HomeMy WebLinkAbout0932 '~'95~50 1 ~
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~Southeast ~ank, N.A.
S/10 ADjUSTABIE RATE
C011AMERCIAL MORTGAGE AND SfCURITY AGREfMENT
TNIS MORTGAGE SECURES /1 PROMISSORY NOTE 6EARING /1N INITI/1L INTEREST R/1TE OF ~ 7~ % PER ANNUM,
WHICH IS SUBJECT TO A ONE-TIME ONLY CHANGE IN THE INTEREST RATE AT 7HE END OF fIVE (5) YEARS AND FOR A
CORf~ESPONDING CH/1NGE IN TH~ CembErYpl~1Y(~~16Y /lT THE END OF FlVE !5? YEARS, AND AL50 IS SUBIECT TO /18/1LLOON
P/1YMENT PAYABIE IN FUII ON ~ ~ yy
(insert date) ~ /
THIS MORTGAGE, executed this ~ day of November ~ ~g 86 ~ by; a-~
LAKE INDUSTRIAL CORP.. a Florida Corporation
(he~einafter called the "MORTGAGOR"),
(Whith term shal) in~lude the M~RTG/?GOR'S heirs, successors, legal representatives and assigns, including all
subsequent g~antees, either volunt~ry by act of the parties or involuntary by operation of law and shall denote the
singular and/or plura) and the mas~uline and/or feminine, and natural and/or artificiat persons, whenever and
wherever the context so ~equires).
-to-
Southtut eank, N.A.
(hereinafter called the "MORTG/1GEE"),
(Which term shall include the MORTG/IGEE'S successors and assigns);
WlTNESSETH:
TNAT for good and valuable consideration, and to secure the payment of the promissory note (the "Note") described below,
together with interest thereon, as well as any future advances of money made under this Mortgage, the MORTGAGOR grants,
ba~gains, sells, conveys and gives a security interest to the MORTGAGEE, in fee simple, in:
A) The following' land:
Lots 1 and 20, ~lock 6, AIRPQRT INDUSTRIAL PARK, UNI7 i, according to the Plat
thereof, recorded in Plat Book 12, page 40, of the Public Records of St. Lucie
County, Florida, less and except the East 2Q feet of said Lot 2U.
AND
8egin at a poi~t 15 feet South 89°09' West of the Southeast corner of Lot 20,
Block 6 of the replat of AIRPORT INQUSTRIAL PAR~C, Plat Book 20, page 3, Pubiic
Records of St. l.ucie County; thence run South 0 50' East 180.05 feet to a curve
concave to the Southwest, having a radius of 180', thence Northwesterly along
th~ arc of said curve for a distance of 282.8', ~hrouqh a central angle of
90 O1' to the Point of Tangency; thence North 89 U9' East I80.05' to the ~3i,,nvt~
of Beginning. Recetved E In Payment Ot Taxes
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. : ~ : . • : - ; s~ ! : Due Qn G'~ss _ ' In,a.i,;ib'e Personal PropertY~
; Fursuani To Ghap ~r 71, 134, Acts f 1971.
~ _ - 'i~"`~y- ~ kO::ER PiITRAS
~ =10523 ` ~ J ] , ~ ~ ~ ` Cterk CirCUi: Court, SL LuCie, CO.~ e.
B) All buildings and im~ovements now or hereaftet situated on the property, and all fu~niture, furnishings, fixtures, machinery,
equipment, inventory and materials on site, and personal property of every nature now or hereafter owned by the MORTGAGOR
and located in or intended to be used in connection with the operation of said property, buildings, and improvernents, inctuding a!!
additions, and replacements to any of the (oregoing; and al{ of the right, title and interest of the MORTGAGOR in any such personal
property or fixtures subject to a conditional sales contract, security interest or similar lien or claim together with the benetit of any
deposits or payments now or hereafter made by the MORTGAGOR or on its behalf.
TOGETHER WITH the tenements, hereditaments, easements and appurtenances thereunto belonging, and the rents, issues, and
profits thereof, and also specifically but not by way of limitation all gas and electric fixtures, radiators, heaters, water pumps,
machinery boilers, ranges, elevators and motors, bath tubs, sinks, water closets, water basins, pip~s, faucets, and other plumbing and
heating fixtures, mantels, heating, ventilating, and air conditioning equipment, window screens, screendoors, venetian blinds,
cornices, storm shutters and awnings which are now or may herea(ter pertain to or be used with, in or on said premises; also all
architecturat building plans and specifications, and a!! abstracts of title describing or in any way related to the subject premises.
TO NAVE ~ND TO HOlO the same unto the said MORTGAGEE.
THE MORTGAGOR hereby covenants with the MORTGAGEE that the MORTGAGOR is indefeasibly seized with the absolute and
fee simpte titte to said property, artd has full power and lawful authority to sell, convey, transfer and mortgage the same; that it shall
be lawful at any time hereafter for the MORTGAGEE to peaceably and quietly enter upon, have, hold and enjoy said properry, and
every part thereoi; that the property is free and diuharged from all liens, encumbrances and claims of any kind, including taxes a~d
j assessments, except taxes for the current year that are not yet due and payable; that the MORTG/1GOR wil~ make, at
MORTG~GOR'S expense to MORTGAGEE, such other and further assurances ta perfect the fee simple title to said land, fixtures and
personat p~operty in the MORTGAGEE as may hereafier be required; and that the MORTGAGOR hereby fully warrants unto the
' . MOR7GAGEE the title to said property and will defend the same against the lawful claims and ciemands of all persons whomsoev~er.
I
NOW, THEREFQRE, the conditions of thts Mortgage are such that if the MORTGAGOR shal) pay unto the MORTGAGEE the ~
i~ indebte+~ness evidenced by that certain romissory note of even date herewith, made by the MORTGAGOR and payable ta the
i MORTGAGEE in the original sum of ~0 ~000.00------ ppLl~RS (i150~000 .Oq~the "Not~"), the finat payment of which
~ is due on - Decemh~r 1* 1996 _ , together with any note or notes he~eafter executed'by the MORTG/?GOR in
~ accordance with Paragraph 16 of this Morigage and secured by the lien of this Mortgage, together with interest as therein stated, and
shaU perform, comply with and abide by each and every stipulation, ag~pement, condition and covenant contained in this Mortgage, ,
and in the Note secured hereby, then this Mortgage and the estate hereby created shall cease and be nutl and void.
l1ND, the MOR7GACOR fiereby covenants and agrees:
! 1) To perform and camply with evety convenant contained in the Note or notes; this Mortgage and, if applicable, the loan
~ agreement between the MORTGAGEE and MQRTG/1GOR. Y 7irS~ c~i~
0523 P~~09~6 ~~7.~
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