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Home My WebLink About2924 The Mortgagor hereby oovenanta ~vit6 tbe Mortgagee, that he is iadefesRibl seir,ed of said l~nd ia fes imple or such otLer estste~ ~f any as is stwted hesein; that ha h~a tull po~ver and la~ul.right to oonvev the swme a8 aforesaid; t,hat the let?d ia ire~ ~mm all encwnbrsncea exoept as herein other~vjse re~xted; that said~tortgagor witl m~ke such tiutber sesuranoes to pmvo the sforeeaid title to said Lud in w~d Mortgagee ua mpy be renson- ablyrequired, ~nd t6at ssid Mortgagor does hereby fully ~varranti We title to raiti l~nd, and eve .ry par~ tliereoti und w~ill defend the w?me agsinet t~he lawiul claims oi all penons ~vhomaoever. PROV~u~n ALwr~ye that it the I~iortgagor aball py nnto tbe ~ortg4geo tLati aett~in promieeory note, oi ~rLich Waiollowiag is a aubatanLial ooPS, = 18,750.00 Stuart March 12 •1~74 • Fon Viws RscsivsD, tLo nnderoig~?ed promiee(s) to pyr to SOUTHERN MORTGAGE ASSOCIATES, INC. , authorized to do business in the State of Florida ~ s eorpozs~ian o~niaed aad eadetin~ nnder tbs Lws o[ 'the State of Arkansas , a~, ~ P~p~ EIGHTEEN THOUSAND SEVEN I~INDRED FIFTY AND NO/100--------------------- (=18,750.00 f~ ~ the n?te of Eight & one-fourth P~ ( 8.25%) P~' a? ~~P~ P~ The esid pr;ncipsl snd intcrest sbaII be payable st t6e o~oe aE Southern Mortgage Associ ates, Inc. , 1999 S.W. 27th Avenue, ~ M i ami , F 1 ori da , or st euch ofber pL~oe as tha Lolder m4y designste in wricina delivered or mailed to the debtor, in monthly installmente of One Hundred Fort Or1e & NO/100 141. 00 commencing on the firat day of Apri 1 .1~74 ~ and eontinuing oa tbe Srst day of esch month thereaiter until this note is fully p~id, euoept thst, if not sooner psid, the fin~?1 payment~ oi principal and interest shall be due and psyable on Lhe fireti dey oi March ~ 2004 Privilege is reserved to prepay at any time~ without premium or fee the entire indebtednees or any put thereof not less Wan the amount of one inatallment, or one Lundred dol~ars (E100.00), wluchever is lges. If sn~ ~eficiency in the pa~m ent of any installment under this note is not made good prior to the due date of Lhe ne~t such installment, the enLire principal eum and accrued interest ahall at once become due and ~ay able w ithout notice at the option of the holder of this note. Failure to exerci,ge this option ahall not constatute a ~•ai~er of the right to eaemase the same in the event of any aubeequent defaulQ In the event of default in the pesment of Lhis note, and if the eame ie oollected by an attorney st L~v, the twdersignad hereby agree(s) to pap all coste of oollection, including a resaonable attorney's fee. This note is secured by mortgage of even dstq executed by the undere~gned on oertein property described therein and represents money actually used for thre aoquisition oi wid propert~y or f~6e iunprovemanis L~ereon. Psesentment, protest, and notice fre hereby ~vaived. 