HomeMy WebLinkAbout2878 The Mortgagor hereby coveunnts with the Mortgsgee, th~t he is indefesaib~y eeized of s~id lsnd in iee
aimple or such other eetate~ ~f any as ie etated herein; that he haa tull power and luwiul right to ooavev t6e e~?me
•e atareaaid; thst the lwd ts iree ~rom all encumbrances esoept as herein otherwise recited; that e~idlViortgagor
will malca such further aeeuranoes to prova the atoc~es~id tiWe to eaid land ia said Mortgagee as may be re~soa
ablyreq uired, and thst said Mortgagor does Lereby i~ warrsn0 the title to esid lsnd, snd every par~ thereo[,
•nd will detend Lhe same againat Lhe lawiul alaima of persons whomaoever.
Pao~ingD AL~r~~s that if Lh~ :4iartgsgor shall psy unto Lhe Mortga,g~ea tbat oertain promi~eory note, oi
whicL the following ia ~ substantial ooPY~ to witi: ' M-
= 30,000.00 Fort Pi~rce ~ ,.Fio~ida.
Septei4Der 21 ; ` ,,1973 .
• .
FoR V,u.vs Racsivsn, ~t~e undereigned promiee(s) to psy to
J. T. STSWART M~RTGAGE O~I~ANY~ Il~iC. i
~ ~ s oorporation otg~sai:ed snd e~risting under the :
the State of Florida o~~, the principal sum of Thirty Thousand and N0~100---- ;
Do~ara 30, ooo. oo with interest from date at ~
the rate af $i8ht and One Half per centum (82 P~ aanum on the unpaid balanoe until puid. ;
The said principul and intereet shaU be payable at the og'ice of J. T. SteWa.rt Mortgage Comparqr, Ine. ;
100 Miracle Mile
ia Coral Gables~ Florida , or at such other plsoe sa the holder may deeignste in writing ~
~~iYerec3 ~ .~~.tnT, ~ ~~.chtn in~tAllm~?ntn ~ 7.~o Hu1c~dled Fou1tY-011e and 80/10~j~ 1
241.80 commencing on the Srat day of November 19 73 , end oontinuing oa the ~
first dsy of esch month thereafter until thia note is tull~ paid, ezcept thst, if not eooner paid, tLe finalp syment
of princapal and inLereat shall be due and paysble on the first day of October ~ 199t3 .
par
pri ' ~a reserved to prepay at any time, without premium or fee the entire indebtednees or any par6
thereof not than the amount of one inatallment~ or one hundred dol~are (i100.00), whichever is lesa.
If any deficiency in the paym ent of any installment under t~ia note ia not msde good prior to the due date
of the nezt auch instsllment, the entire principal sum and accrued intereat shall at once beoome due and ~e?y- i
able without notice at the option of the holder of Lhis note. Failure to euercise thia option aLall not oonat~tute 1
a v~aiver of the right to ezercise the eame in the event oi any subeequent defsult. In the event of defsnlt in the
payment of thia note, and if the same ia collected by sn sttorney at lsw, the undetgigned hereby agree(e) to
psy all coste of collection, including s reaeonahle attorney's fee.
This note is secured by morltgag_e of even dste executed by the undersigned on certsin property deecribed ~
therein and repreeents money actuslly used for the soquisition of eaid pmperty or the improvemente thereon.
Preeentment, protest~ and notice are hereby waived.
. ~s~ I~ynn E. Carter
.
~ss~?L~
[~l
[~l
i And shall duIy, promptly, and fully pertorm, discharge, execute, effect~ complete, and oomply with and sbide
` by each and every the atipulationa, agreemente, conditiona, and oovenaats of eaid promiseory note and ~ thia
j mo*tgage, then thia mortgage and the estate hereby creste~ ahall cesee aud be null and void.
~ The Mortgagor further covenauta aa followa:
~ 1. That he willpa
q the indebtedness, as bereinbefore provided. Privilege is reserved to prepay at sny time,
~ without prem~ium or fee, the e.ntire indebtedness or any part thereof not less than the sanount of one mstallment, or
~ one hundred dolln~s (i100.00), ~vluchever ia less.
2. In order more fully to protect the securit:v of this mortgage, the Mortgagor, together with, and in
~ addition to, the monthly payments under the terms of the note secured hereby, on the first day of each month
until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein-
~ after at8ted) the following surns:
(a) A sum equal to the ~ound rents, if sny, neat due, plus the premiums that will ne:t beoome due and payable
~ ~ policiee a~ fire sad other haaard insurance oovering the mortgRged Pi'oPe~Y, Plus taxes and a~ssmenta
neat due on the mortgaged property (all aa estimated bq the Mortgagee and of whieh the Mortgagor is
notified) leae sIl eume already psid therefor divided by the number of montha toe1~~ before one month
~ prior to the date when auch grouad rents, premiums, taues, and sesesaments will beoome delinquent,
~ euch sums to be held by Mortgageemtniattopayaaidgroundrenta,premiums,teucee,andapecialaeae~menta.
„ (b) The aggregste of the amounta psyable puc~usat to eubparagrapD (a) and thosepayable on the note aecured
; h~.{e~retiy, shell be paid in a single payment each month, to be sppLed to the following itema in the order
K aMited
. f 1
; (II) interest on the note eecured hereby; and
~ (IIn amortisstioa ~ the priacipal of said note.
Any deficiency in t6e amount of aucha~ega
te monthly ~ayment shall, unlees made good by the Mor~
` gagor pr~or to the due date of the next such peyment, const~tute sn event of deisult under thia mortga~e~. ~
~ At Mo ee's o tion Mortgagor will a a"late ch e" not exceed' four centum 4) of an instsll- ~
~ 1't6~B P , P Y ~'8 ~8 P~' ~ % Y ~
' ment when paid more thsn fifteen (15) days after t6e due date thereof to oover the extsa expense involved in
i'= handling delinquent pay ments, but such "lste charge" ahsll not be payable out of tLe proceeds of any asle ~
w made to satisfy the mdebtedness secured hereby, unless such proceeds are sufficient to dischaige the entire 4
~ indebtednees and all proper coats and eapensea secured thereby. ~
' 3. If the total of the pay~nents made by the Mortgagor under (a) of paragraph 2 preceding ahall exceed ~
~ the amount of psvments actuall~ made by the Mortgagee, sa trustee, for ground rents, taxes and ~aseasmenta, t"'1
~ and insurance premiuma, ea the csse may be, such eacess ahall be credited on subsequent paymenta to be made C~
~ bv the Mortgagor for such items or, at Mortgagee's option~ as truatee, shall be refunded to Mortgsgor. If, ~o
however~ such monthly payments shall not be sufficient to pay such itema when the asme shall become due od,
~ and pay~able, then the Mortgagor shall pay to the Mortgagee, as trustee, any amount necessary to make up
~ the deficiency. Such payment ahall be made within thirty (30) davs after written notice from the Mortgagee
~ atsting the amount of the deficiency, which notace may be given by mail. If at any time the Mortgagor ahall
~ _
~
x ~
~ . = ,
_ r•~~~"r ;y`~~?'~~'""^~~~,~~ ? . . _ ~
~ a`~~s~