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Home My WebLink About0921 THIS IS A BALLOON MORTGAGE SECURING A VAjtIABLE j2ATE OBLIGATION. ASSUMING THAT THS I~??~~?1• p~?'!'~ OF INTS~tEST WEjtE TO APPLY FOQ THE fiNTI~tE TEQM OF THE MOjtTGAGE (AND ASSUMING THAT THE MA7QMtTM CREDIT LS DjtAWN UNDBA THE J~?G~tEfiMENT SBCUAfiD HERfiB~. THE FINAL PAYMENT O~t THE BJ?1.JlNCB DUE UppN MA?tTki7T WG*JI.D BS APPA07QMA'1`BLY 5_ 50 , 000 . 00 TOGBTHEA WI'fH ACCII~tBD INTERES?, ff ANy. AND ALI, ADVANCEMfiN?S MADE BY THE MOjt'1'GJ~GEE UNDER THE ?EAMS OF THIS MOjt?GAGB. THB ACTUAL BAI.~?NCE DUE UPON MAT[TR1TY MAY VAjtY DEPSNDING ON CHANGES IN 7HE jtAYfi OF INYBREST (AND 'TH£ AMOUNT DRAWN IINDBR ?HE AGjtEfiMfiN'n. ; Et~UITY CRIDTfLINE MORTGAGE ~~w~~' l THIS MORTGAGE is made this 15 day oi Na„_y , 19 85 , by ~Ild b9tM/96II ROB$RT W. JOHNSTON AND NONA M. JOHNSTON, His wife ('MortQaQor7 and FLOZtIDA NATIONAL BANB, cc national banrinQ association ('Mort~aqee'). WITNES,SETH. that Mortgagor, for and in consideration oi the premises and in order to secure the payment oi the principal - t and intersst on the Aereement (as hereinatter debned). Mortgagor hereby grants, assigns, transters and mortAages to Mortgagee. its successots and assigns torever, the tollowing described real property in St. Lucie County. Florida: Lot 10, Block 171, SOUTH PORT ST. LUCIS UNIT ELEVEN, accordinq to the _ plat thereof recorded in Plat Book 15, Paqe 15, Public Records of St. Lucie County, Florida. THIS IS A SECOND MORTGAGE. ; , ' . ' . . ~ ~jQ.dYL ~ , R~~~ In Payment Ot Taxes . . Due On C:ass "C.• ~n'an,;:~~ e?e; sonal Prot,e; ty. Ma~ . ) ~ ~ Fursuant 7o Chapier 7i, 13~, Acis Of 1971. , - - _ ' _ _ • ROGER POI i F2A5 ~ Cierk Circuii Court, St Lucie, Co., F~a• ~ (the 'mortgaged property') and the Mortgagor does hereby fully warrant the title to mortgaged property and will deiend ihe same against the lawful claims oi all persons whomsoever. PROVIDED ALWAYS, that ii ROBERT W. JOHt7STON AND NONA M. JOHNSTON His Wife nse ame s the mQker(s) oi ihat certain Equity Creditline Account AAreement dated ihis date (ihe Agreement), the terms oi which are incorporate~l herein by reterence, and his, her or their heirs, legal representatives or assigns, shall pay to Mortgagee all sums advunced by Mortgagee puisuant io ihe line oi credit eutended by the Agreement, which advances shall be in the mmcimum principal sum ol S 50 , 000 . 00 , with interest and upon the terms as provfded therein (which Agreement provldes ` that all installments ot principal and interest are payable at the oriice of Mortgagee, or at such other place as the hoider may designate in writing. and that each maker and endorser agrees to pay all costs oi collection, including reasonable attomeys' tee, upon default, and that it default be made in the payment oi any required payment thereunder and such deiault = is not made good in accordance with ihe temu of the Agreement then the entire prlncipal sum ~d accrued intet~est shall become due and payable wiihout notice at the option o! ihe holder thereoi) and shall pertorm and comply with each an~ every stipulation, agreement and covenani oi the Agreement and ot thfs Mortgage, then this Mortgage and the