HomeMy WebLinkAbout1976 The Mortg~gor hareby oovennnts writb the Mortg,~, t,ha~ he i~ indete+uub~y seized of said land ia fes
aimple or such other esbte~ d aqy as ia sG?ted herein; t~st he has full power and lavrtul right to oonv v t~he aRme
aa aforesaid; thst the land ~e L~ee ~rom all encumbr*noes axoept a~ hereia otherwiae recited; that said~ort~g:gor
will mske such furt,her aee:uanoos to prove the ~foresaid tatk to said Lad in aaid MortgaRe+e as may be reaeoa-
ablyreq uiredj and that s~id Mortgagor d~es hereby i~ a~rrant the title to a~id luid, sud every par6 thereot~
and will defend the same agsinst t6e la~viul claino~ oi pereons ~vhomeoever.
PROVIDSD AL~iAYd ~it ii the biort~gsg~r a6a11 py unLo ti?e Mortg~ges that cert~in promiseory noLe~ oi
which the following is a aubstantial ooPT,
= 17,OOQ.00 Fbrt Pferce , ~1w~icL.
. March 2 ,19 73 .
Foa Vwi.vs ~tacsivsu, tbe undera~ned Promiee(8) to pr~? to .
SOU'1'EIERN MORTGAG$ ASSOCIAT~S, INC.
oorporatioo or~anised and e~dstina under the
L~ ~ State of Arkansas .~~ei. ~ P~pP~ Sb`VENTE6N THpUSA.*ip ANp
I1~/100------------------------------------Dollaus 17,000.00 with intet~eet fnom dste st
the rate af seven per centum ( 7%) Per aanum on the uapaid balaaoe uaW paid.
T6e said principat aad in~t ehall be payable st the o~ce of
SOU~iSRN . MORTC',~1G£ ASSpr,.I1qTF5, INC.. P. O. Box 38, Shenandoah Station
~ Miami . Florida ~ or at such other plso~ ae the holder may designste i.a writing
delivered or m~Wed to the debtor, in monthly installmenta of pne Hundred ~irteen and 22/100
113.22 ~~~~8 ~~e ~~y ~ April , 19 73, and oontanuing on the
firet day of esch month Lheresiter until thie note ia fully ~wid, e=oept th~?t, if not eooner psid, tha final payment
of princapal and interes~ shall be due and psysble on the firat dvy of M~~ ~ 2003
Privil~e~e ia reserved to prepsy at an~ time~ wiWout premium or fee~e entire indebtedneas or ~ny part
thereof not Iees than the annount of one mstsltment, or one hundred do (i100.00), ~vLichever is less.
If sup deficiency in the paym
ent of any installment nuder tLis note is not made good prior to the due dste
of the nezt such inatallment, t~he entire pri.ncipal sum snd accrued int,~rest shall at once beoome due and ~ay-
able wit6out notioe at the option of fhe holder of this note. Failure to exercise tbis option ahall not oonatatute
a waiver of the right to azem~ise the same in the event of any subeequent defaul~ In the event of defsult in the
payment of t,his note, and ii the same ia collected by an attorney at Lw, the nndersigned hereby agree(s) to
pny all aoate of collectioq including s ressonsble attorne~'s fee.
This note is secured by mortgage of even date executed by t6e undersigned on certsin property deecribed
therein and representa money actuslly used for the soquiaition of eaid pr~perty or the impmvements tLereon.
Prt~sentment, proteat, and noti«~ are hereby wsived.
4~c ~.t- ~ ~(11y ~i ~ ~ _ ~ P~" /a` [SBAI,]
win Bru Hobart /
_ ~ . l.~'_i (~~ly~ ~ ~~J
[sa~L]
~ [s~.l
And shall duty, promptly, and futly pedorm, di~chsrge, eaecute, effect, complete, snd oomply with and sbide
by each aad every the stipulations, agreementa, oonditiana, end oovenanta of said promiseory note and ot thia
mo~tgage, tLen this mortgage sud the estate hereby created ahall cea~e and be null and void.
The Mortg,aqor further oovenanta as follows: •
l. That Le ~rill pay the indebtednees, as hereinbefore provided. Privilege is c~eserved to prepey st any time,
without prem~ium or f~e, the entire indebtednees or anq part thereof not less thaa the amount of ane inatallment, or
one hundred dollars (i100.00), ~rhichever ia leas.
2. in order more fulh• to protect t_he security of this mortgage, the ~Viortgagor, together with, and in
addition to, the monthl~ payments under the terms of the note secured hereby, on the first day of each month
until the said note is fu~t3 paid, will pay ta the Mortgagee, as trustee, (under the tc~rms of this tn~st as herein-
after stated) the following sums:
(a) A sum equal ta the ground rente, if any, next dne, plua the premiums that wiU neat beoome due and payable
on policies of ~re and other has$r~ inaursace oovering the mortgaged pmperty~ plus taues and ss~sments
neat due on fhe mortgaged propetty (a1i as estimated by the Martgagee and of whicb the Mortgsgor is
notified) less all sums alrea~y paid Lherefor divided by the number of months to elap~e before one mont6
prior to the date ahen such ground reats, premiums, tazes, snd assessments will beoome delinquent,
euch suma to be held by :41ort$egee intniat topaq said ground rents, premiums, taaes, and specisl ss~essments.
(b) The aggregate of the amounts p~ able puisuaut to subparagraph (a) and thoee payabte on tbe nate secu~+ed
her~eby, ahall be ~id in a~ng~e Ps3'meat each monih, to be applied to the following iLema in the order
etated:
(I) Bround reate, taxea, assesam~te, 5re, and ather 6asard insursaoe premiums;
(II) interes~ oa the note eecured hereby; sad
QIn amortisstion of the principai of eaid note.
Any deficiency in the amount of suchsggregsf.e monthly payment aha11, unless made good by the Mor~
gagor pnor to the due dexe af the uext such payment, constitute an event of default, under this mort,~age.
At l~iortgagee's option, Mortgagor will pay a"lete charge" not exceeding four per cent~m (4°Jo) of any install-
ment when paid more than Sfteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent paymenta, but such "iate charge" shall not be psyable out of the proceeds of any sale
made to satis(y the indebtedness secured hereby, unless sucb proceeds are auffic:ent to discharge the entire
indebtedness and all pmper oosts and r,xpenses secured thereby.
3. I( the total of the pa~ments made b~ the I1io*tgagor under (a) o( para~?raph 2 preceding shall exceed
tlie n~nount of pa~ ments actuall~ made b~ t~e ?14ortgagee, as trustee, for ground rents, taxes and assessments,
and insurance premiums, as the ca4e mar be, such eaccss sha~! be credited on subsequent. pa~-ments to be made
b~- the 1~ortgagor for such items or, at. Mortgagee's option, as trustee, shall be refunded to Mortgagor. If,
however, such monthl~ payments shell not be si~fi'icient to pa~ such items when tt?e same shall become due
end pa~able, then the ?4iorigagor shal[ pa~ to the Mortgagee, as .rustee, any amount. necessary to make up
thp de~iciener. Such pa~-ment sha11 be macie within thirty (30} ds~~s after wntten notice fmm t.he Mortgagee
atsting the amoun~ of che deficiency. wh;cb notice may be g?iven by iuail. If at any tune the Mortgagor ahall
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