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Home My WebLink About0946 I ~ ~ ~ ~ ~ MORfGAGE NOTE s ~2 ~ 4 sn _ eo_ Merritt I~land ~ ~;a, .iu1T.1~ . .19 ~2.- FOR VALUE RECBNLD tlu w~das~d jointly a~d ~ promi~r to ¢tp to tl~s adn o/ CLreace L+~~tle ~ som af ~~YLT-Tve The»~gnd Fau~r.~iwadr.ad_Li.£tT ~nel Ne~iee R Mretlwr ~ridt n~tnat tl~snon fr+o~n a•*~ d tli~ rob of -8-- pa osnt. ¢s? aaaan widl n~d~aihr. T~ ~ ~ ~ ~~,y ~ 1130 R. AlA R~?. Ihdiatl~sntic ~ ~ a. et adr otl~a pJsee ar tlu holda Jw»of nap drai~rts in ~ritint- Ths aid p~iacipd a~d ad~nat be~ prreWt rer faQowx The principal indebtedness shall bs paid in S cons•cutive, annual install- asnts of =12,490.00 each, together Mith interest payable annually on - declining principal balances, with the lst installaent of prfncipsl and interest due and payable one year fros date hereof. Thlss nota m~py be pnepQld a/ter dats/at any ti~-QU~~ . 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ATTBST: S L M DBVELOPMBNT CORPORATION ~Sg~,~ . pss . acretary $x ~ President ~SEAL) und shall duly. pmenptly and tully pertorm, dlecharge. execute, e(tect, complete. eotnply wlth and abtde by eaeh 3 and every We sUpulatlons, agreementa. condidons snd covenante ot eald pmmiasory note and ot thia mortgagq, ~ then thls mortgage and the eatate hereby created shall cease and be aull and vofd. i It is underatood that esch ot the worde, "note; '"morigagor" and "mottgagee" re9pectivelr and ths pron- - ~ ouns referring thereto. whether tha aingvlar or plurai anywhere in this mortgage, shall be aingular 1t ona ody and ahall be plural ~otntly and 9everally. it more than one. and aha11 ba maecuW~e~ feminlns and/os neuter. wher~ ever the context so implies or admits. . i Md eald Mortgagoc for hlmaelt and hia hefrs, legal representatlvea, succeseote and asstgas~ LereDy covea- [ aab apa ~gtees to and with eaid Mortgagee. h1s legal repreeentatives. auccesqora anc~ aselgns: i 1. 1b psy sU and aingular the principal and lnterest and the varlou9 and eundry aums oL money psyable by t vlrtue of eald promissory note, and thls mortgage~ each and every. prorapUy on the days reapectlvely the eame # I severally becom~ due. ~ ~ ~ Z. To pay all and aingular the taxes, essessments. levte9. llabUities. obUgatlons and incumbrances ot evesr i naturo and kind now on aald described pmperty, and/or that hereatter may be imposcd, suttered. placed. levled ! or assesaed thereupon. und/or that hereafler may be levied or as9essed npon thls mortgage and/or We indebted- neas secured hereby. each and every, when due and payable acrnrding to law. betore they become dellnquent~ and be[ore any Interest attaches or any penalty. is incurred; and in so far ae any thereot is ot record the eame shall be prompUy satls[ied and discharged of record and the origlnal o[tlclal document (auch aa. tor lustaneq, ths tax receipt or the saUafucUon paper ofticially endoreed or certified) ehall be placed !n the hsnds o[ eafd Mortgagee withln ten daya next n[ter payment; and in the event that any thereot Is not so paid -uusiled and dlschsrged. aald Mortgngee may at any Ume pay the same or any part thereot without walving or aftecUng any option, lien, equity ur rtght under or by virtue ot this mortgage, and the fuU amount of each and every ~ such payment ahall be fmmediately due and payable and ahall bear inlerest irom the deta thereo! untU pald at the rate o[ ten