor to the same in every pan and parcel
, thereof unto Mortgagee m fee simple ("Mortgaged Pmpeny"/.
l1
S178)ECT TO the following "Permuted Liens"
Subject to a first mortgage from Roy Lee McGriff and Janice A McGriff, his wife,
to Stockton, Whatley, Davin & Co., in the original amount of $19,400,00 dated March 1, 1972,
w and filed March 22, 1972, in Official Record Book 200, Page 2168 and subsequently assigned
to Chelsea Savings Bank in Official Record Book 204, Page 2256 of the Public Records of
St. Lucie County, Florida.
PROVIDED ALWAYS, that if Mortgagor shall pay to Mortgagce the Notc at the times and in the manner stipulated therein, and in all other instru-
rrients securing the Note, including renewals, extensions or modifications thereof, and in this Mortgage and in all other instrumrnts securing the Note, to
v be tept, performed or observed by Mortgagor, thrn this Mortgage shall cease and be void, but shall otherwise remain in full force and effect_
Mortgagor covenants and agrees with Mangagee as follows:
I. Cosplhacs why Note aa0 Marge; Wsnaty of Title. Mortgagor shall comply with all provisions of the Note, this Mortgage and of every other
tnstrurrtent securing the Note, and will promptly pay to Mortgagee the principal with interest thereon and all other sums required to be paid by Mott or
~ under the Note and pursuant to the provisions of this Mortgage and of every other instrument securing the Note. Mortgagor is indefeasibly seized of~he
'r O Mortgaged Property in fa simple gad Mangagor has lawful authority to convey, mortgage and encumber the same as provided by this Mortgage, and
~ does hereby so warrant.
2. P'ay.eat of Tara and Lkas. Mangagor shall pay all the taxes, obligations and encumbrance of every nature clew on the Mortgaged Property or
S..a that hereafter may be imposed upon the Mortgage or the Mortgaged Property or upon cite indebtedness secured lkreby, except that Permitted Liens may
~ be discharged in accordance with their terms. All such payments to be made whrn due and payable according to law before they become deliqurnt and
before any interest attaches or any perislty is incurred. Insofar as any indebtedness is of record fexapt indebtedness giving rise to Permitted Liens) the
U same shall be promptly satisfied and evidence of such satisfaction shall be givrn to Mortgagee.
.r.;
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: 3. lawrs~ce. Mortgsaor shall keep the Mortgaged Property and the improvemrnts now existing or herafter erected on the Mortgaged Property insured
u may be requ'uod from time to time by Mortgagee against loo by fire, other hazards and contingenrie in such amounts and for such periods as may bt
O required by Mortgagee. Mortgagor shall pay promptly, whrn due, ary premiums on such insurance. All insurance shall be carried with companies
approved by Mortgagee and the policy and renewals thereof shall bt held by Mortgages and have attached thereto kiss payable clauses in favor and in i
~ form acceptable to Mortgagee. In the event of loss, Mortgagor shall give immediate notice by mail to Mortgagee and Mortgagee may make proof of loo if
not made promptly by Mortgagor. Each insurance company concerned is hereby authorized and directed to make paymrnts for such loss directly to
~ Mortgagee instead of either to Mortgagor err Mortgagor and Mortgagee jointly. Inwrarrce prorxrds a any pan thereof may be applied by Mortgagee at its
option. after deducing therefrom all its expenses induding attorney's fee, either to the reduction of the indeMedrses hereby secured or to the restoration
or repair of else property damaged. Mortgagee is hereby authorized, at its option, to settle and compromise any claims, awuds, damage, rights of action
.,i and proceeds, and any other pyment or relief under any insurance policy. In the evrnt of foreclosure of this Mortgage or other transfer of tick [o the
~ Mortgaged Properly in extinguishment of the indebtedness secured hereby, all right, tick, and interet of Mortgagor in and to asst' iessurartoe policies thrn
O in force shall pass to the purchaser a grantee. Mortgagee may at its option require Mortgagor to deposit with Mortgagee on the first day of each month,
a in addition to making payments of principal and interest, until the Note is fully paid, an amount equal to one-twelfth (1/12) of the yearly premiums for all
y ~ insurance. Such deposits shall not be, nor be decried to bt, trust funds, but may be commirigkd with the general funds of Mortgages. and no interest shall
i" be payable in rexpect thereof. Upon deYOand by Mortgagee, Mortgagor shall deliver to Mortgagee such sdditional monies as are rseoesttry to make tip gay
~ de r«as~ies in the amounts riecewy to embk Mortgsgee to pay such premiums when due. In the evrnt of default order any of the terms, ooveriants snd
s cooditaos in the Note, this Mortgage or gay other instrument saying the Note to be performed or observed by Mortgagor. Mortgagee ttiay apply to the
s ~ reduction of the sums senuai hereby, in such manner as Idortgagee shall determine, any amount under this parattaph remaittirsg to Mortgagor's credit
i and any return premium received (rota asioellation of any insurance policy by Mortgagee upon foreclosure of this Mongrrge.
U 4 Coadasaatloa. If the Mortgsgeed Properly or any pan thereof shall be damaged or takrn through condemnation (which term whrn used htxeits
shall include gay damage or taking by any governmental authority a any other authority authorized by the laws of the State of Florida or the Ursited
~ States of Anseria to so damage err take, and any tramter by private sale in lieu thereof). either temporarily or ptrraanrntly, the entire iMebtedaes and
.-t other sums secured hereby shall, at the option of Monpgex, becane immediately due and payable. Mortgagee shall be entitled to all oomperpatioa
~ awards, dattage, claittts, rights of actiaa and proceeds ot, or on account of any damage or taking through ooadattnatioo and is hereby authorised, u its
i option, to oommersoe, sppear in and prosecute. in its own or Mortgagor's name, any action or praoeeding rdatirtg to any corsdemaatioo, and to settle a
compromise any claim in ooanectias therewith. All such oompensatiaa awards. damage. claims, rights of stxioa std proceeds. and any other payments or
relief, and the right tbexeto, are hereby assigned by Mortgagor to Mortgagee and Mortgagee after deducting therefrom all its expense iadttdiag attorney's
fees may release gay mortis so received bry it without affecting the lirn of this Mortgage or may apply the suoe. in such manrser as Mortgagee s6aU deter-
mine, to the reduction of the sums soured hereby snd to any prepaymrnt charge provided io the Note. this Mortgage or gay other iastrtwseat se~g the
Note. Any bala:tae of such monies rhea remaining shall bt paid to Mortgagor. Mortgagor agrees to exavte such further auignmeatt a gay oompaw-
tioos. awards, damage. dainss, rights of seller snd proceeds as Mortpgee alert' «puue.
! S. Cane N Msr*age/ hspeAy. Mortgagor shall ad remove or demolish gay buikliag or other property farmisg a part of the Mortgaged Property
without tbt written oortseat of Mortgagee. Mortgagor shall not permit, commit. or suffer any waste, irapairrsirnt-ondeterioration of the Mangaged Prop-
erty or gay part thereof, std shay keep the same asd improvemrnts thereon io good condition and repair. Mortpigor shall notify Mortgages is writing
~ within fire da)rs of gay damage, or impaitroast of the Mortpged Property. Mortgagee tray. at Mortgagee's diseretioa, leave Ilse Moryaged Property
inspected at goy tune aM Mortgagor shall pay all oasts innrrred by Mortgagee is exectrtiog suds irsspectioa.
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