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Home My WebLink About0017 The Mortgagor hereby oovenants with the riortgageE?, that he ie inde[easibly seized oi said lsnd in fee aimple or such other estatet ~f any aa ia atsted herein; thet he haa full power and lawiul right to oonvev the sama ss afc?resaid; that the land is iree ~rom all encumbrences e~ccept sa herein otherwise recited; that said74torcgagor will make such further ssaurances to pmvo the vioreseid title to eaid land in said Mortgagee as may be reason- ablytequired, and th46 said Mortgagor does hereby full,y warrant the title to said land, end every part thereot~ and will defend the same against the 18wfu1 claims of all pereona whomsoever. Paovinan Acw~Ye that if the ?~iortgagor a6a1! pay unto the Mortgsgee Lhst oectain pmm+ssory note~ oi ~vhich Lhe following is a subetsntiel oopf~ to wit: = 16,8~J0.00 Fort Pierce , Florids. December 14 , 19 71 . FoR VsLUt Rscr~tvan, the undersig,ned promiee(a) to pay to SOUT~~ER.\ i~iORTGAGr. ASSOCIATES, I~1C. , s corporation organised and e~osting under the lawa of State of ~lricansas , or order~ the principal sum of SIXTEE:r' THOUSAND EIGHi iiL~:~DYED ~ Iv0/ 100 - - - - - - - - - - - - - - - - - - - - - - Dollars (i 16 , 800 . 00 with interest from date at the rate of seven per centum ( 7%) per acu?um on the unpaid balance until paid. The said prineipai and intereat shall be psyable at the o~ce af Southern ;•Iortgage Associates, Inc. , P. Bo1 38, Shenandoah Station ~ ~iiami , Florida 33145 ~ or at such other plsoe sa the holder may designate in writeng deliverEd or mailed to the debtor, in monthly installments of O;~E Hii.~DREJ ELEVE:\ and 89/100 Dollars (i 111.89 commencing on the first dsy of January , 19 72, aud continuing on the fiist da~ of each month thereaftPr until thia note is fully paid~ except thst, if not sooner paid~ the &nal gayment oi principal and interest shall be due and payeble on the first day of December, 2001. , • Privilege is reserved to prepay at any time~ without premium or fee the entire indebtednese or any part thereof not less than the amount of oce instellment~ or one hundred dol~ara (t100.00), ahichever is less. If any deficiency in the paym ent of any installment under this note is not made good prior to the due dete of the n~st such installment, the entire prtncapal sum end accrued interest ahall at once become due and ~ay- able without notice at the option of the holder of this note. Failure to exercise this option shall not constatute a waiver of the right to eaerc~se the same in the event of any subeequent default. In the event of default in the payraent of this note, and if the same ie collected by an sttorney st law, the undersigned hereby agree(a) to pay all costa of collection, inclnding a reasonable attorney's fee. This note is secured by mort,~;age of even date executed by the undersigned on certain property described therein and represents money actua~ly used for the acquisition of esid property or the improvements thereon. Presentment, pmteat, and noticw are hereby waived. " - . , , . - _ Aa__ ~ :~lvin R. ~e:~aley, Jr. ~ ¢ ; ~~L~ ~ ~ , . - ~SEAL~ ° And shall duly, promptly, and fully pedorm, discharge, execute, effect, complete, and comply with and abide ~ by each and every the stipulations, agreements, conditions, and oovenants of said pmmiasory note and of thia mo*tgage, t6en this mortgage and the estate hereby created shall cease and be null and void. ~ T'he Mortgagor further oovenants as follo~vs: " 4 1. T6at he will pay the indebtednesa, as hereinbefore provided. Privilege is reserved to prepaq at any time~ without preanium or fee~ the entire indebtedneaa or any part thereof not leas than the amount of one u~stallment, or one hundred dollara (i100.00), whichever ia less. u 2. In order niore full~- to pmtect the securit~- of this mortgage, the ~fortga~;or, together with, and en ~ ~d~iit ion to, the monthl~- pa~•ments under the terms of the note secured hereb~-, on the fitst da~• of cach month ~ iintil the ~uid note is (u~l~- paid, H•ill pa~- to the ~lortgugee, as trust~e, (under t}ie terms of this trust as }?erein- ~ aft~~r stxtcd) the following sums: - ~ (e) A sum equal to the ground rente, if any, next due~ plus tbe premiums that will next beoome due and payable ~ on policies of fire and other hazard insurance oovering the mortgaged property, plus taxes and a.gsessments ~ neat due on the mortgaged property (all ae esti~ated by the Mortgagee and of which the Mortgagor ia ~ notified) lese all sums already pa~d therefor divided by the number of months to elapse before one month prior to the date when such ground rents, pr~miums, taxes~ and assessments will become delinquent~ = nu~u ~fr,s ta b~ hel3 by ,*,iortg-.~i:,tru Lopsyaaidgrat:ndrenis pr~miums,,:ax~,and • S~e ~ S~3Ei:ifia aa~f'a.~iiQI1 a5. (b) The aggregate of the amounts payable pursuant to subparagraph (s) and thoeepa yable on the note secured ~ hereby, shall be paid in a single psyment each month~ to be applied to the following items in the order atated - (I) ground renta, taxea, a.gsessmenta, fire, aad other hasard insurance premiuma; (II) intereat on the note secured hereby; and = QII) amortizstion of the principal of said note. _ Any deficiency in the amount of suchag gregate monthly pa~~nnent shall, unless made good by the biort- ~ gagor prior to the due date of the next such payment~, conat~tute an even6 of dejault under this mortgage. = At ~iortgagee's option, Mort.gagor will pay a"late charge" not eaceeding four per centum (4%) of any instail- ment ~•hen paid more than fifteen (15) days alcer the due date thereof to cover the extra expens: involved in _ handling delinquent pay ments, but such "late charge" shall not be payable out of the proceeds of any sale = macie to satisfy the mdebtednesa secured hereby, unless such proceeds are sufficient to discharge the entire ~ indebtedness and all proper costs and expenses secured thereby. :f~' :i. If the total of the pa~•nients made b~- the liort~u~or under (a) of para~raph 2 preceding shall exceed _ thc nniount of pa~-ments actuall~- ma~1e b~- the ~tortgaKee, as trustee, for ground rents, taxes and agsc~sments, ~ and insuranre prerniwns, as the ~•ase ma~= be, such excess shall bc• credited on sul~seyuent pa~•ments to be made ' b~- th~• \iortga~or for su~h ite~us or, at liortga~;ee's option, as trustee, shall bc refunded to .Liortgs~;or. If, = ho~e~er, suc}? monthl~- pa~-n?ents shall not Ue suffi~ient to pa~- such items when the same shall become due and pn~•able, then the ~1ort~agor shull pa}- to the :~iortgagee, as trustce, en~ amount necesserv to make up th~ de~i~~ienc~-. Such pa~•rnent shall be mad~ within thirt~~ (30) da~~s after wTitten notice from the Mortgagee stating the amount of the deficienc~-, which notice may be given by mail. If at any time the Mortgagor eh~ll 8~~i~~ Q~ ~7 ~ _ _ = r:_