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Home My WebLink About2748 . ~ The Mortgagor hereby covenants with the hiortgsgee, that he ia indeteasibly aeized oi ssid lend in !ee simple or auch other estatet ~i any as ia ststed herein; Lhat he hsa tull power and lavetul right ta canvev the snme aa sfar~said; thet the land ia iree ~rom all encumbrancea e~cept as herein otherwise recited; that eaid~l~tortgagor will make such further assurances to provo the aforesaid title Lo said lend in said Mortgsgee ss may be reason- ablyrequired, and thet said Mortgagor does hereby fully warrant t6e title to said land, and every psrt thereot~ and wiU defend the asme agsinst the lawful claima oi all persona whomsoever. Pttovtn~n ALw~YS that it the !~iortgsgor ahall pay unto the Mortgsgee thet certain promissory note~ oi which the following is e subetantiel oop~, to wit: _ . R~0 .04 Fort PiAr^e ~ Florid$. Sc~ptemb~r 1 , 19?2 . FoR V~LVS Rscsrvsn~ the undereigned promise(s) to paY to ~OCfI'F{ER,"' MOP.TGAGE ASSQCIATES , INC. ' . • , s corporation organized and e~osting under the laws of State ~f Arkan~as ~ or order~ Lhc principal aum of ~aENTY FOUR T}iOUS~'~N~ EIGNT f',U*17RE7 ~IVD NOj ~~f;;---------------------Dollara ?.4, ~00.00 with interest irom date at the rate of se~•e~ per centum ( per annum on the unpaid balance until paid. The said principal and interest shaU be payable at the o8'ice of g~~rExt. i~lORTCAGF. ASSt~?ATES, IraC. 3ox 38, °h~n~ndnah Stat~.o:~ in i a~±;_ ,~l.orida , or at such other p1acE as the holder may designate in writing delivered or mailed to the debtor, in monthly installments of ~e uun~re-? ~ixty Fi•~e ~ 17J100 Dollais ,.65 ,17 commencing on the firat day of ~toxr , 19 7; and oontinuing on the firat day of each month thereafter until this note is fully paid~ except tLet, if not sooner paid, the final payment of principal and interest shall be due and payable on the &rst day of ~eptember ~ 2002• Privile~e is reserved to prepay at any time~ without premium or fee, the entire indebtedaesa or any part thereof not lesa than the amount of one u~stallment, or one hundred dullara (a100.00), whichever is lesa. If any deficiency in the paym ent of any installment under this note is not msde good prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and Fay- able without notice at the option of the holder of this note. Failure to exercise this option ahall not oonstatute a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the payment of this note, and if the same ia collected by an attotney at law, the undersigned hereby agree(s) to pay all costs of collection, including a reasonable attornes's fee. This note is secured bs mortgage of even date eaecuted by the underaigned on certain pmperty described therein and represents money actually used for the acquisition of said property or the improvements thereon. Fresentment, protest, and notice are hereby waived. ~~.1 I~,`1, , ra;~~; , J-: . ~ i - ' 1~ c, [ssni,] Teslie L. Dr~w3y , ?Y. ~ [S~AL] --_.._L:1 - ' l E~~el_rn V. ~r.~~~rdy ~ - ~38AI'] I F [s~L~ E And shall duly, promptly, and fully pedorm, discharge, execute, effect, complete, and oomply with and abide by each and every the stipulations, agreements~ conditions, and covenants of said promissory note and of this mortgage, then th~s mortgage and the estate hereby created shall cea9e and be null and void. The Mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege ia reserved to prePaY at any time, without premium or fee, the entire indebtednesg or any part thereof not less than the amount of one installment, or one hundred dollars (t100.00), whichever is less. 2. In ord~r morn full~ to protect the securit}- of this mortgagF, the L'Iortgagor, together with, and in addition to, the n~onthl~- pa~~ments under the terms of the note secured h~reb~•, on th~ first da~- of each month until ihe s~ic1 note is full~- peid, ~'ill pfl~' to th~ ~iort~agee, as trustee, (under thc terms of this trust as herein- ~fter stated) the followi~ig suu?s: (a) A sum equal to the ground rents, if any~ next due, plua the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (a11 as estimated by the Mortgagee and of which the Mortgagor is notiSed) leas all sums atready paid therefor divided by the number of months to elap~e before one month prior to the date when suc6 ground rents, premiuma, taxes, and assessments will become delinquent, such sums to be held by Mortgageewtrusttopaysaidgroundrents,premiums~taxes,andspecialassessments. (b) The aggregate of the amounts payoble pursuant to subparagraph (a) and those payable on the note secured hereby, ahall be paid in a single payment each month, to be appl~ed to the following items in t6e order stated : (I) ground rents, taxes, assessments, fire, and other hazard insurance premiums; (II) interest on the note secured hereby; and ~ (III) amortisation of the principal of said note. Any deficiency in the amount of suchag gregate monthly psyment shall, unless made good by the Mort- gagor prior to the due date of the next such pavment, const~tute an event of default under this mortgage. At ~'Iortgagee's option, Mortgagor will pay a"late charge" not exceeding four per centum (4%) of an~ install- ment when paid more than fifteen (15) days after the due date thereof to eover the extra expense involved in ' handling delinquent payments, but such "late charge" shall not be payable out of the proceeds o( any sale made to satisfy the ~ndebtedness secured hereby, unless such proceeds are aufficient to discharge the entire indebtedness and all proper costs and expenses secured thereby. 3. If the total of the pa~-n~ents made b~- the ~tortga~or under (a) of paragraph 2 preceding shali exceed th~ nn?ount of pa~•ments n~tuull~- mncle b~ i~~e tiortga~;ee, as trustee, for Kround rents, taqes and a5sessments, and insuran~e pr~miun~s, as the c~~se mar~be, such e~cess shall bc~ eredited on subsequent pa~-ments to be made b~- the ~tortgagor for su~h items or, at :~iortgagee's option, as trustee, shall be re[unded to Mortgagor. If, hov?e~er, suc}i montl?l~- pa~-ments shall not Ue suffi~ient to pa~- such items when the same shall become due and pu~-able, tl~en tt?e ~1ort~agor shall pa~- to the ~1ort~a~ee, as trustee, an~- amount necessar~• to make up th~ de~i~ienc}•. Su~h parm~nt shall be made within thirt~• (30) da~-s after w-ritten notice from the Mortgagee stating tlie amount of the deficienc~ , which notice may be given bp mail. If at any time the Mortgagor ehall T ~ ?{~Pr~~~ F''i;1 ~ _ . ~ ~ ~ _ _ _ _