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Home My WebLink About1533 The Mortgegor hereby oavensnta with the Mortgagee~ that he is indefeaRibly seized oi said land in fee simple or suc6 other eststet ~.t sny ss is atsted herein; thst he he~ [ult power and lawful right to oonvev the same se afor~eaid; Lhst the land ~s free ~m all ence~mbrances except as herein otherwise recited; th4t said7Viortgsgor will make such further aeauranoee to prove the doreeaid titl~ to said land in ssid Mortgagee as nuy be rea~n- sbl requited, and that asid Mortgsgor doee hereby i~ ~vsrn?nti the tiWa to said li?nd, snd every part thereof, ?n an will defend the eame agsinat the lawfut claima oI pereona whomeoever, PROVIDED ALWAYB ~Bt tf f,hA I1~~OP~dgOT B~~U p4y UIILp ~A MOl'f~~?8p W6ti OB!'tgjII prpmj8Bp2~ DOE~~ Ot ~vhich the following ia a aubstantial oopf, to wit: =17, 500.00 Fort Pierce , Florids. Septe~nber 7 ,19 72 , Foa Vni.vs Rscsrvsa, the uadereigned promiee(s) to pay to SOVTI~RN MOR'1~GAGE ~1SSOCIATES, INC. lawe of State of Arkansas ~e , s oorporstion organised and e~istin~ nnder tLe , , prinCipal sum pf SSVBNTSBN THOUSAND FIVS H~INDRED AND NO/100--------------------------.~]lars (i 17 , 500. QO with intereat fmm date st the rate of seven per centum ( 7~jo) per annum on the unpaid balance until paid. The eaid principai and inter~et ahall be payable st the o~ce of gp~HggN MpRTGAGS ASSOCIATES, INC. P. O. Box 38, Shenandoah Station in Miami , Florida , or at such other p1aoE aa the holder may desigmte in ~vriting delivered or maile~ to the debtor, in montWy inatallmente dh?e Hundred Sixteen and 55/100----~~ (i 116.55 commencing on the first day d October , 1972 , and ooctinuing on the firat day of each mont6 thereafter until this note is fully paid~ ezoept thst, if aot eooner paid, the final psqment oi princ~pal and int,erest ahall be due and payable on the Srat day of ~pte~nber , , zpp2 Pri ~ is reserved to prepay at any time, without premium or fee the entire indebtedneea or any part thereoi not eas than t6e amount of one mstallment, nr one hundred doljara (i100.00), whicLever ia leea. If any deficiency in the pa~?ment of any inatallment under thia note is not msde good prior to the due dste of the neat such inatsllment, the entire principsl sum and accrued intR.t+est ahall at oncs beooms due and pay- able without notice at the option of the holder of this note. Failure to exercise Lhis option ahall not oonstatute a waiver of the right to eae~m.~se tLe same in the event of sny subaequent def+~ult. In We event of default in the payment of this note, and if the asme is collected by an sttoraey at lsw, the underaigned hereby agree(s) to pay all costa of collection, including a reaeonable attorney's fee. This note is secu~d by mortgage of even date eaecated by the undersigned on oartain pmperty described therein and repreeents money act ielly used for t~e acquisition of eaid property or tLe improvemente fhereon. Preeentment, protest, and nofacp, are hereby waived. ~ ~~.1 ~ l t ~ [ss~L] ~eter Hoe c~-~~~?-~~ x~na~/r~~ Y- l ~ ~ CL n [SSAL] C Sharyn Hoera~ann ~3SAL~ And ahell dulp, promptly, aad fully pedorm, discharge, execute, eBect, complete, and comply with and abide by each and every the stipulations, ag~eements, conditions, and covenants of said promissory note and ~ thia mo*tgage, then this mortgage aud t6e estate hereby created shall ceaae sud be nutl aud void. The Mortgagor further covenants ss follows: 1. That he will pay the indebtedne.se, as hereinbefore pmvided. Privilege ia reee,rved to prepay at auy time, without premium or fee, the entire indebtedneea or aay part thereof not leas than the amount of one inatallment, or one hundred dollars (i100.00), whichever ia less. 2_ In order more fully to protect the securit~ of this mortgege, the Mortge~;or, together with, and in addition to, the monthh~ pa3-ments under the terma of the noie securnd hereby, on the first da~ of each month until the said note is fuU~ paid, will pay to fhe Mortgagee, as t.rustee, (under the terms of this trust as herein- atter stated) the [ollowing sums: (a) A aum equal to the ground rents, if any, ne~ct due, plus the premiums that will next beoome due and payabte ~ polici~s of fire and other ha:ard insurance oovering the mortgaged property, plus Laxea and ssses.vments ; next due on the mortgaged property (all ae estimated by the Mortgagee and of which the Mortgagor ia ~ notified) less all sums already psid Werefor divided by the number of montbs to elepee before one month ; prior to the date when such ground rents, premiums, taaes, and a~essments will became delinquent, ~ such suma to be held by Mortgageeintnisttopsysaidgroundrents,premiums,tazea~andapecialassesaments. ' (b) The aggnegat~e of the amouats psyable pureuant to subparagraph (e) and those payable on the note aecured hereby, shall be psid in a single payment each month, to be applied to the following itema in the order stated (I) Bround rents, taxea, a~esments, Sre, aud other hasard insurance premiums; (II) interest on the note eecured hereby; aad (III) amortisation of the principal of eaid note. ' Any de&ciency in the amount of such aggregate monthly payment absll, unlesa made good by the Mort- gagor prior to the due date o[ the next such p~?yment, const~tute an event of default under this mortgage. At Mortgagee's option, Mortgagor will pay a"late charge" not exceeding four per centum (4~Jo) of any install- ment when paid more than fifteen (15) days after the due date thereof to oover the extra expense involved in handling delinquent payments, but such "late charge" shall not be payable out of the proi;eeds of any sale made to satisfy the ~ndebtednesa secured hereby, unless such proceeds are sufficient to discharge the ent.ire indebtedness and all proper oosts and expenses secured thereby. 3. If the total of tl~e pa}ments made b~ the Mortgagor under (a) of paragraph 2 preceding st~all eaceed tt?e amount of parments actuall~~ rnade b} t~ie Mortgagee, as t.rustee, for ground rents, taces and a~.sessments, and insurance preiniums, as the case ina~ be, such excess shall be credited on subsequent payments to be made b~ the :Liortgagor for such items or, et Mortgagee's option, e~ trustee, shall be refunded to Mortgagor. If however, such inonthl~ payments shall not be suH'icient to pay such items when the same shall become d~e and pa~•able, then the Mortgsgor shall pa~- to the Mortgagee, as trustee, any amount necessery to make up t.he de~icienc~ . Such pa~-ment shall be made within thirty (30) da~~ after written notice from the Mortgagee stating the amount of the deficiency, ~rhich notice mny be given by msil. If at any time the Mortgagor shsll 2 ~~.'~~YVtI y,,~;f ~~hJi,! - - ; - ~ ~-L_r