HomeMy WebLinkAbout0173 The Mortgngor bereby oovenants wit,h the I~iortgaget~~ t6~t ha is indele~xibly seised oI s~id Zsad in fes
a~?eie or suc6 ot,her eat~tat d sny Rs is ~t~?t~ed hereia; thst, he hus tut! power and tiwiul rigbt to oonveo U?e s~?me
as aio~e~sid; t~h~~ U6e l~nd ~s iree Emm ~lt encumbrances except as bere~n ot~berv?i~e recit~ed; t6ati said~iortgagc~E
will make aucb !uru,er aesur~naea b prove the atoresoid liLle tA said Iand in said vlortgsgee ra may bs re~on-
sb~yreq uired~ and that said Mortgy~oe does hereby fuUy wuna~ the title to eaid lsnd. i?nd every part W~eceot,
and ~rill defend tbe same sgsine~ the lawful claima of all persaas whumaoevec.
Psovinsn AL~rwxs that ii tlee !~iortgegor ah~11 pr?7 unto the Mort8~8es tba~ cer~° pr'O°°~Ot9 ¢O~'
whic6 the folbwiag is a substantial c~P~. to witi:
Fort Pi~rce , Plorids.
17, ~ August 20, , I97~+ .
Fos Vawe R~cacvsu, sbe unders~ne~ Pr~nie~(8) t~o P~1?
~ I,OM~.S & h'E'!'TL~.~`POtt COMPtLNY
. s oorporntion orga~?ised and eriatin~ under the
Isws af Stnte of Coru~ecticut ~r• ~ p~p~ ~m d SEVLfi~J 'I4IOUSAI~ID ~OtTH ft~IDRED
AIID N0~1~------------------------------ ~1ars ~:17,4~~U.t~U ~viLh interes~ from date at
tLe rate ofI~tll~ & OtIE QUARTE'Ft P~ centum ( 94 P~ ~?um on tlie unpaid balance unW p~id.
'The sai~ principal aad inLerest shaU be payable et the o~ae ot ~ LO2 ~.AS & PIE'I'I'L~.'TOIV OOfdPANY
~ Virginie Beach Virginia ~ or at such other pl~ ae the hdder maY de~iSoate writ~n8
delivered or mailed to ~be debtor, in monthly installments of p~TE HUP:DRED FORTY-TfIREE & 33 %1G0
~=1~+3. 33 oommenciag on the first dsy of pe ~ober , 19 74 , and oontinuing on the
fira0 dsy of ea~ch month thereafter until this note is fully paid, e~ccept that, if not eoaner paid, t6e final pavment
of princ?pal and intereat a6all be due and payable on the Srst day of pugust ~ 2~+ •
prioil~ge is reserved t,o prepay at any time, without premiam or fee, the entire indebtednees or any part `
~CICOI 110~ IESS ~~II ~le ~I110110~ Of ODe ~t. Oi OIIC IlYpdi'CI~ t~0Uii5 ~S1OO.00). ~vhicherer is less. Prepayment in fuU =
sha?1 be credited on the date teceived. Putial prepayment, otMr Waa on an installment due date, need aot be credited until
:he aert toilowing inataltmeeut due date or thirty days after such preWyu~eat, w6icherer is earlier.
Ii any deficiency in tLe payment of any inatallment under thia note is not made good prior to tLe due dste
of the nezti suc6 insLaU.ment, ~he entire pn°cipal sum and accrued intereat ahsll at once beoome due and Fe?y-
able without notice st the optian of the holdor oi thia note. Failure to exercise this option s1~a11 not oonatatute i
• waiver of the right to e=ercise Lhe same in the event oi any subeequent deisul4 In the event oi detault in the ~
payment of thia note, and if the same is collected by an attorney at law, the undersigned hereby agree(s) to ;
p~y all costs of collect~n, including s reasonable attorney s fee. ~
Tbis note is secured by mort~age of even date eaecuted by the undersigned on aertain propertY described }
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therein snd represents money actually used for the scquisition oi seud property or the impmvementa thereon-
;
Presentmenc~ pmteat, and noticn ere hereby waived. ~
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Lt~R ~~rori ~sTS~x.~r
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j PATRICIA r1. WESTBERAY ;
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And shall duly, pmmptly, and fully pedorm, discharge, execute, eHect~ complete, and compl3 with sad abide :
by each and every the stipulations, agreements, condit~ons, aad oovenants of said promissory note and of this
mortgage, t6en this mortgage and the estate hereby created ahall cease and be Aull and void.
