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THIS Ii~DENiURE, htade the_ l~t ~ d.+y o4 ~ i~ia~~___ A 0. 19_ 7~ batv•een ;
_,1nSEPH. J. _ LACH and M~tR~ ANN LACH, his wife, v^~A~~_~_ _ . ~
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p( St. j~,1CiP~ T^~ ~ounty Florida, hrrrinatter des:~~»~ed es tha "A10RTGAGOR," arxi FIRSf fEUERAI SAVINGS AND IOAN F
ASSOCIATION OF fURi PIERtE, a torparotion c+rganircd and ex~si:ng under the la,v~ of tho Unite~~Slatas uf {~ne~ica and havinfl itt principal place of f
businois in ihe C+ty of forl Pirrce, St. lucio Cou~tyy Florida, hrreinafter designatad as thc "MORIGAGE.:' . - :
- WHEI:EAS the MORTGAGOR is juslly indel,ted to ~hs MORTGA'vEE i~ tha sum of S ~651000. ~0 90~ and la~.vful money o( the Un~ted ,
Stales adva~xed by the lAOR1GAGEE u~to the h10RTGAGOR, as evidentcJ by a<crtuin µromissory nola ui even date herev.~ith, of wfiith the followir,g in ;
words end figures is a vua copy, to-wit: t
S 465TQ00.00 - - No 10~21312 _ ~
fort ~ierce, Florida, - May 14 7 5 ~
For vafue raceived, I, ~ve or e~the~ oF ~s, Rromise lo pAy, vt~ithcot defaltation, to th~: order uf FIRST FEDE~'A! SAV!td~i5 AtSU LQAN ASSOCIATION OF ~
FORT PIERCE a1 Fort Pie~ce, Florida, 1l~e svm oF 5---4~-~-s~~90 _ v.';~h interest from Jate at the ratc of _$~-°.o per anr,vm, in monthly (nslall• :
ments as fallows: S--4i4-~~ ~0 on Iho ~5th day of $~Pte~er_ 19?5__ and a like sum oo the .orrespond~ng day of cach moroh thare- `
aFte: ~,,,u ~h~ ..~?,o~z bz fully paid: - ujltll 9/15/?5, interest only will be pai.d monthly
- Each ~nslallment firsl shall be aFptiad in paymeN of Ihe lnteresl and tl:en on, thr vnpaid balance of the principal sum. If dafault•is made in the
payne~nt of a~:y instai!ment .vhen due, a:±d such d~ faulr contin~es 30 days, then at :he ~ptron of the hotder, and withoul any other notice, al1 1}~: remaining _ ~
instalin;ents shaii b~ d~e ard pay~bin at once. Privi!ege is ~ive~~ to prepay this n~te in wiiolo ~r in Hart at any t~me ~v~thcut pen~lty. Neitner {a~ebe~ro~te, 3
- nor acceptance by the I:older therzof aNtr any defau!t ~n any_ payments hereon, shaH be deemzd exte~sion. A lale payme~t tharge of S 50• , shall be ~
_ addrd :o e~:h_inarallment remaintng unpn~d 7 days alter it; due date, an~ a t~ke sucn ~h31i ba added to each w.h installment remaining ~npa'sd 7 days after
each succeeding paymenr dafe.
Each maker, sureiy and ~r.dorser hereof, j~intty and severatly, w~a~~es dema~~d, µresentment proteit and notice of protest fot n~npayment, and furthet
agr?es to any extens~on of fi~ne of paymert, either before or after maturity, withaut no+ice !o any o( us; and fo pay all cosls of eollettiQn, inti~ding a
reasonable atiorn~y's fee ~n the event of any defavtt hzreund-cr, and here6y sevcrally ~vaives ati benefit of homestead and exemption under the tonstitution
and la•.vs of each St~te cF ~he Uc~!ed Stat~s, as againsl this obtigalia~ or any e.tension or tenevial hereof.
