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~ PORT ST. LUC1E ~ 330 10 2 0? 4 9
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THIS IS A BALLOON MORTGAGE SECURING A VARIABLE RATE OBLIGATION. ASSUMING THAT THE
iNITfAL RATE OF INTEREST WERE TO APPLY FOR THE ENTIRE TERM OF THE MORTGAGE (AND AS-
SUMlNG THAT THE MAX{MUM CREDIT IS DRAWN UNDER THE AGREEMENT SECURED HEREBY), THE
FINAL PRINCIPAL PAYMENT OR THE PRINCIPAL BAIANCE DUE UPON MATURITY WOULD BE APPROXI•
MATELY ~ 30,000.00 , TQGETHER WITH ACCRUED iNTEREST, 1~ ANY, AND ALL ADVANCE-
MENTS MADE BY THE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE. THE ACTUAL BALANCE
DUE UPON MATURITY MAY VARY DEPENDING ON CHANGES IN THE RATE OF INTEREST (AND THE
AMOUNT DRAWN UNDER THE AGREEMENT?.
EQUITY CREDITLINE MORTGAGE
THIS MORTGAGE is made this 5th day of Januarv , 19 90 , by
and between Robert E. McMillen and Kathleen R. McMillen
("Mortgagor") and FLORIDA NATIONAL BANK, a national banking aswciation ("Mortgagee"1.
WITNESSETH, that Mortgagor, for and in consideration of the premises and in order to secure the payment of
the principal and interest on the Agreement (as hereinafter defined), Mortgagor hereby grants, assigns, transfers and
mortgages to Mortgagee, its successors and assigns forever, the following described real property in ,
St I~ucie County, Florida:
All of Lots 18 and 19, Block 1962, PORT ST. LUCIE SECTION
NINETEEN, according to the official plat thereof as recorded
in Plat Book 13 at Pages 19, 19-A through 19-K, Public Records
of St. Lucie County, Florida.
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g {the "mortgaged property") and the Mortgagor does hereby fully warrant the title to mortgaged property and will
~ defe~d the same against the lawful claims of all persons whomsoever.
3 PROVIDED ALWAYS, that if Robert E. McMillen and Kathleen R. McMillen
~ (Insert Name(s1) ,
f the maker(s) of that certain Equity Creditline Account Agreement dated this date (the Agreementl, the terms of
~ which are incorporated herein by reference, and his, her or their heirs, legal representatives or assigns, shall pay to
r Mortgagee all sums advanced by Mortgagee pursuant to the line of credit extended by the Agreement, which advances
~ shall be in the maximum principal sum of $ 30,000.00 _ ,~,yith interest and upon the terms as provided
~ therein (which Agreement provides that all installments of principal and inierest are payable at the office of Mort-
gagee, or at such other place as the holder may designate in writing, and that each maker and endorser ag~ees to pay
a!I costs of collection, including reasonable attorneys' fee, upor.l default, and that if default be made in the payment
of any required payment thereunder and such default is no~ made good in accordance with the terms of the Agree-
rnent then the entire principal sum and accrued interest shall become due and payable without notice at the option
~ of the holder thereof) and shail perform and comply with each and every stipulation, agreement and covenant of the
Agreers?ent and of this Mortgage, then this Mortgage and the estate hereby created shall be void, otherwise the same
shall remain in full force. Mortgagor covenants to pay the taxes and assessments on the mortgaged property, to keep
the improvements now existing or hereafter erected on the property insured against loss by fire, hazards incfuded
~ within the term "extended coverage", and such other hazards as Mortgagee may require and in such amounts and for
~ such periods as Mortgagee may require, with a company approved by Mortgagee, with a standard mortgage loss clause
~ payable to Mortgagee, the policy to be held by Mortgagee, and to keep the improvements on the mortgaged property
~ in good condition and repair.
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FOAM 08-6100 (REV. A$7) ~ - ' '
60GIt S74 999
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