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Home My WebLink About1187 i ~ ~ ~ , . ~ The Mortgagor hereby oovensnta with the Mortgagee, thet he is indeteasibly seized oi said land in fee simple or auch other estate~ J eny ea is atated herein; that he haa tull power end tawiul right to oonvev the same ea atoresaid; that the land is free ~rom all encumbrancea eucept as 6erein otherwise recit~ed; that aaid~iortgugor will make such turther aeaurances to provo the aforesaid title to said land in said Moctgagee as may be reason- ablyrequired~ and that said Mortgagor does Lereby fully warrant t6e tit2e to said land~ and every part Wiereoi~ and will defend the same against the leariul claims of all pereons whomsoever. Paov~nsn AtwAYS that if the ?~io~tgagor ahall pay unto the Mortgagee that certain promisaory note~ oi which tbe lollowing is a subetsntisl cops~ to wit: = 22,000.00 P+ort Pierce ~ Florida. January 24 , 19 73. FOR VALUB RECSiVED~ the undersigned promise(s) to pe?Y to J. T. ST~n1ART MORTGAGE COMPANY, INC. ~ s corporation organised and eASting under the ~WB ~ State of Florida ~ or order, the principal auca of~ENT7t ~410 THOUSAND AND NO/100 22,000.00 with iaterest fmm date at the rate of seven per centum ( per annum oa the uapaid balaace untit paid. The said principal and interest shall be payable at the o6ce af J. T. STLWART MORTGAGE COMPANY, INC., Suite 300 - 100 Miracle Mile ~ Ooral Gables, Florida , or at such other p1acE sa the holder may designate in writ~ng delivered or mailed to the debtor~ in monthly installments of One Hundred I~orty Six and 52/100 Dollara (s 146.52 oommencing on the first day of March , 19 73, and continuing on the 6ist day of each month thereaiter until this note is fully paid, ~cept that, if not sooner paid, the final payment of princapal and interest shall be due and payable on the first day of February , . 2003 privile~e is reserved to prepay at any time, without premium or fee the entire indebtedaeas or any part thereof not leas than the amount of one uistallment~ or one hundred dol~ars (E100.00), whichever is lesR. If any deficiency in the paym ent of any installment under this note is not made good prior to the due date of the next such instaWnent, the entire principal sum and accrued interest'shall at once become due and ~ay- able without notica at the opt~on of the holder of Lhis note. Failure to exercise this option ahall not constitute a~aiver 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 same ia collected by an attorney at law, the undersigned hereby agree(s) to pay all costa of collection, including a reasonable attorney's fee. This note is aecured by mort~a~e of even date executed by the undersigned on certain property described therein and represents money actus~ly used for the acquisition of said property or t.he improvemente thereon. Presentment, proteat, and notice are hereby waived. /s/ David Allen Noel ~~L~ ~Dav~ A len Noe ~1s1 Diane F. Noel (~L~ Diane F. Noel - ~~L~ [SEAL] ~ And shall duly, promptly, snd fully perform~ discharge, execute, effect, complete, and comply with and abide ` by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this g mo*tgage, then this mortgage and the estate hereby created shall cease and be nuU and void. S T6e Mortgagor further covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege ia reserved to prepay st any time, ~ without premium or fee, the entire indebtedneas or any part thereof not less than the amount of one uistallment, or ~ one hundred dollars (i100.00), wluchever is less. ~ 2. In order nwre full~- to pmtect th~ seeurit~' of this moM~a~e, the ~tort~a~;or, together with, and in ~ addition to, lh~ monthl~- pa~-tnents under th~ ter~ns of the note secured h~re}»-, on the first da~- of each month uutil tlu~ si~id not~• is fu~l~- pai~l, N-ill pa~~ to th~ ~lort~a~~e, as trustee, (under th~ ter~ns of this trust as herein- ~ t~fter stated) tiie folloKing su~iis: ~ (a) A sum equal to the ground renta, if any, next due, plua the premiums that will next beoome due and payable ~ on policies of fire and other haaard insurance covering the mortgaged property, plus taxes and assessments 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 as.5essments will become delinquent, such sums to be held by Mottgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. ~ (b) The aggregate of the amouats paynble pursuant to subparagraph (s) and those payable on the note secured ~ hereby, ahall be paid in a single payment each mont6, to be applied to the following items in the order stated : ~ (I) ground renta, taxes, assessmenta, fire~ and other haaard insurance premiums; _ (II) interest on the note secured hereby; and ~ (III) amortisation of t6e principal of said note. _ An,y deficiency in the amount of suchag~ regate monthly payment shall, unless made good by the Mort- gagor prior to the due date o[ the ne~t such payment, const~tute an event of default under this mortga{;e. At ~iortgagee's option, Mort~agor will pay a"late charge" not eaceeding four per centum (4°Jo) of any install- ment when paid more than fifteen (15) days after the due date Lhereof to cover the extra expense in~ol~ed in :.Y handling delinquent payments, but such "late charge" shall not be pa~ able out of the proceeds of any sale made to satisf~ the mdebtedness secured hereb}, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured thereby. 3. If th~ total of the pa~-n~ents made b~- th~ ~'lort~u~or under (a) of para~raph 2 prececiin~ shall exceed the auiount of pa~-ments a~~tuall~- ma~ie b~- the ~torl~agee, as trustec, for ground rents, ta~es and asse~sments, t und insuran~~ premiums, a.s th~ ~•:~.r~ tna~~be, such excess shall be creditc~d on subsequent pa~•ments to be made ~ br th~~ ~loriKagor for su~~h iten~s or, at ~lortgagee's option, a.g trustee, sliall be refun~led to Llortgagor. 1f, howe~er, such montl~l~- pa~-ments shall not be suffi~ient to pa~- such items when th~ same shall become due ~1 ~ and pa~•able, then the ~lortKa~or shall pu~- to the ~lortga~ee. ~s truste~, an~ amount neccssarv to make up the de~i~•ienct-. Such pa~~m~~nt shall ix~ mud~ within thirt~' (:30) ~ia~•s after w-ritten noti~e from the ~iortgagee ~ stating the amount of the deficienc~, which notice mav be gi~en by mail. If at any time the Mortgagor shsll ~ ° R 21O PacE 1~.~5 ~ eooK ~ - ; 4;~ ~.j ~ y.tr ~~"ss5':C~ _~~~'~,~~.a-,4~c. .?~f^z,r~ ~ _ .r~G ~...<Y."S,%~:~~i`y~Y~