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HomeMy WebLinkAbout2624 . . . . . ~ ' . The Mortgagor hereby covenaata with the MortgageE?, that he ie indefeaeibly seued oi said land in tee simple or auch other eatstet d any as is etated herein; that he has tull power and lswful right to oonvev the si?me ~a sforesaid; that the land ia iree ~rom sll encumbrsnces except as herein otherwiae recited; thst said Mortgagor will meke such turtt~er aesursncea to pmve the aforesaid title to s~id land in asid Mortgagee ~s mey be reasoa- ~ •blyrequired, snd that swid Mortgsgur cloes hereby fully wur~nt the title Lo said ls4d, and every put thereoE, ~ end will defend the same against the l~wiul claima ot all persona ~vhomsoever. PROVIDBD ALWAYB ~19t lE Lb8 ~10~~6gOi BhiII ~1Ly llII~O ~18 MOT~igN ~bt CBT~iII pT0[i11380t3? iIOLC, oi phich the following is s subetantial cops~ to wit: i 23 , 500.00 Pbrt Pierce , Florida. Februax'Y u ~ 19 72. Foa VsLVS ftscsivr.u~ the underei~ned prumiee(e) to psy to ~ SOITrF~tN MO~R'!`C'~AGS ASSOCUTBS, INC. , s oorporstion organised and e~dsting under the 18~va of State of Arkansas , or order~ the principal eum of Z~TY TFIItES THOUSJ~ND FIVE HUNDRED APID NO/100------------------ Dollara (i 23,500.00 w~th interest from date at the rste of seven per centum ( 7%a) per annum on the unpaid balauce until paid. The said principal ead interest ahall be payable at the o~ce of SO~TPH~iN MORTC~AGS ASSOCIATFS, INC. , P. O. Box 38 Shenandoah Station ~ M~.ami, Plorida ~ or at such other pl~ aa the holder may designste in ~vriting delivered or mailed to the debtor~ in monthly installments ofbne Hundred Fifty Six and 51/100- Dollars 156.51 commencing on the firat day of April , 19 72, and continuing on the 6rst day oi each month thereafter antil this note is fully paid~ eaoept that~ if not sooner paid~ the final payment of princapal and interest shall be due and payable on t~he first day of I~iarch ~ 2002- Privile~e ia re.gerved to prepay at any tame, without premium or fee t6e entire indebtedn~s or sny psrt thereof not les~s than the amount of one uiatallment, or one hundred dol~ars (5100.00), whichever is le.sa. If sny deficiencp in the payment of any instsllnnent under this note is not made good prior to the due dste of the next such installment, the entire principal sum and accrued interest ehall at once become due and Fay- able without notice at the option of the holder of this n~te. Failure to exercise this option ahall not constatute s a aiver of the right to eaercise the same in the event of anv subaequent default. In the event of default in the payment of Lhis note, and if the same ia cc+llected by sn attorney st Isw, tLe undarsigned hereby agree(s) to pay all costa of collection, including a reasonable attorney's fee. This nots is aecured by mortgage of even date eaecuted by the undersigned on certain property described therein and represents money actually used for the acquisition of said property or the impmvemente thereon. Presentment, protest, and notice are herebp waived. ~•:d ~ x..? .L G , n " .'~r~l E:~ ~S~EAI+] ~ Bi~,11 .7~Oe 9~t11 <.v ~ ~irxi ~ 7 SEAL ~ "ris E E - [s~,l ~ ~ (s~:.) ` And shall duly, promptly, and fully perform, discharge, execute, effect, complete~ and comply with and abide a by each and every the stipuiations, agreements, conditions~ and covenants of said promissory note and of thia ` mortgage, then this mortgage and th~ estste hereby created shall cesse and be null and void. ~ The Diortgager further oovenants as followa: - ~ 1. That he will pay the indebtedness, a9 hereinbefore provided. Privilege is reserved to prepaq at any time, ~ without premium or fee~ t6e entire indebtednesa or any psrt thereof not less than the amount of one installment, or w one hundred dollars (ilOQ.00), whichever ia less. ~ 2. ln order more full~- t'o protect the securit~• of this mort~a~;e, t}?e ~fortgagor, together with, and in ~ a~l~lit iun to, th~ monthl~- pa~•ments imcler the terms of the note serure~l lu~reb~•, on the first da~• o! eac}? nionth ~ until ihe said notP is fu~l~• paid, will pn~~ to the A4ortga~et~, ns trttste~, (under the terms of this trust as herein- ~ uft~~r ~tHtc~dl the falloH•i~ig sums: ~ (e) ~ sum equal to the ground renta, if any, next due, plua the premiums that will next become due and payable ~ on policies of fire and other 6a~rd insurance oovering the mortgaged pmperty, plus taues and assessments ~ next due on the mortgaged property (all aa estimated by the Mortgagee and of which the ~iortgagor is notified) less all sums already paid ther~for divided by the number of months to elapse before one month prior to the date when such ground rents. premiums, taxes, and as.sessments will become delinquent, a~ such sums to be held by hiortgageeintrusttopaysaidgroundrents~premiums,taxes,andspecialassessments. ~ (b) The aggrEgate of the amounts payable pursuant to subparagraph (s) and those payable on the note secured $he~reby~ ahall be paid in a single payment each month, to be applied Lo the following items in the order ted (I) ground renta, ta~cea, as~..~menta, fire, and other hasard insucance premiums; - (II) interest on the note secured hereby; and - (III) amortisation of t6e principa~ of said note. Any deficiency in the amount of suchag gre~ete monthly pa) ment shall, unless made good by the l~tort- - ga~;or prior to the due date ot the next sucli pe~•ment, constitute an event of default under this mortgage. = At :ltort~agee's option, I~iortgagor will pa~• a"late charge" not exceeding four per centum (4%) of an~• install- ~ `5 ment when paid more than 6iteen (15) days after the due date thereof to cover the extra expense in~olved in hsndling delinquent Pa~ ments, but such "late charge" shall r~ot be pay able out of the proceeds of any sale made to satisf~ the in~ebtrdness secured hereby, wtless such proceeds are sufficient to dischatge Lhe entire indebtedness and all proper costs and expenses secured thereby. ~ :i. If the tota{ of thi• pa~•nu~nt; ma~le h~• tl?e ~lortKaKor under (a) c~f pare~raph 2 precedinK shall exceed tlie aiuount c?f pa~•ments a~•tuall~- ii?udc~ b~• tiie ~1ort~;a~;t~e, s~s trustee, for ~round rents, tares and ~ssc~snients, ~,3 and insurance pr~mium., a.s the~ ~•x~~~ ina~-~be, such excess shall be cre~lite~l on subseyuent pa~•nu•nts to be made ` t?~• tlu~ ~tortKagor for surl? it~~i~~ c?r, at ~lortgage~'s option, a.4 truste~•, stiall be refut?ded to Nottgagor. [t, hnv?e~ver, such n~onthl~• pa~•nu~il(3 SIit1I~ not bc~ sufii~•ient to pa~~ su~•h items when the seme st?all become duP and ps~•aUle, thet? ihc~ ~tort~aKor sliull pa~- to the ~lortKa~;~~~, as trustee, an~• amount necc~san• to make up tl?E• ile~i~•ier~c~•. tiuch pa~-m~•nt s),all be• n~ad~ w•ilhin thirt}• (30) da~-s after written noti~•e frois~ t}~e `iortga~;ee stating the amount of the deficienc~, which notice may be given by mail. If at any time the l~iortgagor shall ~ :=i ~ ~~~X~~ ~ICf~r.•J _ , - ~ .