HomeMy WebLinkAbout2164 Tbe Mortgagoc hereby coven~u?ts vritb the riortga~;ar~ that he it indefe,~wbly seixed ot said ls~d i~ fea
aianple or suc6 ot,her estAt,et d any ae ia al~l,ed herein; U?a~ ha has tull pownr nnd tawful righL b oonvev U~e xame
as aforesaid; tha~ the laud ~s iree ~mm aU eacumbr~nces except aa herein oU?erwixe recil,ed; t,hst saidlviortgsgor
will maka such turther ~ssw~~nces to pmvo L6e atoreaaid ~iUe t~o said l~nd iu aaid Mortgagea ~a may be re+?eon-
ab~yreq uired~ and ch.ti said Morcgsgor does henby i~Uy wuna6 the titte to aaid land, and every p~~ lheceot~
~ad will defeud U?e s~me og~iast t~e lawtul claims oi alt pereons ~vhom.9oever.
Pnaviuxn ALw~YS tbat it tlie ~io~tgagor a6aU pay unto tLs Mortgsgee th~t oect~in promiasory aote, oi
which tha Wllowing ia a substantial ooPS, ~~ti:
i17,500.00 Fbrt Pierce , Florida.
July 8,~ 19 71~ •
Foa V~~.us Rscuvsn~ t6e un3e~i~ed pmmiee(a) to pay to .
J. T. STEWART NA~`I'C~(;E CO:~~AN`:, INC.
, s oorporatioa organised and e~ristin~ under tbe
V~ ~ Zhe State of Florida ~ or order, the principat sum of SEVE.ti"I~EN TfiOUSAI~'D FIV~. HUPIDFiED
APID fio/1~?--------------------------- ~llars (i 17, 500. 00 w;th iaterest from date st
the rate ot ~iI2iE P~ centum ( 9 P~ annum on t6e unpaid balance until paid.
Tbe said principal and interest ehaU be payable at the o~'ice oi J. T. STEi~TART l~ORTGAC~ COD~ANY, INC.
P. o• Box 13og
~ Cora~ Gables, Florida , or at such other p1soE as the holder ma te in writing
delivered or mailed to the debtor, in monthly instaUments of ~h'I'~ HLZ`IDR~ ~URTY A~ID ~ l~"""' Dollara
(=1~C.~?8 commencing on ihe &rst day of September , 1974 , and continuing on the
first de?y oi each month thereatter until this note is fully paid, except that, if not aooner paid, the final psyment
of princtput and interest shall be due and payable_oa the first day of August 2004
Rioilege is reserved to prepay at any time~ without premiam or fee, the entire indebtedneas or sny part
thereof not less t6m t6e amouat ot one iastsllment, or one huadred doUus (=100.00), vrhichever a less. Ytepayment in [uli
shall be credited oa t6e date received. Putial prepayment. oWer than oa m instapmeat due date, need aot be credited uatil
the nezt Idlowiag instaflment due date or thirty days after such prepayment, whichever is eulier.
Ii any deficiency in the payment of any inatallment under thia note is not made good prior to the due date
of the ne~ct such instaliment~ the entire principal sum and accr~ed intereat shall at once become due snd ~ey-
able without notice st the optian of the holder oi th~ note. Failure to eaercise this option ahall not oonstitute
a w aiver of the right to euercise the same in the event of any subsequent defeult. In the event of dQlault in the
payraent of this note~ and if the same is collected bq an sttotney at law, the undersigned Lereby agree(s) to
pay all costa of collection. including a reasonable attorney's fee.
This note is eecuret~ by mortgag_e of even date executed by the undersigned oa certain property described
tLerein and represents money actually used for the acquisition oi said property or the improvemente Lhereon.
Presentment~ proLest. and notice are hereby waived.
~~~j~~ H rSC~hnll Gilbertr, .TI'. ' _ [$EI?I,]
JA2?~ES HERSC;iELL GILBER'~, J R.
- ~s~Patt3c-K 6i~he.~t [sBAL]
PATTY K. GIL~ERT
- (s~.~
~s€~?L)
` And shall duly~ promptly, and fully pedorm, discharge, execute, effect~ camplete~ and comply with and abide
i by esch and every tUe sUpulations, agreemenls, conditions, nnd covenants of said promissory note and of this
mortgage, then this mortgage and the estate hereby created shall cesse and be nuU and void.
