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Home My WebLink About2774 Tha Mortgegor bereby oovensnts ~vith tbe Mortgage~ thst be is indefesaibly seir.ed of ssid land in fee aimple or such other est~?tet ~f snq aa is etated hesein; that he has tull porver aud lswtul.right to oonvev the snma as ataresaid; Lhat tbe land ~a free ~rom all encumbrsncee e~coept se herein otherwise rec?ted; that said ~iortgagor ~will make such further aseurances to provo the aforesaid title to ssid land in said Mortgsgee ae may be renson- ~?bly re~ guired, ~?nd thst eaid Mortgagor doee hereby iully warrsnt the title to said laud, and every part tLereoi, and will defend the same againat the lawiul clainwa of all pereona ~vhom~oever. Paovtuan ALw~YS that if the I~lottgagar ohall p~y unto tLe Mortgagee tLi?ti oertei,a promieeory note, oi ~r}uch thafollowing is a subetauti~l o~P~, ~~t+ i 22,750.00 Stuart ~ ~or;~ February 12 ,19 74 . Fos Vii.vs RscsivsD, the uade~ed promiee(s) to pyr io SOUTHERN MORTGAGE ASSOCIATES, INC. , authorized to do business in the State of Florida , s oorporatian org,anised and e~ostin6 under ths ~?~e ~ the State of Arkansas , or ~der, t~he principal dum ot TWENTY TWO THOUSAND SEVEN HUNDRED FIFTY AND NO/100------------~~-- Dallare 22,750.00 with interest froan date st the r~?t,~ af Eight and one-half P~ ~~m ~8.5 P~ ~~~P~d P~ The said principal and interea~ ebaIl be pe?ysble at the o~'ioe af SOUTHERN MORTGAGE ASSOCIATES, INC. , 1999 S.W. 27th Avenue ' ~ M i ami , F 1 or i da , or at euch otber plaoe ae tbe holdes msy designate in writing delivered or mailed to the debtor, in monthly instatlmente of One Hundred Seventy Four & 95/10(Dollars 174.95 ~mmencing on the first day of March , 1974 ~ snd oontinuing on the first day of eacL month thereaiter until this note ia fuIly paid, except thst if not sooner paid, the final payment oi principal and intcrest shall be due and payable on Lhe first day of F`ebruary , 2004 Privile~e is reserved to prepay st any time, wiGhout premium or fee, the entue indebtedneas or any part~ thereof not lc~s than the amount of one uistsllment, or one hundred dollara (5100.00); whichever ia less. If an~ deficiencf in the pavment of any installment under this note is not made good prior to the due date of the ne~t such installment, t6e entire principal aum aHd accrued interest shall at once become due and ~ay- able without notice at the option of the holder of this note. Failure to e~ercise this option ahall not oonatitute a H•aiver of the right to exercise the same in the event of anv subsequent defaul~ In the evenL of default in the pavment of this note, and if the same ia collected by sn attorney st lsw, the undersigned hereby agree(s) to pay all costs of collection, including a reasonable attorney'e fee. Thia note is eecured by mortgage~ of even date~ executed by the undersi{,med on oertain property deacribed therein and represente money actually used for the acquisition of ~atd properiy or tha improvomente t~ereon. Preeent,ment, protest~ snd notice are hereby waived. ~ ~(S~ [IANNY R _ I)YF • Ig,$Ai,j ~ ~JS/ KAREN .R: DYE _ [~?L~ f I [SSAL] ~ € [BSAI,] [ : And shall duly, promptly, and fully perform, discharge, execute, egect, eomplete, and~ oomply ~rith sad abide 9 by each and every the stipulations, sgreements, conditions, and oovenanta of eaid pmmissory note aud ot this ~ mo'•~t8age, then this mortgsge and the estate hereby ereated shall oea9e aud be null and void. e 1'he Mortgagor further covenants as follows: ~ 1. That he ~vill pay the indebtedness~ as her~inbefore provided. Privilege is reserved to prepap st any time, writhout premium or fee~ the entire indebtedneae or any part thereof not 3ees than the amount d oae installment, ot ~ one hundred dollars (i100.00), ~vhichever is less. ~ 2. In order n~ore fullp to protect the security o[ thia mortga~e,~ the ;~'Iorigagor, together ~vith, and in ~ ad~lition to, th~ monthl~- pa~-ments under the tcrms of the note secured hereb~, on the first da~ of each ~nonth uutil thc said note is fu~l~- paid, w-ill pay to the I~iortgagee, as trust,ee, (under tLe terms uf t}iis trust as herein- ~ alter stated) the following sun?s: ` (a) A sum equal to the ground rents, if any, next due, plus the premiume that ~vill next becorne due snd payable ~ on policies of 5re and other hazard insurance covering the mortgaged property, plus taxes and asses.sments ~ next due on the mortgaged property (all as estimated by the Mortgagee snd of ~vhich the Mortgagor is ~ noti6ed) lesa all sums elready paid t6erefor divided by the number of months to elapse before ane month _ prior to the date when such ground r~nts, premiums, taxes, and aseessments will become delinquent, ~ such sums to be held by Mortgageeintniattopayeaidgroundrents,premiuma,ta~ces,andspecialasse~ments. ~ (b) The aggregate of the amounte payable putauant to subparagraph (a) and thoee payable on the note secured ~ hereby, ehall be paid in a euugle payment ~ach month, to be appLed to tt~e following items ia 1he ordes stated - ,;5 (I) ground reats, taaes, ~eata, firE, and other ha~?rd insurauoe prerruums; (II) intereat on the note eecured hereby; and ~ "(III) amortisatian of the principal of eaid note. - Any deficiency in the amount of auch~~ggregate monthly peyment shsll, urilees msde good by the Mort- gagor prior to the due date of Lhe next such psyment, con.gt~~uts an event of default under this mort~a~;e. . At Mortgagoe's option, Mortg sgor will psy a"lste charge" not eact~ing four per centum (4°Jo) oi any inscal!- ment w•hen paid more than fifteen (15) days after t~he due date thereof to cover the extn expense involved in handling delinquent pay•ments, but such "late charge" ahall not be payebte out of t6e pr«:eeds of any sale = made to satisty the ~ndebted~ess eecured hereby, unless such proceeda are su8'icient to d~seLerge the entirs ~t indebtedness and all proper costs and expenaes secured thereby. 3. If the t.otal of the pa~menta macle b,• the Mortgagor under (a) of paragraph 2 preceding aha11 exceed ~ ti?e nmount o[ pa~•ments actually made b~ t~'e 1~lortgagee, as trustee, for gtound rents, teaes end asses.smenta~ and insurance premiums~ ss the case may be, such excesa sLall be credited on subsequent psy-ments to be mscie ~ b~ the :1~1ortgagor for such items or, at Morigagee's option, as truatee, shall bc+ re(unded to Mortgagor. If, however, su~h monthly pa~ ments ghall not be sufficient to paf euch items when the same shall become due ard pa~-able, tl~en ihe 1liortgagor el~all pay to the Mortgagee, as trustee, any smount necessary to make up ~_:i thp dc~tricienc~. Such pa~ment ahall be macie within thirty (30) devs siter wnlten notice lrom the Mortgsgee etating the ~?mownt of tho deficiency, wLich notice msy be given by mail. If a~ i?ny time the Mortgsgor sh~]1 _ : ~ f ~ _:E 2774