HomeMy WebLinkAbout2479YORTOAOt O[EO
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~ / 11AMC0 FORM PE6
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-irp~~~~~! ~{~~ ~6'~ ~ay o/ February A. D. ~9 81 6r
JAMES R. TURNER and JOSEPH G. MILLER
~ hereina~ter caUetl fl~e mo-tga~or, fo ROBERT NELSON
~;
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; hereina(ler called Ihe morlga~ee:
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~ (N'herc~rr uud h~rein tAe trrms "mor~sa aad "oar~Ratre" iarlude all tAe puties to t6in imtrnse~t aod the Aein,
le~a) rcprc+entat~~ri and uti(l~u o( isdivi~ aad t~e wccrv..n and assiRss d eo~poratiou: a~d t4e urm "aae"
inrlude~ a0 the ou~n herein drscribed it more thaa one.)
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' ~~tn~e~~ that f or good and valua6le c~onsideralions, and also in considernlion oJ tl~e a9Are-
gnte siim namec/ in f~e promissory nofe oJ even clate herewilti, herrinaJter descrl6ed. !~e morfgagor /~ere-
6y gmnts, 6a-~~ains, seUs, aliens, remises, conneys and conjirnts unto the mortgagee all the certain land
o( which the mortgagor is now seized and in possession silunte in St. Lucie Countr.
Florida. viz:
All that part of the South 1/2 of the SW 1/4 of Section 15,
Township 35 South, Range 40 East bounded on the South hy the
130 foot right of way for Virginia Avenue, on the East by the
80 foot right of way for Oleander Boulevard (a/k/a Oleander
Avenue), on the North by the 50 foot right of way for Southern
Avenue, and on the West by the 50 foot right of way for South
lOth Street; LESS AND EXCEPT the South 259.64 feet thereof;
and LESS AND EXCEPT the North 257 feet thereof.
Provided Mortgageor is not in default, Mortgagee shall release
~from the lien and operation of this Mortgage parcels of the land
encumbered hereby starting at the northerly end of.the property
and running the full width thereof in continuous tracts, in
minimum increments of 90 feet, upon reduction of the outstanding
F; principal balance at the rate of Eighty-Nine ($89.00) Dollars
'' per full width foot. It is specifically understood that Mortgagor
~ shall be entitled to releases in accordance with the aforementioned
schedule whether reductions of principal are by prepayment or by'
regular installment. Any prepayment shall first be applied to
i accrued interest and then to the outs~~nding principal balance.
~' Any prepayment shall apply to the next ensuing annual principal
payment and the balance of the purchase money mortgage shall
i; be reduced accordingly.
~ Notwithstanding anything herein to the contrary, Mortgagor has
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;;. no personal liability under the terms and obligations of.this
mortgage or thepromissory note secured hereby.
~ THIS IS A PURCHASE MONEY MORTGAGE, subject and inferior only to
'' that certain Mortgage from Mortgagor to Strazzulla Bros. Co., Inc.,
~ in the original principal amount of $235,000.00 dated December S,
~; 1980, and recorded in Official Record Book 344 at Page 1144 of
the Public Records of St. Lucie County, Florida. Any default urider
~; the aforesaid Strazzulla mortgage shall be considered a default
i~ hereunder. ~
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Received S~~~~ ;n Paymont Of Tau~s
Due On Class "C'~ mlangiDle PsrSOMi Plro~~
Pursu~nt To Chapeer I1. 134. Aas pf 1~I1.
ROGER PORAA~ rjli`f
CIMt Ctollit Cow6 ~t ~tiof~ C4. HL ~
''K 348 Pa~E 2477
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