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The Mortgagor Lereb~ oovenants with ths Mortgagee, t,hati Le is indefes~ib~j seiaed oi ssid L?nd in fee
aimple or such ot6er e4tat~st ~i aqy as is stnted herein; that he h~s tuU power and law[ul.right to oonvev the eanne
as atoresaid; ths~ the land ~s iree ~rom all encumbrsnces escept as hersin otharwise recited; tbat eaidl~Iortgsgor
will make such further aesuranoes to prove the utoresaid tiWe to ~sid laad ia eaid Mortgagee as m~~ be re~eoa-
si
ab req uired, and that said Morfgagor does hereby i~ warran0 the title ta said land, wd ever~ part thereot,
an will defend tLe aame agninat the L~viul claims oi pereons ~vLonasosver.
PROVIDED AL~IATd tLwt lf ~Ie ~~Oi~~Or db~ ~ 11IIt0 ~ MO~~~ ~AL 09T~LlII p1~01n1880rY IlOtB~ oi
which the following is a substauLisl ooPS, ~`~ti:
= 11, 500.00 Fort Pierce , Florids.
riay 19 , 19 72 .
Foa Vru.vs Rscstvsu, the uaderei~ned pmmiee(s) to p4Y ~ '
J. T. STF~+IART MORTGAGE COI~ANY , INC . .
, a oorporstic~n oe~anised and eristing under the
laws d State of Florida , or oider. the prinaipsl eum of SL~VBN TAOO~ND F1V8 ti~+1DRED
AND NO/100------------------------ Dollars (i 11,500.00 with intet+est from date a?t
the rate of seven per oentum ( 7%) Per annum on the unpaid balanae until paid.
The e~id.principsl snd intereet ahall be payable at the off
oe of J. T. sr~r MoR'Ir~ACS cor~ANY , n~ic .
,
S~,ii~e ~300-100 Miracle Mile
in Coral Gables, Florida ~ or st such other plaa~ ae tbe hdder msq deaignste in writing
delivered or mailed to the debtor, in monthly inatallmenta of Seventy Six and 59/100---------- ~
76.59 oommencing oa the first day d J~ly , 19 72, and oontinuin~ on the
firat dsy of each month thereafter until this note is fuIIy psid, esoept that, ii not sooaer paid, the finai psyment
oi princ?pal and int,eresti eha~ll be due and poyable on the fusti day of June 1 . 2002.
privil~e~e is reserved to prepsy at sny time, without premium or fee the entire indebtedneee or any part
thereof not-lees fi~an t~ e?~nau~t oI one urs~manL, or ans hu~~d t~o~s (*~1U0.0~Q), whicheFar i~
Ii sny deficiency in the payment of any inatsllment under tbis note is not made g~ood prior to tha due dste
of the nezt such inatallment, the entire principal sum snd sc~'.rued interest shill at once beoome due and ~sy
able without notice et the option of the holder of thia note. -Failnre to exemise tbis option shail not oonatatute
s waiver of the right to ezem,iee the esme in the event of any eubeequent defaul~ In the event of defsult in the
psyment of this note, and if the esme is oollected by an sttorney at Lw, the wnderaigned hereby agree(s) to
psp all oosts of oollection, including a reasonsble attorney's fee.
Thia note is eecured by mortgs~e of even date executed by the underaigned on aertain property described
therein and represents money actually used for the acquisition of said property or the impmvemente thereon.
Preeentme~nt, pmtest. snd noticA are hereby waived. ,
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~ And shall duly, promptly, and fully perform, discharge, execute, eHect, oomplete, and comply with and abide
E by each and every the stipulations, agreements, conditions, and covensnta of said promiasory note and of thia
mo*tgage, thea this mortgage and the estete hereby created shall cease and be null and void
The Mortgagor furthet coveaaats as folto~va:
1. That he willpe
y the indebtedness, aa hereiabe.fore provided. Privile~e ia reserved ~o prepsy st sny time,
without prem~ium or fee, t~e eatire indebteda~s or any psrt thereo~ not less than the amount of one inatallment, or
one hundred dollars (i100•00), whichever is leea.
2. In order more fully to protect the securit~ of this mortgage, the Mortgagor, together with, and in
addition to, the monthi~ pa~~ments under the terms of the note secured tiereby, on the first da~ of each month
until the said note is fu11~ paid, will pa~ to the Mortgagee., as trustee, (under the terms of this trust as herein-
after ststed) the following sums:
(s) A sum equai to theground rents, if any, next due, plus the premiums that will neat beoome due and payable
on policiee of fi~+e aad other ha:ard ineurance oovering the mortgaged pmperty, plus t~ces and as~s.gnnents
next due on the mortgaged pmpert,y (all se eatimsted by the Mortgagee and of which the Mort,gagor is
~a•.~~) Z~• •,~I ~~h~!?r divided by Lhe num~r of montha to ela~ee before one month
prior to the date when su ground reata, premiuma, taxes, and assessments aill become delinquent,
such snma to be held by Mortgageemtruattopays~udgroundreuts.premiuma,ta~ces,sndspecialassesgonents.
(b) The agg~+eg~te of the amounte payable pureuant to eubparsgraph (a) aad thoee ps~
yable on the note secured
heretiby, eball be paid in a e~ngle psyment each montb, to be spplied to the followin6 itema in the order ~
stated
(n ~d fire, aad other hasard insurauce premiuma;
(In interest ~ the note eecured hereby; and
(IIn amortisstian d the priacipal of said note.
' Any deficiency in the amount ot suchaggregate monthly payment shsll, unlesa msde good by the Mor~
gagor pnor to the due date of Lhe next such payment, const~tute sn event of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a"lste charge" not exceeding four per centum (4~Jo) of any install-
ment when paid more thsn fifteen (15) days after t6e due date thereof to oover the extrs expense involved in
handling delinquent ~aymen4s, but such "late cha~ge" shall not be payable out of the proceeda of any sale
made to satiafy t6e indebtednesa secure~ hereby, unlesa such pmceeds are su@'icient to d~scharge the entire
indebtedneas and all proper c~osts and expenses secured thereby.
3. I( the total of the pa~-ments made by• the Mortgagor under (a) of psragrapl~ 2 preceding shall exceed
the amount of pa~ ments actuallr made b~ the Mortgagee, as trustee, for ground rents, taaes and eagessments, ~
and insurance prnmiums, ea the cese ma~ ~be, such excess shaU be credited on subsequent psyments W be made ;
b~ the Mortgagor for such items or, at, Mortgagee's option, as truatee, shall be refunded W Mortgsgor. If,
however, such monthlv payments shall not be sufFicient to pay such itema when the same ahall become due
and pay•able, then the Mortgagor shall pa~ to the Mortgagee, ss trustee, any amount necessary to make up .
the deficienc~ . Such pevment al~all be made within thirty (30) davs atter wntten notice from the Mortgagee
atating the amount of the deficiency, which notice msy~ be 'ven by mail. If at any time the Mortgagor ahall
~~x~U~ ~~~~~7~8.
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