HomeMy WebLinkAbout1627 The Mortg~gor hereby ooven~nts with We Mortgsge~, Lh~t La is indefe~aib~ seised oi eaid land in fes
e~nple or such other est~tes if aqy as is stated herein; that he Las tull power and l~wiul.right to o~nvev the ~une
as atores~id; t6st the luid ~g iree ~rom ~11 et~cumbruioes ezoepL as hereia otherwiae recited; tLat saidl~tortgagor
will mahe aucb furthsr aesun~aoes to prove tLs doresaid vtle to si?id luid in s~id Mortgagee as auy be reneon-
ab~yreq uired, and t6~t said Mortg~?gar does Lereby i~y wur~nt the dde to ssid land, ~ad ever~ psrti thereot~
•nd will defend t6e saane agsinst the lawful claims of aU pereons whomsoever. ~ ps
PROYIDSD ALl?AYI! tL~t if tLe I~iortgagor shall puy unto tbe MQ
_r~;qagee thut oertaia promissory note~ of
which the following is a aubatsnt~ial ~oops~ to wiL: gart pierce ,~~i~,
= 35 , 000. 00 ~y 1~ ,19 72 .
Fon Vsi.vs Rscstvso~ the undere~ed pmmiee(e) to py? to
S~HERN MORTGAGF ASSOCIATES, INC.
, s corporstion orga?ui~ed and e~datin~ uader the
laws of State of Arkansas ~e P~aP~ THIRTY FNS THOUSAND AND NO/100
Dollate (=35,000.00 with intereat fmm dste at
the rate ruf;. seven per centum ( 7%) Per annum on the unpaid balaaoe nnW psid.
The esid ~rincipsl and intereat e6all be p,yable at tbe o~ce of .
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SOt~H~i MORTGAGE ASSOCIATBS,~`Ifi~C:, P: 0.~.`~ox ~8, Sttenandoah Station
in riiami , Florida , or at auch other place aa the hdder msy deeignste in writing
delivered or mailed to the debtor, in monthly installments of Two Hundred Thirty Ztao and 87/10~~
232.87 oommencing on the 5rst day of ~ly , 1972 , md oontinuing on the
first dsy oi esch month thereafter until tbia note is fully paid, ezoept thst, if not sooner paid, tLe fiaal puyment
of princ?p41 and int,erest eh411 be due and psyable on the first day of ~e . 2002 •
pri ~a reeerved to prepsy at an., time, without premium or fee tLe entire indebtedneas or any parC
thereof notl~ees thsn the amount of one u~atallment, or one huadred dol~ara (i100.00), ~vbichever is lees.
If sny deficiency in the payment of aay inatsllment under tLia note is not made good prior to the due dste
of the next such inatsllment, the sntire principsl sum and accrued inLerest aLall at once beoome dne and Fay-
sble without notice at the op~ion of the holder of t~is note. Failure to exerciae thia optioa shall not oonst~tute
s waiver of the right to eae:r.ise the same in the event of sny subeequent defsul~ In t6e event of default in the
psyment oi t6is note, snd if the esma is oollected by an sttorne~ st Lw, the underaig'ned hereby agree(s) to
psy sll costs of collection, including s reaeonable ;ttorney's fee.
1`his note ia eecured by mortgage of even date eaecuted by t6e undereigaed on oertain property deecribed
therein and repreeeni~a noneY actually uaed ior the aoquisition of eaid property or the improvements thereon.
Preeentment, protest. and notice are hereby waived. ,
; ~ ,
~~~f~~~u ~j~_/''°cs~.v [gg~IlL]
Charles M. Baker, Jr. `
_ ~ _ [S~AL]
~ Margaxet Ann-Baker
~ ~~L~ -
I r~_~.~~ ~~i ~
~$gAL]
I And shall duly, promptly, and fully pedorm, discharge, ea~ecute, effect, c~?~nplete, and comply with and abide
i bq each and ever~? the stipulations~ agreements, conciitions, and covenants of said promissory note and of this
mo*tgage, then thu mortgage and the estate hereby created shall cease aud be null and void.
The Mortgagor further ooveaanta ss follows: ~
1. That he will psy the indebtednesa, as hereinbefore pmvided: Privilege ia reeP,rved to Prepa?Y ~~Y ~e,
withoui prem~ium or fee, the ~tire indebtednees or any part thereof not less than the amount of one inatallment, or
one hundred dollara (i100.00), ~vhichever is lesa.
2. In order more tully to protect the securit~ of this mortgage, the Mortgagor, together with, and in
addition to, the monthl~ pa~~ments under the terms of the note secured hereby, on the first da~ of each month
until the said note is tull3 paid, will pa3 to the Mortgagee, as trustee, (under the terms of this trust as herein-
after st$ted) the foAowing sut~s: "
(a} A eum equal to the gmund renta, if sny, aeat due, plua tl~e premiums thst ~rill~next beoome due aad paysble
on policiee of Sre aad otl~er ha~rd ineurance oovenng tbe mortBaBed Pi'oP~Y.~Plus taues and ~smenta
next due on tfie mortgaged property (all 8e estimated by the Mortgagee aad .of ~vhich the Mortgsgor ia
notified) lese all aums already paid therefor divided by the number of months toe1spee before one month
prior to the date when suc6 ground reate, premiums, taxes, and aeseasments will become delinquent,
euch sums to be held bq Mortgageeintn~attopayeaidgroundrents,premiums,taxes,aadspecislsssessmenta.
(b) T6e aggregste af the amounts payable pureuant to anbparagraph (a) and thoeepeyable on the note secured ~
hereby, ehall be paid in a eingle paym~t each mQnth, to be sppLed to the f~llowing itEme ia the ord~
stated
(A ground r~nta, ta~cea, aeee~menta, fire, sad other hasard insurance premiums;
(In iaterest aa t6e note secured hereby; sud
c~m ~ ~ p~p~ ~ ~a no~.
Any deficiency in t6e amount of suchaggregate monthly ~ayment shsll, unlees made good by the Mort-
gagor pnor to the due dste o[ Lhe next such payment, const~tute an event of detault under this mortgage.
At Mortgagee's option, Mortgagor will pay a"late charge" not exceeding four per centum (4%) of any install-
ment when paid more than 6tteen (15) days atter the due date thereof to cover the extr~ eapense iavolved in
handling de~inquent payments, but su~c6 "late charge" shsll not be papsble out ot the proceeda of any sale
made to satisfy the mdebtedness secured hereby, ualess such proceeds sre sufficient to d~scharge the entire i
indebtedness and all proper ooats snd expenses aecured thereby. -
3. If the total of the pa~ ments made b- the Mortgagor under (a) of paragrapli 2 preceding shall exceed
the amount of pa~-ments actuall~ made bv t~e Mortgagee, as trust,~e, for ground rents, taxes and assessments,
and insurance ptemiums, as the case ma~ ~be~,. such excess shall be credited on subeequept pe4Yments to be made
b~ the Mortgagor tor such items or, at Mortgagee's option, as trustee, shall be t~funded to Mortgagor. If,
however, such nionthl~ payn?ents shall not be sufticient to pay such items when the same shall become due
and pa3~able, then the Mortgagor shall pa~ to the Mortgagee, as trustee, any amount neces9ary to make up
the deficienc~ . Such pay~nent sl~all be made within thirty (30) devs after wntten notice from the Mortgsgee
atsting the emount oi the deficiency, which notice may be given by ~ail. If at any time the Mortgagor ehall
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