11 FRANKLIN H. SPFARS [~,f ~/s/ G ADYS SPEARS [~y~ I+~,] i And ahall dulY, P~mPtly, aad fullq perform, diecharge, euecnte, e6ect, tomplete, and- eomply with aad sbide ; by ~sc6 snd every the stipulatione, agreements, oonditions, and eovensnts of ea~d promiesory note and ot this ~ no*tgage, t6en this mortgage snd the estate her~by erested ~all oesea ~ud be au11 and ~oid. y The Mort~n6or further oovenants as followe: ~ 1. T'hat he w?ill pey the indebtedneas, as hereinbefa+e provided. Privi'lege is reeerved to P~Y ~~Y t~s ~ tvithout premium or fee, the entire indebtedneas or any pert thereof not 1eee thaa the amounti of one installment, ot ~ one hundred dollars (i100.00), ~vhichever is less. ~ 2. In order n~ore fullv to protect the aecurity of this mort,ga~e,~ t.he Morigagor, together ~vith, and in ~ ad~lition to, the monthh- pa~ments under the ter~ns o( the note secured hereby, on the first day of each month ~ uutil tlic said note is fully paid, will pay to tlie I~lortgagoe, as trustee, (under the terms uf this trusL as l~erein- ~ attcr stated) the follov~ing sums: ~ (s) A sum equal to the ground rents, if aay, next due, plus the premiums that ~vill next become due snd payable ~ on policies of fire and other hasard insurance oovermg t6e mortgaged property, plus ts~ces and aesessments ~ next due on the mortgaged property (all sa estimated by the Mortgagee snd of ~vhich the Mortgagor is ~ notified) lees all sums already paid tberefor divided by the number of montha to elapse before one month ~ prior to the date ~vhen guch ground rente, premiums, taxe8, and seeeesmeats w~ill become delinquent, such eums to be held by Mortgageeintniattopsyead6roundrents,premiums,tazea,aadapeciglaeeessmente. ' ~ (b) T6e aggregate d the amounta pa able pureuant to wbpan~raph (a) and thoeepayable on the note eecured ~ hereb~, ahall be paid in a ang~e psyment each mantL, to be sppl~ed W t~he f~ilowins iteme in the ordet stated: _ ~ (n ~md r~ts, 5re, aad otLer Lasard insuranoe p~+emiume; . (In interest on the note eecured hereby; and (III) emortisation of the principal of said note. - Any deficiency in the amount ot such~ega te monthly payment abetl, nnIees made good by Lhe Mort- gagor prior to the due date of the next such psymen~, cons4~tute an event of defsult under this mort~a~e~. ` At Mortgagee's option, Mortgagor ~vill pay a"late charge" not exoeediag four per centum (4~Jo) of sny ~nstall- ment w•hen paid more than fifteen (15) days after the due dete thereof to oover the extra expense in~olved in - handling delinquent payments, but such "lste charge" shall not be psyable out ot t6e pra:eeds of any eale - made to aatisty t~?e ~ndebtkdness ~ecured hereby, unless such proceeda are su~cien~ tio d~ech~uge the entirs °±f; indebteclness snd all proper ~osts and eacpenses seeured thereby. - ;w~: 3. If the total of the pa~ n~ents rriade b}• the D4ortgagor under (a) of parsgraph 2 preceding ahall exceed the nn~ount of pa~ men~q actuall~~ made b~ t}le Mortgagee, as trustee~ for ground rents, taxes and assessmente, snd insurance pre~niums, as tl?e case may be, such excesa s)~all be credited on subsequent paymenta to be mede y<~ ~h bt the ~+iortgagor !or aucli iteu~s ar~ at Mortgagee's option, as trustee, shall bc~ refeuided to Mortgsgor. Tf, :_v, however, eueh ynonthly pa~ menta ehall not be sufficient to pas euch it,ema ~vhen the same ahall become due swd pa~ able, t}?en the Mortgagor ahall pav to the Mortgagee, as trustee, sny smount necessa to make up ~Y4 thQ dc~f`ir.ienc~. Such pa~-ment shall be macie rviLhin thirty (30) days after wntten ~~otice from e Mortgagee oteting tLe amount oi tha deficiency, Rhich no4ce may be giten by mail. If ~t say iime tLo Mortgsgor aLall ~,t ~ r ~ i Pr~UE i~vVh/1~/ ~`~'t'. _ ~ - ~ : ~ h~~ 3' "-i'x .a'a-'.k 'z - ~ _ s ~^~-g"~~. z`~*'~~~ F ~ -wf . - . _ . _ . 4 . ..sr~'s~^-~ ~z.