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Rec Fee i 1~`~ nOUtILA9 DIZON
AddFes= tLucieCounq9 THIS INSTRUMENT PREPARED BY:
~Ti"~ _ ~ C!°rk f C'rc~'~~ CO~ NED M. SHANDLOFF, ESQU I RE
IntTas= ~ By 2601 South Bayshore Drive
q.~ = od• 7 S ~pu4Y Clerk Miami, Florida 33133
THIS MORTGAGE DEED executed the lOth day of January 1990 by
CHARI.ES GRUNBAUM, whose post office address is 2513 So. Federal
Highway, Fort Pierce, Florida 34982, hereinafter ~calied the Mortgagor, to
GENERAL DEVELOPMENT CORPORATION, a Delaware corporation authorized
to do business in the State of Florida and having its principal place of
business at 2601 So. Bayshore Drive, Miami, Florida 33133, hereinafter
called the Mortgagee:
(Wherever used herein the terms "Mortgagor" and "Mortgagee" include
all the parties to the instrument and the heirs, lega) representatives and
assigns of individuals, and the successors and assigns of corporations; and
the term "Note" includes all the notes herein described if more than one. )
WITNESSETH, that for good and valuable considerations, and also in
consideration of the aggregate sum named in the Promissory Ncte of even
date herewith, he~einafter described, the Mortgagor hereby grants,
bargains, sells, aliens, remises, conveys and confirms unto the Mortgagee
all the certain land of which the Mortgagor is now seized and in possession
situate in St. Lucie County, Florida, viz:
Lots 31 through 35, inclusive, Block 39 of RIVER PARK UNIT FOUR,
according to the plat thereof, as recorded in Plat Book 11, Page 9 of the
Public Records of St. Lucie County, Florida.
THIS IS A PURCHASE MONEY MORTGAGE
TO HAVE AND TO HOLD the same, together with the tenements,
hereditaments and appurtenances thereto belonging, and the rents, issues
and profits thereof, unto the Mortgagee, in fee simple.
AND the Mortgagor covenants with the Mortgagee that the Mortgagor is
indefeasibly seized of said land in fee simple; that the Mortgagor has good
' right and lawful authority to convey said land as aforesaid; that the
' Mortgagor will make such further assurances to perfect the fee simpfe title
i to saio land in the Mortgagee as may reasonably be required; that the
I Mortgagor hereby fully warrants the title to said land and will defend the
s same against the lawful claims of all persons whomsoever; and that said land
' is free and clear of alt encumbrances.
~
PROVIDED ALWAYS, that if said Mortgagor shali pay unto said
Mortgagee that certain Promissory Note hereinafter substantially copied or
; identified, to-wit:
PROMISSORY NOTE
j $112,500.00 Miami, Florida, January 10, 1990
I
E
~ FOR VALUE RECEIVED the undersigned promises to pay to the order
; of GENERAL DEVELOPMENT CORPORATION the principal sum of ONE
~ HUNDRED TWELVE THOUSAND FIVE HUNDRED AND 50/100 DOLLARS
together with interest at the rate of twelve (120) percent__per annum from
date until maturity, both principal and interest being payable in Lawful
Money of the United States, such principal sum and interest payable in
g installments as follows: Payable in eleven (11) equal quarterly payments of
principaf and interest, amortized over a 20-year period, with interest
accruing at 12o per annum, with the first payment of principal and accrued
interest being due April 10, 1990 and subsequent payments due each July
10, October 10, January 10 and April 10 thereafter, and the twelfth and
= final balloon payment of the remaining principal balance, together with all
~ accrued interest at the rate of 12o per annum, will be due and payable
~ January 10, 1993.
Such instalfinent payments shall be applied first to the interest
~ accruing under the terms of this note and then to a reduction of the
~ principal indebtedness.
a The makers and endorse~s of this note further agree to waive demand,
~ notice of non-payment and protest, and in the event suit shall be brought
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