Mortgage Deed/Promissory NoteU_
THIS
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MORTGAGE DEED
MORTGAGE DEED, executed the
yd
day of
, A.D., 1988, by and between CLINTON LE BARON
and JAUNITA LE BARON, his wife, and RALPH OLSON, hereinafter
called the Mortgagors, to MONROE COUNTY, a political subdivision
of the State of Florida, hereinafter called the Mortgagee.
WITNESSETH, That for divers good and valuable consid-
erations, and also in consideration of the aggregate sum named in
the promissory note of even date herewith, hereinafter described,
the said Mortgagors grant, bargain, sell, alien, remise, release,
convey and confirm unto the said Mortgagee, its heirs and assigns
in fee simple, all the certain tract of land, of which the said
Mortgagors are now seized and possessed, and in actual pos-
session, situate in Monroe County, State of Florida, described as
follows:
Situated in the County of Monroe and State of
Florida and known as being a parcel of land
consisting of all Lots 9 and 10, Block 5, of
the Resubdivision of part of Block 2, and all
of Block 5, of MARATHON BEACH, a Subdivision
of part of Government Lot 3, Section 10,
Township 66 South, Range 32 East on KEY VACA,
as shown by Plat recorded in Plat Book 2,
Page 21 of Monroe County, Florida, Public
Records, and a parcel of contiguous, filled
bay bottom land in the Gulf of Mexico,
^, -bounded and described as follows:
v Beginning on the Westerly line of First
CL Street at the Southeasterly corner of Lot 9,
Q Block 2, of MARATHON BEACH SUBDIVISION
recorded as aforesaid, bear North 15 degrees,
�-" 40 minutes, 00 seconds West along the said
,Westerly line of First Street, and Northerly
o ,prolongation thereof 166.82 feet; said
prolongation being also a portion of the
Easterly line of a parcel of submerged land
described in Official Records Book 339, Pages
.472 and 473 of Monroe County Public Records;
thence bear South 74 degrees, 20 minutes, 00
seconds West 200.00 feet to a point on the
Westerly line of said submerged lands de-
scribed in Official Records Book 339, Pages
472 and 473 as aforesaid; thence bear South
15 degrees, 40 minutes, 00 seconds East along
the said Westerly line of said submerged
lands and the Westerly lines of said Lots 10
and 9, Block 2 of MARATHON BEACH SUBDIVISION
recorded as aforesaid 166.82 feet to the
Southwesterly corner of said Lot 9, Block 2;
thence bear North 74 degrees, 20 minutes, 00
seconds East along the Southernly line of
said Lot 9, 200.00 feet back to the Point of
Beginning.
TO HAVE AND TO HOLD the same together with the tenements,
hereditaments, and appurtenances, unto the said Mortgagee, and
its heirs and assigns, fee simple.
AND the said Mortgagors, for themselves and their heirs,
legal representatives and assigns do covenant with said Mortgagee
its heirs, legal representatives and assigns that said Mortga-
gors, are indefeasibly seized of said land in fee simple that the
said Mortgagors have full power and lawful right to convey said
land in fee simple as aforesaid; that it shall be lawful for said
Mortgagee, its heirs, legal representatives and assigns, at all
times peaceably and quietly to enter upon, hold, occupy and enjoy
said land; that said land is free from all encumbrances; that
said Mortgagors, their heirs and legal representatives, will make
such further assurance to perfect the fee simple title to said
land in said Mortgagee, its heirs, legal representatives and
assigns, as may reasonably be required; and that said Mortgagors
have hereby fully warrant the title to said land and will defend
the same against the lawful claims of all persons whomsoever.
PROVIDED ALWAYS, that if said Mortgagors, their heirs, legal
representatives or assigns shall pay unto the said Mortgagee, its
legal representatives or assigns, the certain promissory note, of
which the following in words and figures is a true copy, to -wit:
$238,500.00 PROMISSORY NOTE February , 1988
FOR VALUE RECEIVED the undersigned promises to pay to the
order of MONROE COUNTY, a political subdivision of the State of
Florida, the principal sum of Two Hundred Thirty-eight Thousand,
Five Hundred Dollars ($238,500.00), together with interest
thereon at the rate of Three Percent (3%), per annum until
maturity. The makers shall W647.04
to the holder, in 180 pqual
installments in the amount of payable on the IS day
of each and every month, commencing on the 1st day of April,
1989; payable at the Offices of the County Commission, 310
Fleming Street, Room 29, Key West, Florida. Interest which
accrued between the date of this note and April 1, 1989, shall be
due and payable in a lump sum with the 180th installment.