T6e biortgagor further oovenants as follo~vs:
l. That he will pay the indebtedness, as hereinbefare provided. Priirilege is reserved to preP~Y st any time,
without premium or fee, the entire indebtedneas ar any part thereof not less thsn t6e amount of one installment, or
one hundred doqars (:100.00), whichever is less. =
2. In order inor~ full~- to protect the securit~- of thi.s mo:i~9~c~, the ~1ort~egor, toget}ier v?it:_. end in ;
adi~itian to, ihe montl~l~~ pa~'n~ents under th~ lenus of U?f~ note ::e~•ured h~•rei~}'. on tl?e first da~ of ~a~h month ~
until the said note is full~• pae~l, will pa}- to th~ ~tortkng~e, a.s trustee, (und~r tl?~ t~r~ns of this trust rL~ hemen- ~
after st~ted) the fullo~~ ing sums: ;
(s) A sum equal to tlie ground rents, if any, next due, plus the premiums that v~ill next bec~me due and pnyable ;
on poUcies of Sre and other harsrd insurance cavering th~ mortgaged property. Plus taxes and assessments ;
neat due on t6e mortgaged pmperty (ai1 sa estimated by the rlortgagee and of ~vhich t6e Mortgagor is ~
notified) le~ all aums atready p~aid t6erefor divided by the number af months t,o elaps~ before one month
prior to the date when such ground rents, premiums, taxes, and assessments will be.come delinquent~
s~ch sums to be held by i~iortgsgeeintrusttopaysaidgroundrents,premiums,taxes,andspecialas.s~s.sments.
(b) The aggregate ot the amounts Payable pursuant to subparagraph (a) and thoee payable on the note secured
hereby, sba11 tre paid in a single payment e.ac6 month, to be appl~ed to the following items in the order
~ atated
(I) Bround rents, i.axes, assessments, fire, and other hasard insurance premiums;
(II) interest on the note secured hereby; and
(III) amortiaation of the principal of said note.
My deficiency in the amount of such a~re~ate mont~hly payment shall, unless made good by the ??iort-
gagor pr~or to the due date o[ the next such pa~'ment, constitute an event of default under th~s mortgsge.
At 1liortgr?gee's option~ Mort~agor ~riil pay a"late cl~arge" not eaceeding four per centum (4%) of any instell-
ment when paid more than $fteen (15) days atter the ~lue date thereof to cover the eatra expense in~oived in
handling delinquent pavments, but such "laie charge" shall not be payabie out of the proceeds of any sale _
made Lo catisfy the m~eot.rdness se~.~red hereby, u:iless such proceeds are sufficient to discherge the entire
indebtedazss ar.d all proper costs and expenses secured Lhereby. -
3. If the totel of ih~ pai•tnents niadi~ 1~~ ih~ ~loriku~or und~r (a) o( pursi~;raph 2 pm~~~lin~; sLall exceed -
the amoLnt of pa~•mcnc~ u~•tuull~- madr h~- tl+~• 11ort~;a~;~~•, a.s trustc•~, for grouaul r~•nts, tuxes nn~l a5ses.~rnents,
and insuran~e pr~miuiu,, us thi• ~•a~e n~u~' tx~, sucii r:~ces~ shall Ix• rt~~clit~cl on ~ubseynent pa~socnts to be ~~iade
br the ~tortgaKor for su~h items or, ut ~iortgag~~'s option, nc trustr~, shall t~ mfunded to Liortgegor. if,
howevPr, suc}? n~~ntl~l~' pa~-menls shall not I?c• sufii~•i~~nt to pxc- surh itcius Wh~n the sanse sha11 become due
and pa~'able, ihe~n tl~c ~1ort~;s~}:or shall pa}• ta th~ ~tortgn~;~~•, as iru;te~, an~- amow~t necessarr to make up
the de~iciene~-. Surh p~~•ment ~4iall lx~ niacle witi~in thirt~ (:t0) du~-s ufter w-ritt~u notice from the :~iortgagee
stating t:~e amount of the deficienc~, Hhich notice may be given by mail. If at. any'e the Mortgagor ahall
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