W~tness thr hand anJ seal of cach pa~1.•. ~ ~ ~
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^ . , . . . , . 51~ Josenh J . L~CtI (SFAL)
. REC£IYE~ ~c~• `1N PAYMfNT Of TAX~ - _ ~Sea~) .
DUE ON CtASS'C INTAt161B1E rERSt1yAL PROPERIY, $f Mary Ann Lach (SEA~)
. pURS{1A!(i TO Cf{IIPTER 71•13~t~ AiCTS OF 1971. , : ~ - - - ~ ~sEAI) ~
~ $697.50 ) 5tate Revenue p«~ ' ^ ~ -
(Sli}b~CdfXrli~'o7dX~Xdf~jXli}f~Di) - . C1.ERK C1Rq1R OOIIRJi ST. WCiE 00~ FLl., - . r.• ~ : - - : • • ~ ' ' =
~ NO'.Y, THEREFORE, the 1~lORTGAGOR tor thc puipose of securing payment of sa~J sum of S 465 ~ 000 and the performance of the
covenan?s and agreemenls hereinafter expressed, arv.d for dive~s good artd valuabte cansidrrations, by these ptesents, does granf, hirgain, seli, remise,
release, corr~ey a~:d conS~rm unSo the MORTGAGEE, i?s successors and assigns, al! that certain lot, piece or parcel of (and, situale, lying, and being in the
County of T St. Lueie , and State oS Ftorida, described ae follows: • -
From the N~rthwest Corner of the SW~C of the SW~ of Section 24, Township 35 South, Range .
39 East,-run South along the West_line of said Section 24, a distance of 38.00 feet; thence -
~ run South 89°23'30" East, a distance of 692.10 feet to the goint of beginning of the
~ollowinq described land: . . ~ . ~
- From said point of hEginning, run South 89°23'30" East.a distance of 150.48 feet; thence
run ~outh 00°00'30" West a aistance of 439.79 feet to tlie North right-of-way of State
Road 70; thence run South 70°08'30" West along the North right-of-way of State Road 70
a distance of 160.00 feet; thence run Nortli ~~°00'30" East a distance of~495.74 ieet to
the point of beginning; a11 ir~ St. Lucie County, Flor~da. a3 d y' 3 3O ~ ~a a/ -~/D O/~ .
- TOGETHER WITH all machinery, equipment, furnit~are, fuznishinqs, fixtures, supplies and signs
now and hereafter acquired by Mortgagors for use in MortgaROrs' motel business to be conducted
- on the hereiiiabove described property; including but not limited to all replacements tiiereof,
- and all attachments; accessories and aquipment hereafter installsd therein or affixed thereta,
including all it~m5 of the above described nature which are to be purchased F~ith the
proceeds of the indebtedness secure3 hereby. ~ -
- THIS IS A FURCHASE I~lUNEY MORTGAGE to the extent of $200,000.00 and is a construction loan
as Lo the remaining $265,000.00. The proceeds of sa?d construction loan will be advanced _
- to borrowers in accordance with a Construction Loan Agreement this dny execute~ between
Diortga,ors and Mortgagee.
