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HomeMy WebLinkAbout1373C-851A pg 6382? -2 ~ ~ THIS MORTGAGE INDENTURE Execsrtsd this 2? at, of October ~ . ~-.D.. lg 80 . a SU9E;42 RAiIL K. BORCH and MARY ELIZAI3$TH BORCH, husband and wife OHtY of tM fast part Ilsereinatta called fiAortgtp«1, to CHASE FEDERAL SAVINGS AND LOAN ASSOCIATION • cap«ation sxntinp urwNr tfN laws of tM United States of Ampica, party Of the fKOr1d part (hpeuy(tN Called IM AsiOCylionl, WITNESSETH, That f« divers good and valuable consideratrorts, and to secure tM payment of tM aggregate sum of money nantW in tM a«mstory note of even date herewith, hpeinalter mentioned, together with mterest thereon and all other sums of money secured hereby as MreinaltM prowled, the M«tgagor doss grant, bargain, sell, atren, remise, release, convey arW conlirm unto the AffOtiation, in fee simple, tM (ollowirsg described real estate, of which tM M«tyapor n now weed and possessW and rn actual poswssion, sitwte M tlse County of sst . Lucie State of FI«ds, kfgally dMtrrbed asfolloas: Condominium Parcel No. ?344, of CATAMARAN II, a Condominium, according to the Declaration of Condominium thereof, as recorded in Official Records Book 334, at Page 2451, and any amendments thereto, of the Public Records of St. Lucie County, Florida. SUBJECT TO terms and conditions of above Declaration of Condominium and any amend- ments thereto, aad restrictions, reservations and easements of record. TOGETHER with s11 structures and improvements now and herNlter on said land and the fixtures sttacliad thereto, also together with all and srrsgular the terilrMnts, hereditaintrtts, casements, riparian rghts and appurtenarsces thgeunto bNorsgirtg, « in any wive appertaining, and the rent; issues, and profits thereof, and also all the estate, rrgh t, tick, interest and all claims and demands whatsoever, as well in law as in equity, of said M«tgag« in and to the same, and every part and parcel thereol, and also ail gas and electric fixture; relief«s, heaters, air corsditioning equiprrsent, msMinery, boiler; ranges, elevat«s and mot«; bathtubs, sinks, water closets, water banns, Pipes, faucets, and other plumbing and heating fixtures, msrttNs, refrigerating plans and ice boxes, vvrndow x:reens, screen do«s, venetian bturds, scam shutters and awnings, whKn are raw « may herN(ter pertain to or be used with, in « on said penises, even though they be detached « detschsbk, are and shall be deemed to be fixtures and accessr«rs to the freehold and i part of the realty, and, it the above described property is raw « shall hNN(ter b! used f« commercial purposes, then the lurmture and furnishings and any replacements thereof which may be owned by the M«tgag« and which sre now or may haealter be located upon the above described property. TO HAVE AND TO HOLD the same, togeMn with alt the estate, right, title, interest, homestead, dower and rght of dower, separate estate, possesswn, darn and demand whatsoever, in law « in equity, of the sad M«tgag« in and to the same, and eery part thereof, unto the said Association in lee simple. The Mortgagor hereby covenants w+th the Association that the M«tgag« n indeleasrbly seised with the absolute and fee simple title to said property, and has lull power, and (awful auth«ity to sell, convey, transfer and mortgage the same; that it shall be lawful at any time IrerN(ter (« the Association to peaceably and quietly enter upon, have, hold and enjoy said property. and every part thereof; that card property is free and discharged fiom all Irene, errcumbrsnces, and clairrss O( any kind, includrrg taxes and assessments, except the lien hereol, which is a first lien ort said poperty; that the M«tgag« will make such further aswrarices to perfect the fee simple tick to said property .n the Association at may reasonably ti! required; and that the M«tgag« does Hereby fully wanant unto the Assocratan the title to sad propdry and will delerd same against the mortgage claims and demands of all persons whomsoever, NOW, THEREFORE, the conditan of this nartgage is such that it the M«tgagor shall well and truly pay unto the Associatan, the indebtedness evidenced by that certain promiss«y note, of even date herewith, made by the M«tgagor and payable to the Assocwtion, m the Prrncrpal wm ~, FIFTY THOUSAND-------------------------------------------------------DOLLARS is 50 , 000.00 ), together with interest as therein slated, payable over a term of 348 months, and shall perform, comply with and abide by each and every the stipulauoris, agrednMls, condrtarss arW covenants conrarned and set lorth m this m«tgage and rn the pomrssory rsote secured Hereby, then this mortgage and the estate hereby created shall cease and be null and vol. . TRANSFER OF THE PROPERTY; ASSUMPTION Ii all or any part of the Property or an interest therein is sold or transferred by Mortgagor without Association's prior written convent, excluding la) the creation of s lien or encumbrance subordinate to this Mortgage, fb) the creation of s purchave money vecurity interest for household appliances, fe) a transfer t~v devive, descent or by operation of law upon tM death of a joint tenant or (d) the grant of any kavehold interest of three years or lass not containing an option to purchave, Auociation may, at Association's option, declare all the wms secured by this Mortgage to ba immediately due and payable. Association shall have waived such option to accelerate if, prior to the sale or transfer, Association and the parson to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Association and that the interest payable on the sums secured by this Mortgage shall be at such rate ss Association shall request. If Association has waived the option to accelerate provided in this paragraph and if Mortgagor's succeuor in interest has executed s written aswmption agreement accepted in writing by Association, Association shall release Mortgagor from all obligations under this Mortgage and tM Note. If AssociationexerciveswcA option to accelerate, Association shall mail Mortgagor notice of acceleration. