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Home My WebLink About1759 The Mortgagor hereby oovenanta with the Mortgage~?, t6at he is indefe~ibly seized oi asid Isnd in iee simple or such other eatste~ ~i sny as ia stated herein; that he has tull power snd lawiul right Lo oonvev the sRme se aforesaid; that the lvnd is iree ~rom all encumbrsncea eucept as hereia ott?erwise recited; that saidl4iortgagor will make such further aeauranoes to pmve the aforesaid title to srud land in asid Mortgagee aa msy be reASOn- ablyrequired~ and th~?t ssid Mortgagor does hereby iull wur~n~ the title to e~id land, snd every put thereot~ ? and will defend the ssme against the lawiul clauns oi peraons whomsoever. Pnovtnsn ALwAye that it the !~iortgsgor ahall pay unto the Mortgagee that certain promi.geory note, oi which the following is s subetential oopf, to wiZ: = 15,OQ0.00 Fort Pierce ~~ori~ March 10 ~ lg 72 , Foa Vwi.vs Racacvan, the undereigned promise(s) to pay to SOVPF~RN MOiRTGAGE ASSOCIATES, INC. , s oorporation organised and e~dsting under the ~ State of Arkansas ~ or order~ the principal sum of FIFl'EEN THOUSAND AND NO/100 Dollais 15 , 000 . 00 with interest from date at ` ~e m~ ~ seven per centum ( 7%) per annum on the unpaid balance until paid. The aaid principal and interest ehall be payable at the office of S~[TPt~RN NORTGAG~ ASSOCIATES, INC., P. O. Box 38, Shendoah Station in Miami, Florida , or at such other pla~ as the holder may designate in writing delivered or mailed to the debtor, in monthly installmenta of ~ne Hundred Six and 05/100------ Dollars (i 105.05 commeacing on the first day of April , 19 7?, t~ud eontinuing on the firet day of each month thereafter until this note ia fully paid, ezcept tLst, if not eooner paid, the final~ psyment of principal and interest ahall be due and payable on the firat day of March , 193'), privil'ege ~s reserved to prepay st an~ time, without premium or fee the entire indebtedness or any psr~ thereof notlesa than tLe amount of one uiatallment, or one hundred dol~ars (i100.00), whichever is lesa. If any deficiency in the paym ent of any installment under this note is not made good prior to the due date of the neat such installment, t,he entire principsl sum and accrued interest shall at once beoome due and Fay- able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstatute s waiver of the right to eaercise the same in the event of aay subeequent defsult. In the event of default in the 'payment of this note, and if the same ia collected by an sttorney st lsw~ the undersigned hereby sgree(s) to pay all cwsts of collection, including a reasonable attorney's fee. This nots ia secured by mortgage of even date executed by the undersigned on certain property described therein and represents money actually used for the acquisition of eaid property or the improvements tbereon. ~ Presentment, protest, and notice are hereby waived. ~ y~ ? • ~-~-'--isSAL] ~ Lee ,A.llen Hoyer . ~ ,~~1 ~ l.: t•-L rc- ~ 1 ~-t ; ~ [s~,] ; Deborah Hoyer ~ f ~ss~L] ~ [s~l ~ And shall dul rom tl and full dorm disch e execute eBect com lete and oom 1 with and abide ~ Y~ P P Y? Y Pe , ~TS , ~ , P , P Y by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of thia mo*tgage, then this mortgage and the estate hereby created shall ceASe sud be null and void. a The Mortgagor further oovenants ss follows: ; 1. That he will pay the indebtedness, as hereinbefore pmvided. Privilege is reserved to prapay at any time, ~ without premium or fee, the eatire indebtedne~ or any part thereof not lesa than the amount of one installment, or ~ one hundred dollara (=100.00), whic6ever is less. ` 2. In order more fulh- to pmtect the securit~~ of this mortgage, Llie 1Tortga~;or, togetl~er witl~, and in ~ addition to, the montlil?- pa~•ments under the terms of the note secureci hereb~•, on the first da~• of each month ' until the said note is tull~ paid, will pa~ to the ~iort~agee, as trustee, (under the terms o( this trust as hemin- ~ after stated) the following sums: ~ (a) A sum equal to the ground renta, if any, next due, plua the premiums that wil! neact become due and payable _ - on policiea of Sre sud other haaard insurance covering the mortgaged property, plus taxes and as.sessments nert due on the mortgaged property (all sa estimated by the Mort.gagee and of which the Mortgagor is notified) less all sums already paid therefor divided by the number of months to ela~p~e before one month prior to the date when auch ground rents, premiums, taxes, and assessments will become delinquent, ~ such sums to be held by-Mortgageeintruattopaysaidgroundrents,premiums,taxes,andapecialassessments. ~ (b) The aggregate of the amounta psyable puisuant to subparagraph (a) and those payable on the note secured j 6erebY, shall be paid in a single payment each mont6, to be applied to the following items in the order ; stated ' (I) ground renta, ta~ces, asaesaments, 5re, and other hasard insursnce premiuma; - (II) interest on the note secured hereby; and ' (III) amortisation of the principal of esid note. = Any deficiency in the amount of such a" ggregate monthly payment shall, unless made good by the Mort- , - gagor prior to the due dste ot t6e next such payment, const~tute an event of default under this mortga{;e. ~ At Mortgagee's option, Mortgagor will pey a"lste charge" not exceeding four per centum (4°Jo) of any instsli- - ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense invol~ed in handling delinquent ~ayments, but such "Iate charge" shall not be payable out ot the proceeds ot any sale made to satisfy the mdebtedness secured hereby, unless such proceeda ere sufficient to discharge the entire indebtedness and all proper costs and exgenses secured thereby. y :3. It the total of the pa~-ments made b~- the ~lortgagor under (a) of para~;raph 2 preceding shall exceed the amount of pa~-ments actualh• made b~• tl~e Alortgagee, as trustee, for ground rents, ta.r-es and assessments, ° and insuran~e premiums, as the case ma~ ~be, such excess shall be credited on subsequent pa~ments to be made b~- the ~iotigagor for suct~ items or, at Liortgagee's option, as trustee, shall be refunded to Mortgagor. If, ' - hoWever, such montl?h• pa~•ments shall not be suffi~ient to pa~ such ilems when the same shall become due - and parable, then tlie ~iortgagor shall pa}- to the Mortgagee, as trustee, an~ amount necessarv to make up = the de~icienc~•_ Such pa~-ment shall be made within thirtv (30) da}-s a(ter wtitten notice frorn the Mortgagee > stating the amount of the deficienc~, which notice may be given by mail. If at any time the Mortgagor shall - °~R~ r~;~,;~.~~g _ - - ~::T . . _ ~ - , T_: ~