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HomeMy WebLinkAbout0294 av~.a , , . r~~ J fix?d Rate MORTGAGE . Direct Property Related With Future Advance THIS IS A BALLOON MORTGAGE AND THE FINAL PRiNCIPAL PAYMENT OR THE PRINCIPAL BAIANCE DUE UPON MATURiTY IS $2~~613.52 , TOGETHER WITH ACCRUED INTEREST, IF ANY, AND ALL ADVANCEMENTS MADE BY TWE MORTGAGEE UNDER THE TERMS OF THIS MORTGAGE. MORTGAGE 26th January 90 Vincent R. TH1S MORTGAGE, made this day of A.D., 19 between ~,rham,Jr. & John r1. Gorham~Mortgagor) an~ Sun Bank Treasure Coast, hational Associatior~ortgagee); • (NAME OF IENDERI WITNESSETH, that Mortgagor, for and in consideration of the premises and in order to secure the payment of the principal and interest on the note (as hereinaher dtfined), Mortgagor hereby grants, assigns, transfers and mortgages to Mortgagee, its successors and assigns forever, the fol[owing described real property in St . Lucie ~unty, Florida, to wit: Lots 4, S and 24, Timberlake Estates, according to the plat thereof, as rec~rded in Plat Book 24, at Yage 8, of the Public Fecords of St.Lucie County, Florida. \OTF.: This property is vacant and unimproved. (hereinafter referred to as the Mortgaged Property); and the Mortgagor does hereby fully warrant the title to the Mortgaged Property and will defend the same against the lawful claims of all persons whomsoever. PROVIDED AIWAYS, that if Vincent R. Gorham, Jr. S John ~i. Gorham , the Maker(s) of that certain iINSERT NAMEISI) promissory note dated the date hereof (the Note), r_hPi r heirs, legal representatives or auigns shall pay to Mortgagee the principa! sum of $ 33~086. 07 as evidencectby the iVote, with interest arsd upon the terms as provided therein, the final matu- rity date of the Note and of this Mortgage being Jan. 25 , ~g 95 , Nrhich Note provides that al! insiallments of principal arxi interest are pavable at the office of Mongagee, or at wch other place as the holder may designate in writing, and that eacn maicer and endorser agree to pay aii costs ofi coliection, including a reasonabie attorney's tee, upon ciefauit in the payment of the Note, and that if default be made in the payment of a~y installment thereunder and that if such default is not made good in accord- dance with the terms nf the Note, that the entire principal wm and accrued, earned interest shall become due and payable without notice at the option of the holder thereof; and shall perform and comply with each and every stipulation, agreement and covenant of the Note and of this Mortgage, then this Mortgage and the estate hereby created shall be void, otherwise the same shall remain in full force. Maker covenants to pay the interest and principal promptly when due. Mortgagor covenants to pay the taxes and assessments on said property; to keep the improvements now existing or hereafter erected on the property inwred against loss by fire, hazards in- I cluded within the term "extended coverage", and wch other hazards as Mortgagee may require and in wch amaunt and for such periods as Mongagee may require, with a company approved by the Mortgagee, with a standard mortgage loss clause payable to fAortgagee, the policy to be held by the Mortgagee; and to keep the building on said land in proper repair. The loan ~epresented by this Mortgage and the Note is personal to the Mortgagor and the Mortgagee made the loan to the Mortgagor based upon the credit of the Mortgagor and the Mortgagee's judgment of the ability of the Mortgagor to repay all sums due under ihis Mortgage, and, therefore, this Mortgage may not be aswmed by any wbsequent holder of an interest in the Mortgaged Property, except as provided herein, without the prior expreu written consent of the Mortgagee. If alf or any part of the Mortgaged Property, or any interest therein, is sold or transferred (including a transfer by agreement for deed or land contract) by Mortgagor without Mortgagee's prior written consent, excluding ~a) the creation of a lie~ or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliance, (c) a transfer by devise, descent or by operation of law ' upon the death of a joint tenant, or (d) the grant of any teasehold interest of 3 years or less not containing an option to purchase, i Mortgagee may, at Mortgagee's option, declare all wms secured by this Mortgage to be immediately due and payable. ' This Mortgiage shall secure not only existing indebtedness, but also such future advances, whether such advances are obligatory ~ or to be made ai the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent i as if such future advances were macie on the date of the execution of this Mortyage, but such secured indebtedness shall not exceed at j any time the maximum principal amount of $ na plus interest, and any disbursements made for the payment of taxes, ! levies, or inwrance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or after the due iiate of the Note or any other ; notes secured by this Mortgage. All covenants and agreements contained in this Mortgage shall be applicable to afl further advances rnade by Mortgagee to Maker under this future advance clause. ~ Should any of the above covenants be broken then the Note and all moneys secured hereby shall, without demand, if the Mortgagee so elect, at once become due and payable and this mortgage may be foreclosed, and all costs and expenses of collection and reasonable attorneys' fees, including costs, expenses and reasonable attorneys' fees on appeal, if collected by legal proceedings or ehrcugh an attorney at law, shall be paid by the Maker, and the same are hereby secured. IN WITNESS WHEREOF, the Mortgagor has executed this Mortgage as of the date first above set forth. ~ THIS IS A BALLOON MORTGAGE AND THE FINAL PRINCIPAI PAYMENT OR THE PRINCIPAL BALANCE DUE € UPON MATURiTY IS $27, 613. 52 , TOGETHER WITH ACCRUED INTEREST, IF ANY, ~ AND AlL ADVANCEMENTS MADE BY THE MORTGAGEE UNDER 7HE TERMS OF THIS MORTGAGE. ~ Signed, sealed and delivered a in our presence: ' j ; - ~ ~ ~ - ' ~ L 1 " ' : L ' ~ L ~ ~ ~ ~ / ~ _ " (MORTGAGO ) ncent . ~ r6am, Jr. ~ ~ _ , ~ / ~ ~ ~ ~ ~ ; r ~ ` ~ . rr- (SEALI k ~ 2 IMOR GoR1 John M. Gorham ~ STATE OF FLORID~L ? ~ ~ Q :n COUNTY OF St. Lucie ? W I HEREBY CERTIFY, that on this day, before mP, and officer duly authorized in the State aforesaid and in the County aforesaid to take acknowledgments, personally appeared ~'~ncent R. Gorhan, Jr. and John ri. Corham ~ ` y~• to me known to be the person desc ibed in and who ~ A ro executed the foregoing instrument and ~ they ~knowledged before me that t~ey ~ ~ executed the same. ~ • ~ ro ~ WITNESS my hand and official seal in the County and State last aforesaid this ~6th day of ~ x C January „ , A.D., 19 9d . _ ? ~ _ . . . / ~ , ; r` r~ ~,~«f 3z- :J - ` = Notary Public ~ ~ ~ _ ;i , My Commission Expires: • y a: ~ .'4;F u~ s' ~~~'~:A P4-6015-000•61Rev. 6/86) mw ~r, ,yf ;~,~a.r d:.r•f..~ '.:k'; s_~.: oi:,.. aoo~ 6 i 5~~E 294 y _ k- . _ ix. ~ x'i~ T ~c.. ~v` } "s~' Fn v.`:+~ C i~ ~~°~~~'~~~,~3'~"`~~~~~"~~°~' '