estate hereby created shall be void. otherwise the same shall remain in full torce. Mortgagor covenants 1o pay the tmtes and assessments on the morigaged propertY. to keep the improvements now eristing or hereatter erected on the ptoperty insured aa :a,~ : by tire, haza~ds included within the term 'extended coverage', and such other hazcads as Mortgagee my require and in such amounts and !or such periods as Mortgagee may require, with a company approved by Mortgagee, with a standard mortgage loss clause payab~e to Mortgagee, the policy to be held by Mortgagee, and 1o keep the improvements on the mortgaged property in good condition and repair. : 'this Mortgage shall secure not only e~dsting indebtedness, but ctLso such future advances, whether such advances ~e obligatory or to be made at ihe option of Mortgagee, or otherwise, as are made within tweniy (20) years irom the date hereoi, ~ to the same eztent as ii such future advances were made on ihe date oi the execution oi this Mortgage, but such secured ~ indebtedness shall not exceed at any time twice the original principal arnount oi this Mortgage plus interest, and disbursements ~ made for the payment ot tmces, levies, or insurance on the mortgaged property, with interest on such ciisbuisements. Any such ~ tuture advances, whether obligatory or to be made at the option oi Morigagee, or otherwLse, may be made either prior to i or afier the date oi any agreements now or hereatter securad by this Mortgage. All covenants and agreements contained in thi, Mortgage shall be applicabie to all further advancss made by Mortgagee to maker(s) under this tuture advance clause. Should any of the above covenants be broken then the Agreement and all moneys secured hereby shall, wiihout demand, . ii Mortgagee so elects, at ance become due and payable and this Mortgage may be toreclosed, ~d all costs and egpenses ot collection and reasonable attomeys' tees. including costs, expenses and attomeys' tees on appeal, ii collected by legai proceedings or through an attomey at law, shall be paid by Maker, and the scur?e are hereby secured. , IN WITNESS WHEREOF, Mortgagor has executed this Mortgage as o! the date fust above set forth. THIS IS A BALLOON MOxTGAGE SECiJRING A VARIABLE RATE OBLIGATION. ASSUMING THAT THE IAIITIAL RATE OF INTEREST WEjtE TO ~IPPLY FOA THE ENTIjtE TEjtM OF THE MOjtTGAGE (AND ASSUMING THAT THE M,A7QMUM CjtED1T LS DRAWN UNDER THE AG~EMENT SECURED HEjtEB~, THE FINAL PAYMENT O~t THE BALANCE DIIE IIPON MATIJZt1TY WOULD BE APPAOXIMATELY $ 50~000 . oo , TOGETHE~t WITH ACCjttTED II~'1'EREST, ff ANY. AND ALL ADVANCEMENTS MADE BY THE MOjtTGAGEE UNDEA THE TE&MS OF THLS MOZt'1'GAGE. THE ~ ACTUAL BALANCE DIIE UPON MATQRITY MAY VARY DEPENDING ON CHANGES IN THE RATE OF INTEjtEST (AND ~ THE AMOUNT DjtAWN IINDEA ?HE AGI2EENiEN1~. ~~~1 Si ed, d delivered in our presence: . Gl ~'f//~ ~s~.> ~ ~r ~Y ~ P i (Mortgagor)Robert W. Johnston - ~ ; . FIL't~7 ;Cs~), ti (M aqor) . . ~ ~ ~ . ST. LUCtE - STATE OF FLORIDA ~s~ ~c~ = ~`l~ ~ ~ " - cotrtm oF Martin _ B(~tIK ~UJ PAGE ~~l..V " ~ , - - . ~.4 The loregoing instnunent was swom to and subscr;bed betore me this 1~ ~r q • ~~ti' f Fxoirgs Nov. 21, 14a7. `~..~om oioo cs.-e~1 - ~ _ - -