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HomeMy WebLinkAbout1902 The Mortgagor hereby covenants with the MortgageP, that he is indetea.qibly seized oi asid lend in fee simple or auch other estatet ~f any as ia stated hc+rrein; that he Las f ull power and lawful right to convev the awme as aforesaid; that the land is free ~rom all encumbrances except sa herein otherwise recited; that said74fortgegor will make such further essurances to provo the aforesaid title to said 14nd in said Mortgagee as may be rexson- ablyreq uired~ e~nd thst said Mortgegor does hereby fully warrant the title to said lend~ and every psrt tl?ereot~ and will defend the same sgeinat the lawful claima of all peraona whomsoever. PROViDSn ALw~~rs that if the ?~iortgagor sbsll pey unto the Mortgagee that certsin promissory note~ oi which the following is a subatantial oopf, to wit: ~ = 1~,900.00 Fort Pierce , Florids. ?bver.tiber 29 , 19 72. FOA VALUg RgCBIVED~ the under~gned promise(a) to gay to SOLrTHERN MOFTC'~AG~ ASSO~IATFS, INC. ~ a oorporation organised and e~osting under the lawa of State of Arkansas , or order, the principal sum of EIGHTEEN TNOUSAND NINE HUNDRID AND NO/1o0---------------------------- Dollara 1R,9o0.00 with inLerest 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 psyable at the o~ce of Southern Nortgage Associates, Inc. P. O. Box 38, Shenandoah Station ~ t~ iar.~i , Flo rida ~ or at such o~her p1acE sa the holder may designate in writing delivered or mailed to the debtor, in mont6ly installments of one Hundred T,,enty Five & 87/100Dollars (i 125.87 commencing on the first day of January ~ 19 73 , and oontinuing on the first day of each mont6 thereafter until tLis note is fully peid, except that, if not sooner paid, the &nal payment of princagal and interest shall be due and payable on the first day of December, 2002 , . privilege is reserved to prepay at any time, without premium or fee the entire indebtedaeae or any part thereof not less than the amount of one installment, or one hundred dol~ars (i100.00), whichever is lesa. If any deficiency in the paym ent of any inatallment under thia note is not made good prior to the due date of the next such instaWnent, the entire principal sum and accrued intereat ahall at once become due and ~sy- eble without notice at the option of the holder of this note. Failure to exercise this option shall not constatute a waiver of the right to eaercise the same in the event of any subsequent default. In the event of default in the payment of this note, and if the ssme ia collected by an attorney st law, the undersigned hereby agree(s) to pay all costs of collection, including a reasonsble attorney's fee. Thia note ia secured by mort,~s~e of even date eaecuted by t6e undersigned on certain property described therein and represents money acLually used for the acquisition of said pmperty or the improvemente thereon. Presentment, protest, and notice are hereby waived. /s/ Arthur E. Hagerman ~~L~ r Arthur E. Hacxerman ~~Zettie Hagerman ~gg~L~ Zettie Hagerman . [SSAL] [SSAL] And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide I by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this I mortgage, then this mortgage and the estate hereby created shall cea.4e and be null and void. The Mortgagor further covenants as follows: ; 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time~ f without premium or fee, the entire indebtedness or any part thereof not less than the amount of one ~nstallment, or ~ one hundred dollars (i100.00), whichever is less. ~ 2. In order mor~ full~- to prntect the securit~- of t}?is mortgage, the :1~fortRagor, together with, and in ~ ad~litian to, thc~ montl~l~- pa~•ments under th~ terms of the note s~cwed hereb~, on the first da~• of ~ach month until th~• said note is f~ill~- pAid, «~ill p~~• to the ~1ort~ngee, as trustec, (under tl~e terms of this trusl as 1?erein- aftc~r ~tated) the folloHi~i~ sun?s: (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable t ` on policies of Sre and other haaard insurance covering the mortgaged property, plus taxes and agsessments ~ next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is notified) less all sums 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 assessments will become delinquent, ; such sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. ' ~ (b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the aote secured F ~ hereby, shall be paid in a siagle payment each month, to be applied to the following items in the order t stated: ~ (I) ground rents, taaes, as.sessments, fire, and other hazard insurance premiums; ~ (II) interest on the note aecured hereby; and (III) amortisation of the principal of said note. ~ Any deficiency in the amount of such-aggregate monthly payment shall, unless made good by the Mort- gagor pr~or to the due date of the next such payment, const~tute an event of default under this mortgage. ~ At riortgagce's option, Mortgagor will pa~• e"late charge" not exceeding four per centum (4°Jo) of any install- r.ient Khen paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in ~ handling delinquent ~ayments, hut such "late charge" shall not be payable out of t.he proceeds of any sale ~ made to satisfy the mdebtedness secured hereby, unless such proceeds are sufficient to d~scharge the entire ~ indebtedness and all proper costs and expenses secured thereby. ~ :i. If the total oi the pa}•m~nts tnade i~~- thc 1'Iort~agor under (a) of para~;rapii 2 precedin~ shall exceed ~ the nmount of pa~-ments a~tuall~• n?ade b~• t~~e ttortga~;ee, as trustee, for ground rents, taxes and a.sses.gments, r~nd insarance premiums, a,s the ease ma~~be, such excess s}?all be credited on subsequent pa~•ments to be made ~ b~ thc~ ~tortgagor for such items or, at ~iortgagee's option, as trustee, shall bc refunded to ~iortgagor. If, hoKe~•er, such montl?l~• pa~•n?ents shall not be suffi~ient to pa~- such items when the same shall become due and pa~-able, then the ~tortgagor shiill pu~- to the tilortgagee, as trustee, an~• amount necessarv to make up ~ th~ cle~icienc~-. Su~h pe}-ment shall be i~iu~t~ within thirt~ (:30) da}•s after wriUen notice from the A~lortgagee ~ stating the amount of the deficienc~, which notice3nay be given by mail. If at any time the Mortgagor a6all ~ f1:. ~ soz ~ 3f'1~~: ~U~ !',~,c .t. ~ ~ x-; - ~ ~ z - V~-~.~~ - # ~ ~ iv _ rrh'r-'~~~~~~~~~` . . ~ aiaT~ .