HomeMy WebLinkAbout2957 The ?~iortgagor herebv covenanta v~ith the I~iortgageP, that he is indefeacibl~ seized of said land in fee
simple or such ot6er estate, i! any aa ia atated herein; that he hea tull power and law~ul right to con~•ev the sxme
as aforesaid; that the land ie free from all encumbrances except as herein otherwise recit,ed; that said~iortgagor
will make such further assurances to prove the aforesaid title to said land in said riortgagee as may be rexson-
abl3• req uired, and that said 111ortgagor does hereby fully v?arrsnt the title to said land, snd every part tl?ereof,
end w~il! defend the same against the law~ful claimx of all pen;ona whomsoever.
PROYIDED ALw ~Ya that if the '.1lortgagor ahall pay unLo the Mortgs,;ee that certain promissoty note, oi
which the followzug is s aubstant.ial cop~, to ~vit:
i 14,500.00 Fort Pierce , ~on~
January 13 , 19 72.
1''OR ~'ALUE RECSIYtD~ the undersigned promise(s) to pay to
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SOUTHERN MORTG]?GE PISSOCIATES, INC.
:s:,~;,t ~ i ?+'w~ 1 r:t~~ t. . ~ • ! ; :,1 '
i~ialQetdM6d'ar~an'~ and eYisting under the
laws of State of Arkansas ~ or order, the principal eam oE~gp~ TgpZjSJ~ND gIVS HUNDRED
AND NO/100---------------------------Dollars (i 14,500.00 with interest !rom date at
the rate of seven per centum ( per aanum on the unpaid balance until paid.
Tbe said principal and interest shall be payable at the office of Sp~~ ~E ASSaCUTES, INC.
P. O. Hox 38, Shenandoah Station
~ Miami, Florida , or at such other p1aoE as the holder may designate in writing
deli~•ered or inailed to t6e debtor~ in monthly installments of Dollars
Ninety Six and ~7/100---------
(i 96.57 commencing on the first day of g~~~, , 1 72 , and oontinuwg on the
first dav of each month thereafter until thia note is fully paid, except that, ii not sooner paid, the final payment
of principal and i~iterest shall be due and payable on the first day of Jainua~ry , 20~2 •
Yriv~1e~e is reser~ed to prepay at an~ time, w-ithout premium or fee, the entire indebtedness or any pa~rt
Lhere.of not less lhan the amount of one installment, or one hundred dollara (E100.00), ahichever is less.
If any deficiency in the pa~ ment oi an~ installment under this note is not made good prior to the due date
of the neat such installment, the ent.ire principal sum and accrued intereat shall at once become due and ~ay-
able N ithout notic;e at the option oi the holder of this note. Failure to exercise this option shall not oonatitute
e N•si~er of the right to eaercise the same in the event of an~ subsequent default. In t,he event of default in t6e
pa~ment oi this note, and if t.he same ie collected by an attorney at law~ the undersigned hereby agree(s) ta
pav all coata of collection, including a reasonable attomey's fee.
' This note ia secured by mortgage oi eren date etecuLed by the undersigned on certain property described
therein and represeots money actuall} used for the acquisition of aaid property or the improvemente thereon.
Preseniment, pmtest, and noticP are hereby waived. '
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And shall duly, promptly, and fully perform, discharge, execute, efiect, complete, and comply with and abide
' by each and even• the stipulations, agreements, conditions, and covenants of said promissory note and of this
4 Rl0!'tgage, then this mortgage and the estate hereby created shall cease and be null and vad.
The Mortgagor further covenants as follows:
~ 1. That he will pay the indebtedness, as hereinbefore _ provided. Privilzge is reserved to prepay at any time,
' without premium or fee, the entire indebtedneas or any part thereof not less than the amuunt of oue installment, or
= one hundred dollars (i100.00), whichever is less.
lu ur~1~~r inor~• full~- t~~ pr~~t~~~~t th~~ ~~~~•urit~- of ihis n?ort~agt~, tl~f~ ~1ortKak~~~r, togrth~•r K•ith, and in
. .