per centurn per annum and together with such intareat ahall be secured by the Uen oi thb mortgage. ' S. To place and cont~nuously keep on the buildinRa now or hereafter eltusta on eaid land flre and windatorm lnsurance In the u.4ua1 standard policy form, In n sum not less tiwn 1n such com- pany or comp:enics as may bc approvrd by aafd MorlRa~ce; and al! 9uch Insurunce pollctee on any ot sald bufld- Ings. any intereat therein or pari thereof, in the aggregata aum nforeaAid or ln exce~ thereot, ahall contnfn the usus! atandard mortRagee clause makin~ the lox~ under aafd policiea, each and every, pnyable to said Mortgs- gee aa h!s interest may appear, and -cach and every such policy shall be promptly dellveted to and held by sald b[ortgagee; and. not less than ten days in aclvance oi the expirallon o[ each pollcy, to dellver to aatd Mortgagee a renewel theteot. together with a receipt tor the premium of auch renewal; and there ehall be no euch tnaur- ance placed on soy o[ 9ald buildinRs, any intemst therefn or patt thereof, unless ln the form and wlth the loa~ paysble ae a[ore~aid; and in the event any aum of money becomes payable under auch policy ot policlea sald l~[ortKagee ahall bave the optlon to receive and npply lhe same on account of the indebtednesa aecured hereby or to permlt snid Morlgagor to reccive and use ft or any pnrt thereot for other purposea vvjthuut thereby walving ~ o~ impalrtng any equity, llen or right uncter or by vlrtue oi tMs mortgage; and In the event sald Mortgegor ~hall tor any reason [al! to keep the said preml~es ao In9ured, or faU to dellver promptly any ot iald policfea o! ~ fru~urance to aald Mortgagce, or fnll prompUy to p1y tully any premfum thecefor. or tn any reapeet ft~il to per- torm, dischargo. execute, effect, complete, comply wlth and ablde by this covenant, or any part hereof~ sald biortg- agee may place and pay for euch Ineurance or any psrt thereot withnut w~iving or stfectJng any option. lten. ~ equfty or clght under or by virtue o~ thls mortgage, and tho full amount of each and every ~uch payment shall bs Immediately due and payablo nnd shull bcec intcrest trom the date thercot untll pald at the rate of ten per oentum per annum snd together wlth euch Interest ahall be secured by the llen o[ thli mottgaga. To perrNt, commlt or sutter no waate, Impalrment ar deterlontlon ot sald property or any part thereol. 6. To pay all and singulu the coets. char~ea snd expenl+es, fnciudfnq reaeoneble lawyer'~ feea and cwt ot ~ abstracta ot tlUa, lncurred or pald at any time by ~ald Martgagce becnuse wnd/oe In the event ot the l~llur~ ~ on tt?s part ol tbe ssld Mortgsgor to duly, pmmptly and tully pertorm. dischargs, esecute. ettec~ eomplets„ oomplr wlth and aLicb by each and ev~ry ths atlpnlada~s, agrceme~ts, condlUons ~n4 oovenanb ot s+?1d promb- ~ ~ory note, and thls mortRage, any or either, at~~l eald ca~ts. r.hxr{;d wM expenaes, each and svery. ~hall M Im- medlately dus ~r?d p~y~bl~s. whether or not thern tx+ notlce, ~Mmnnd, wttnmpt to collect or sult peading; ~nd tM tu!! amonnt ot esch and every aucfi p~ymcnt nhnll f+enr Int~rr,t trem the dets thecoof unW piUd at tAe »te ot t,en per centum per snnum; and all eu?Id coetr. chn~ea and ex~~cneen uo Incurred or pald. to~etlNe ~r1th ~uch ia' ~ t~r~st, ~hs1l ps ~scural by the Nen o[ thl.~ mart~;nge. ~ ~ BOOK~~4 PACE 9~~ - - ~ ti ~ ~~,..~~~~,~,._r _t~~h.__~ _ . _ ~