HomeMy WebLinkAbout0697 Tha I~iortgagor hereby covensnt8 with the lblortgaget?. that he ie indeteaaibl aeized of said land ia fee
simple ur such other e3tate~ d aqy as is atated herein; that he has ful! power and ln~lll I1gI1L t0 CORVBY th9 8AIII9
as aforc?~aid; that the land ~s iree ~rom all encumbrances e.~cept as here'~u otherwise recitkd; that said ~lortgagor
will mako such further e~s.surancea to prove the atoresaid title to aaid land in s,ud Mortgegee as may be reason-
ably re~ guired~ nnd tha6 said Mortgagor doea hereby tully wsrrsnt the title to said land~ and every par6 thereof,
and ~vill defend the same against :he lawful claim9 ot all persona whomsoever.
PROViDan ALw~Ya that if tbe biortgagor sh~?U pay unto the Mortgagee that ce~tain promissory note, of
wLich the followin.g i9 a aubatantial oopf~ to vnt:
i 36 ~ 000. 00 Stuart , Florids,
November 8 ,19?2 .
FOR VALIIE RECLI9ED~ the undersi~ned promise(s) to pay to
SOUTHERN MORTGAGE ASSOCIATES, INC.
, a corporation organir,ed and e~osting uader the
lawa of Arkansas , or order, the principal sum of Thirty Six Thousand and
no/100---------------------------- Dollars (3 36,000.00 ~th interest fc+om date at
the rate of seven per centum ( ?°J'o) pei' annum on the unpaid balance until paid.
The said principal and iaterest shall be payable at the offce of Southern Mortgage Associates, Inc.
in Miami , Florida , or at such other plaoe as the holder may d~te~'
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delivered or mailed to the debtor, ia monthly installments of Two Hundred Thirty Nine & Doll~
239.71 commencing on the first day of December , 19 72, and oontiniyng on the
first day of each month theresfter until this note is fully paid, eacept that~ if not sooner paid~ tLe final payment
of principal and interest shall be due and payable on the first day of November 2DOZ. , .
Privilege is reserved to prePsY at an~r time~ without premium or fee~ the entiue indebtednesa or any part
thereof not less than Lhe amount of one u~stallment, or one hundred dollars ($100.00), whichever is less.
If eny deficiencp in the papmant of any installment under this note ia not made good prior to the due date
of the next such installment, the entire principsl sum and accc~ed interest ahall at once become due and ~sy
able without notice at the option of the holder of this note. Failure to eicercise this option shall not conat~tute
a waiver of the right to eaercise the same in the event of any subsequent default. In the event of default in the
pRyment of this note, and if the same is collected by an attorney at law, the undersigned hereby agree(s) to
pay sll costs of collection~ including a reasonable attorney's fee.
This note is secured by mortgage of even date e~ecuted by the undersigned on certain property described
therein and represents money actuallg used for the acquisition of said properLp o~ the improvemdnts thereon.
Presentment, protest, and notice are hereby waived.
oy . ober s
eanette E. Roberts ~S~~
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~ And shall duly, promptly, and fully perform, discharge, execute, eHect, complete, and comply with and abide
~ by each and every the stipulations, agreements, conditions, and covenants of said prom~ssory note and of tbia
~ mo*_tgage, then this mortgage and the estate hereby created shall cease and be null and void.
$ The 1~Iortgagor further covenants as follows:
l. That he will pay the indebtednes9, as hereinbefore provided. Privilege ia reserved to prepay at any time,
~vithout premium or fee, the entire indebtedness or auy part thereof not less than the amount of one ~nstallment, or
one hundred dollars (3100.00), whichever is less.
2. In order more fully to protect the security of this mortgage, the Mortgagor, togeti~er with, and in
addition to, the monthl~ payments under the terms of the note secured hereb~, on the first day of each month
u~itil the said note is fu11y paid, will pa3 ta the A4ortgagee, as trustee, (under the terms of this trust as herein-
a[ter stated) the following sums:
(s) A sum equal to the gcouad rents, if any, next due, plus the premiums that will neat become due a.nd payable .
on policies of fire and other hassrd insurance oovering the mortgaged property, plus taxes end essessments
next due on the mortgaged property (all aa estimated by the Mortgagee and of which the Mortgagor is
notified) less all sams already paid therefor divided by the number of months to elapse before one month
prior to the date when such ground rents, premiums, taxes, and as~ssments will become delinquent,
such sums to be held by Mortgageemtrusttopaysaidgroundrents,premiums,taxes,andspecislas.9essments.
(bl The aggregate of the amounts payable pursuaat to subparagcaph (a) and those payable on the note secured
hereby, shall be paid in a single payment each month, to be apphed to the following items in the order
stated: ,
(I) ground rents, taxes, as.gessments, 6re, and other hazard insurance premium9;
~y~ (II) interest on the note secured herebq; and
~ (III) amortization of the principal of said note.
~ Any deficiency in the amount of such ag~regate monthip payment shall, unless made good by the riort-
~ gagor pnor to the due date of the next such payment, constitute an event of default under this mortgage.
~ At :~tortgagee's option, Mortgagor will pay a"late charge" not eaceeding four per centum (4°Jo) of any in~tall-
ment when paid more than Sfteen (15) days after the due date thereof to cover the eYtra expense involved in
~ handling delinquent paqtnents, but such "late charge" shalt not be payable out of the pmceeds of any sale
~ made to satisfy the ~ndebtedness secured hereby, unless such proceeds are suf~icient to discharge the entire
_ indebtedness and all proper costs and expenses secured thereby.
- 3. If the total of the pa~ments made b} the :Vlort~agor vn~ler (a) of para~raph 2 preceding shall exceed
- the tunount oE pa~ ments actually m~de by the ~tortgagee, as trustee, for ground rents~ taxes and assessments,
, and insurance premiums, as the case may be, such eKCess shall be ccedited on sabsequent pa}~nents to be made
~ by the i4fortg~gor for such iterns or, at I~lortgageP's option, as trustee~ shall be refunded to Mortgagor. If,
howe~er, such monthly payments st~all not be suH'icient to pay such items when the same shall become due
und pa~ able, then the biortgagor shall pay to the 1~lortgagee, a.s trustee, any arnount necessary• to make up
the ~leficiencr. Such pa~~ment sl~all be macie within thirty (30) da~-s after wtitten notice (rom the Mortgagee
stutino the amount of the deficiencp, which notice may be given by mail. If st any time the Mortgagor ahall
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