I
` together with all ar,a singular thc tenements, hered:taments and appurlances thereunto belonging or in -~~ywise. appertaini:~g thereto, artd all rents, istues, ~
proceeds and profits accruirr3 and to accrue from said prPmises~ all of which zre intludea in Iiie above artd foregoing destription and_ habendum. _ -
TO HAVE AND f0 HOID the ab:,ve described and g~anted premises unta the said MORTGAGEE, its svtcessors and assigns forever. And tfie said
~tURTGAGCit for --=thelT heirs, executors: administrators and assigns, hereby covenants with the said 1~19RTGAGEE, its svtces~ors and assigru,
~ the~are__
that - lawfully seized of the sa7d promises in fee simp!e; that the same are free, clear and dischargtd from alt lians aed ancurtr
= brances in law or in equity, and that the~7 _ wiil anr! their _ ,t,an warrant ar.d defend the title to Ihe xame to fhe seid ~
MORTGAGEf, ifs sut~essors and assigns, ~or~ver against ihe lawful daims and demands of aU petsot~s;
PROVIDED, Al~ilAYS that if t~e h10R:GAGOR shail pay unto tHe MORTGAGEE the promissay nt~te hereinbefore described and ehsli truly, ~~omptly _
- and f~l'y perform, d~scharye, execute, comp!ete, comply with and ao~de by each and every tFe sfipulations, agreemenis, co~ditions and covenants of taid
prom~sscry note and of this Mortgage, then this hlo:tgage and the Estate hereby created shall ctase.and be null and void. -
- IT {S UNDERSTOOD fhat the word "Mortgagor" u~hetlier in the s~ngufar w plural anywhese in fhis Morfgage, sh~ll be~ sirv~olar ~i one only and d~' !
shall bs plwal jointly and severalty if more than one, and that the vvord "~heir" as used anywfie~e in this Mortgage s1u~11 be taken to mean "bis," "hen," ~ab ,
or "its;' wherever the contrxt so irnplies or admits. 1~Iso, that wherever there is a referente in the tavenants and agreements herein tonfainrd to ~ny ol '
the parties hereto, the same_ shaN be construed to mean as well as fhe heirt, legat rapresentatives, :ucceuars a~d assigns (either voluntary by act of the - ^ ~
- parties or involur~tary by operatiore of the _ law; cf the s~me " and that the_covenants htrein coniair.rd shall bind and tht beZefits and advantagq inuro y
- to the respective heirs, legal represenratives, svctessors a~d asrgns of the parties herero. - - ~
And said IV~ortgaeors, for themset~es and their h;:irs, legal represe:?latives, successors and assigns, hereby jointly and severally covensm and syrez ~
to and with the said ~hORTGAGEE, its suc!e~sas and assiyns: _ . ~ ~
l. To p~y all and iirrgular the prinupal an~ interest and the various and sundry s~ms of money payable by virtu~ of said promiswry nofe, and this rn
mortgtge, each ansl every, promptly on tne days respe~t;vely the snme several{y become dve. - ~
- 2. lo pay a{I and singulsr the taxes, assessments, levies; liabilitiet, oWigations and er.tvmb~ances of every na!ure and ki:~d now on said desuibed ~
pro, erty, or thae hcreafier may be imposed, suffered, plated, (evied, or asscssed !hereon, or th~t htreafler may be tevied or sitessed vpon this Mortp- ~ ~
~ age, or the irtdebtedness secured hereby, each and every, wfien due and payabie, according to law, befo,e they become delinqurnt, ar.d before ~ny inttrest
atta~i-~es or any penalty is incurred: AND INSOfAR AS ANY THEREOF IS OF RKORD THE SAME SHAII 8E PRONIPTIY SATISPIEO _AND DiSCFitiRGED OF
RECORU AND THE ORIGINAL OFFICIAI DOCUt11ENT (SUCH A5, FOR INSTANCE, THE TAX RECfIPT .OR THf SATISfACTION Pi~PER OffIC1AlLY ENDORSED
QR CERTIFIEO) StiA!l BE PIACE~ IN THE HANDS OF SAID /hORTGAGEE `NITHIN 1EN DAYS NEXT AfTER PAYMENT; an~ in the eveot that any thereof is nol
paid, sat'sfied and dischnrged sa'd MORTGAGEE may at any time pay the same or any part tF.ercof without waiving or affecting any option, lien, equity or
{ .iqht ~nder 6r by virtue of this mortga3e and !he iu11 amount of each and every wch payment shall be immediateiy due and payable and shall bear interest
From the data therrof until pa~d at ra!e of ~ine per centum per annum and togerher w~th such interest shatl be secvred by the lien of th:s morgtaqe. ~