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Home My WebLink About1387 $35,088.00 Coco~, Florid~ February 25 . 1974 FOR V1~LUE RECENED, the undersigned promise to pay to the order ot EARL KING and JENN~E K. KING, husband and wife, at 1807 South J Street, Rogers, Arkansas 72756, or at such other place as may be desiqnated in writinq, delivered or mailed to the debtors, the principal sum o~ thirty-live thousand eighty-eiqht dollars (S35,088.00), together with interest frodn date at the rnte o! ten per cent (10~) per annum on the unpaid balances of principal until paid. The said principal and intereet = ahall be payable in two hundred forty (240) equal, consecutive, monthly - installinents of three hundred thirty-eiqht and 74/100 dollara ($•338.74), comraencing one month fran date hereof and continuinq on the same day of each month thereafter until this note is fully paid. The monthly pay- ments shall be applied firat to the payment of accrued intereat and thereafter in reduction of the principal. Privilege is reserved to prepay at any time, without premium or lee, the entire indebtedneae or any part thereof. If any deficiency in the payment of any installment under this note fa not made good prior to the due date of the next such installment, the entire principal swn and accrued intereat shall at once become due and payable without notice at the option of the holdera of this note. ~ Failure to exercise this option shall not constitute a waiver ot the riqht to exercise the same in the event of any subsequent default. In the event of default in the payment of this note, and if the san?e is collected by an attorney at law, ~he undereiqne8 hereby agree to pay all coata of collection, including a reasonable attorney's fee. This note is secure8 by mortgage on real estate of even date herewith. Presentment, protest and notice are hereby waived. $52.65 state documentary s/ Lloyd G. Hunt (5EAL) stamps affixed to original mortgage and cancelled s/ June Hunt ~5~~ s/ Randy G. Hunt (SEAL) s/ Linda Hunt (SEAL) and shall duly, promptiy and fuliy perform, discharye, e~ec;ute, effect, complete, compty with and abide by each and every the st~pulat~ons. ~greements, con.litions and covenants of said ptomiisory note and of this mortgage, then this mortgage and the estate heret3y created shali ce~+se and tze nult an~f void. It ~s understood that each o! the words, "note." "mortyagor" and "moitgagee'" respectively and the pronouns I f referring thereto, whether m the s~nyular or plurai anywhere ~n this mortgaye, sha11 be singular if one onty and shall be plural ~ointly and severally, if more than one, and shalt be masculine, teminine andior neute~, whereve~ the context E so implies or acfm~ts. i ' An~f said R1ortgagor tor h,mself and fiis he~rs, leyal representaUves, successors and assigns, hereby covenants and ~ agrees to and w~th sa~d Mortyac~e, his leyal repre~rntahves, s~cc2ssors and ass~gns: g 1_ To pay all and smyular *he ~~?inc~pa; an~l ~nterest and the ~arious and wndry sums of money payable by virtue r of said prom~ssory note, and th~s morh~aye, ed~h ar~d every, pr~mptly on the days respectively the same severally be ~ come due ~ 2. To pay all anc+ singula~ the taxes, assessrne~~ts, Ir..-ies, li,~!nli?ies, obligations and ~ncumbrances of every nature ~ and kind now on saui descnhed ~roperty. end~ur that here~ifter m<,y be imposed, suffered, piaced, levied or assessed ~ thereupon, and-or that hereafter may t~e lev~etf or assessed upon th~s mortyage andior the ~ndebteciness secured hereby, ~ each and every, tvhen due and payabie accord+ny ta larv, before they becorne delinquent, and before any mterest at- w ~ taches or any penalty is mcurreef; and in so far ~s any thereo' is of recard the same shaU be promptly satisfiecf and dis- ~ charged uf record and the or~gin,il official ~iocume~t tsuch c~s, for ~nstance, the tax rece~pt or the satisfact~on paper of- ~ ficially endorsed or cerUfie~il shaU Ue pla~.ecl ;n the hands of sa+cf tv7ortgagee within ten days next after payment; and in ~ the event that any thereof ~s not w paid, sat~sf,ecl and cf~schargNd, sa:d Atortgagee may at any time pay the same or any ~ part thereaf w~thout ~va~vin~ or aff«:cting anv ~,>tion, I~en, eq~~tty or ~ iyht under or by virtue of this mortgage, and the ~ full amount of eaciz and ever`• su::h payn~ent shall ~e immed~:~teiy ciue a~~i payable and shall bear mterest from the date ~ thereof until paid at the rate of ten per ~~:~t~m per annu~~ ~n,i icx~ether ~vith such interest shall be secured by the lien ~ of this mortyage. ~ 3. To p~ace and cont~nuo~sty kee~> ~~n the bu~ldiny~ no~a or hereafter situate on said 'and fire and windstorm ~nsurance m the usuai st~n~fard policy torm ~n ;;,,m nut less than 80''i tull msurable vaiue ~n such company or com ~ panies as may be appruve~i by saic~ Mortyayea. <+nt1 afl such ~nsura~~ce potiaes on any ot said bwldings, any interest ~ therein or part thereot. ~n the ayyregate sum aforek,~d or ~n excess thereof, shall conta~n the usual standard mortgagee clause making the ~oss uncle~ sa~cf polic~es, each and every, paqable to sa~d 1~lortyagee as his ~nterest may appear, and each and every wch pulicy shall be promptty delwere~i to anct hel~1 by ~aid Mortyage~; and, not less than ten days in ad- - vance of the expirat~on of each policy, to deliver to ~a~d h1ortgagee a renewal thereof, together tivith a receipt for the _ premium of such renetival; and ihere shall be no s:ich inwrance place~l on any of said buildings, any interest therein or - part thereof, unless m thc forrn anci with the ioss uayal,le as aforesaid and in the eveni any wm of money becomes pay- ab~e under such pulicy ar polic+es said Mortgagee shaii have the option tu receive and apply the same on account of the ' indebtedness secured here~by ~,r to permit sa~d Mortgagor to recewe and use it or any part thereof for other purposes ?>3 without thereby waiving or impairing any eyu~ty, I~en o: r~ght +.~r.der or by vn tue ot this mortgage; and in the event said Mortgago? ShaU ior dny reason `ail to keep the sv~~1 prem~ses so ~nsurerf. or fe~l to detiver promptly any of said policies = of insurance to sa~c1 1Aortydgee, or fail promptly to pay fully any prem:um therefor, or ~n any respect fai) to perform, discharye, execute, effect, complete, comply 4vith and abide by th~s covenant, or any part hereof, said hlortgagee may place and pay for such ~nsurance or dny part thereof without waiving or affect~ng any option, lien, equity or right under i'~~ or by virtue of tF~s mortyar~, and the fuU arnouni of each an~i everr tuch p~+yme~t shall be immed+ately due and pay- F_; able dnd shall bear interezt fr~m the d~+te thereof unt~l pa~d at the rate c>f ten per cenium per annum and together with K:~ wCh interest shall be secured by tiie lien of ihis mor[gaye. ~z; ~~~~a ~ 224 F~~f:~ ~~86 ~ - I ~A~ ~ ~ ~ z ~ ~ ~ _ -