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The Mortgsgor hereby oovene?nts with the Mortgagee~ thet he is indefe~ib~ji eeized oi aaid land in fee
eimple or auch other estate~ ~f uyy as is stated herein; thst he has full power and lawiul.right to oonvov t6e siuue ~
aa aforesaid; that the land ss iree ~mm ~ll encumbrances euoept sa herein otherwise recated; Lhat ssid7Vlortg~gor
will make euch further aesuranoes to pmve the aforeewid WWe to ssid land in said Mort,gagee as may be reaeon-
ab r~quired, i?nd th~?t said Mortgegor does hereby f~ warran0 the title to said lsnd~ snd every part thereot~
au will de[ead the same against the lawful alaims ot pereons ~vhomsoever.
Pxovinsd Ata~~*s tbat if the biortgagor ab~ll psy unto the Mortg4gee t6at, oertsin promieeory note~ oi
w~hich the followiag is a substanti~l oop~~ to w~it:
= 20, 500.00 Fort Pierce , Florida.
Augus t 24 , 19 71.
Fos Ysz.vs R~csivsn~ the undersi~ed promiee(s) to pny to
Southern Mortgage Associates, Inc. orgaaised aad e~riating under the '
~ State of Arkansas ~ or arder~ the prineipsl eum of 1~ISNTY THOUSAND FIVB HUNDRED ~
AND NO/ 100----------•----------------- Dalla~ (i 20, 500.00 with intereet from date st
the rate of seven per centum ( 7°Jo) per sanum on the unpaid balxnce until psid.
T'he said priacipal and inGerest shall be payable at the office of
Southern MArtgage Associates, Inc., P. 0. Box 38, She~andoah Station
ia Mismi, Florida 3314S , or at wch other plsoe ae the holder may d~ste in writiug
delivered or mailed to the debtor~ in monthly iastallmenta of One hundred thirty six aad 52/10~~
136.52 com~nencing on the first day of October , 19 71, aad oontinuing on t,he
firet dsy oi ee?ch mont.h thereatter until this note ia fully paid, except f~hst, ii aot eooner paid, the final payment
of princapal and intere~t shall be due snd paybble on the first day oi September 2001 , ,
Priv~'Iege ia reserved to prepay at any time, witLout premium or fee the entire indebtednea~s or sny part
thereof not leea than the amount of one uiatallment~ or one hundred dol~ara (=100.00)~ whichever is Iees.
If sny deficiency in the paym ent of any installment under thia note ia not made good prior to the due date
of the nert such installment, the entire principal sum and accrued interest shul! at once beoome due and ~sy-
able without notice at the option of the holder oi this note. Failure to exem.ise t6is option shall not oonstitute
s a aiver of the right to ezem,~se the se?me in the event of any subsequent default. In the event of defsult in the
payment of this note, and if the same is collected by an attorney st Iaw, the undersigned hereby agree(s) to
psy all oosts of collection, including a reasonsble sttorney's fee.
- This note is aecuned by mortga~e of even date executed by the underaigned on oertain property deecribed
therein and representa money actuat~y used for the acquisition of eaid pmperty or the improvemente thereon.
Pr~esentment, protest, and notice are hereby waived.
.
obert T. , nnin to ~~L~
g y Alice Rupp
Pennington, his Attorney in Fact
~ E~l
Alice Ru ngton ~
Is~l
~
And shall duly, pmmptly, and fully perform~ discharge, execute, eftect, aomplete, and comply with and abide '
bq each and every the atipulations, agreements, conditions, and covenants of said Promissory note aud of thie
mortgage, then thia mortgage snd the estate hereby created ehall cease and be null and void.
The Mortgagor further covenaats ae follows: ,
l. T6at he ~vill p~y the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time~
without prem~ium or fee, the entire indebtednees or any part thereof not leas thsa the amounL of one ic~tallment, or
one hundred dollars (i100.00), whichever is less.
2_ In order more tull~- to protect the securit~- of this mort~age~ t}ie Mortga~or, togFther with, and in
a~ldition to, th~ ~~~onthh- pa}•~nents under t.hr terins of the note securnd hereb~, on the first da~ o( each tnonth
wuil the suid note w fu~l~- paid, will pa~~ to the tiortgagee, as trustec, (under the tern?s of tliis trust as tierein-
after stated) the folloWing swns:
(a) A sum equal to t6e ground rents, if any, next due, plus the premiums thst will next bec~ome due and payable
an policies of fire and other hasard inaurance covering t~he mortgaged property, plus taxes and assessments
neact due on the mortgaged property (all as eatimated by the Mortgagee and of which the Mortgagor is
notified) less all sums alc~eady p~ud therefor divided by the number of months to eIa~pse before one month '
prior to t6e date when such ground rents, premiums, taxes, sad sssessments will Lecome delinquent, i
such suins to be held by Mortgageeintn~attopayesidgroundrents,premiums,taxea,sudspecialassessments. ~
(b) The aggrEgate of the amounts payable pursuant to aubparagraph (a) and thosepayable on the note secured
hereby, ahsll be paid in a single paymeat each month, to be applied to the following items ia the order
stated
(n ground r~ute, taues, assessm~ts, fire~ and other hasard insurance premiuma; -
(II) interest on the note secu~d hereby; and
(III) smortisation of the principal of said note.
Any deficiency in the amount of auch a~regste monthly psyment shsll, unless msde good by the ~~ort-
gagor prior to the due date ot the next suci? pa~ ment, const~tutt~ an event of default under this mortga~;e.
At ;liortgagee's option, Mortgagor will pay s"tste ch~rge" not exceeding four per centum (4°J'a) ot any install-
ment ahen paid more tban 6fteen (!5) dxys atter the due date thereof to cover the extra expense in~oh~ed in
handling delinquent psyments, but auch "Iste charge" shall not be psyable out of the proceecis of any sale
made to sat~sty the mdebtednesa secured hereby, unlesa such proceeds are suff'icient, to discharge Lhe entire
indebtedness and all proper costa and expeuaea secured thereby.
:i. If th~• totai of thr pa~•m~ntw ma~l~ b~• th~ ~~ort~n~or und~r (a) of par~Kraph 'l pr~•~~~•~IinK ahall exceed
lh~ anu,un! ~,f pa~~~u~~nlx e~•tuxll~~ ~ua~lr~ b~• l~u~ ~turlKu~~~~, ag lruste~~, for Kroun~l rnnty, tax~~v an~l as.w~nt~nls,
and in~uran~•~ pr~~r~~iwna, ax th~• ~•xsu~ ~ne}•~bc~, surh rxcc~s ahall tx~ credit~~d on sut~~~qiienl p~i~•n~t•nta to lH• n?s~lr
br th~~ ~tonKa~or for aurh it~~mx c,r, at MortgaReP's option, ae truate~~, shatl bi~ r~•fun~t~d to Mortgs~or. It,
how•~•v~•r, Rurh n?onthl~• pa~•riumta s!?al! not t?c~ s~tfiiriem! to ~~a~ sw•h itru~s whrn th~~ 8s111P SIIAII ~N`con~e due
ancl ~~ar•ebl~~, th~n th~~ ~'IortKa};or xhttll pa~• to Uu~ MorlkaK~~~~, uK trust~~~, an~~ ainoimt nrc~.~ar~• to msk~ up
thr rl~~hri~nr}•. tiurh payiuc~nt AIIU~) IN' ii~adr within tliirt~' (30) dsye aftsr writt~~n n~itii•N from t~~r Morlga~;rri,
Rteting the amount of the deficiency, which noticr msy bo given by msil. if at. any timo thn Mortgsgor shat!
aoac 1~J t~ ~