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HomeMy WebLinkAbout1149 r • ~ ' - The Mortgagor hereby coveaanta with the I~iortgagee, that he is indefessibly seized oi said Isnd in fee simple or aucb other estatei ~f any as is etated hetein; thst he has tull power snd lawful right to convev the same as aforesaid; U?st the lend is iree ~rom sll encuanbre~ces e~cept sa herein atherwise recited; that said~iortgagor ~ will make auch further aesurancee to prove the sforesaid tit.le to asid lsnd in said Mortgagee as msy be rexson- ably r~quiced, end that asid Mortgagor does hereby fully wsrrant t~he title to said la?nd, and every part thereof~ and will defend the asme againat the lawful claims of all persone wLomsoever. Pttovtnsn ALw~YS that it the ~iortgagor ah~ll pay unto Lhe Mortgagee thst certain protniseory note~ of ~vhich the lollowing ia ~ substantial oopf~ to wit: = 22.500.00 Fbrt Pierce , F7orids. January 31 . 19 72 . Foa VwLVS Rscsrvsu, the undersigned'~nn~e(s) to ps~}+ to ~ . SOV~}~I2N MOiRTGAiGB l15SOCIAT~S~~~II~. • , s oorporation organised and e~ostting under the lawa of State of Arkansas , or order, tDe prinppal sum of T,~g~y ~p T~~D FNS HUNDR~ AND NO/100--------------------------- 22 , 500.00 with interest tc+om date at the rate of per centum ( per aunum on the unpsid balance until paid. The said priacipal and intec+es! ehall be psyable at the o~ce of gp~F~N ~g ~SOCUTffi, INC. t . ~ P. O. Box 38, Shenandoah Station ~ Miami, Florida , or at such other p1aoE aa the holder may designate in writing delivered or mailed to the debtor, in monthly installments ofqle Hundred Pbrty Nine and 85~l100~~ 149.85 commencing on the fiist day of March , 19 7~ and continuing on the &rst day oi each month thereatter until thia note is fully paid, eacept thst, if not eooner psid, the final payment of princapal and interest ahall be due and peyable on the firat day of 2pp2 , . priv~'1ege ia reserved to prepay et an~y time~ without premium or tee the entare mdehtedness or any part thereof not less than the amount of one u~atallment, or one hundred dol~ara (i100.00), whichever ia lesa. If any deficiency in the paym ent of any installment under thia note is not made good prior to the due date of the neat such installment, the entire principal sum and accrued intereat shall at once become due and ~ay- ` abie without notice at the option of the holder oi tWs note. Failure to exercise this option shall not constitute ~ s waiver of the right to eaercise the same in the event of any subsequent default. In the event of default in the ~ pnyment of thia note, and if the same is collected by an attorney at lsa, the undersigned hereby agree(s) to pay all coata of collection, including a reasonsble attorney's fee. This note ia secured by mortgage of even date executed by the undersigned on certain property described therein and representa money actuslly used for the ac:quisition of asid property or the improvements thereon. Presentment, protest, and notice are hereby waived. ~ ~ ~ I~] ' Huqh ilnare _ [s~?Ll . I; Sharon Gilmore - [s~?L] E '~'~-u--~-[*nI . ~f [sFr?L] t ~ And shaU duly, ptomptly~ and fully pedormr discharge, execute, etiect, complete, and comply with and abide ~ by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of thia mortgage, then thia mortgage and the estate hereby created shall ce.ase and be null and void. ~ The Mortgagor furt,her covenants as followa: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege ia reserved to pr~pay at any time, ~ without premium or fee~ t6e eatire indebtedness or any part thereof not less than the amount of one installment, or ~ one hundred dollars (i100.00), whichever ia less. ~ 2. In order more full~- to pmtect the securit.y of this mort~a~e, the :~lorigagor, together with, and in # ~ u~l~lit ion to, the monthl~• pa~-n~ents under the teru~s of the note secured hereb~•, on t}?e first da~- o[ each month ; ~ until the suid not~• is fu~l~- paid, Hill pn~• to th~ ~tortKa~~e, as truste~, (under the terms of this lrust as hercin- ' aft~~r stat~~d) tl~e follow•in~ su~ns: E ~ (a) A sum equal to the ground rents, if any, next due, plus the premiums that will neat become due and payable ' ~ on policies ot Sre and other hazard insurance covering th~ mortqaged property~ plus taxes and assessments ~ next due on the mortgaged pmperty (all aa estimeted by the Mortgagce and of which the Mortgagor ia ~ noti6ed} less all aums already paid therefor divided by the number of months to elapse before one month ~ ~ prior to the date when such ground rents, premiums, taxes, and ss.sessments will become delinquent, ; such sums to be held by Mortgageeintrusttopeysaidgroundrents,premiums,taxes~andspeciala.ssessments. ± ~ (b) The aggregate of the amounta paynble pursuant to aubparagraph (s) and those payable on the note secured ` ` hereby~ shall be paid in a single payment each month~ to be applied to the following iEems in the order ~ stated _ (I) graund renta, taxes, assessmenta, fire, and other hasard insurance premiums; (II) interest on the note secured hereby; and (III) amortisation of the principal of said note. ' Any deficiency in the amount of sucha~r egate monthly payment shall, unless made good by the Mort- ~s ga~;or pnor t,o the due dste o[ the next such payment, constitute an event of default under this mortgage. At Tiortgagee s option, Mortgagor will pay a late charge not exceeding four per centum (4°Ja) of any install- ment when paid more than 6ft,een (15) days atter the due date thereot to cover the extra expense invoh ed in _ handling delinguent payments, but such "late charge" shalt not be payable out o( the proceeds of any sale " made W satisfy the ~ndebtrdness secured liereb3, unless such proceeds are sufficient to d~scharge the entire indebtednesa and all proper costs and'expenses secured Lhereby. If th~ total of tlie pa~•ments madc~ b~• the Mort~a~;or under (a) of paraKraph 2 prccedin~ shall exct~ed the xinount of pa~•ments a~tuall~• n?ade b~ tt~e iliortgage~, as trustee, for ground rents, laxes and asses.gments, an~1 insuran~•e pr~miums, as tht• c•ase ~na~' be, such excess s}?all be credit~d on sul~sequent pa~-ments to be mad~ ~ b~- th~ ~tortgagor for su~h itetns or, at Mortga~ee's option, as trustee, shall t~ refunded to tilortgagor. If, itowever, such ~uon/l~l~ pa~•n?ents shall not be sufi'i~ient to pa~• such itetns when the same shall become due and pa~•able, then the ~iort~a~or siiall pa~• to the Mortga~;ee, as trustee, an~ amount neressar~ to make up th~ de~i~ien~~•. tiu~h ps~•m~nt sl?all be made within thirt~ (30) da~~ after v~ritten notice (rom t}~e Mortga{;ee stating tl~e amount of the deficienc~, which notice may be given by meil. If at any Lime the Mortgagor ahall ~~a ~'~_R::1~.~~ r~~~ ` ~ _ . _ - = .