` u~i~li?i~~n t~~. th~• tn~~ittiil~ pi~rnu•t?ts un~l~•r th~• l~~rni. ~~f ih~• n~~tF• :f~~•ur~~~l lu~r~•b~~. ~~n [h~• lir~t da~~ ~?f ~•ni•h n?unt}i
; i~nt~l th~~ ,niul n~~t~~ i, full~ ~r.ii~l. ~~ill ~r~~ tu tl+~~ ~1url~~ik~•e•. x: tru~t~~~~. ~umi~~r tlu~ t~~rii~. of thi~ lrust as he~r~•in-
uh~•r•tat~•~it tlu• fullu~~~i~i~: ~uii~::
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(a) A sum equal to the ground mnts, if any, next due, plus the prem;ums that will next become due and payable
on policies of fire and other t?azard insurance covering the mortgaqed pmperty, plus taxes and a5sessments
~ next due on the mortgaged property (all ss estimated by the :4tortgagee and of which the 1~lortgxqor is
- notified) less all sums tslready paid therefor divide~ by the number of months to elapse before one month
Qriur to the dat,e when such ground rents, premiums, tsxes, xnd a.~sessments will become delinquent,
- siictl_su~s
Co be held by b'lortgagee in trust to pay said ground rents, premiums, tanes~ and special s?.ves5ments.
(bj '1'he xggregate of the amounts payuble pursuant to subparagraph (aj and those payable on the note secured
hereby, shall be paid in s aingle payment each month, to be applied to the fullowing items in the order
~ etated:
(I) gtound rents, taxes, asse~menta, 6re, and other hazard insurance premiunis;
° (II) intereat on the note secured hereby; and
(III) amortization of the principai of said noLe.
: Am• dPficienc~~ in t.t?e amuunt of such aKKregate monthl~• payment shall, unless made ~ood by t}?e'lforl-
- gt?~ur prior to tlie due date o( t}ie uext su~li pa~•ment, cunstilute an e~•ent of default und~•r this morl~a}~e.
At ~'Iort,~a{Tee's option, Mortgagor will pa~~ a"late cl~arge" not eaceeding four per centum (4°f~) of an~~ install-
ment w-iien psid more tt~an fifte~~n (15) da~•s after the due dete thereof Lo cover the extre esprn,c in~~ol~•e~l in
Lamllin~ delinyuent Pa~•ments, but suc!? "late rharKe" shall not be pa~•able out of ttie prcc~r~~ds of an~- salt•
ma~1~~ t,o satisf~~ the ~n~ebtrdness secured hereb~~, wilrss su~h procerds are sufluient to di~•har~e thr i~ntire
itidt~l,teduess and all proper costs e~nd exprnses se~~ured thereby.
.
- :i. If th~~ total of tlu• ~~a~-su~•nt: ina~i~• i,~- th~• ~1ort~u~ur un~3~~r ia) ~~f pxru#~rxpli I pn~~•r~iinK shnll ~~x~•e~i•d
th~~ ~uuuut?t uf pa~~nu~nts t~~•tuuU~~ ~na~l~~ b~• the• 11ur1}~a~e~~~. as trustr~~. (ur kruun~l mnts, taxt~; an~1 as~i•ssin~nts,
- an~1 in,uram•~~ t~re~niiun,.. n.. thr ~•as~• ina~~ be, suc•h f~x~~t~~.s sl?all tx~ cr~~~lit~~~l un sul,st~c{ui~nt pa~'ni~~nts t~~ I,e~ n?n~l~•
t,~ th~• ~1ortKu~ur fur ,u~•li it~~?n. or. at '~1ortKa~F~~~'~ ~>plion. a.. trust~•~~. sliall ,1~~~ r~•fun~lr~~ t~~ 41ortKn~or. If,
- how'r~'c•r, su~•Ii ~n~~nihl~ F~a~~nu•nts shull ~int 1~~~ sutii~•ii•nt to {~u~- su~•h ite~nis w~h~•t? th~~ ,anu~ shall b~~~•oniP dw•
: an~l (~a~•al~lF~. tlit•n th~~ 11~~rt~aKur .hnll ~~a~- t~~ th~~ ~'Iortka~ri~, a~ trust~~~•. Hn~• anwunt n~~t•t:,sar~' Ur mak~~ up
_ th~~ ~1t•fi~•it~n~~~-. tiu~•)i pa~-n~~~nt •l~all i,t• tnadP w-ithin thirt~- I:S~)i ~1a~', aftt~r written noti~•P from t~u• !~lortg~P~•
= statinK t.iie amowit of tii~~ defiei~•?i~}•, N•LICfI 110UCf~ ma1• be given bv mail. If at any Liine thc Morlgagor sLall
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