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HomeMy WebLinkAbout1347MORTGAGE DEED AND SECURITY AGREEMENT 51~93'7 ~~, '~~ o0 THIS MOR7'GAC~ DF.ED (the Mottaage), dated u of ~~~ ~ , 19 ~, by and betwceo ~T• I~~ CABINETS ~ a partnership consistinc~ of FRANK S. LOUPE and ~AS W. PEl'RILIA ~heceinafter called Mo~tgago~ and S~ ~~ ST• ~I' ~I'Y. a Florida bankinu oomoratioti on~a,~ 111 Orange Avenue, Fbrt Pieroe, Florida 33450 , having an (hereinafter calkd Mortgagee): W[I'NESSETH. that in consideration of the pren~ises and in order to secure the payment oiboth the principal of, and interest and any other sums payabk on the note (u hereinaftsr defined) o~ this Mor[gsge aad the petfotmance and observance of aU of the provisions hereot and of said note, Mortgagor hereby arants, sells, wur?nts, conveys, assigns, trmsfers, mortgages and sets over and confirms unto Mortgagee, aU of Mortgagor's estate, right, titla and inte~est in, to and under aU that ce~tain real property situate in St. Lueie County, I~lorida, more puticularty descnbed u toUovvs: As more particularly described in Exhibit "A" which is attached hereto and by reference made a part hereof. RfL'~]YEO f / 8y.00 IM PA:'y`_![T CF TAXE= , 1 L~Jc C'1 CLrSS 'C' IYTA.\G:SLE P~f:c~ •''_ F.:^-faTY, •. s FL':.::::.tIT TO CFS-'.PT~2 71-~~5. A:15 L•: 19:i. : ' ~' ~ f~ri:~ P.II.A. , . • „ . ,, i. ~- : ..i i . ~ i; I CLFC~K qai.UiT C01lRT. ST, lY:.IE CO.. FtA.~ ' ~ . , TOGE'fHER WITN aU improvemrnts now or hqreafter locatod •on said real property and all fixtures, appliances, appantus, eyuipment, t„rnishings, heating and ~ir rnnditioning equipment, machinery and utides of personal property and rcplacement thereof (other than those owned by lesseu ot said [eal property) now or neteafter afCuccd to, attached to, placed upoa, or used in any way m connection with ihe complete and wmfortabk use, occupancY, or opention of the said real property. all Gcenses and permits uud or cequired in connection with the use of said real propecty, all leues of said real property now or hereafter entered into and all right, title and interest of Mortgagor thereu ~er, including wythout limitation, cash or securities deposited thercuader pursuant to said leases, and all rents, issues, procerds, and profits accruing fromsaid real property and together with aU procceds of the conversion, voluntary or involuntaty oC any ot :he foregoing into cuh or liquidated claims, includ- ing without Gmiution,-ptoexeds of insurance and condemnation awards (the foregoing said rul property, tangibk and intan~yible personal property hereinafter re[erred to collectively as the-Mortgagod Property). Mortgagor hereby grants to Mortgagee a security interest in the foregoing described tangibk and intangbk penonal property. TO HAVE AND TO HOLD the Mo[tgaged Propetty, to~ther with all and ungulu the tenemrnts, heredttainents and appurtenances there- unto belon8ing or in anywise appertaining and the teversion and revetsions thereof and all the estate, right, title, interesl, homestead, duwer and right of dower, upuate estate, possexsion, ctaim and demand whatsoever, u well in law u in equity~, of Nortgagor and untr the same, and ever~• put thereof, with the appurtenances of Mortgagor in and to the ume, and every put u~d parcel thereof unto Mortgagee. Mortgagor wutants that Muttgagor hu a good and muketabk titk tu an indefeasibk fee estatr in the real peoperty compns~rtg the Mort- gaged Property subject to no Gen, chatge or encumbrance except such u Mortgagee has agreed to accept ~n wri-ing and Mortgagur covenants that this Mortgage is and will rcmain a valid and enforceabk mortgage on the Murtgaged Property subject only to the eaceptions herein prov~ded. Mottgagor hu fuU pow'et and lawful authority to mortgage the Mortgaged Propcrty in the manner and form herein done or intended heteafter