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Home My WebLink About0216 The Mortgagor hereby oovensnts with the Mortgageey tLst he is indeteaeibly aeised oi e~id land in fee simple or such other estste if sqy ~a ie atsted herein; that he Laa tull power snd Lwiul_right to oonvev Lhe sRme aa aforesaid; that the land'~a iree ~rom all encumbrsncea ezcept sa herein otherwise recite~; that aaidlVlortgagor will make auch further aesunuicee to pmvo the aforesaid 4tt~ to said land in said Mortgagee ss may be rewion- ablyrequired, and th~?t said Mortg~gor does hereby i~ wurant the title to eaid lsnd, and evory part thereof, aud will defend the asme ~gsina~ the lswiul cl~ime of pereons whomsoever. PROVIDED AL~YATB tLtt 1~ ~9 I~~OI'~d~Or 8t1iU pt~ 11IIL0 ~ MOlLgigN ~dt OeitBiD }11~OIn1880~ IIOtiB~ oi wrbich tha lollowing ia subst~ntial ooPS~ to wit: = 24,800.00 Fort Pierce ~ September 1 ,19~2 . FoR Vwi.vs RscstvsD, the uade~ed promiee(s) to psy to SOIT~RN MORTGAGE ASSOCIATES, INC. , s oorporation organised end e~ristina und~r the ~ State of Arkansas ~ or order~ the principal eum of RWENPY FOl1R THOIISAND SIG[fl' HUNDRED AND NO/100------------------- Dollars 24,800.00 with interest from date at the rate ~ seven Per centum Per annum on the unpaid balance until paid. The said principal and intereat shall be payable at the o@'ice of SOit)'P~RN MOIt'1"GAGS ASSOCIATES, INC. P. O. Box 38, Shenandoah Station in Miami, Florida , or at such other ple~oe as the hdder mAy designste in writing delivered or mailed to the debtor, in monthly instsllments of 41e Hundred Sixty Five a~nd 17/10~11ars 165.17 commencing on the firat day d October , 19 72 , snd continuing on the firet dey of each month thereaiter until thia note is fully psid, escept tbat, if not eooner paid, the final payment of principai and interest shall be due and pay~?ble on the firat day of September , Zpp2 , priv~'1ege ia reserved to prepay st an~ time~ witLout premium or fee the entire indebtednees or any part thereof not leea Lhan the amount of one mstallment, or one hundred dol~ars (i100.00), whichever is lees. If anp deficiency in the paym ent of any installment under tLia note is not made g~ood prior to the due d~te of the neut auch inatallment, the entire principsl sum and accrued intereet shall at once beoome due and ~sy- able without notice at the option of the holder of this note. Failure to eaercise this option ahall not oonstitute a waiver of the right to ezem.iee the eame in the event of eny subeequent defsul~ In the event of detsul6 in the payment of this note, and if the asma ie oollected by an sttorney st law, the unde,raigned hereby agree(s) to pay all coate of collection, including s reasoneble attorney'e fee. This note is eecured by mortgsge of even date executed by the undersigned on certain property described therein and represents money actiually uaed for the aoquisition of ssid pmperty or tbe improvemente tLereoa Preeentment, pmtest~ and notice are hereby waived. ~ ~ G~~yst~ %1 L- ~{.C.- ~ ~ ~ . ~ -t'' ^ ~ ( ~ ~ ~ " ' ~~~`~C~ ~ - Les ~e . ra r y yn V. Drawdy~ his Attorney in Fact / ~,.~r7 / i; _ro~--cc Eve S?n v.. away 4 [38AL] 4 And shall duly, promptly, and fully perfornu, discharge, execute~ eHect, complete, and comply with and sbide i by each and every the atipulations, sgreements, conditions, and covenanta of said promissory note and d thia ` mo*tgage, thea thia mortgage and tLe estate hereby created ehall ceaee and be null and void. The Mortgagor further oovenanta ea follows: 1. That he will pay the indebtedness, ss hereinbefore provided. Privilege is reeerved to pr~psy s~ aay time, = without premium or fee, the entie+e iadebtednesa or any part thereof not leas than the amo~nt of one installment, or one hundre~ dollars (i100.00), ~vhichever is leas. 2. In order more fully to protect the security of this mortgage, the Mortgagor, together with, and in adclition to, the ~nonthly paymenta under the terms of the note secured hereby~ on the first day of each month until the said note is [ully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust a4 herein- after stated) the following sutns: (a) A eum equal to the ground renta, if aay, next due, plus the premiuma thst will next beoome due and payable on policiee of fire and other hasard insurance c~over?ng the mortgaged property, plus taxes and assesaments neut due on the mortgaged property (all aa estimated by the Mortgagee and of which the Mortgagor ia notified) less all sntns already paid thet+efor divided by the number of months to elapee before one month prior to t6e date when such ground rents, premiuma, taxes, and as~$sments will become delinquent, auch sums to be held by Mortgageeintrusttopayeaidgmundrents,premiums,ta:es, andspecialas~asments. (b) The aggregate of the amounts payable pursuant to subparagraph (a) and thoeepayable on the note secured hereby, shall be paid in s single payment esch month, to be applied to the following itema in the order ~ stated ~ (I) gteund rents, tauea, asseasmente, fire, and other hasard insurance premiuma; ~ (II) inteteat on the note eecured hereby; and (IIn amortisation of the principal of said note. ~ Any deficiency in the amount of suchaggregate monthly payment shall, unlees made good by the Mort- ~ gagor pnor to the due date o[ the next such ayment, const~tute an event of defauit under this mortga~e. At Mortgagee's option, Mortgagor will pay a"Pate charge" not exceeding four per centum (4°Ja) of any install- ~ ment when paid more than Sfteen (15) days after the due date thereof to cover the eatra expense invol~ed in . handling delinquent ~ayments, but such "lste charge" shall not be payable out of the proceeds of any sale } made to satisfy the indebtkdness secwed hereby, unless such proceeds are aufficient to d~scharge the entire ~ indebtedness and sll pmper costs and expensea secured thereby. 3. If the total of the payments made b~ the Mortgagor under (a) of paragraph 2 preceding shall exceed ~ the sinount of pa~ ments actuall~ made by t e Mortgagee, as trustee, (or ground rents, taaes and assessments, ~ and insurance premiums, as the case may be, such excess ahall be credited on subsequent pay-ments to be made b~ the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Morigagor. If, ~ however, such monthly pa~ ments shell not be sufficient to pa~ such items when the same shall become due = and pa ~able, then the Mortgagor shall pa~ to the Mortgagee, as trustee, any amount necessary to make up < the de~ciene~ . Such pa~-ment sLall be made within thirt,y (30) dava after written notice from the Mortgsgee ; stating the amount of the deficiency, which notice msy be ~;i~e ail. If st sn time the Mortgagor ehall ~ _ ~ - ~