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Home My WebLink About0889 The Mortgagor hereby covennnt8 with the Mortgagee, that he is indefea.4ib1y seized oi said lsnd in !ee eimple or such other estateR d sny ss is atated herein; that he has tull power snd lswiul right to convev the anme ss atore.4aid; that the land ia iree ~rom all encumbranceB except as herein otherwise recited; that said~llortgsgor will make such further aesurances to provo the sforeeaid title to eaid lend in said Mortgagee ea may be reason- ablyrequired, and that said Mortgagor doee hereby fully warrant the title to said land~ and every part thereof, and will defead the same againat the lawful claima of all persona whomsoever. PROVinsu Atw~Ya that if the ~iortgagor ahall pay unto the Mortgagee thet certain promissory note, oi wLich the follovving is s eubstsntiel oops, W wit: = 1~ , 700. Q0 ~ ort Piercc , Florida. J1zne 9 , 19 72 . Fox VeLUS RscscvaD~ the undersigaed promiee(s) to PsY to , SOLii~Ri~ i•IORTL~AGE ASSOCIAT :S, II1C . ~ s aoiporation organi~jedSand exiating under the lawa of State oi Arkansas , or order, the principal sum of FIFTEEPI TiiOUSA:.D SEVS:d 'rN;li~FtED A:tD :10/100----------------------------- Dollars 15,700.00 with interest from date at the rate of seven per centum ( 7%) per annum oa the unpaid balance until paid. The said priacipal aad intereat shall be payable at the office of SOU'it~tt~i HORTC=AGE ASSOCIAT~.S, I:1C . P. O. ~3C 33, Shenandoali Station in i:i~r,i , r^lor~da ~ or at such other plaoe as the holder msy designate ia writeng delivered or mailed to the debtor, in monthly installments of p;i~ j;undred iour and 55/100---- 104.5G oommencing on the fiist day of ,7uly , 19 72 , and continuing on the first day oi esch montb thereafter until thia note is fully paid~ except thet. ii not sooner paid, the final psyment of princapsl and intereat aLall be due and payable on the first day oi June ~ 2002 . priv~'1e~e is reserved to prepay at any time~ without premium or fee t6e entire indebtedness or any part tLereof not less than the amount of one u~atallment, or one hugdred dol~ara (a100.00), whichever is lesa. If any deficiency in the paym ent of sny installment under thia note is not made good prior to tLe due dste of the neat such installment, the entire principal sum and accrued intereat shall at once become due and ~ay- eble wiLLout notice at the optaon ot the holder of th~s note. Failure to ea~ercise this option shall not oonstatute a waiver of the right to eaercise the same in the event of anv subsequent_default. In the event of defsult in t6e payment of this note, and if the same ia collected by an attorney at Is~ the t~deFe~igned bereby agree(e) to .pay sll costa of collection, including a reasonable sttorney's fee. . . This note is_secured by mortgag_e of even date ea~ecuted by the n~ on-certein property described therein and represents money actually used for the acquisition of said property or the improvemente thereon. Fresentment, protest, and noticp, are hereby waived. 1- ) , ~`T'._.._< < ~ - _ ~ Is~r.) Donalci Peterson ~ S~ar~g Cha Pete'-'so~ - ISSAL] I: ? /~~r.~ ~".:~ctii.' - [SBAI.~ And ahall duly, promptly, and fully per[orm, discharge, execute, et~ect, complete, and comply with and abide i by each and every the stipulations, agreements, conditions~ and covenants of said promissory note and of this mo*tgage, t6en this mortgage and the estate hereby created shall cease and be null and void. ~ The Mortgagor further covenants as followa: ; 1. That he will pay the indebtedness, ss hereinbefore provided. Privilege is reserved to prepay at any time, ~ without premium or fee~ the entire iadebtedneas or any part t6ereof not less than the amount of one inslallment, or ~ one hundred dollars (i100.00), whichever is less. ~ 2. In order n~ore full~- to pmtect the se~arit~- of this mortga~P, the ~fortgagor, together With, and in ~ ad~lition to, th~ monthl~• pa~-ments under thc~ ter~ns of the note sec~urnd hereb~-, on the first da~- of each month ~ iintil tlie suid note is fu~l~- paid, «ill pa~• to the ~'Iort~:a~~e, as trtLCtee, (under t}?e tcrnis of this trust as herein- ~ aft~~r stated) the followi~i~ sums: (s) A sum equal to t6e ground rents, if any, next due, plua the premiums that will next become due and payable on policiea of fire and other haaard insurance covering the mortgaged property. plus taxes and assessments ~ next due on the mortgaged pmperty (all as estimated by the hiortgagee and of which the hiortgagor is notified) lese all sums 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 assessments will become delinquent, such sums to be held by Mortgagee in trusttopay said ground rents, premiums, taues, and special assessments. (b) The aggregate of the amounts paynble pursuant to subparagraph (a) and those payable on the note secured ~ hereby, ahall be paid in a single psyment each month~ to be applied to the following items in the order ~ stated : - ~ (I) ground rents, taxes, assessmente, Sre~ and ot6er hasard insurance premiums; ~ (II) interest on the note secured hereby; snd `4 (III) amortization of the principal of eaid note. Any deficiency in the emount of sucha~ regate monthl~ pa~ ment shaU, unless made good by the 111ortr ~ ga~;or prior to the due date ot the next sucl~ pa~•ment, const~lute an event of default under this mortgage. ~ At ~iortga~;ee's option, Mortgagor will pa~• a"late charge" not exceeding four per centom (4%) of any install- ment when paid more than Sfteen (15) days after the due date thereof to cover the extra expense in~ohed in ~ handling delinquent ~ayments, but such "late charge" shall not be payable out of the proceeds oi an~ sale made to satisf~• the ~ndebtedness secured hereby, unless such proceeda sre sufficient to d~scharge the entire ~ indebtedness and all proper costs and expenses secured thereby. ~ :i. If th~ total of the pa~-ments tnad~ b~- t}?e ~lortgagor under (a) of para~raph 2 precedin~ shall excecd ~ tl:e amount ~f pe~•nients a~tuall~- m~~1~ b~• ti~e ~1ort~a~;ee, as trustec, for ~round r~nts, taxc~ an~i ~~ssn?~nts, and in.uranc~~ pr~miums, ati thE~ ~•a5~~ ma~•~be, such excess shall be credite~l on subsequent pa~•ments to l~e made ~ bc th~~ ~1ortKa~or for su~h items or, at ~lortgagee's option, as trustee, s}?all be refunded to :~lortgagor. If, ~ hoHe~~er, such monthl~• pa~•m~nts shall not be suffi~ient to pa~- such items when the same shall becornP due ~ and pa~•able, tlien the ~iort~agor shnll pa}- to the 11ort~a~ee, as trustee, an~- a~uount necessar~• to meke up ~ the de~i~•ienc}-. Su~h pa~-m~~i~t shall be made within thirt~- (30) da}-s after written notic•e from t}~e ;1lortgaltpe ~ ststing the amount. of the deficiency, ahich notice may be gi~en by mail. If at any time the Mortgagor ahall ~ `'_kY 20`~ r:=~:- ~~9 ~ 2 : _ : ~ _ - ~ x ` ' ~ ~ ~ _ ~ = ; ~ - ~ ~ , ~ . ~ ~ ,