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Home My WebLink About0996 • • , TH1~ IS A BALLOON MOA'TGAGS SBCURING A VARIABLB RATE OBLIGATION. ASSUMING THAT THE RATE ' OF INTEjtEST WERS TO APPLY FOR ?HE fiNTIR~ 1BRM OF THB MORTGAGB (AND ASSUMING THAT THfi MAXIMUM CRBDIT IS DRAWN UNDBR TH8 AG3t~S8MBNT SBCURTD HERfiB~, THB FINAL PAYMEN? OIt THE BALANCfi DUE ; UPON MATURTiR WOULD Bfi APPROXIMATELY $ 2Q, OQQ. QO , TOGfiTHER WITH ACCURfiD INTERBST, ff ANY, AND ALL ADVANCSMENTS MAD~ SY THB MOZtTGAGBS UNDBR THE TSBMS ~F THIS MORTGAGE. THE ; ACTUAL BALANCE DUB UPON MATUjtITY MAY VARY DBPBNDING ON CHANGES IN THB RATE OF INTEjtEST (AND ; THfi AMOUNT DRAWN UNDER THB AGREBMfiN'l~. O~ ~ E~UIl'Y CREDITLINE MORTGAGE aO~31, 3 THIS MO&TGAGS is made this dap ot Ja?tuah.y , 19 8 ~ , bp ~ and between Geha,Ld A. No.P.P,i.ngawo~c.th and L~nn C. Ho.eP.i.ngecu~h,th+ N.i.a Gl.i~,e ! ('MortQaqor') and FLOAIDA NATIONAL BANB, a national banking assxiation ("MortQaQee'). WITNESSETH, thai Mortgagor. !or and 1n consideration ot the premises and in order to secure the payment of the principal cmd interesi on the Agreement (us hereinaiter detined), Mortgagor hersby granis, assigns, iransters and mortgages to Mortgagee, its successors and asslgns lorever, ihe tollowing described real properiy in S.t. LuC.t,e Counry. Florida: L~T 31 BLOCK 113, PORT ST. LUCIE S~CTION TG1ENTy SEV~N, ACCORVING T~ THE PLAT THERE~F, RECORUEV IN PLAT BOdK lq, PAG~S 5, 5A THR~UGH 5T TNE PUBLTC RECORUS OF ST. LUCIE COUNTy, ~~~RTpA. R~ciiv~d = ~ ~ M Psy~M ~ T~x~t STAT E~F F L O R.I CJ A f a~. op d~ "C" M?~+n~ib1~ PKSa"~1 Prop~rtr, = ti M t' n} T f~ ~ 4~ .`ta PurfYMd t0 ~w -7.1. ~34 d~ Of ~9~~. . . - ' - ~t R - L -~i ~ - ~JAN2187 `~4 ~~Pa ~ 3 0 O~ C1erk C~ Cour1• Sf. Ca+ cs~ P.B. Q1 M ~ 10523 , ~ (the 'mortgaged property') .and ihe Mortgagor does hereby fully warrant the !itle to mortgaged property and will detend ihe same against the lawtul claims ot all persons whomsoever. PROVIDED ALWAYS, that it GERAL~ a HOLLINGS(~RTH AND LyNN C. H~LLINGSWORTH HIS G1IF~ nse ame s the mctker(s) oi lhat certain Equity CrediUine Account ABreement dated ihis date (th~? Agreement), the temns ot whlch ~e incorporated herein by reterence, and his, her or iheU heirs, legal ropresentatives or assigns, shaA pay to Mortgagee all sums advanced by Mortga~~e puisugpi to the line oi credit extended by the Agreement, which advances shall be in ihe mmdmum prlncipal sum of S 0, 000 OU , wlih interesi and upon the temns as provided therein (which Agreement provides thai all installmenls ot principal and interest are payable at the ottice ot Mortgagee, or at such other place as the holder may designate in writing, and ihat each maker and endorser agrees to pay all costs oi collectlon, including reasonable attomeys' tee, upon defauli, and ihat it delault be mQde in the payment oi any required paymeni thereunder and such deiault is not made good in accorc3ance wilh ihe temns oi the Agreement then ihe entire principal sum and accrued interest shall become due and payable without notice at ihe oprion oi ihe holder thereot) and shall peHorm and comply with each and every stipulation, agreement and covenant oi the Agreement and ot this Mortgage, then ihis Mortgage and the estate hereby created ~hall be void, oiherwise the same shall remain in tull