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HomeMy WebLinkAbout1131 The Mortgagor hereby oovenanta witb the Mortgage~y that ba is indefeeaibl~y eeiaed oi said luid in fee a eita le or sucD other estate~ d ~?ny aa is at,ated herein; th~t he hag tull power sad le?wtul right to oouveo the snme •s oree~?id; thst the l~nd ~s iree from all eacumbr~nces exoept as herein otherwiae recited; that saidlbiortgagor wilt mske suc6 furtr:ar-aesunaaes to pmvo the aforeeaid title to esid land in eaid Mortgagee ae may be reAeon- sb r~q uirad, and that s~id Mortg~gor does hereby fully ~varrant the tiWe to ssid land, aad avory part thereot, aa will defend the a~me agains~ the Lwiul claima of Ril pe~oaa ~vhomsoever, Paovinati ALwwYS thst it the biortgagor eball pay unLo tde Mortgagee Wat, certain pmmi~seory note, oi which tha following ia a substantaai oops~ to wit: i 19,000.00 Stuart, Florida. July 11 ,1973 . Foa Vwi.vs RscstvsD~ the undereigned promiae(e) to psq to SOUTHERN MORTGAGE ASSOCIATES, INC., authorized to do business in the State of Florida , s aorpor~tion organised aad e~risting under the ~ the State of Arkansas~ ~er~ the principsl eum of NINETEEN THOUSAND AND 00/100 (=19 , 000 . 00 ~~~t fron? date at ~e ~ Seven per centum ( 7. 0%) ~~um on the unpaid balanoc until paid. The said principal and intereat ehall be payable at the o~ce oi SOUTHERN MORTGAGE ASSOCIATES, INC 1999 S.W. 27th Avenue in Miami , Florida , or at such other plac~ as the holder msy desegnate in waiting delivered or mailed to the c~ebtor, in montt?ly inatallments of One H~r~~i~e~d Zwenty Six and 12 6. 41 CO~°~cing on the firat day of Augus t 4~ 1 , 19 7 3, end continuing on the first day of esch month t~ereafter until thia note is fully paid, except thst, it not sooner paid, tLe Snal payment of princtpal and interest ehall be dus and payable on the firat dsy of June , 2 0 0 3 , . Pri ' ~s reserved to prepay et any timg, without premium or fee t6e entire indebtednees or any part t6ereof not than the aanount of one tnstallment~ or one hundreti do~ars (E100.00), whichever ia lesa. If any deficiency in the pspm ent of any installment under this note is not made good prior to the due date of the neat auch inatallment, the entire principal sum and accrued intereat shall at once beoome due and ~ey- able without notice at the option of tLe holder of thia note. Failure to exercise thi.s option shall not oonst?tute a waiver of t,be right to eaercise the same in the event of any subsequent default. In the eveat of default in the payment of this note, and ii the same i.s eollected by an attorney st law, the nndersigned hereby agree(s) to pap all ooats of collection, including s reasonnble attorney's fee. This note ia secured by mortga~e of even date executed by the underaigned on certsia praperty described therein and represents money actually used for the aoquisition oi eaid proparty or tbe impmvemeats tbereon. Presentment~ proteat~ and notice are hereby waived. ~G~+GGIG?l'~ [ss~L~ W1~~~1- a~m E. } B sh _ ~ - ' ~"i"eresa . u - _ [s~] And shall duly, promptly~ and fuUy perform, discharge, execute, eft~t, complete, and comply with $ad abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the eatate hereby created shall cease and be null end void. The Mortgagor further oovenants as follows: 1. Z'hat he will pay the indebtedness, as hereinbefore provided. Privilege ia reserved to pr~epaq at any time, without premium or fee, the entine indebtedness or any part thereof not less than the amount of one installment, or one hnndrEd dollars (i100.00), whichever is less. 2. In order more fulh to pmtect the securit~- of this mortgage, the ~lortgagor, together with, and in a~t~lition to, t}ie monthl~• pa~•menta under t}ie terins of the note secured here~~•, on the first da~ oi each month ' untit the said note is [u~h- paid, ~ill pa~• to the ~~iortga~ee, as trustee, (under thP t~rms of tliis trust as hercin- i aft~~r statcd) the folloxi~ig su»is: ~ {a) A sum equal to the ground rents, if any, next due, plua the premiums that will neut bec:ome due and psyable i on policies of fire and other hazard insurance cavering the mortgaged property, plus taxes and assessments neact due on the mortgaged property (aU as estimated by the ~Iortgagee snd of which Lhe Mortgagor is ` notiSed) less all sums already pa~d therefor dirided by the number of months to elapse before one month ` prior to the date when such ground rents, premiuma, taxes, and assessments will become delinquent, such sums tu be held by 1liortgagee ~n t~rust topay said ground rents, premiums, taxes, and speciat assessments. ` (b) The aggregate of the amounta payable purauaat to subparagraph (a) and those payable on the note secured ~ hereby, shaU be paid in a single payment each monLh, to be applied to the following items in the order ~ atated: (1) ground rents, tazea, assessment$, fire, and other hazard insursuce premiuma; (II) interest on the note secured hereby; and (III) amortisation of the principal of said note. Ans deficiency in the amount of suchag gregate monthly pavment shall, unleas made good by the Mort- gagor pnor to the due dste of the next sucl?~~pa}ment, constituUe an event of default under t.his mortgage. ~ ' At ~lortgagee s option, Mortgagor will pa~ a late charge not eaceeding four per centum (4°Jo) of any install- ~ry ; ment. when paid more than fiftQen (15) days after the due date thereof to cover the extra erpense inrolred in handting detinquent pay ments, but such "late charge" shalt not be payahle out of the proceeds of any sale ~ made to satist~• Lhe ~ndebtedness secured hereby, unless such proceeds ere aufftcient to discharge the entire ` indebtedness and all proper costs and expenses secured thereby. ~ If tl?e totel of thc• pa~•ments n~sdc~ t~~• the ~1ortKaror ?nder (t?) of para~raph 2 precedin~ shall exceed ~ ~ th~~ amount of pa~-ments ~~rtunll~- mud~ b~- tt~c \~fortgaKee, as trustee, for ~mund r~nt~, ta~es and asse~ssments, ~ ` and insuran~~~ prernian?., a~.~ th~~ ~•u5e ~~~ati~bc, such exc~ss shall be creclit~d o» su}~se~~uent pa~•n~ents to be made ; b~- th~~ ~lortga~or tor suc•h iten~s or, at ~tortgageP's option, a~ trustee, sl?atl be rt~funded to 1~iortgagor. If, ~ how~~«r, such montl~l~• pa~-ments shall not be suffi~ient to pa~- such i1~r~ns ~rh~~n the same shall become due and pa~-able, then the ~iort~a~;or shnli ~~e~- to tl~e ilort~a~?ee~, as triistce, an~- aniuunt necessart~ to nrake up th~~ cie~ic•ienct-. Su~•h pe}-nii~nt shal) hF r~~a~l~~ w-ithin ihirt;v (30) da~-. aftE~r w•rittc'I1 110(?!'P from t~~e ~lortga~;ee st8ting the amount of the dc:ficienc~-, which notice may be giren b~ mnii. lf e~t sn~ time the Mortgagor ahall Y.". ~.`1'"~„~c~ ~ -F ~-~.i- _ , . . _ . .r . l v . ~ti?