Each maker and endorser severally waives demand, protest and
notice of maturity, non-payment or protest and all requirements
necessary to hold each of them liable as makers and endorsers.
Each maker and endorser further agrees, jointly and several-
ly, to pay all costs of collection, including a reasonable
attorney's fee in case the principal of this note or any payment
on the principal or any interest thereon is not paid at the
respective maturity thereof, or in case it becomes necessary to
protect the security hereof, whether suit be brought or not.
This note and deferred interest payments shall bear interest
at the rate of (3%) per annum from maturity until paid.
This note is secured by a second mortgage of even date
herewith and is to be construed and enforced according to the
laws of the State of Florida; upon default in the payment of
principal and/or interest due on any note secured by said Mort-
gage, all notes so secured and remaining unpaid shall forthwith
become due and payable notwithstanding their tenor.
_/
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and shall perform, comply with and abide by each and every the
stipulations, agreements, conditions and covenants of said
promissory note and of this deed, then this deed and the estate
thereby created shall cease and be null and void.
AND the said Mortgagors, for themselves and their heirs,
legal representatives and assigns, hereby covenant and agree as
follows:
1. To pay all and singular the principal and interest and
other sums of money payable by virtue of said promissory note and
this deer3, or either, promptly on the days respectively the same
severally become due.
2. To pay all and singular the taxes, assessments, levies,
liabilities, obligations, and encumbrances of every nature on
said described property, each and every, and if the same be not
promptly paid the said Mortgagee, its heirs, legal representa-
tives or assigns, may at any time pay the same without waiving or
affecting the option to foreclose or any right hereunder, and
every payment so made shall bear interest from the date thereof
at the rate of Twelve Per Cent (12%) per annum.
3. To pay all and singular the costs, charges and ex-
penses, including lawyer's fees, reasonably incurred or paid at
any time by said Mortgagee, its heirs, legal representatives or
assigns, because of the failure on the part of the said Mortga-
gors, their heirs, legal representatives or assigns to perform,
comply with and abide by each and every the stipulations, agree-
ments, conditions and covenants of said promissory note and this
deed, or either, and every such payment shall bear interest from
date at the rate of Twelve Per Cent (12%) per annum.
4. To keep the buildings now or hereafter on said land
insured in a sum not less than the Mortgage, in a company or
companies to be approved by said Mortgagee, and the policy or
policies held by and payable to said Mortgagee, its heirs, legal
representatives or assigns, and in the event any sum of money
becomes payable under such policy or policies, the Mortgagee, its
heirs, legal representatives or assigns, shall have the option to
receive and apply the same on account of the indebtedness hereby
3
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524619
secured or to permit the Mortgagors to receive and use it or any
part thereof for other purposes, without thereby waiving or
impairing any equity, lien or right under or by virtue of this
mortgage, and may place and pay for such insurance or any part
thereof without waiving or affecting the option to foreclose or
any right hereunder, and each and every such payment shall bear
interest form date at the rate of Twelve Per Cent (12%) per
annum.
5. To permit, commit or suffer no waste, impairment or
deterioration of said property, or any part thereof.
6. To perform comply with, and abide by each and every the
stipulations, agreements, conditions and covenants in said
promissory note, and in this deed set forth.
7. If any of said sums of money herein referred to be not
promptly and fully paid within Fifteen (15) days next after the
same severally become due and payable, or if each and every the
stipulations, agreements, conditions and covenants of said
promissory note and this deed, or either, are not fully per-
formed, complied with and abided by, the said aggregate sum
mentioned in said promissory note shall become due and payable
forthwith or thereafter at the option of the Mortgagee, its
heirs, legal representatives or assigns, as fully and completely
as if the said aggregate sum of Two Hundred Eighty-six Thousand
($286,000.00) Dollars were originally stipulated to be paid on
such day, anything in said promissory note or herein to the
contrary notwithstanding. Interest at the rate of Twelve Per
Cent (12%) per annum shall be due on all late payments.