force. Mortgagor covenants to pay the tmces and assessments ! on the mortgaged properly, to keep the improvements now exisUng or hereafter erecied on ihe property insured against lo6s ~ by W~e, hazards included ti:~:t~++~ ihe term 'extended coverage", and such other hazards as Mortgagee my require and in such I amounts cmd for such periods as Mortgagee may require, wiih a company approved by Mortgagee, wiih u standard mortgage 4 lo6s clause payabte to Mortgagee, the policy to be held by Mortgagee, and to keep the improvemenis on the mortgaged ~ property in good condition and repair. ~ This Mortgage shall secure not oNy exLsting indebtedness, but aLso such tuture advances, wheiher such advances are obligatory or to be made at ihe option oi Mortgagee, or otherwise, as are made within twenty (20) ysars trom ihe date hereof, io the same extent as if such wture advances were made on ihe date of the execu1ion oi ihis Mortgage, but such secured indebtedness shall not exceed at any time twice the original principal amount oi ihis Mortgage plus interest, and ciisbursements made for the pcryment oi tmces, levies, or insurance on the mortgaged property, with interest on such ciisbwsements. Any such tuture advances, whether obllgatory or to be made at the option oi Morfgagee, or oiherwise, may be made either prtor to or atter the daie ot any agreements now or hereaiter secured by ihis Mortgage. All covenants and agreements coniained in this Mortgage shall be appUcable to all turther advances made by Mortgagee to maker(s) undar ihis future advance clause. Should any ot ihe above covenants be broken then the Agreement and all moneys secured hereby shaU, without demand. ii Mortgagee so elects, at once become due and payable and ihis Mortgage may be foreclosed, and all costs and eupenses oi collection and reasonable aitoineys' tees, including costs, expanses and aiiomeys' fees on appeal, ii collected by legal proceedings or through cm attomey at law, shall be paid by Maker, and~the scune are hereby secured. IN WITNESS WHEREOF, Mortgagor has executed ihis Mortgage as ot the date iirst abc~ve sei torth. THIS LS A BALLOON MOjtTG.AGE SECUjtING A VAZtIABLE Z2ATE OBLIGATION. ASSUMING THAT THE INTfIAL jtATE OF IN?EREST WERE TO APPLY FOA THE ENTBtE TERM OF THE MO~?GAGE (AND ASSUMING THAT THE MA7QMUM CjtEDIT LS DjtAWN UNDEA TFIE AGREEMENT SECUjtED HEREB~, THE FINAL PA4MENT OA ?HE BALANCE DUE UPON M1~~URTPY WOULD BE APPAOJQMATELY $ 20.000. 00 . TOGSTHEI2 WI'1'H ACCRUED INTEREST, ff ANY, ?.ND ALL ADYANCEMENTS MADE BY YHE MOMGAGEE UNDEA THE TERMS OF THIS MOjtTGAGE. THE ACTUAL BALANCE DOE UPON MATURITY MAY VA~2Y DEPENDING ON CHANGES IN THE j2ATE OF INTEREST (AND THE AMOUNT DZtAWN UNDEA THE AGREEMEN't'). Signed, sealed and dellvered in our presence: ~ ~ - u~~~` ortgagor) G A. HO.P.Q,t, bWOh,t ~ ~ ~ ~ r~, ,t " ~ ' ~s~.~ Phepcv+.ed BY: ( o" gor)Lynn C. .N~ " 6woh,t r'. SfATE OFFLO~A ~.~on,i.da Ncct,i.ann~ Bank ~ ~ • ' - ~ ~ P.O. Box 3469 ~ - ~ : ~ s^<; cotrt~rr~ oF S.t. Luc,i.e P.ieh.ce, 33448 i l. . . . ~ - A~ ~`~'Q~ The toregoing instrument was swom to and subscrtbed betor~ ~.19 by j~....~.s~~ MoT1R1 P06tit S1ATE ~F ~1e01QA ' - F«~a~aocse.~ 33 0 EYP. ~ER ?5~1~4(~ ~ . . ~^.lFOfO THR~J 6EtiERA~ 1AAi u~dz _Y.. ~'T '~i`~.'~ti~-'~~'t?' 'i~r~ -..r. . . ~ ' _ 4~~ -.iri - . . . . . _ . . - -