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Home My WebLink About3788 '-g-i~e Mortgagor hereby covenants with the 111ortgagee, that he ia indefea.4ib1y seized oi said land in fee . aimpte or such other estate; d any aa ia atatcd herein; that he hsa tull power and lawiul right to convev the sarae aa afaresaid; tltat the lend ie iree ~ram all encumbrances except as herein othervrise recited; that; said~lortgagor will make such furt,her sesurances to pmvo the afocesaid title Lo said land in said Moctgagee as may be rexson- ably required, and thnt said Mortgagoc ~loes hereby fully warrent the title to said land, and every part thereof~ and will defend ~he same agaiast the lawful claims of all persona whomsoever. PROVIDED aLWAYB L~16t lI ~~18 ~~0~~'dgOi Sb~ p8f 11II~0 Lh9 MOILgSg66 1~8L (`kTL81II ~11'OIIIISSOI'~i IIOE~, oi which the following ia s aubstantiel cops~ to wit: i 18, 700.06 L~rt Pierce , Fiorida. December 20 ,19 72. FOR YALUS RBCEIVED~ the undersigned pcomise(s) to psy to SOtTi'tiERN l~tORTC',~?GE ASSOCIATgS , INC. , a corporation organised and exiating under the lawa of State of P?rkansas ~ or order, the principal sum of EIGHTEEN T~US~ID SEVSN AUNDR~ AND NO/1~0----------------..__~___..__--~~ 18, 70~.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 ahall be payable at the o8'ice of SOUt4i8RN I~lORTC~?~GE l~SSOCUTffi, INC. P. O. HOX 38, Shenand~ah Station in i+tiami, Florida , or at such other place sa the holder may designate in writ:ng delivered or mailed to the debtor, in monthly installmenta of One Hundred ~enty F+~ur & 54/lA0 Dollara (i 124.54 commencing on the first day of P'ebruary , 19 73, and continuing on the firat dsy of each month thereafter until this note is fully paid, eucept that, if not sooner paid~ the final payment of principal and interest shall be due and payable on the firat dsy of January ~ 2903. privile~e ia reserved to prepay at any time~ without premium or fee~ the entire indebtedneas or any part t~ereof not less than the amount of one uistallment, or one hundred dollara (E100.00), whichever is less. If any deficiency in the payment of any instsliment under this note is not mede good prior to the due date of the neat such installment, the entire pru?cipai suxn anci accr~;zd interest shall at once become due and ~ay- able without notice st the option of the holder oi this note. Failure to exercise this option shall not constitute a a aiver of the right to eaercise tLe same in the event of any subsequent default. In the event of default in the payment of this note, and if the same ie collected by an ettorney at law, the und~*a~gned hereby agree(e) to pay all costa of collection, including a reasonable attorney's fee. This note is secured by mort~age of even date eaecuted bp the undersigned on certain property described therein and represents money actu811y used for the acquisition oi said property or the improvementa thereon. Presentment, proteat, and noticR are hereby waived. /s/ Richard Hubbell Spivey ~SgpL~ Richard Hubbell Spivey /s/ _ Mable Spivey [~L] Nable Spivey - [s~r?L] ~ ~ [s~L] ~ And ahall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide ~ by each and every the stipulations, agreements, conditions, a.nd covenants of said pmmissory note and of thia ~ mortgage, then this mortgage and the estate hereby ereated shall cea~e 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. t 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. ~ 2. In ord~r morn full~- to prot~rt th~ se~~urit~- of this mort~a~t~, t}?e ~tort~a~or, together-~cith, and in ~ v~l~iition to, th~ ~nonthl~- pa~~ments under th~ tern?s of th~ not~~ s~~•ured hereb~-, on the first da~• of each month ~ until th~~ saicl note is [u11~- puid, wiN pa~- to th~ ~fort~;agee, as trust~~, (under the terms of this trust as hercin- ~ aft~~r stat~~l) the folloK-i~ig suu~s: • ~ (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of Sre and other haaard insurance covering the mortgaged property, plus taxes and assessments ~ neut due on the mortgaged property (all ae estimated by the Mort$agee and of which the i~'Iortgagor is ~ notified) less all sums already paid therefor divided by the number of months to elapse before one month q prior to the date when such graund rents, premiums, taxes, and a~.5essments will become delinquent~ ~ such sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes~andspecialassessments. (b) The aggregate of the amounts payuble pursuant to subparagraph (a) and those payable on the note secured ~ hereby, ahall be paid in a single payment each month, to be applied to the following items in the order ~ stated: ~ (I) gronnd rents, taxes, sssessments~ fire, and other haaard insurance premiums; - (II) intereat on the note secured hereby; and ~ (III) amortization of the principal of said note. Any deficiencq in t6e amount of such a~regate monthiv pa~-ment shall, unless made good by the I~1ort- ~ gagor prior to the due date ot the next such pa~•ment, consUtute an e~ ent of default under this mortga~;c. ~ At ~iortgagee's option, Mortoagor w ill pa~• a"late cLarge" not eaceeding four per centum (4%) ot an~ install- ment N•hen paid more L6an fifteen (15) da3s after the due date thereof to cover the extra expense in~ol~•ed in handting delinquent ~a}•menis, t~ut such "late cl~arge" shalt not be payable out of the pra~eeds of any sale - made to satisf~ the indebtedness secured hereb~•, u~iless such proceeds are sufficient to d?scharf;e the entire - indebtedness and all proper costs and espenses secured thereby. ~ If thF lO~fl~ Of I~IP j)R~"Illl~nts made h~• the ~Iort~;aKor under (a) of paru~raph 2 pre~edin~ shall exceecl the u~nount ~if parm~nt. a~~tuall~- n?uc1~ h~' ttie ~1ort~;a~~e, as trustee. for ~round rents, tax~s and rissess~nents, . and insuran~~ pr~•~nimn~, as th~~ ~•as~ ~nn~- be, such excess shall be~ crndite~l on sutiseyuent pa~-~nents to be rnade b~- tht~ ~lort~a~;or (or si~~h ii~ins or, nt~ ~lortga~e~'s option, as trustee, sl?all be refunded to ~iortga~or. If, ~~_3 how-e~~er, su~h monti?l~- pa~~n~~nts shall not b~ suffi~•ient to pa~- su~•h items w•hen the sarne shall bccome due and pa~~able, th~n thc ~1~?riKa~or shall pu}- to th~ ~tortKa~~~e, t~s trustc~, an~~ amount necc~sar~~ to make up tii~ defi~icnc}-_ tiu~}? pe~-n~~nt shall t>e nia~le within thirt}• (:i0) du~-s after ~~~ritten t~oticP fro~n t~~e !~fortga~ee stating the amount of tt~~ defirienc~•, which not;c~ ma~ be gi~en by mail. If at any time the Mortgagor ahall 60QK 2O9 PACE 7~ ~H ~ . ~ - ~ ~ ~ - ~-.~t~ u . ; ~ ~ ~ H ~ ~ _ . ~~~,1