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Mortgagor may pay the vent declared due. If Mortgagor fails to pay such sums pri« to the expire lion of such period, Association may, without further notice or demand on Mortgagor, invoke any remedies permitted by paragraph 15 hereof. AND the Mortgag« doss hereby covenant and spree 1 To pay all and singular the prirscrpal and interest snd other wms of matey payable by vutw of sad promissory note and the mortgage. « either. promptly on the days respectively tlse same sevsrsgy bsoome dw 2 To pay all and surqular the texas. assessments. otMr governmental Iwies. lubihtrss, obbgations and encumbrances of every nature on sad described property and the related debt acquisition each and every when dos and payabis act«ding to law. bel«e they become debrtquent and, i( the same dull not be promptly pad. the Assowation may at any bme. sitlser bel«s « sitar debnquenty. pay the same vnthout waiving « aHectirsg the optan to f«ricbne. « any rrgM 1+ ~, ,. hereunder. and every payment so made shall bear mterest from the date thsrsol at the rate of ten per cent Ilf>,il per annum. t: ~ Z 3 That the Mortgag« vntl keep all rNl and perrorisl property now « hereafter erswmbered by the ben of this rtartgage insured as may tae required from Ume to .`. ~ ri nme by the Associatan against lens by fire. vnndst«m and other hazards, uwatues and contusgsncies (« such petals and f« rat ku than such amounts as '= C ~ may be regwred by the Assocutan and to pay promptly when due dl pramwms t« such rnwrance M«tgag« agrees to debvsr renewal « replacement j Q ~ Ol polraes of any nature « replacement csrtdreates of insurance to the Assocrstan. at least ten (10) days prat to the exprrstron «anruversary date of the exrsung ~ pdicies The amounts of mwrante rsquued by the Assoaatan sMlt be minimum amounts (« which sad inwrarice shag be written and rt shag be incumbent Z L M upon the M«tgagor to msmtam such sdditiontl rnsurartce as may bs necessary to meet and comply fully with erg co-insurance requirements contaused in sad ,^ ~ ,1 policies to the end that sad Mortgag« is rat a t:o-inwr« thereunder Inwrance shall bs written by a company «companiss approved «designatsd by the 3 N ~ .~ Association and all pdraes and renewals thereof shall be field by the Associatan Ag detailed designatans by the Mortgag« which are accepted by the ~ C) •~ Association and all agreements bslwdsrt Mortgagor aril Assocutan relsung to mwrance. now exrsung « hereaher made. shag be in venting and shall be a part -- r. ~ G' of this m«tgage agreement as fussy ss though set forth verbatim hereof and shall govern both parties Hereto and then successors and assigns No Iran upon any ~ "r ~ t+- of sad pdicies of inwrance « upon airy refund « return premium whicA may bs payable on the carscellatan « terminatiai thereof. shall be green to other than _ <7 ~ the Association. except by proper endorsement affixed to such policy and approved the Assocutron Each _ ~ by pokey of inwrance shat) haw affixed thereto a =- ^ ; A Standard New York Mortgagee C4use without Contribution. mslung all lens « lenses under wch pdrey payable to the Assoustion as its interest may appear ~ ~ In the event any wm « wms of money become payable thereunder. the Association shall Mw the opton to receive and apply the same on account of the in- .~ ~ ~ ~ debtedness hereby secured. « to patriot the Mortgag« to rst:eiw aril use it. « any part thereof, without thereby waning « rmpamrsg any equity. ben or right -- under and by nrtue of this mortgage In event of lens « physical damage to the mortgaged property. the Mortgag« shall give immedste notice thereof by mad Q to the Assocutan and the Assocratan may make proof of loss d the same a not made promptly by the M«tgag« In event of f«ecktsurenf the mortgage. « __ other transfer of trtk to th0 mortgsgtd property. in extinguishment of the rndebtedneu secured hereby. all right, utle and mterest of the Mortgag« m and to - y Q. any mwrance pdiues then in (Otte shall pass to tM purchaser «grantee. The MOrtgag« further agrees to able by the rules and exisang regulations of the Association. m connsctan with required irtsurante coverage of the property herein sricirmbered 4 Paragraph 4 and those whth (oNow an contained on the reverse ads of the mortgage and fay retsrente sre incorporated into the body of this mortgage. The terms M«tgag« and Associau never u this instrument, shall include the heirs, personal representatives, successors or assrgris of the r!tpectrve Parties hereto. Wherever used, th! frngulx shalt iriC th lural and the plural the singular, and the use of arsy gender shall include all genders. tN WI E EREOF, anises have ecut on the day and year first above written. and n the a Z2~~ ~~-YY~L^ ~ ~- -r'6 ` ~ ISEALI - E;dIL K. B RCH " (SEAL) MARY IZ ETH BORCH ~'~ (SEAL) ISEALI E ~i I Ii ~. -- ~ ~ _, BORCH , NVfART f Ud11C STATE ~~~~,,,, ~~ ~ ~~ ~~..~,,..~~~ f~ AAVC~QIMMISSION El~)R~IAN~ 6I19vA~5 TTf~ll GENERA( lh15 fXdOERWR-TERi _COUNTY OF ST . LUC I E bd«e me nits- 6th ,y or~lovember eo~~344 P~E137~ Notary Public, sate of FInR I DA "