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Home My WebLink About2547 The Mortgagor hereby oovenants wit6 tha Mortgsgee, th~t Le is indeteasibly seized oi said Lnd in fee eimple or such otLer estate~ d any as ie st~ted herein; thst he has tuU power and lawtul right to oonvev the a~?me as aforesaid; that the land ~a iree from ~11 encumbrances eucept as 6erein otherwise recited; that said~iortgagor will make such further aeeuranues Lo prove tha doresaid title to eaid Lad in ssid Mortgagee aa may be re~son- ab~yreq uired~ snd tLat said Mortgsgor does hereby i~ wsrran6 Lhe title to eaid land, and e~ory put thereof, snd will defend t6e same agsias~ the li?wiul claima oi pereona whomsoever. PROVIDED AL~YAYB ~st 1~ L~IA I4~OT~~Or BbiU piy 11IIL0 ~6 MOT~3$~ ~6 l~l~lII ptOm1880ty IIOtB~ oi ~vhich the foUowing is a substanLial ooPf, to wiL: i 46,500.00 Fort Piercc , Florids. July 28 .19 72. FoR Vr?i.vs RacsivsD, the underei~ned promiee(e) to pay to SOUTHIIti: ~~iORTGAGE ASSOCIATES, IIvC. , s oorporstioa oeganised uad eristin6 under the laws of State of Arkansas ~ or order, the principal sum of FORTY-SIX THOUSAND FIVE HU'.'DR~D AND ,IO/100 Dollare (i 46,500.00 with interest irom date e?t the rate of seven per oentum ( 7 per snnum on the unpaid balanoe until p~id. The said principal and intereeit ahall be payable at the o6ce of SOL'THERN 230RTGAGE ASSOCIATES, I~IC. , P. O. Box 38, Shenandoah Station, :•Iiami, Florida ~ ~ or at such other place a8 the holder msy dee~?a?te in writing delivered or mailed to the debtor~ in monthly installmente of THItEE HUh'DFED :+I::E AIv'll 69/100 Dollsrs 309.69 commeneing on the fitBt day of Se~tember , 19 72 , and oontinuing on the Srst day of eacL month thereafter until this note ia tully psid, ezcept t~aL, if not eooner paid, the final psyment of princ?pal and interee~t ahall be dus and paysble on the firat day of August , 2002 . privil'e~e ~s reserved to prepsy at an, time, without preanium or fes the entire indebtednees or any parC . thereof not leea than the amount of one u~atallment, or one hundred dol~are (i100.00), whichever ia less. If any deficiency in the paym ent of any inatallment under this note is not made gcwd prior to the due dste of the neat such instsllment, the entire principal sum and accrued interest ahall at once become due and Fsy- able without notice at the option of the holder of this note. Failure to exercise this option ahall not conatatute a waiver of the right to eaerciae the eame in the event of any subeequent default. Ip the event of default in the paytnent of thia note, and if the ssme ia collected by sn attorney at Lw, the undersigned hereby agree(s) to pay all coats of c:ollection, including a reasonable attorney's fee. 'Ibis note is eecured by mortga~e of even date executed by the undersigned on certsin pmperty described therein and represents money actually used for the acquisition of eaid pmperty or the improvementa tLszeon. Presentment, pmteat, and notice are hereby waived. - ~ _ ~ William Peters [s~?L] ; r.c,~-~t.~f~- ~1 >~~LB ~s~ant,] i Juanita Peters ~ ~38AL] k And sha11 dul rom tl and full orm discharge, execute, effect com lete and oom 1"~vith and sbide ~ Y~P P Y, YP~ , ~ P, , PY by each and every the atipulations, agreements, oonditions, and oovenants of esid promissory note and of thie mortgage, then thia mortgage and the estate hereby crested shall cesse and be null and void. The Mortgagor further covenants sa followa: l. That he will pay the indebtedness, sa hereinbefore provided. Privilege ia reserved to prepsy at suy time, without premium or fee, the eatire indebtedneas or any psrt thereof not leas than the amount qf one installment, or one hundred dollars (i100.00), ~vhichever is leas. 2. In order morn fully to protect the security ot this mortgage, the Liortgagor, together with, and in addition to, the monthl~ pavments under the tenns of the note secured hereby, on the first. day of each month until the said note is full~ paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following su~ns: (a) A sum equal to the ground rents, if any, aert due, plue the premiums that will next beoome due and payable on policiea of fire and other hasard ineurance covering the mortgaged property, plus taxes sud assessmenta next due on t6e mortgaged property (all se estimated by the Mortgagee and of ~hich the Mortgagor is notiSed) lese all sams ali+eady ptud therefor divided by the number of months to elapee before one month prior to the dste ~vhen auch ground reats, premiums, taxes, and assessments will beoome delinquent, such sums to be held by Mortgageeintnisttopayeaidgroundrents~premiums,tazea,andapecialeasessments. (b) The aggregate of the amounts psyable purauant to subparagraph (a) and t6ose payable on the note secured hereby, ahall be paid in a single payment each mont6, to be sppl~ed to the following items in the ocder stated: . (I) ground renta, ta:ea, ss~seasmenta, fire, sad other hasard insurance premiucna; ~r (II) interest on t6e note secured hereby; and ~ (IIn amortisa~ion of the principal ot said note. Any deficienc}? in the amount o! suchaggregate monthly payment sl~all, unless made good by the Mor~ gagor pr~or to the due dBte of the next such payment, const~tute an event of default under this mortgage. At Mortgagee's option, Mortgagor will pay s"late charge" not exceeding four per centum (4°Jo) of any install- ment when paid more than fifteen (15) days atter the due date thereof to cover the extra eapense involved in handling delinquent ~aq ments, but auch "lete charge" shsll not be payable out of the proceeda of any sale made to satisfy the mdebt,edness secured hereby, unless such proceeds are au~cient to d~scharge the entire ; indebtedness and alt pmper costa and expenses secured Lhereby. 3. If the total of the pa~•ments made b~ the Mortgagor under (a) of paragraph 2 preceding shall exceed llie amount of pa~~ments actuall~ made bv t~e Mortgagee, as trastee, for ground rents, taaes and asaessments, and insurance premiums, as the case tna~ ~be, such excess ahall be credited on subsequent. pay ments to be made b~ the Mortgagor for sucl? items or, at Mortgagee's option, as trust,ee, shall be refunded to Mortgegor. If, ~ however, such monthlv payments shall not be sutficient to pay such items when the same ahall become due and pa •sble, then the Liortgagor shall pa~ to the Mortgagee, as trustee, any amount necessary to make up th~ de~cienc~. Such pa~~ment shall be made within thirt~ (30) davs a(ter written notice (rom the Mortgagee steting the amount of the deficiency, which notice msy be given by msil. If et any time the Mortgagor ehall L~LCM(~~ ?yllr'E~~ ; - > ~a.~ ~.~y~$"b ~ ~~`~S32~S~:c -s...~ .