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Home My WebLink About0950 ~ ~J s~~ ~ MORTGAGE DEED AND SECURITY ACREEMENT \ # THIS MORTGAGE DEED (the Mortga~e). datod asof __$Pri 1 3n~.'~ ,19~_, by and between ~ f EN DRUMM~ND ~ ~ ~ ~hertu~aftetoallodMortgagor?and SUN BANK OF ST. LUCIE COUNTY+ a F1 nri Aa hanki r~g corporation , having an off',aat 111 Orange Avenue, Ft. Pierce, FL 33450 (hercinafcercallodMorcga~e); WiTNESSETH. that in consideration of the premises and in order to secure the payment of both the principal of, ' and interest and any other sums payable on the note (as heceinafter definod) or this Mortgage and the performance and ~~b observance of all of the provisions hereof and of said note. Mortgagor hereby grants, sells, warrants, conveys. assigns, transtcrs, mortg,agac and sets over and oonfimu unto Mortgagoe, aU~of Mortgagor's estate, right, titk and intaest in, to G)ti and under all that cenain rea! property situate in S t_ Lue i P County, Florida, more parciculariy des~ibod as foqows: The East 71.5 feet of the West 567.5 feet of Lot 24 of MARAVILLA 't GARDENS UNIT ONE, according to the Plat thereof, as recorded in ~ Plat Book 6, page 55, of the Public Records of St. Lucie County, Florida. ~ Mar't~gagor oertifies that the above property is nat his hcm~stead and tl~at he resid~es at 4900 Matanzas Avenue, Ft. Pieroe, FL 33450 TOGETHER WITH all improvements now or hereafter located on said real property and all fixtures, applian- ces. apparatus, equipment, fumishings, heating and air conditioning equipment, machinery and articles of personal property and replacement thereof (other than those owned by lessees of said real {~ruperty) now or hereafter aftixed to, - attxhed to, placed upon, or used in any way in connection with the compkte andoom[ortabk use, oecupancy, or opera- tion of the said rea! property. all licenses and permits used or required in connection with the use of said real property, all leases of said real propeRy now or he~eafter entered into and all right. title and intecest of Mortgagor thei~eunder. in- cluding without limitation, cash or securities deposited thereunder pursuant to said leases, and all rents, isssues, pro- ceeds. and profits accruing from said rea) property and together with all procceds of the conversion, voluntary or invo- luntary of any of the foregoing into cash or iiquidated claims. including without limitation. proceeds of insurance and condemnation awa~ds (the fo~+egoing said real property, tangible and intangible personal propeny hereinafter refemed to collectively as the Mortgaged Property). Mortgagor hereby grants to Mortgagee a security interest in the foregoing de- scribed tangible and intangible personal properiy. TO HAVE AND TO HOLD the Mongaged Prope~ty, together with all and singular the tenements, heredita- ments and appurtenances thereunto belonging or in anywise appectaining and the reversion and neversions thereof and al) the estate, right. title. interest. homestead. dower and right of dower. sepazate estate, possession. claim and demand whatscever, as well in law as in equity, of Mortgagor and unto the same, and every part thereof, with the appurtenances of Mortgagar in and to the same, and every part and parcel ther~eof unto Mortgagee. , Mortgagor warrants that Mortgagor has a good and marketable title to an indefeasible fee estate in the real prop- erty comprising ihe Mortgaged Property subject to no lien, charge orencumbrance except such as Mortgagee has agreed ~ to accept in writing and Mortgagor covenants that this Mortgage is and wil) remain a valid and enforceable mortgage on the Mortgaged Property subject only to the exceptions herein provided. Mortgagor has full power and lawful authority to mortgage the Mortgaged Propeny in ihe manner and form henein done or intended hereafter to be done. Mortgagor t will preserve such title and will forever warrant and defend the same to Mortgagee and will forever warrant and defend t the validity and priority of the lien hereof against the claims of all persons and parties whomsoever. ~ ~ ~ Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and de- F liver all and every such further acts, deeds, coveyances, mortgages, assignments, notices of assignment, trarssfers and . ~ assurances as Mortgagee shall from time to time require in order to pr~eserve the priority of the lien of this Mortgage or to facilitate the performance of the tem~s hereof_ PROVIDED, HOWEVER, that if Mortgagor shall pay to Mortgaga the indebtedness in the principal sum of S 35, 0(l(l * Op as evidenced by that certain promissory note (the Note), of even date herewith, or any renewal or replacement of such Note, executed by Mortgagor and payable to order of Mortgagee, with interest and upon the terms as pro- vidod therein, and to~ether with ap other sums advanced by Mortgagee to or on behalf of Mortgagor pursuant to the Note or this Mortgage, the final maturity date of the Note and this Mortgage as spxified in the Note and shatl perform aU other oovenants and conditions of the Note, all of the terms of which Note are inoorporated herein by reference as though xt forth (ul- ~ ly herein, and of any renewal, extension or modification, thereof and of tfiis Mortgage, then this Mortgage and the estate hereby creatad shall oease and terminate. Mortgagor further covenants and agrees with Mortgagee as follows: I. To pay all sums, including interest secured hereby when due, as provided for in the Note and any renewal. _ ~ extension or modification thereof and in this Mortgage, all such sums to be payable in lawful money of the United States ` v: of America at Mortgagee's aforesaid principal office. or at such other place as Mortgagee may designate in writing. ~ ' 2. To pay when due, and without requiring any notice from Mortgagee, all taxes, assessments of any type or ~ ~ natur~e and other charges levied or assessed against the Mortgagod Property or this Mortgage and produce receipts there- ~ fore upon demand. To immediately pay and discharge any claim, lien or encumbrance against the Mortgaged Pcoperty ~ which may be or become superior to this Mortgage and to permit no default or delinquency on any otFier lien, encum- 's ~ r~ brance or charge against the Mortgaged Property. 4 ~ M ` ~ 3. If required by Mortgagee, to also make monthly deposits with Mortgagee. in a non-interest bearing ac- count, together with and in addition to interest and principal, of a sum equaf to one-twelfih of the yearly taues arni as- ~~•o sessments which may be levied against the Mortgaged Property, and (if so required) one-twelfth of the yearly premiums ~ for insurance thereon. The amount of such taxes, assessments and premiums, when unknown, shall be estimated by Mortgagee. Such deposits shall be used by Mortgagee to pay such taxes, assessments and premiums when due. Any in- ~ ~ sufficiency of such account to pay such charges when due shall be paid by Mortgagor to Mortgagee on demand. If, by reason of any default by Mortgagor under any provision of this Mortgage, Mortgagee doclares all sums secured hereby G, to be due and payable, Mongagee may then apply any funds in said account against the entirc indebtedness secured - ~ ~ ~ ° w N eon~~c 4~$ ~acE ~ ~ ~ _ - - ~~~~,.~,ri~~a~~~~~LL~~~~~=~