The URL can be used to link to this page

Home My WebLink About3793 . • J, • The Mortga~;or hereby oovenanta with the Mortgagee~ that he is indefea.Qibly seised oi said land in fee eimple or such other estate~ ~f any aa is atated hetein; that he has tull power and lewtul right ta convev the same as aforasaid; thst the land ~a iree ~rom all encumbrances e~ccept as herein otherwise recited; that said :4iortgagor will make such further asaurancee to provo the aforeaaid title to said lsnd ia said Mortgagee as maq be resaon_ ablyrequired, and that said Mortgagor does herebp fully warranL Lhe title to said land, and every part thercof, and will defend the same against the lawiul clsuna of all persopa whomsoever. Paovin$n Atw~Ye that if the !~iortgagor a6all pay unto the Mortgegee that certain promissory note, oi which the following is s aubatantiel ooPf~ Lo wit: = 20,700.00 Pbrt Pierce ,~lorida December 18, 19 72. Foa VwLVg R$csrvan, the undersigned promise(s) to pay to SODZ~ifiRN NOR~C',7~GS ASSOCI.~TES, INC. laRS of State of P?rkansa~s or order the r~nci ' a~'O~°~tion organised aad existing under the p~ pal sum af ZWffi~1'1'Y THOUSAND SSVSN HUNDRF~ A1~ID NO/200----------------- - Da,llars 20, 700.00 with interest from datc at the rate of Seven per centum ( 7~Ja) per annum on the unpaid balance until paid. The said principal and intercat ahall be payable at the o8'ice of SOITl'EiSRN MORTC~GS I~.SSOCIATES , INC. P. O. Hox 38, Shenan~doah Station iu Miauni, Florida , or at such other p1acE ea the hotder may designate ia writing delivered or mailed to the debtor~ in monthly installmenta of One I~undred Thirty Seven & 86110~11ollars Z3 8~ commencing on the firsE day of February , 19 73 , aad conti.nuinR on the first day oi eech month thereafter unti~ this note ie fully paid~ except that, if not sooner paid, the final psyment of principal and interest shall be due and payable on the first daq oi January ~ 2083, PrivileAe ia reserved to prepay at any Lime~ without premium or fee~ the entire indebtedness or any parL thereof noti Iess than the amount of one u~stallment, or one hundred do ara (E100.00), whichever is tesa. If any deficiency in the papment of any installment under this note is not made good prior to the due date _ of the next such installmenL, Lhe entire principal sum and accrued intere9t shall at once become due and ~ay- able without notice at the option of the holder of this note. Failure to exercise this option shall not constatute a w aiver of the right to eaerc~.ge the same in the event of anp subsequent default. In the event of defeult in the peyment of this note, and if the same is collected by an attorney at law, the nudersigned hereby agree(s) t,o pay all costs of collection, including a reasonable attorney's fee. This note is secured by mort~age of even date executed by the undersigned on certain pmperty described therein and representa money ectually used for the acquisition of said property or the impmQements thereon. Presentmeat, pmteat, and notic+~ are hereby waived. /s/ Cl,arence Bruce Stephens ~~L~ ~ Clarence Bruce Stephens f~ Sharon E. Stephens ~~L~ Sharon E. Stephens _ [SEAL] ~ [SEAL] And shall duly, promptly, and fully pedorm, discharge, execute, eftect, compiete, and compty with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of thie mo?tgage, then this mortgsge and the estate hereby created shall cea5e and be null and void. The Mortgagor further covenants sa 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. 2. In ord~r n~ort~ fulli- to protc~t ihe s~~urit~- of this morigage, the \lortga~or, togcth~r Hith, and in u~iilitic~n to, th~ tnanthl~- pa~-n~ents under ihc tenns oi tl?~ note scc~ure~l hereb~-, on thc fir;t da~~ of each monih until th~ said not~~ i~ full~ paid, ~rill piir ta th~ ~1ort~a~ee, as trust~~, (under ttie terms of tl~is trust as t?erein- ~ aftrr stated) the folloxi~ig sums: i (a) A sum equal to the ground rents, if any, next due, plus tbe premiums that will next become due and payable on policies of fire and other haaard insurance covering the mortgaged property, plus taxes and assessments ; ne~ct due on the mortgaged property (all as estimated by the Mortgagee and of w6ich the Mortgagor is ' noti6ed) less all sums already pa~d therefor divided by the number of months to elspse before one month ` prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by Mortgageeintn~sttopaysaidgroundrents,premiums,taxes,andspecialassessments. (b) The aggregate of the amounts payable pursuant to aubparagraph (s) and those payable on the note secured hereby,$6s11 be paid in a single payment eac6 month, to be apptied to the following items in the order stated : (I) ground rents, taxes, assessmenta, fire, aad other hazard insurance premiums; (II) interest on the note secured hereby; and (III) amortization of the principal of said note. Any deficiency in the amount ot such aggregnte~ monthly pa~ ment shall, unless made good by the l~fort- gagor prior ta the due date of the next such payment, constitute an event o( default under this mortga~e. At :Llortgagee's option, MorL~agor will pay a"late chargc" not exceeding !ow per centum (4%) of an~~ install- ment when paid more than fitteen (15) days atter the due date thereof to cover the extra expense involced in han~lling del"lnquent pavments, hut such "late charge" shell not be payable out of the proc~eeds of an~ sale made to satisf~ the m~ebtedness secured hereb~, unles,~ such proceeds are sufficient to discharge the entire - indebtedness and all proper c.osts and e.~cpenses secured thereby. If ti?t~ totel of th~' i)R~'111PI1(S 111g(~p I)\' t}IP ~iortga~or under (a) of para~raph 2 prere~tin~ shall cxceed the aiiiount of pa}-n?~nts actuall~- madr b~- tl~e ~torlga~ee, as trustee, for ~;round rents, t8\CS 8T1(~ B.SSPSSIf1CilIS, xnd insurance pr~Tniuni~, a~ th~ ~•a.se ~na~ be, such excess st~sil be cre~lit~d oii subseyuenf pa~-nients to be maclc~ b~- tl?t~ ~1ortKa~or for su~~h iten~s or, ai ~tortgsg~e's option, ~s trustee, shall U~ r~funded to ~lortgsgor, If, hou~vrr, suc~h tuonthl~• pa~-nients sliall not be suffi~~i~nt to pa~- sw~h iten?s whcn thc~ same shall become due and pa~•able, then thc ~tort~a~or ~hall pa}- to thr ~tort~a~;ee, t~c truste~, anr anm~nt necesser~• to make up ti~~ defi~ienc~-. tiu~ti pa~•m~~nt shall be made w•iti~in thirt~ (30) da~~~ after written noti~e from t}~e ?1lortgage~ stating Lhe amount of the deficienc~, w•hich notice mef be gi~ en by mail. If at any Lime the blortgagor shal! SU~~ ~V9 Y~l•t ?H8 ~ ~ f~ ~..r _ - ~ ~ . _ ~ . wkw~%~._r ~_r._-~=~..a~`..~