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Home My WebLink About1681 The Mortgagor hereby oovensuts with the Mortg~e~?, that Le ~ indetesaib~y eeiaed oi said Lnd in fee simple or sucL other estste~ ~f aqy as ia stated herein; tbat he Las tull power and lawfal.rig6t to oonvev the a~me aa utoressid; thst the Iand ~s iree ~rom all encumbrsnces ezcep~ sa herein otherwise recited; that saidlVlortgagor will m~ke suc6 further aesuranoes to prove t6a doresaid titl~+ to s~ud land in asid Mortgagee ss may be reaeon- •blyreq uired, sad th~?ti said Mortgagor does bereby f~ ~varrsnt the title to said lsnd~ wd evary p~rt thereot, and will defend the same agsina~ the l~wful cl~ima oi pereons ~vhomeoever. PBOYIDED ALWA78 tLtt If Lhe I1r~OT~O? ~1<U UIItO L~ MOi'fgY8e6 ~S` Cei~ilII prOI~lee019 A01A~ of whicL the following is a substant,ial ooPf, to wtt: = 20, 000.00 P'ort Pierce , Florids. Auqust2f 1972 . Foa Vsi.vs Rscscvsn, the underaigned promiee(e) to pqy to . SOUTHERN MOItTGIlGE ASSOCIATES, INC. , a oorporation organi~d and e~dstina under the laws of State of Arkansas . or order~ the principal eum oi qy~g~y ~ppg~p ~p ~p/100----- 20,000.00 with intereet fmm date at the rate of seven P~ centum ( 7%) P~ annum on the unpaid ba]snce unW psid. The esid principsl snd interest ehall be payable st the oS'ice of Southern Mortqaqe Associates, Inc. P. O. Box 38, Shenandoah Station in t~lf atai , Florida 33145 , or at euch other plaoe as the hdder may deeignate in writing delivered or mailed to the debtor, in monthly installments of pne Hundred Thirty-Three & Zo/~~ ~i 133.20 commencing on the Srst dsY ~ October , 19 72 , aad ooatinuing oa the firat dey of esch month thereafter until thia note is fully paid, ezoept thst~ it not eooner paid, the final payment of principal and interest ahall be due and pay4ble on the firat day of Se ~m~ p~ ~ • privil'ege ~s reserved to prepay st an~ time, without premium or fee pthe entu e indeb2tedneas or any part thereof not lees thsn the amount of one inatallment, or one hundred dol~ars (i100.00), whichever ia less. If any deficiency in tLe paym ent of any instsllment-under thia note is not made g~ood prior to the due dste of the nezt such inatallment, tLe entire principsl sum and accrued intereat shall at once beoome due and Fay- -able without notice at the option of t,he holder of thia note. Fsilure to eaem,ise tbia optaon ahsll not oonstatute a waiver of t~he right to ezem,iee the same in the event of sny subeequent default. In the event of default in the payment of tbis note, snd if the same is oollected by an sttorney st laa, the undersigned Lereby agree(s) to pay sll ooste of collection~ including a ressonable attorney's fee. . • This note ia eecured by mortgage of even date eaecuted by the undetsigned on oerteun property dee~:ribed therein and representa money actually used for the acquisition of ~aid pmperty or the improvements thereon. ~ Presentment, protset. and notice are hereby waived. ~`z-~-u ~ ' ' ' ~ - ~ `f Laurie L~rerett Thornt,on '~r~.E.C . ~ l C ~ itsc._~_ . ~ - 6 i .c ~ ~L~C"L~ Maximf llienne M . Thornton [s~?L~ [~l k ~ And shall dnly, promptly, and fully perfortn, discharge, execute, eHect, complete, and comply with and abide ~ by each and every the atipulations, sgreementa, conditions, and covensnta of said pmmissory note and of thia ~ mo*tgsge, then this mortgage and the estate hereby create~ ahall oease and be null aad void. ~ The Mortgagor fi~rther oovenanta sa follows: ~ 1. That he will psy the indebtedaeea, sa hereinbefoi+e provided: Privilege is re~erved to prepay at say time~ 9vithout premium or fee~ the entire indebtednees or aay psrt thereof not lees than the amount of one installment, or ~ one hundred dollars (i100.00), ovhichever is lesa. _ 2. In order more fully to protect the security of thia mortgage, the Mortgagor, together with, and in addition to, the monthh- pa~-ments under the terms of the note secured hereby, on the first day of each month u~itil the said note is fulh~ paid, will pay to the Mortgagee, as tn~stee, (under the terms o[ this trust as herein- after st$ted) the following sums: (s) A sum equal to the ground reata, if any, next due~ plua the premiums that ~vill neat become due and p~yable on policies af fire and other haaar~ insursaoe coverittg tbe mort8~ P'roP~Y~ Plus ts~ces and assessmeats ne:t due on the mortgaged property (all se eatimated by the Mortgagee snd of which the Mortgagor is ~ notiSed) lees all suma already p~ud therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiuma, taxes, and a~ssments will become delinquent, such suma to be held by Mortgageeintnisttopayaaidgroundrents,premiums,taxes,andapecialassessments. ~ (b) The aggregate of the amounte pa sble pursuant to subparagraph (a~ and thoeepayable on the note secured - ~ hereby, shall be paid in a~ng~e P~?Yment each month, to be appLed to the following itema in the otder ~ stated (I) Bmund renta, ta~cea, aseeasments, fire, 8ad other hasard insurance premiuma; ~ (II) interest on the note secured hereby; and ~ (IIn amortisation d the principal of said note. Any deficiency in the amount of suchaggregate monthly payment ahall, unless made good by the Mort- ~ gagor pr~or to the due date of the next such payment, const~tute an event of default under this mortgage. ~ At Mortgagee's option~ Mortgagor will pay a"Iste chsrge" not exceeding four per centum (4°Jo) of any install- meat when paid more then fifteen (15) days atter the due date thereof to cover the eatre expense involved in handling delinquent pa nta, but such "late charge" shall not be payable out of the proceeda of any sale ~ made to satisfy the in ebtedness secured hereby, unless such proceeds sre su~cient to dischsrge the entire ' indebtedness and all pmper costs and eapenses secured thereby. ~ 3. If the total of the pa~ments made b~ the Mortgagor under (a) of paragraph 2 preceding shall exceed t}?e amount of pa~ ments actuall~ made b~ t~e Mottgagee, as truatee, for ground rents, Laxes and agsessments, f ~ and insurence premiums, as the case may be, such excess shall be credited on subseyuent pa~•ments to be made ~ b~ the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be retunded to Mortgsgor. If, ~ tiowever, such monthl~ pa~ ments shall not be sufficient to pay snch items when the same shall become due and pa •able, then the Mortgagor shall pa~ to the Mortgagee, as trustee, an~ amount necessary to make up ~ the de~cienc~. Such pa~ment shall be made within thirt,y (30) davs after written notice from the Mortgagee ~ stating the amount of the deficiency, which notice msy be given by msil. If at any time the Mortgagor ahall B~Rr ~~VV P~(;i ~ . _ - _ _ -~~;:.~_w~,-~~r__.,_e_._~.~. _ a.~:~~