HomeMy WebLinkAbout0987 'i'NI~S I S A H tI :_OO:V *lORTGAi~E: A4:I) i i~F. F 1 NAI. 1'AY`tENT OR THF. BAI.A;~CE DUE UPUN
NATURTTY IS 150,000.00 , TC'GETIiER WITI{ ACCRUEll INTEREST, IF ANY, AND
AL1. ADVANCEt'ENTS MADE BY THE MORTGAGEE UNDER THE TERMS F THIS MORTGAGE. ~~i
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~~[~'i ~~~P ~~8~~ dated this ~5*~ day of fc6~~:~y
A.D. 19 86 by
FOREST S. BECKETT, a single man
hereinafter called the Mortgagor, which term shall denote the singular and/or plural and shall
include when used herein, wherever the context so requires or admits, his heirs,
personal renresentatives and assigns,
to BANK OF PALM BEACH AND TRUST COMPANY
40 Cocoanut Row a"~~ peyment Of Taxes
Palm Beach Florida R~ceNsd S~
> > D u ~ dn C~~c Ir,:3~ ,ib e"eSO~3; PropsrUl.
Pu~s.:a~= To ~n~'' ~3`'~ Ncts Of~971.
n'v;: c;t ~'OI i f2AS ~
C'erk Circuit Cou?t, SL Lucie. Co.. ' .
hereinafter called the Mortgagee, which term shall denote the singular and/or plural and shall
include when used herein, wherever the context so requires or admits, its successors and
assigns.
WITNESSETH: "Fhat for divers, good and valuable considerations, and also in con-
sideration of the aggregate sum named in the promissory note hereinafter described, said
Mortgagor does hereby grant, bargain, sell, alien, remise, release, convey, confirm and mort-
gage unto the said Mortgagee all that certain piece of property and tract of land of which the
Mortgagor is now seized and possessed and in actual possession, situate in the County of
st. Lucie and State of Florida, described as follows:
SEE DESCRIPTIOIV ATTACHED
~ As a part of the consideration for the loan evidenced by the
~ promissory note secured by this mortgage, the parties hereby agree
; that the certain note dated June 7, 1932, in the original sum of
` $SOO,OOO.OU and secured by a mortgage recorded in Official Record
; Book 37°, page 286 and thereafter modified by agreement recorded in
; Official Record Book 401, page 204, Public Records, S±. Lucie County,
~ Florida, encumbering the herein described property, the present unpaid
~ principal balance of which is $300,000.00, and the note secured by
~ this mortgage in ttie principal sum of $100,000.00 and this mortgage
$ hereby are merged and shall constitute one indebtedness in the total
~ principal sum of $400,000.00. ~
~
The aforesaid principal sum of $400,000.00 shall be payab~ in equal
~ annual payments of $50,000,00 each commencing July 7, 198~ and ,
~ continuing tY~~eafter on the same day of each and every year until
. June 17, 1991.at w~ich time the entire unpaid balance of principal,
and the interest due thereon as hereinafter provided, shall become
immediately due an~ payable in full. Interest shall be payable
from date on the unpaid principal sur~, at the rate per annum herein-
after specified, payable on March 7, 1986 and quarterly thereafter.
The rate of interest payable hereunder (computed on the basis of
actual days elapsed and a year of 365 days) at all times shall be
equal to ~(one-half) point above the base commercial lending rate
' from time to tir~e announced by the Citibank in New York, New York.
Each change in the interest rate resulting from a change in the
base commercial lending rate shall become effective on the date on
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