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HomeMy WebLinkAbout0988 1 ' ~ ! '70~.QSfi Mortqa~s and SecuNty Ag~merrt This Mortgage is made this day of AprlZ by and between TC~ULSQN BUILpERS. INC., a Florida oorp~ration ("Mortgagor"), and Barnstt Bank of St. Lucie Cowntv ("Mortgagee"), ~ the address of which is 900 East Pri~ Vista Boulevard~Port St. Luci~, Florida 33452, Q~ ~ ~~o _ WITNESSETH: j WHEREAS, Mortgagor is indebted ta Mortgagee in the principal sum of ONE HUDIDRID THIKI'S'-Z~A ~ x TfiOiIS~,I~ID and 00/100 DOI~S together with interest thereon, as evidenced by that certain promis- = sory note of even date herewith, executed by Mortgagor and delivered to Mortgagee, the tinal payment of which is due on or before the 22~ day of April, 1986. ~ (the "Note"), which by reference is made a part hereof to the same extent as though set out in fuil herein; ~ NOW, THEREFORE to secure the performance by Mortgagor of all covenants and conditions in the Note and in this Mortgage and in a11 other ;nstruments securing the Note, and in order to charge the properties, interests and rights hereinafter described with such payment and performance and to secure additional ativances. renewals and extensions thereof and for and in consideration of the sum of Ten and no/10Q Dollars ($10.00), Mortg~agor dces hereby mortgage, sett, ptedge and assign to Mortgagee: THE MORTGAGED PROPEATY {Aj All of the land in the counry of St. Lucie , described below: IAt 21, of SABAL ~C, PHASE I, aco~rclinq to the Plat thereof as reoon~ied in ~ Flat Book 23. Page 32, of th~e Publi~ Reo~rds of St. Lucie (b~mmtv, Florida. ~ ~ to have and to ho~d the same, together with ail the improvements now or hereafter erected on such property > and all fixtures now or hereafter attached thereto, together with each and every tenements. hereditaments. easements, rights, powers, priviieges, immunit+es and appurtenances thereunto belonging or in anywise appertaining and the reversion an~ reversions. remainder and remainders, and also all the estate. right. title. ~ interest. homestead. right of dower. separate estate. property. possession and cfaim whatscever in law as ~ ~ well as in equiry of Mortgagor of, in and to the same in every part and parcel thereof unto Mortgagee in fee ~ _ ~ simple ' ; (B) Together with a security interest in all personal property and fixtures affixed to or located on the property described in paragraph A. ' ~ (C1 Together with all rents. issues. profits. revenue. income and other benefits from the property de- scribed in ~aragraph (A) hereoi to be applied ro the indebtedness secured hereby, provided however, that =~o permission is hereby given to Morigagor so long as no default has occurred hereunder. to collect. receive, , ~ and use such benefits fram the property as they become due and payable. but not in advance thereof. - (D) Everything referred to in paragraphs (A). (B) and ~C) hereof and any additional pr~perty hereafter _ ~ acquired by Martgagor and subject to the lien of this Mortgage or any part of these properties is herein x referred to as the "Mortgaged Property " v ~ PROVIDED ALWAYS. that if Mortgagor shall pay to Mortgagee the Note at the times and ~n the manner stipulated therein. and in alI other instruments securing the Note. including rene~vals. extension or modi-, fication thereof. and in this Mortgage and in all other instruments securing ihe Note. to be kept. per~ormed or observed by Mortgagor. then this Mortgage. shall cease and be void. but shal~ otherwise remain in full force and effect Mortgagor covenants and agrees with Mortgagee as follows 1 Compiiance with Note and Mortgege; Warranty of Title. Mortgagor shall comply with a~l pro- ~isions of the Note. this Mortgage and of every other instr~ment securing the Note. and wilf promptly oay to Mortgagee the pri~cipal with interest thereon and all other sums required to be paid by Mortgagor under the Note and pursuant to the provis~ons of this Mortgage an~ of every other instrument securing the Ncte. Mortgagor is mdefeasibly seized of the M~rtgaged Property in fee simpte and Mortgagor has lawful auihority to convey. mortgage and encumber the same as provided by the Mortgage. and does hereby so warrant 2 Payment of Taxes and Liens. Mortgagor shail pay all the taxes. assessments. !evies. habilities. obligations and encumb~ances of ever,~ nature ncw on the Mortgaged Property or that hereafter may be imposed. levied or assessed upon ihis Mortgage or the Mortgaged Property or upon the indebtedness ~ secured hereby All such payments to be made when due and payable according to law before they become de!~nquent and before any interest attaches or any penalty is incurred. Irsofar as any indebtedness is of record the same shall be promptly satisf~ed and evidence of such satisfaction shall be given to ~ ` Mortgagee 3. Insurance. Mortgagor shall keep the Mortgaged Property and the improvemenis now existing or ~ hereafter erecied on the Mortgaged Property +nsured as rnay be required from t~me to time by Mortgagee ~y against ~oss by fire otr?er hazards and contingenc~es in such amounts and for such periods as may be requ~red by Mortgagee MoRgagor shal! pay prompt?y. when due. any premiums on such ins~rance All ~ insurance shall be carried with campanies approveo by Mortgagee ar~d the policy and renewais thereof m shall be held by Mortgagee and have attached thereto loss payable clauses in favor and in form acceptable ~ - to Mortgagee In the event of loss. Mortgagor sha?I give immediate notice by mail to Mortgagee and ~ Mortgagee may make proof of loss if not made promptly by Mortgagor_ Each insurance company concerned ~s hereby authonzed and directed to make payments for such loss directly to Mortgagee instead of either to Mortgagor or Mortgagor and Mortgagee pintly Insurance proceeds ar any part thereof may be aop~ied by - - - - ,~-~;-~,w~ ~fi^" ~ ~-~:s •a~=` v,;~'