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Home My WebLink About0210 The Mortgagor 6ereby oovenants with the Mortgagee, that Le is indeteasibly eeized oi said 1r?ud in fee ample or sucL other estatet ~f sny se is stst~ed hereia; that he haa full power and lawiul right to oonvev t6e s~?nne as aforesaid; that the land ~a iree ~rom all encumbrsncee ezaept as herein otherwise recited; that eaidlviortgsgor ~vill meke auch further sesura?noes to prnve tbe ~toreeaid tiWe to eaid land in ssid Mortgagee sa may be re~eon- e~blyreq uired~ and that said Mortgagor does hereby fuUy ~vunati tl~e title to eaid land, aad every part thereof~ eind will defend the same agsinat the lawiul claima of sll peraons whomsoever. PaovzusD ALwsie thet if the Mortgagor sLall p?y unto the Mortgagee thst cert~?in promiaeory note~ oi which the following is a substantial oopp, to wit: = 24, 000.00 Fort Pierce , Florida. September 1 , l9 72. ~ Foa Vwi.us Racravr~u~ th~p underei~ed pmmise(e) to psy to SOtTPHSRN MORTGAG$ ASSOCIATBS, INC. s oorporstion ozganised snd e~risting under the ]A~ ~State of Arkansas , or onder, the principal eum of ZWSI~PY FOUR THOUSAND AND NO/100 ---------------------------------------Dollare (i 24, 000.00 with intet+eat from date at the rate of seven per oentum ( 7%) per auuum oa the unpaid balance until paid. T6e eaid principal and intereet ahall be payable at the o~ce of gp~+~gp IrlORTGAGS ASSOCIATES, INC. P. O. Box 38, Shenandoah Station ~ Miami, Florida , or at such other p1aoE sa t6e holder may designe?te in writing delivered or mailed to the debtor, in monthly installmenta of One Hundred Fifty Nine and 84/00 Dollars 159.84 commencing on the Srat day d~tober , 19 72 and oontinuing on the first day of each month thereatter untal tLia note ia fully paid, e=oept that, if not eooner paid, the final paymen~ of principal and mterest ahall be due and pay4ble on the firat dsy of september , 2002, priv~'1e~e ~a reserved to prepay at any time~ without premium or fee the entire indebtednees or any part t,hereof not lees than the amount of one inatallment, or one hundred dol~ara (i100.00), whichever is lees. If any deficiency in the paym ent af any installment under tLia note is not made good prior to the due date of the neat such installment, the entire principal sum and accrued interest ahall at once beoome due and ~ay- sble without notice et tLe option of the holder of t~ia note. Failiu+e to eaemise thia option ahall not oonstatute s waiver of the right to aaercise the same in the event of any subeequent default. In the event of defsult in the payment of this note, and if the esme ie oollected by an sttorney st lsw, the undersigned hereby agree(s) to pay all ooata af collection, including s reaeonable sttorney's fee. Thia note is eecured by mortgage of even date eaecut~ed by the underaigned on certain property described therein and represents money actually used for the aoquiaition of eaid pmperty or tbe improvemente thereon. Preeentment, proteat. and notice are hereby waived. 6.~~~ ~ L - B}l~ie Wa~Iace Merr ~ltn r~_ : i ,r /7"~= a.f.s/~~,~,- [BSAI,] Sar a rryman - [BSAL] ~SSAL~ And shall duly, promptly, and fully perform, diacharge, execute, eHect~ oomplete, and comply with and abide i by each and every the stipulations, agreements, conditions, and covenanta of aaid promiasory note aad of this ~ mo*tgage, then this mortgage sud the estate hereby creeted a6all oP,see sud be null aad void. ~ The Mortgagor further oovensnta sa followa: ' 1. ~at he rvillpa y the indebtednesa, sa hereinbefore pmvided. Privilege ia reserved to prepaq at aay time, without premium or fee, the entire indebtedneae or any part thereof not leas than the amount of one installment, or one hundred dollars (t100.00), ~vbichever ia lesa. 2. In order more fully to protect the security of this mortgage, the Mortgagor, together with, and in ~ addition to, the monthly paymenta under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following suins: (e) A sum equ81 to the ground rents, if any, next dae, plus the premiuma that will next beoome due and peyable on policies of fire sud other haserd inauranoe covering the mortgaged property, plua taxes and assesament8 next due on the mortgaged property (all a8 estimated by the Mortgsgee aad of which the Mortgagor ia notified) less all sums already paid t6erefor divided by the number of monthe to elapee before one month prior to the date when such ground rents, premiuma, taxea, and ssseesmenta will become delinquent, ~ s~ch suma to be held by Mortgageeintniattopayesidgroandrents~pr~miuma~taxes, audapecialssse~ments. (b) The aggregate of the amwints pe able pureuant to subparagraph (a) and thosepayable on the note secured ~ ~ by, ehall be paid in a~e paymeat e~?ch month, to be applied to the following items in t6e order ted ~ (I) ground rents, taues, ss~ments, fire, and other hasard insurance premiums; ~ (In interest oa the note eecured hereby; and ~ (IIn amortisation of the principal of said note. ~ Any deficiency in the amount of suchaggregete monthly payment shall, unle,ea made good by the :Vlor~ ~ gagor pr?or to the due date o[ the neat such psyment, const~tute an event of default under this mortgage. ~ At Mortgagee's option, Mortgagor will pay e"late charge" not exceeding four per centum (4°Jo) of any instsll- ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in ~ handling delinquent psymenta, but such "lste charge" shall not be payable out of the proceeda of any sale ~ made to satisty the indebtedness secured hereby, unless such proceeds are eufficient to d~scharge the entire # indebtedness and aU pmper costs and eapenses secured thereby. ~ .3. I[ the total of the pa3ments made b~ the Mortgagor under (a) ot paragraph 2 preceding shalt exceed ~ t}ie amount of pa}ments actuall~ made by t e Mortgagee, as trustee, for ground rents, taaes and assessments, ~ and insurance prenuums, sa the case ~ney be, such excess shall be credited on subsequent pay~ments to be made ~ b~ the Mortgagor for such items or, at Mortgagee's option, as trustee, shsll be refunded to Mortgagor. If, ~ however, such monthly payments shall not be sufficient to psy such items when the same ahall beeome due and pa3-able, then the Mortgagor shall pa~ to the Mortgagee, as trustee, any amount necessarv to make up the deficienc~ . Such pe~-ment sLall be made within thirty (30) devs after written notice from the Morigagee stating the amount of the deficiency, which notice m~y ~be 'ven by meil. If at any time the Mortgagor ehall ~i.~~~~~ r4_t ~ V~ ' _ _ - - _ ' ' _ - ~ _ _