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HomeMy WebLinkAbout0979 . . ~ • , 8428'79 MORTGAG~ DEED AND SECURITY ACREEMF.NT G-~ S' ~ TNIS MORTGAG6 DEED (the Mong~agel, dAted asof August 1 7 ~ ~ 9 8 7 . by and betwoen Larry Lee, Jr. and Alice E. Lee, his wife As To An Undivided 1/2 Interest an erome yan s o n n v e e es (hereinaftercaOedMortgagor)and Sun B nk/Treasure Coast, National Assoeiation , having an oft"weat 111 Orange Avenue, Fort Pierce, Florida ~~~~naftercailodMortgagcel; ~ WITNFSSE'fH. that in consideration of the premises and in ordtr to secure the payment of both the principal of, and intetest and a~y othcr sums payabie on the note (as hereinaftcr defined) or this Mortgage and the performance and obscrvance of ait of the provisions hereof and of said note. MoRgagor hereby grants, selis, warrants, conveys, assigns, 7~ transfers, mertgages and sets over and oanCrms unto Mortgaga. ail of Mortgagor's cstate, right, titk and interest in, to I~ ~ andunderallthatartainrcalpropenysituatein St.Lueie County. Florida, more particularly describod as foUows: Lots 5, 6, 7, 8, 9 and 10, Block 29, and all of th~ abandoned road right-of-way (Lowell Road) lying South of Lot 12, Block 29 and North of Lot 11, Block 22, SAN LUCIE PLAZA, UNIT 1, according to the plat thereof, recorded in Plat Book S, Page 57, of the Public Records of St. Lucie County, Florida. TOGETNER WITH all improvements now or hereafter located on said real property and al! fixtures, apptian- ces, apparatus, equipment, furnishings, heating and air conditioning equipment, machinery and articles of personal property and replacement thereof (other than those owned by lessees of said real pmpeny) now or hereafter affixed to, attached to, placed upon. or used in any way in connection with the complete andoomfortable use, occupancy, oropera- tion of the said real property, all licenses and permits used or required in connection with the use of said real property, atl leases of said real propeny now or hereafter entered into and all right, title and interest of Mortgagor thereunder, in- cluding without limitation, cash or securities deposited thereunder pursuant to said leases, and all rents, isssues, pro- ceeds, and profits accruing from said real property and together with all proceeds of the conversion, voluntary or invo- ~ luntary of any of the foregoing into cash or liquidated claims, including without limitation, proceeds of insurance and condemnation awards (the foregoing said real property, tangible and intangible personal property hereinafter referred to collectively as the Mortgaged Property). Morigagor hereby grants to Mortgagee a security interest in the forcgoing de- . scribed tangible and intangible personal property. TO HAVE AND TO HOLD the Mortgaged Property, together with all and singular the tenements, heredita- _ ' ments anzi appurtenances thereunto belonging or in anywise appertaining and the reversion and reversions thereof and all the estate, right. title. interest, homestead. dower and right of dower, separate estate, possession. claim and dcmand whatscever. as wel) in law 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 part and parcel thereof unto Mortgagee. Mortgagor warrants that Moctgagor has a good and marketable title to an indefeasible fee estate in the real prop- erty comprising the Mortgaged Property subject to no lien. charge or encumbrance except such as Mortgagee has agreed to accept in writing and Mortgagor covenants that this Morigage is and will remain a valid and enforceable mortgage un the Mortgaged Properly subject only to the exceptions herein provided. Mortgagor has full power and lawful authority 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 fore~+er warrant and defend the validity and priority of the lien hereof against the claims of all persons and parties whomscever. Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and de- ~ liver all and every such further acts, deeds, coveyances, mortgages. assignment~, notices of assigrement, transfers and ; assurances as Mortgagee shall from time to time require in order to preserve the priority of the lien of this Mortgage ur to facilitate the performance of'the terms hereof. ~ E PROVIDED, HOWEVER, that if Mortgagor shall pay to Mortgagee the indebtedness in the principal sum of E ~ g 9, 719 . 02 as evidenced by that certain promissory note (the Note), of even date herewith, or any renewal or ~ replacement of such Note, executed by Mortgagor and payabM to order of Mortgagee, with interest and upon the terms as pro- ~ vided therein, and together with all other sums advanved by Mortgagee to or on behalf of Matgagor pursuant to th~ Note or ~ this Mortgage. the final maturity date of the Note and this Mortgage as specified 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 modifiqtion, thereof and of this Mongage, then this Mortgage 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 Morlgage, all such sums to be payable in lawful money of the United States of America at Morigagee'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, assessments of any typc or nature and other charges levied or assessed against the MoRgaged Property or this Mortgage and produce receipts there- ~ fore upon demand. To immediately pay and discharge any claim, lien or encumbrance against Ihe Mortgaged Property which may be or become superior to this Mortgage and to pennit no default or delinquency on any ottier lien, encum- brance or charge against the Mortgaged Property. 3. If required by Mortgagee, to also make monthly deposits with Mortgagee, in a non-interest bearing ac- count, together with and in addition to interest and principal, of a sum equal to one-twelfth af the yearly taxes and as- sessments which may be levied against the Mortgaged Property, and (if so required) one-twelfth of the yearly premiums for insurance thereon. The amount of such taxes, assessments and premiums, when unknown, shall be estimated by Mortgagee. Such deposits shal) be used by Mortgagee to pay such taxes, assessmenls and premiums when due. Any in- sufficiency of such account to pay such charges when due shall be paid by Mortgagor to Mortgagee on demand. If, by reason of any default by Mortgagor under any provision of this Mortgage. Mortgagee declares all sums secured hereby to be due and payable, Mortgagee may then apply any funds in said account against the entirc indebtedness secured BOOK 5~4 PAGE 9~~ .-o.a~-0oo-, re s-e, ~3~- ~'~"""""_~~.l~.---- _ N. _ - _ - _ _ .:_:r