The Mortgaqor further covenanirs as follows:
1. That he a~ill pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time~
witbout premium or fee~ the entire indebtedness or any part thereof not less than the amount of one uistallment, or
one hun~lri~ do11nr4 (i100.00), whichever is less.
2. In order n~or~~ full~- to protc•c~t the st~~•urit~- of tlii.ti n~ortkar~~, thc ~iort~;a~or, togettu~r w•ith. Hnd in
ad~iition to, th~ mo~:thl~- pa~•~ncnts undt•r ih~ t~~nus of tlu• not~~ •~~•umd hi•mb~-. on thr fir~t dar of i•a~•h nu?nth
until th~•,uid uc?1~• i. full~- pui~l, w•il) pa~• to the ~lart~:a~~~~,:?s tru.l~•~~. (undrr thc• t~rnis c?f this trust s~, h~~r~in-
aRer stnted) the fulloKin~ sunts:
(a) A sum equal to the grownd rents, if any, neat due, plus the premiums that will next become due and payable
on policies of fire and other hasard insurance oovering the mort~aged property, plus taxes and as.sessments
next due on the mortgaged property (all as estimated by the i~tortgagee and of which the ~iurtg.~or is
noti6ed) less all sums already pa~d therefur divided by the numbes of months to elapse before ore monih
~rior to the date when such ground rents, premiums, taxes, and assessments wi!! become delinquent~
such suma to be held by Mortgageeintrusttopaysaidgrcwndrents,premiums,taxes,andspecialassessrnents.
(b) The aggregate of the amounts payable pursux~nt to subparagraph (a) and those payable on the note ~cured
hereby, s6a11 be paid in a single payment each month, to be appLed to the following items in the order
- stated
(I) groand rents, taxes, assessments, 6ze, and other hasard insurance pr~miums;
(II) interest on the note ~ecured hereby; and
~ (III) amortization of the principal of said note.
~ Any deficiency in the amount oi such a~m~ate monthl} pa~ ment shall, unless made goal by the Ziortr
gagor prior to the due date of the next such pa~ment, const~tute an e~ent of detault undcr this mortga~;e.
At ~'Iortgagee's option, Mortot~gor will pa~ a"late cl~arKe" not exceoding four per centum (4°jo) ot an~ install-
- ment when paid more t6an fifteen (15) da~ s a(ter the due date thereof to cover the extra expense involved in
handling delinquent ~avments, but such "late citarge" shall not be pay able out of the pro~~ecds of ail~ sale
made to satisfy the ~ndebtedness sec~red hereby, wiless sucL proceeds are sutficienL to d~scharge lhe eutire
indebtedness and all pmper costs and expensc~s secured thereby.
:i. 1f th~ totul of th~• pa~-~~~rnts nia~l~~ h~- th~• ~lort~::~~or uu~l~~r (al ~,f parv~;r:iph 2 prnc•c~~lin~; sl~nll escred
the nmount of pa~-nu•nt~:~~tu:~ll~- n~a~l~• t?~- tlu• ~tort~a~;~•e. as iru.t~•~~. f~~r }~roun~l r~•nt~. taxr. und ~~s~~~:n?enls,
nnd insurauce pr~~n~iun~s, u_, th~• ~•us~• u~u~~be•. suc•h t~xc~~ss shall b~ ~~r~dit~~~l ~~n :ul~•qu~nt pu~-ii~i~nis to Ix• made
b~- thc~ ~lortg:?~;ur for su~•h it~~ns or, at ~[ort~;o~?~~'s option, i~.s trustc~~, shull b~ r~•fun~ted to `Iortgagor_ [f,
- however, suct? monthl~- pa~'m~•nis shull n~~t 1N~ •ufi'i~•i~~nt to pa}• sarh i~i•n~: H•hen the sun~~ sl~nll Ix~cori~e du~
and pu~-able, thc~n th~ ~l~~rt~;a~:or ~hall pn~- to th~ ~tortku}?~•~•. a. Irustei•. un~• aunount nec~~.ar~• to n~ake up
the cieficicnc~-. tiurh pu~-m~•nt shall 1?r i~~a~l~~ ~itliin tliirh- (:i0) ~la~-s :~ft~•r ~critl~~n noli~•~• from th~• ~fortgagee
_ stating the amount of the deficienc~-, ~~•hich notiec may be given t~y mail. Ii at anv time the ~tortgagor a6all
BCRK~:~~ F~Cil.1~~
_ ~ - - - - - _ - -
_ ~.s _
; ~
_
~