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HomeMy WebLinkAbout0978 - ~ '~69`729 ~ ~ MORTCAGE DEED AND SECURITY AGREEMENT THISMORTGAGEDEEDItheMortgagel,datodasof July 8 , I9 86 ,byandbetwcen Salvatore Patti and Cecelia Patti, his wife (hereinaitacalladMorcgagorland SUN BANK OF ST. LUCIS ~OUNTY , having an oifiaat 111 Oran~ Avenue Fort Pierce, FL 33450 ~hereinaftercaltodMortgagcel: WITNESSEI'H, that in consideration of the premises and in order to sccure the payment of both the p~incipal of, and interest and any other sums payable on the note (as hereinafter defincd) or this Mortgage and the performance and ' bg_(~ observance of all of the provisions hereof and of said note. Mortgagor hereby grants, sells, waRants, conveys, assign~, transfers, mortgages and sets ovtr and oonfirms unto Mortgagee, all of Mortgagor's estate, right, titk and interest in, to and under aU that artain r~l property situate in ST. LUC1B County, Florida, more particularly describod as folbws: Lots 18 and 19 Block 1, M.B. GOLDSMITH'S SUBDIVISION, according to the plat thereof, as recorded in Plat Book 2, Page 6, of the Public Records of St. Lucie Countq, Florida. THIS IS A FIRST MORTGAGB WITH A BALLOON PAYMENT DUE OF ~61,722.63 on July 8, 1993. TOGETHER WITH all improvements now or hereafter located on said real property and all ~ixtures, applian- ces, apparatus, equipment, furnishings, heating and air conditioning equipmeni, machinery and ariicles of personal - property and replacement thereof (other than those owned by lessees of said neal property) nuw or hereafter affixed to, ~ attached to. placed upon, or used in any way in connection with the complete andoomfortable use, occupancy, or opera- - m tion of the said real property, all licenses and permits used or required in connection with the use of said real property, s ~ all leases of said real property now or hereafter entered into and all right, title and interest of Mortgagor thereunder, in- - ctuding without limitation, cash or securities deposited thereunder pursuant to said leases, and all rents, isssues, pru- ~ ceeds, and profits accruing from said real proFerty and together with all proceeds of the conversion, voluntary or Invo- ~a. ~ luntary of any of the foregoing into cash or liquidated claims, including without limitation, proceeds of i~surance and ' J~'~'._+ condemnation awards (the foregoing said rea) property, tangible and intangible personal property hereinaRer referred t~ "~;t J col{ectively as the Mortgaged Property). Mortgagor hereby grants to Mortgagee a security interest in the foreguing Je- scribed tangible and intangible personal property. ,o ~ ~ , ;~+z i TO HAVE AND TO HOLD the Mortgaged Praperiy, together with all anJ singular the tenement~, hrredita- + ments and appurtenances thereunto belonging or in anywise appertaining and the reversion and reversions thereof ~nd all the estate, right, title, interest, homestead, dower and right of dower, separate estate, posse+sion, claim and demand E' z~~ whatsoever, as well in la~v as in equity, of Mortgagor and unto the same, and every part thereof, with the appurtenances _ `=`of Mortgagor in and to the same, and every pan and parcel thereof unto Mortgagee. ~ ~~:~:!fi Mortgagor warrants that Mortgagor has a good and marketable title to an indefeasible fee estate in the real pn~p- erty comprising the yfortgaged Property subject to no lien, charge or encumbranre except surh as Mortgagee h~~ agreed ; to accept in writing and Mortgagor covenants that this Mortgage is and will remain a valid and enforceable mortgsge un ~ the A9ortgaged Property subject only to the exceptions herein provided. Mortgagor has full puwer and lawful authurity to mortgage the Mortgaged Property in the manner and form herein done or intended hereafter to be done. Mortgagor will preserve such title and will forever warrant and defend the same to Mortgagee and will forever w~rrant :~nd dcfrnd ; the validity and priority of the lien hereof against the claims of all persons and parties whomscever. i ~ Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknuwledgc and de- ~ liver all and every such further acts, deeds, coveyances, mortgages, assignments, notices uf as~ignment, transfers and f assurances as Mortgagee shall from time to time require in order to preserve the priority of the lien of this Mvrtgage ur to ~ facilitate the performance ot the terms hereof. i ~ 1 PRO~'IDED, HOWEVFR, that if Mortgagor shall pay to Mortgagee the indebtedness in the principal cum of s~2,~~n_n~ asevidenced by that certain promissory note Ithe Note1, of even date herewith, or any renewal or replacement of such Note, executed by Mortgagor and payabk to order of Mortgagee, with inrerest and upon the terms as pro- vided therein, and together with all other sums advanced by Mortgagee to or on behalf of Mortgagor pursuan~ to the Note or this Mortgage, the final maturity date of the Note and this Mortgage as specifted in the Note and shall perform all other covenants and conditions of the Note, all of the terms of which Note are incorporated herein by reference as though set forth ful- ly herein, and of any renewal, extension or modification, thereof and of this Mortgage, then this Mcxtgage and the estate hereby created shall cease and terminate. Mortgagor further covenants and agrees with Mortgagee as follows: 1. To pay all sums, including interest secured hereby when due, as provided for in the Note and any renewal, ~ extension or modification thereof and in this Mortgage, all such sums to be payable in lawfu! moncy uf the United State. of America at Mortgagee's aforesaid principal office, or at such other place as Mortgagee may designate in writing. ~ 2. To pay when due, and without requiring any notice from Mortgagee, all taxes, a~u `sment~ of anp type or nature and other charges levied or assessed against the Martgaged Property or this Mongage and prociuce receipt~ there- fore upon demand. To immediately pay and discharge any claim, lien or encumbranc~ against the tilortgaged Property which may be or become superior to this Mortgage and to permit no default or deliriquency on any otHer lien. encum- brance or charge against the Morigaged Property. 3. (f required by Mortgagee, to also make monthly deposits with hlortgagee, in a non-interest bearing ac- count, together wi~h and in addition to interest and principal, of a sum equal tu one-twelfth uf ehe yearly taxes and a.- sessments which may be levied against the Mortgaged Property, and (if so required) one-twelfth o(the yearly premiums for insurance thereon. The arrwunt of such taxes, assessments and premiums, when unknown. ,hall be estimatcd hy Mortgagee. Such deposits shall be used by Mortgagee to pay such taxes, assessments and premiums when due. Any in- sufficiency of such account to pay such charges when due shal! be paid by Mortgagur to Mortgagee _?o dem~nd. If, by reasun of any default by Mortgagor und~r any provision of this Mortgage, Mortgagee declares atl sums secured hereby to he due and paya5le. Mongagee may then apply any funds in said account against the entire indebteJnes> se~ured I I ~ 4-a~,~~-, N 461 ~~oa~ ~~~6 ~~aGf J~Z . _ . , - _ - . - - - - - - _ _ - -