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HomeMy WebLinkAbout2415 , ~ :'ti ~ i . The Mortgagor hereby covenents with the Mortgage~+~ thst he ~a mdeteaaibly seized oi said land ia fee simple or auch other estatet if any aa ia atated herein; that he hse tull power and Iswtul right to oonvev the eAme aa atoresaid; that the t~nd ia iree ~mm sll encumbrances e~ccept sa herein otherwise rccited; that said7vtortgagor will make such further aasurances to provo the aforesaid title to said land in said Mortgsgee as msp be re8son- ablyrequired, snd ths~ said Mortgagor does hereby fully wsrrant the title to eaid lend, e?nd every part thereof, and will defend the same against the lawiul claims oi all persona w6omsoever. PROVIDED ALWAYB LL6t ]t L~18 I~~OT~BgOt 8~1~ p9~ IlIILO ~L8 MOI~9g86 ~6t C8T~,61II p1'OIY11990Tf 1101,8, oi whic6 the following is s subatsntisl oopp, to wit: = 28,500.00 Fort Pierce ,Florids. September 29 , 19 72 . FOA VALUS RBCSIVSD~ the undereigued promiee(s) to pay to SOIJTHERN MOR'I`('AGE ASSOCIATES , INC . . ~ s oorporation organised and e~osting under the ~SWB ~ State of Arkansas , or order~ the principal eum of EIGHTEEN THOUSAND FIVE HfJNDRED AND No/100--------------------------- 18, SO0.00 with interest from date at the rate of seven per centum ( 7%) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of gp~~~ MORTGAGE ASSOCIATES, INC. P. O. Box 38. Shenandoah Station ~ Mi ami , Florida ~ or at such other plaoe ss t6e holder may designate in writing delivered or mailed to the debtor, in monthly installmenta of pne Hundred Twenty Three & 21/10~11ars 123.21 commencing on the first day of November , 19 72, and continuing on the firat day of each month thereafter until this note is fully paid, except tLst, if not sooner paid, the final payment of principal and interest shall be due and payable on the first dsy of october 1 , 2002 . priv~'1e~e ia reserved to prepay at any tune, without premium or fee the entire indebtedneas or any part thereof not less than the amount of one u~stallment, or one hundred dol~ars (t100.00), whichever is less. If any deficiency in tLe paym ent of any installment under thia note is not made good prior to the due dste of the next such installment, the entire principal sum and accrued interest ahall at once become due and ~ay- able without notice st the option of the holder of this note. Failure to exercise this option ahall not oonatitute s waiver of the right to esercise the same in the event of any subsequent default. In the event of defeult in the payment of thia note, and if the same ia collected by an attorney at law-, the undersigned hereby agree(s) to pay all oosts of collection~ including a reasonsble attorney's fee. This note ia secured by mortgage of even date executed by the undersigned on certain property described therein and represents money actually used for the acquisition of eaid property or the improvementa thereon. Presentment, protest. and notice are hereby waived. ~ . , ~L ,~-rsF.~L] Rex Milton By~ ~__s..~~l ~,i c ` ~ [SSAL] Lee Ayrn ~ - ~~A~'~ [SEAL~ i ' And shall duly, promptly, and fully perform, discharge, execute, eSect, complete, and comply with and abide ~ by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this ~ mo*tgage, then this mortgage and the estate hereby created shall cease and be null and void. E The Mortgagor further covenents as follows: 1. That he will pay the indebtedness, as hereinbefore provided: Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or one hundred dollars (i100.00), whichever is less. j 2. In order more full~- to pmtect the securit~- of this mortgage, the Mortgagor, together with, and in ~ ad~iition to, th~ monthl}• pa~ments under the terms of the note secureci hereb~•, on the first dar of each mont.h until the said note is full~- paid, will pa~- to the ltortgagee, as trustee, (under the terms of this trust es herein- ( efter stated) the following sums: # (a) A sum equal to the ground rents, if any, next due, plus the premiums t6at will next become due and payable ~ on policies of fire and other hasard ins~rance covermg the mortgsged property, plua taaces and assessments next due on the mortgaged property (aU as estimated by the Mortgagee and of which the Mortgagor is notified) less all sums already psid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, 1 such suma to be held by Mortgageeintrusttopaysaidgroundrents~premiums,taxes,andspecialsssessments. ~ (b) The aggregate of the amounts payable pursuant to subparagraph (a) anc} thosepayable on the note secured ~ hereby, ahall be paid in s single payment each month, to be applied ~o the following itema in the order ~ stated ~ (I) ground rents, taxes, assessmenta, fire, and other hasard insurance premiums; ~ ~ (II) interest on the note secured herebq; and ~ - (IIn amortization of the principal of said note. ~ Any deficiency in t6e amount of such egate monthly payment shall, unless made good by the Mort- ~ ~ ~ gagor prior to the due date of the next suc payment, constitute an event of default under this mortgage. ~ At Mortgagee's option, Mortgagor will pay a"late charge" not exceeding four per centum (4°J'o) of any install- : ~ ment when paid more than Stteen (15) days after the due date thereof to cover the eatra expense in~ olved in ~ handling delinquent ~ayments, but such "late charge" shatl not be payable out of the proceeds of any sale = made to satisfy the indebtedness secured hereby, unless such proceeds are sufi'icient to d~scharge the entire ; ~ indebtedness and all proper costs and expenses secured thereby. 3. If the total of tlie pa~•ments made b~- the `iortgagor under (a) of paragrapti 2 preceding shall exceed the amount of pa~•ments actuoll~• made b~ t~e ~'Iortgagee, as trustee, for ground rents, taxes and assessments, and insurance preiniums, as the case ma~~be, such escess shall be credited on subsequent pa~•ments to be made b~ the ~tortgagor for such items or, ai ;~4ortgagee's option, as trustee, shall be refunded to Mortgagor. 1f, however, such monthh- pa~ ments shall not be suffi~ient to pa~ such items when the same shall become due and pa~'able, then the Mortgagor shnll pa}• to the Mortgagee, as trustee, an~ amount necessarv to make up the de~icienc~-. Such pa~•ment shall be made within thirt~ (30) da}~s after written notice from the Mortgagee ~ - stating the amount of the deficiency, which notice may be gfvet? by mail. If at anS- time the Mortgagor shall ~ ~ px ~ r~ ~411 _ ~ ,~xC'+ kz j-..e - r . ~~i~#" ~j~ ~ ~ ~r ~'3 - '~.'r,~2 `-n "i-_.~ ~ ~ _ . _ ~w r~~ . .