Loading...
HomeMy WebLinkAbout1345 Posirio.e s USDA-Fm1iA ' ~ '- ~ The lorm of thii i~ttr~rMnt waS draf(ed Ar tt-e Ot1,ce o/ Fonn FmHA 427-1 FL tne General Counsel ot lhe Unitetl States Depa~tment ol ~RtV. 10-29-79) Ag~itultu~0, WaShington, O.C., and Ihe material in the blank ipaces in the /o~m was inse~ted by or unde~ the Airection o~ Patricia L. Neu, Abstract ~ Title Corp. (Name) 205 So. 2nd Street, Ft. Pierce, FL 33450 (Adaress) REAL ESTATE MORTGAGE FOR FLORIDA ST-42 130 511392 1~~ THtS MORTGAGE is made and entered into by HEBB-IiENDRIX. INC. (a Florida Coro. )~ with principal office in Ft. Pierce, FL; and by EARL K. HEBB and ROBERT HENDRIX St. Lucie residing County, Florida, whosc post office address ~ P.O. Box 1817, Ft. Pierce ~ Florida 33450 the mortgagor(s), herein called "Borrower," and the United States of America, acting through the Farmers Home Admin- istration~ United States Department of Agriculture, the mortgagee, whox principal office is located in Washington, D.C.; herein called the "Government," and: WHEREAS Borrower is justly indebted to the Government as evidenced by one or more certain promissory note(s) or usumption agreemcnt(s), herein called "note," which has been e<ecuted by Bortower, is payable to the order of the Governmcnt, authorizes atceleration of the entire indebtedness at the option of the Government upon any default by Bor- rower, and 'u described as follows: Annual Rate Due Date of Final Dnte of /nstrument Principal Amount of Interest /nstalGnent December 22, 1980 $240,000.00 SX December 22, 1985 (If the interest rate is less than 3'o for farm ownership or operating loan(s) secu~ed by thu ir~strument, then the rate may be changed u provided in the note.) And thc note evidences a loan to Borrower, and the Government, at any time, may auign the note and insure the payment thereof pursuant :o the C~nsolidated Farm and Rural Development Act, or Title V of the Housing Act of 1949, or any other statutes administered by the Farmers Home Administration. Md it u the purpose and intent of this instrument that, among other things, at all times when the note is held by the Government, or in the event the Govcrnment should assign this instrument without insurance of the note, this instrument shall secure payment of the note: but when the note is held by an insured holder, this instrument shall not secure payment of thc note or attach to the debt evidenccd thereby, but u to the note and such debt shall constitute an indemnity mortgage to secure the Government against loss under its insurance contract by reuon of any default by Borrower; And this instrumenc also secures future advances made within twenty (20) ye.rs from date hercof to anyone herein called Boaower when evidenced by a note or notes covering loans made or insured unJer Subtitle A of the Consolidated Farm and Rural Development Act or Title V of the Housing Act of 1949 or any other statutes adminutered by the Far- mers Home Administration prorided the total principal indebtedneu of the original and future loans shall not exceed ~ : ~40.00,~,. 00 , subject to the same terms and condition regarding the usignment of said notes hereinabove = provided and all reEerences in this instrument to the `•note" shall be deemed to include future notes. ~ Md this instrument also secures the reca ture of any interest credit or subsidy which may be granted to the Bor- € rower by the Government purwant to 42 U.S.C. ~ 1490a. ~ NOW, THEREFORE, in consideration of the loan(s) and (a) at all times when the note is held by the C:overnment, or in the event the Government should usign this instrument without insurance of the payment of the note, to secure prompt payment of the note and any renewals and extensions thereof and any agreements contained therein, including any provision for the payment of an insunnce or other chuge, (b) at all times when the note is held by an inwred holder, to securc per- formance of Borrower's ag~eement herein to indemnify and save harmleu the Government ag,ainst lou under its insurance ~ contract by reuon of any default by Borrower, and (c) in any event and at all times to xcure the prompt payment of all advances and expenditures made by the Government, with interest, u hereinafter described, and the performance of every ~ covenant and agteement of Borrower contained herein or in any supplementary ag~eement, Bonower does herebp grant, bargain, sell, convey, mortgage, assign and forever warrant unto the Government the following property situatcd in the ~ State of Florida, County(ies) of S t. Lucie ^~~ Pa~~ i~3 , FmHA 427-1 FL fRev. 10-29-79! ~r`. -- ~ • _ ` y~'' =.~. _ ,~ ~«~ ~'"` -' ''3 ~~ __ .