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HomeMy WebLinkAbout2233 'fhe Mortgagor hereby oovenanta with the hiortgagee~ that he ia indefca.4ib1y seized of said lsnd in fee eimple or such other estatet ~f any aa ia atated herein; thst he hes tull power and lawful right to convev the same ae afaresaid; that the lend is iree ~mm all encumbrsncea eucept sa herein otherwise recited; that said7lriortgagor will make such further aesurancea to pmvo the nforesaid title to said lsnd in said 11Sortgagee ss may be reASOn- ablyr~quired~ and that said Mortgagor doee hereby !ully wsrrsnt the title to said land, and every part tlieceof, snd will defend the same agsinst the lswful claims oi all persana whomsoever. PROVtnsn ALw~Ya that if the hiortgagor ahell pay unto Lt?e Mortgegee that certain promi.gsory note~ of which the following is s substantisl oops~ to wi6: i 16,500.00 Ft. Piexce, , Florids. March 2, .1972 . FOR VALU~ RBCBIYED~ the under~gned promiae(s) to pay to First Federal S~rir~gs and I,oan Association of Ihdian River County , a? oorporation organised and e~osting under the la~va of Florid~ , or order~ the principal sum of Sixteen Th~ousand Five Htmci~ced and N0~100 ~ott~ 16,500.00 with interest from date at ; the rate of Seven end Three~Foweths per oeutum ('j 3/~}%) per annum on the unpaid balance until paid. The said priacipal aad intereat ahall be payable at the office o~ g~st Federal 2045 14th Avenue 1II Vero Besch~ Fl,orida , or at such other plac~ as the holder may desi te in writing delivered or mailed to the debtor, in monthly installments of One H~dred Nine and 89~100 (i109.89 commencing on the first day of Mqy , 1972 , and continuing on the first day of each month thereafter until this note is fully paid~ eacept that, ii not aooner paid, the finsl payment of princapal end interest ahall be due and payable on the first dey of pp~i1~ 2002. ~ . privile~e is reserved to prepay at any time~ without premium or fes the entire indebtednesa or anp part thereof not leas than the amount of one uistaWuent, or one hundred dol~ara (a100.00), whichever is less. > - If any deficiency in the paym ent of any installment under this note is not made good prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and ~ay- 4 able without notice at the option ot the holder of this nots. Failure to exercise this o ption shall not constitute ` a waiver of the right to eaercise the same in the event of any subsequent default. In t he event of default in the :~~`i payment of this note, and if the same ia collected by an attorney at lsw, the undersigned hereby agree(s) to ~ ~ pay all coats of collection, including a reasonable attorney's fee. ' This note is secnred by mortgage of even date executed by t6e undersigned on cert~un property described ~ ' therein and represents money actually used for the acquisition oi said pmperty or the impmvemente thereon. . ~ Presentment, proteat, snd notice are hereby waived. - _ ~ i . G''haocles S. Msce ~S~ ~ ~x , Cbar~~es~~ Mace ~ ~ _ _ ~ . ~ Shirley L. Mace IS~ ~ ~ ~ . [sFr?L] ~ Shirley L. Mace - - [s~?L] . [ss~L~ And shall duly, promptly, and fully perform, discharge, execute~ etfect, complete, and comply with and abide ~ ; by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of thia mo*tgage, then this mortgage and tke estate hereby created shall cease and be null and void. ! The Mortgagor further covenants as followa: E 1. That he will psy the indebtedness~ as hereinbefore provided. Privilege is reserved to prepay at any time, ~ without premium or fee, t.he entire indebt,edness or any part thereof not less than the amount of oae installment, or one hundred dollars (i100.00), whichever is less. ` ~ 2. In order niore full~- to pmtect the securit~ of this mort~a~e, the ~fortgagor, together with, and in ~ ~ ad~lition to, th~ n?onthl~- pa~-ments under the terms of the not~ secured hereb~-, on t}i~ first da~- of eacl~ montli ~ until thr sni~l notc~ is full~• paid, W~ill pa~- to thc ~lortgage~, As trusice, (under t~~e terms of this trust as herein- ~ aft~~r stated) the folloH-ing sums: { (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of Sre and other haaard insurance cevering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the Mortgagee and of which the ~Iortgagor-is notiSed) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such gr~und rents, premiums, taxes, and assessments will become delinquent, sach sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. (b) The aggregate of the aanounts payable pursuant to subparagraph (a) and those payable on the note secured hereby, s6all be paid in s single payment each month, to be applied to the following iteins in the order ~ stated: ~ (I) ground renta, taxes, easessmenta, fire, and other haasrd insurance premiums; (II) interest on the note secured hereby; and ~ (III) amortisation of the principal of said note. - Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort- ~ ; ga~;or prior to the due date of the next such payment, const~tute an event of default under this mortgaf;e. At ~lortgagee's option, biortgagor will pa~ a"late charge" not exceeding four per ceatum (4%) of an~ install- ~ ment when paid more than fifteen (15) days after the due date thereot to cover the extra expense invol~ ed in ~ handling delinquent ~ayments, but such "late charge" shall not be payable out of the proceeds of any sale ~ made to satisf~ the mdebtedness secured hereb~, unless such proceeds are aufficient to discharge the entire ~ indebtedness and sll proper costs and expenses secured thereby. ~ :3. If th~ total of the pa~•~nents macle h~- the ~iortgagor under (s) of para~raph 2 precedinK s6a11 eaceed ~ the amount of pa~-ments artuall}- mnd~ b~• tl~e ~fortgagce, as truste~, for grounci rents, tases and assessments, i and insurance pr~n~iums, a.~ the <•ase mar be, such excess shall be credited on subsequent pa~•ments to be made ~ br the ~fortgagor for su~h itenis or, at ~Iortgagee's option, as trustee, shall be refunded to ~iortgsgor. If, ~ }?oKe~er, sucl~ montt~l~- pa}-ments shall not br sufficient to pay- soch items when thc same sliall become due ~ and paj•able, ti?en the ~lortgagor shall pA~• to the~l,iortge~ee, as trustee, an~- amount necessar~ to make up ~ ~ th~~ dehcienc}-. 5u~li pe~-ment shall be~ made Kithin thirt~ (30) cla~-s after w-ritt~n notice from t}?e Mortgagee ~ stating the amount of the deficienc~, which notice may be given by ma~l - If at any time the Mortgagor ahall $ ~ ~~2i~3 ~~33 s~~~2~J ~ 3~5 ` . ~P \ _ ~p ~ . ~ . v. ~ _ ~ .