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Home My WebLink About2276 The Mortgagor hereby covensnte witL the Mortgaget~, that be is indefea.4ibly eeiud oi eaid land ia fee simple or such other estete~ if any as is stated herein; that he hea tull power and lawiul right to oonvev the sAma as aforesaid; thnt the land ia ireo ~rom all encumbraacee except as herein otherwise recited; thst eaidlldortgagor will make such fiirther asaursnoes to provo the eforesaid tiWe to said land in eaid Mortgagee aa msy be reaso~ sbly re~ guired, and that said Mortgsgor does hereby tully warrsnti the title to wid land, und eve .ry p~ thereot, und will delend the eame againat the lrw?ful cinims oi sll pereona whomsoever. ~ Paovinsu ALw~Ya tbst if the l~iortgagor shsll p~y uato the Mortg~agee tLut oertain promieeory note, of w~luch the~foll~wing is s aubst~ntaal ooP~, to ~vik i 17,400.00 Stuart , Fio~ids. February 8 ,1974 . Foa Ywi.vs RscscvsD, fbe undereigned pro~miee(e) to pa,y to SOUTHERN MORTGAGE ASSOCIATES, INC. authorized to do business in the State of Florida , s oorpor~?~ion or6anised and e~atin6 umder ths Lws ai the State of Arkansas , a' ~ P~p~ ~ SEVENTEEN THOUSAND FOUR HUNDRED AND NO/100 Da11ar's 17,400.00 w;th in~ from date st the rste of Ei,ght and one-half P~ (8,5 P~ a? t~ unpaid balanoe uati? p~aid. 1'be oaid principal and intereat ahaIl be psyable at the o8'ioe af SOUTHERN MORTGAGE ASSOCIATES, INC. , 1999 S.W. 27th Avenue ~ Mi ami , F10ridd , or at such other plaos ae the hdder may designate ia writing delivered or mailed to the debtor, in monthly i~,stallmenta oi One Hundred Thi rt Three ~ 81 /10~°~ (i 133.81 commencing on the Srst day of March , 19 ~4 , and oontinuwg oa the Srst day of each month thereafter until this note ie fully paid, eaoept thst, if not eooner paid, the final payment oi principal and interest shall be due and peyable on the first day of February ~ 2004 Privile~e is reserved to prepay at any time, without premium or !ee the en{ire indebtednees or any part thereof not less than the amount of one installment, or one hundred dol~ara (5100.00), whichever is le~. If any deficiency in the payment of any installment under this note ia not msde good prior to the due date of the next sucL installment, the entire principal sum and accrued interest shall s~ once become due and ~sy- able without notice at the opt,ion of the holder of this Rote. Failure to eaercise this option ehall not oonstitute a w aiver of the right to exerc~se the saane in the event of any subeequent defaul~ In the event of de~fsult in the payment of this note, and if the same ia collected by an attorney st ls~v, the undersigned hereby agtee(s) t4 pay all costs of collection, including a reasonable attorney's fee. , This nots is secured by mortgage of even dai,~r eaecuted by the undersigned on oertain pmperty deecn'bed iherein and repreeenta money actually used for th~e acquisition oi osid property or tbe improvemenia the~reon. Preeentment, protes~, and no~ice are hereby ~vaived. ~ /s/ DONALD E. MULLINS t~;J ( r ~ i ~ ~ ~ [~.l ~ And ehall duly, promptly, _and fiilly pedorm, discharge, execute, e6ect, e~mplete, sad- comply with aad sbide ~ by each and every the stipulations, agreements, coaditions, and covenanta of eaid promissory note and ot this mo*tgage, thea thia mortgage sad the estate hereby cc+eated ahall oea9e aad be null snd vo~d. ~ The Mort,~sgor further covenanta ae follows: ~ 1. That he ~vill pay the indebtedness, as hereinbefore provided. Privilege is t+eeerved to prep~y st say time, e n ~ ~vithout remium or fee~ the eatire indebt,edness or any part thereof not less than the ~wnount of one installment, or ~ one hun red dollara (i100.00), whichever is less. ~ 2. In order more fully to protect the security o[ this mortga~e,~ the ',141origagor, toget.her ~vith, and in ~ ui~lition to, the monthh- pa~~nents under the terms of the note secured hereb}, on the first da~ of each ~nonth uutil the said note is full~ pnid, will pay to the hiortgagee, as truslee, (under t}ie terms uf this trust as herein- ~ alter stated) t}ie following sun?s: ~ A sam equal to the ground renta, if any, neat due, plus the premiums that ~vill next beoome due and paqable ~ on policies of fire and other haaard insurance ooveiwg the mortgaged property, plus taxes and assessmeats ~ next due on the mortgaged property (all as estimated by the Mortgagee and of ~vhich t6e Mortgagor is - ~ notiSed) lees all Bums already paid therefor divided by the number of months to elapse before one month prior to the- date when auch ~ound renta, premiuma, taxes, and aeeessments ~vill become delinquent, - euch eums to be held b Mo wtrustto said undrenta remiums ta~c eads ~slaas~ments. r~ Y ~8~ ~ PaY 8~'0 , P , P~ ~ 4ti (b) T6e agge+egate of the amounts pa able pureuant to subpsragraph (s) and thosepayable on t,6e note eecured ` hereb~+, e~hsll be paid ia ~ eing~ PsYmeat esch montb, to be applied to the foUowing iteme ia the order stated (n ground reate, ta:ea, aaeessmeata, 5re, snd other ha:ard insurance premiums; (In interest on the note eecured hereby; and :k_ (IIn amortisatioa of the principsl of eaid note. Any deficiency in the smount of such~gre gate monthly payment sLsll, unless made good by the Morw gsgor prior to the due date of the next euch pa~ment, const~tute an event of default under this mortgage. At Mortgagee's option, Mortg agor will pay a"lete charge" not eaceed'uog fout per centum (4%) of an~ install- ~ ment when paid more than fifteen (15) dsys sfter the due date thereof to oover the exf,rs eapense involved in handling delinquent ps ment8, but Buch "lste charge" shall not be psyable out oi the proceeds of any sale made to satisf the ~n ebtkdness eecured hereb unless auch roceeds are 8u8'icient to disch ti y y? P a~ge Lhe entire indebtedness and all proper costa and eacpPnses secured thereby. 3. If the total of th~ payments macle by• the 111ortgagor under (a) o[ paragraph 2 preceding shell ezceed - ~'~i the amount oI pa~ mentz~ actually made by the Morcgagee, ss trustee, for ground rents, taxes and asses.9ments, - and ineurance pre~n~ums, ss tlie case rnay be, such excess shall be credited on subsequent payments to be made ~3 ~ b~ t1+e Mortgagor for aucli items .or, at Mortgagee's option, ea trustee, ahall be refunded to Mortgagor. If, however, sueh nionthly pavments shall not be su@'icient to paf such items ~vhen the same ahall become due ~~+d pa~able, then the Mortgagor fhall pav to the Mortgagee, sa trustee, sny amount necessary to make up the d~[`icienc~. Such pe~-ment shall be macie within thirty (30) davs e(ler wntten notice from the Mortgsgee stat,ing We iwnount oi t~ho deficaency, wLich notice may be given by mail. Ii at aoy iime the Mortgagor eLal! ~ ~ ~'f FACKlI_~A I~