HomeMy WebLinkAbout0949 '7Ug039 ~ ~ ~
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~lo Dorumentary Stamp Taz is required as this mortgage This Insuvment was prepared by
seceues a line-of-credit end there ia no writLen obligation and return to:
to pay a sum certain. R. D'Alessandro
Florida Federal
Savings and Loan Association
29982155725 P.O. Box 2243
St. Petersburg, FL 33731
MORTGAGE
THIS MOR'I'GAGE is executed this 21TH day of F~BRUARY , 19 85 , by WILLIAM J. ~
LACHNICHT AND DAWIJ M. LACH~HT-- iointly and severally {the"Botrower"),in favor of
FLORIDA FEDERAL SAVINCS AND LOAN ASSOGIATION, whose principal place of doing business is in St. Petersburg,
Florida (the "Lender"), and is made in reference to the following facts.
(A) Borrower has ezecuted a revolving line-of-credit agreement (the "Credit Agreement") in favor of Lender, on even date
herewith, allowing Borrower to obtai~ j~~~y~,qc~~~~~_time~~d i8~yc~~nounts as Borrower may choose, up to a ~
maximu u d' amount of v ~1V N(? / DOLLARS
(3 ) at any given time, in accordance with the terms and conditions thereof and which are ~
incorporated in and made a part of this Mortgage. The Credit Agreement describes the interest rate(s) to be applied to any
such lo~n~~v~~n~~s,prqv~des for repayment of any such i~~r~,~vanced in the manner stated therein, and has a maturity date of
F [7 RY l7 1~U
(B) Lender is desirous of securing the prompt payment bf suc~ loan advances, if any, together with interest thereon, and
any additional indebtedness accruing to the Lender on account of any future payments, advances, or expenditures made by
Lender or on account of any other indebtedness incurred in connection with this Mortgage.
NOW. THEREFORE, for and in consideration of Lender making the aforeseid revolving Iine-of-credit availabie to
Borrower and for other good and valuable consideration, and to secure the repayment of any loan advances, incicient thereto,
Borrower dces hereby grant, bargain, sell, alien, remise, convey and cont`irm unto Lender alf that certain land, and all
structures, buildings, improvements, and fiatures which ~n~~~after located thereon, of which Borrower is now or will
be seized and in pc~ssession, situate in
County, Florida, more particularly described as follows:
SECTION 1, PORT ST LUCIE, FLORIDA, BLOCK 287, LOT 5, ACCORDING TO THE PLAT
THEREOF ON FILE, IN PLAT BOOK 11, PAGE 53, PCBLIC RECORDS, ST LUCIE
COUNTY, FLORIDA
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' together with all interests, rights, privileges, easements and right-of-ways incident thereto; said pmperty and intzrests will
sometimes be referred to herein as the "Property: '
; TO HAVE AND TO HOLD the Property unto Lender and its successors and assigns forever.
Borrower and Lender hereby agree that this Mortgage is not a"baitoon mortgage" governed by Section 697.05 of the i
Florida Statutes, as amended, and furthermore specifically waive the applicability of, or nghts granted under, said statute.
Borrower hereby covenants end agrees with and warrants to Lender as follows: (i) that Borrower is the absolute fee simple
owner of the Propez~ r~,-~i) that the Propet~~r i~ ~nd will remain free and clear of all er~m~~qcle~ except for that first mortgage
recorded at Book , Page of the Public Records of County, Florida (the
"First Mortgage") (If there is no prior mortgage and N/A appears in blank areas, then all references hecein to First Mortgage
may be disre~arded); (ui) that the First Mortgage will not be extended, mod~ed, or otherwise changed in any way, nor future
advances made thereunder, without the prior written consent of Lender; (iv) that Borrower has full power and lawful right to
mortgage and convey the Property; (v) that no delinquency or default euists under the First Mortgage and that no delinquency
exists with respect Lo the payment of any taaes, assessments, or other charges of any kind levied or assessed on the Property;
(vi) that it shall be lawful for Lender at all times to peacefully enter upon and occupy the Property; (vii) that Borrower will make
such further assurances to protect the fee sunple title to the Property in the Lender as may be reasonably required;-and {viii)
that Borrower does hereby fully warrant the title to the Pmperty and will defend the same against the lawful claims of all
persons whomsoever.
And Borrower does hereby further covenant and agree with and promise to Lender as fallows:
1. Payment. Borrower shall strictly and fully c~mply with all provisions of this MortgagQ and of the Credit Agreement
secured hereby. Borrower shall promptly pay Lender all sums of money which may be advanced under the Credit Agreement,
as well as all sums of money required by this Mortgage, on the days, respectively, the same severally become due.
2. Escrow tor Tazes and Inaurance. The Lender may require at any time that escrow payments as to taxes,
assessments and insurance he peid to it by Borrower, during the term of this Mortgage.
3. Taxes. Borrower shall gay all taaea, assessments and encumbrances of every nature that may be imposed on the
Property, and upon this Mor~gege and the Credit Agreement, or the money secured and evidenced thereby, and shai! pay them
before the delinquency thereof.
~•e. ~s.
~ ~~~x 461 ~~~f 94~.
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