8. During the life of this Mortgage, the Mortgagors agree
to keep the property available as "Affordable Housing" as that
term is defined in the Monroe County Land Development Regu-
lations, Section 9-3.06.
9. The Mortgagors agree to keep the rentals at the current
approved level and to increase them only in accordance with the
regulations as promulgated by Monroe County under the Affordable
Housing Section of the Land Development Regulations.
4
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10. The funding for this loan is provided from a Community
Development Block Grant. The Mortgagors agree to follow all
Federal, State, and County regulations concerning such programs
and to execute any and all documents which may be required in
connection therewith now or in the future.
11. The obligation to maintain the subject property as
Affordable Housing shall run with the land and in the event the
Mortgagors shall sell the property during the life of this
Mortgage or the 15 year period of this Mortgage the property
shall nevertheless be maintained as Affordable Housing. In the
event that the property is nevertheless converted or removed from
the program then and in that event all impact fees which have
been waived pursuant to the County's Affordable Housing Plan
shall immediately become due and payable at the option of the
Mortgagee. The outstanding balance of the loan herein shall
likewise become due and payable at the option of the Mortgagee in
such event.
IN WITNESS WHEREOF, the said Mortgagors, have hereunto set
their hands and seals the day and year first above written.
Signed, sealed and delivered
in,7ese ce o us:
Lam, vLc %U Lf� '(Seal)
CLINTON LE BARD
(Seal)
JVANITA LE BARON
7 '((Seal)
RALPH
✓"-'Lls1E1+ J�.zt
STATE OF FLORIDA
COUNTY OF MONROE
BEFORE ME personally appeared CLINTON LE BARON, JUANITA LE
BARON and RALPH OLSON, to me well know and known to me to be the
persons described in and who executed the foregoing instrument,
5
and acknowledged to and before me that they executed said instru-
ment for the purposes therein expressed.
WITNESS my hand and official seal, this day of
A.D. 1988.
Notary P is
TA: State of Florida at Large
(Seal)
My commission expires:
Notary Public, State of Flcrida
My Commission Expires Ju y 18, 1988
Bonded Thru Troy Fain - Insurance, Inc.
RL/jeh
Recbriw= .'i `, *' YE&+ n, a:r 1• Konk
.... ...... .
A.
J.
This instrument prepared by: Randy Ludacer
Assistant County Attorney
310 Fleming Street, Room 29
Key West, Florida 33040
G
$238,500.00 PROMISSORY NOTE February 1988
FOR VALUE RECEIVED the undersigned promises to pay to the
order of MONROE COUNTY, a political subdivision of the State of -
Florida, the principal sum of Two Hundred Thirty-eight Thousand,
Five Hundred Dollars ($238,500.00), together with interest
thereon at the rate of Three Percent M), per annum until
maturity. The makers shall pay to the holder, in 180 pequal
installments in the amount of 647.04 payable on the 1� day
of each and every month, commencing on the 1st day oApril,
1989; payable at the Offices of the County Commission, 310
Fleming Street, Room 29, Key West, Florida. Interest which
accrued between the date of this note and April 1, 1989, shall be
due and payable in a lump sum with the 180th installment.
Each maker and endorser severally waives demand, protest and
notice of maturity, non-payment or protest and all requirements
necessary to hold each of them liable as makers and endorsers.
Each maker and endorser further agrees, jointly and several-
ly, to pay all costs of collection, including a reasonable
attorney's fee in case the principal of this note or any payment
on the principal or any interest thereon is not paid at the
respective maturity thereof, or in case it becomes necessary to
protect the security hereof, whether suit be brought or not.
This note and deferred interest payments shall bear interest
at the rate of (3%) per annum from maturity until paid.
This note is secured by a second mortgage of even date
herewith and is to be construed and enforced according to the
laws of the State of Florida; upon default in the payment of
principal and/or interest due on any note secured by said Mort-
gage, all notes so secured and remaining unpaid shall forthwith
become due and payable notwithstanding their tenor.
(Seal)
CLINTON LE BARON ITA LE BARON
j�e (Seal)
RALPH OL7—ON ,o