to be done_ Mortgagor will praern suth titk and will forevet warrant and defend the same tu Mortgagee and will forever warrant and defend the validity and priority of the lien heteof against the claims of all pe~sons and parties w~homsoever. Mortgagot will, at the cost o! Mortgagoi, and without expense to Morigagee, do, execute, acknow{edge and deliver all arri every such futther acu, deods, conreyaaces, mortgages, assignments; notices o[ assignment, transCers and assuranas as Moctgagee shaU from time to time ~equire i~ 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 indebtedneu in the principa! sum of S 9 2 s 0 ~ ~. ~ ~ as evidenced by that certain promissory note (the Note), ot even date herewith, executed by Mungagor and payabk to order of Morty,agee, w~th intetest and upon the terms u pror~ided thetein, and togethet with all othet sums advanced by Mort~ee to ot on behalf of Mortgagor pursuant to the Note or this Mortgage, the final maturity date of the hote and tlus Mortgage being -~~ 1~ 1-991 ar~d shaU pettorm all other covenants and conditions of the Note, aU of the terms of w~h~ch Note are incorporatrd herem by reference as thuugh set forth fully herein, and of any renewal, extension or modi~icauon, thereof and of this Mortgage, then this ~fortga~ and the estate hereby created shall cease and terminate. Moctgagor further covenants and agrees with ~lortgagee as foUoas: 1. To piy all sums, including interat secured hereby when due. as provided for ~n the fYote rnd any renewal. extension or mudification thereof and in this Mottgage, all such sums to be payabk in lawful money of the Un~ted St~tes af Ameri~ at Morigagee i aforesaid principal office, or at such other place u Mortgagee may designate in writing. 2. To pay when due, and without requiring any not~ce from Mortgagce, all ta~ec, a~-e~..menrs of any type ot nature and other chargrs kviod or assessed ag+inst the Mortgaged Property or thu Mortgage ~nd produ~r recript~ theretut upun d~mand. To unmcd~a:cly pa}~ and dir chuge any claim, Gen or encumbrance against the Murtgaged Property which may be or become superior to this Mortgage and to permit no default or delinquency on any other lien. encumbrance or chuge against the Mortgaged Property. 3. If required by Mortgagee, to also make monthly deposits with Mottgagee, in a non-inlerest bearing account, together with and in addi- tion to interest and Dru~cipal, of a sum equal to one-twelfth ot the yearly tates and acsessments which may be Irned aqunst the Mortgaged Pro~ etty, and (if so ~equited- one-twelfth of the yeufy premiums for inxutance theteon. The amount of such taxes, as~sessments and ptemiums. w•hen unknown, sh~ll tx estimatod by Mortgagee. Such aeposits shall be used by MortRagce to pay such ta~es, assessments and premiums when due. Any insufficiency of surh account to pay such chuges when due shall be paid by 6fortgagor to Mortgagee on demand_ If, by reason of any default by Mort~tagor under any provision ot this Mortgage. Morigagee declares a0 sums secured hereby to be due and payable, Mortgagee may then apply any (unds in said account ag~inst the entite indebtedness secured hereby. The eNorceability of the covenants reladng to taxes, assessments and insurance premiums here~n otherwice provided shall not be affected except insotar as those obligations have been met by compliance with this puagtaph. Mortgagee may from time to time at its option waive, and after any wch waiver rcinttate, any ot all ptovisions hereof requi~ing such deposits, by notice to Mortgagor in writing_ Whik any such waivet is in effect, Nortgagor chaU pay taxes, assessments and insurance premiums u herein elawhere prorided. ilds tns:h~:,~-t ~n o*e~rce b~ P.a*ert tA_ t::~d ot 344 .~0~}~.5 "~ - :~~_:, ~:;_: ~,:-~.c-:e~t~:~ ~ ;:,.;~~:34~ PaGE1~ , fott F-~tt, fiori~ _ ..,~ { r ~,:., ~ ~~~-'~" '