HomeMy WebLinkAbout0850 The Murtgxgur 6ereby, covee~aats witb tbe Mortg+~e~, tL~t de is iadefea.~ib!y ae~ed oi said lu~d in foe
~mplo or such other esl~tei J anr, i?s is atated Le~ein; tlu~t ha has [uU power and lawiul right to co~vev the w?me
~s atores~id; tha~ the laad ~a iree Irum ~1! encumbrences e~ccoepi as 6et+~• ^•~~e~?ise recited; ~hrt s~idMort~e~or
wil! mnke auch turther sesur~ncee to prova the ~toresaid LiUe to s+ud l~ad ia ssid I~iortgagee ~a m~y be rn.weo~-
~b~yrequi~ed, and tbwt ssid Mortg4gor doas bereby tuUp wurwt t~he tiUe to said lu~d, u?d overy part tt?ereot~
~nd will deiend the sams ~gaiast the bwiul claima ot W~aons ~homsoever.
PROYlDSD Al.~IAYd ~a~ 1~ LIlB ~10[~i~0! SbLU j1f~ 11II1~0 1~ MO[f~i$80 W~~ ~WD P~~'~Y °i
whic6 the foUowu,g ia a substant~ia! ~oPF, b wit:
i 25, 750. 0~ Fort Pierce . Fforida.
A~Gt ~7~ ,19 7t~ .
FoR YsLUC Rsca~vsn, t6s undersi~ed Pranise(s) to p~y to
'IH~ L021AS & N1:TI'I.~'TO?: COMPtLNY
~ ~ oorporstioa or6anised and eastin~ under the
lswa ot Ste~te of Connccticut - , or or+der, tLe pnnc~pal sum of ~~~+y FI'~1E ~4i0USA?~D SEVEh AU?tDRED
F'IFI'Y AND x0/]'~C'-----------------------~~ ~=~5,75~.''0 )•••;ch int~reat from dste at
t6e rste of rFINS & ONS HALF P~T centum ( gl Per sanum oa the unpaid bal:?noe unW paid.
'The ssid principal and interest shall be payable at tbe of~ce c?t '1#ie Lomas & Nettleton C~P~LY
P. O. Box 964 ~ or at sucb other plsee sa the hoider may deaig~ate in writina
1II Virginir~ p~ ~ch Vir~ni~ 23~~1 . ~
delivered or mailed to ~,6e de , m mont y installments of ZidO HU~ID~D SIXT
'~~.T: A-~3~2,.~~1 ~ Do
~
(=216.32 oommcncing on the Wst day of October .
firat dsy o! each month thereafter unW this note is fuUy paid, exaept that, if noti sooner Pud, We final payment '
of princapal and 'u?t,ere~t shaU be due and paysble on t6e first day of pugust, ~ 2C44 •
privileg~e is reserved to prepay st any Lime~ without premium or fee. the entue indebtednees or ant
m
f~uA
WerPOi aot less t6m We amount ot oae installment, or oae 6uadced doUus (i100.00), whict~ere~ is less PrepaYmen
shall be credited oa the date received. Putial preWYment, otber thaa an aa h~stallmeat due date, aeed aot be credited unW
the aeut [dlowiag iaSWlment due date or thirty days atter snd~ PrepaYtae°t, ~~~~r ~s
Ii any deficisncy in the pa~m
ent of any instsllment under thia note ia not made good prior to the due dute
of the nez6 such inst,~Wnent, the entire prineiPai sum and aocrued int~e.r~t sLsll at once become due and Fsy-
sble without notice at the option oi the holder of this note. Fsilure to ezercise this aptian shall not oonstatute
a waiver of the right to exercise the same in tLe event of say_ subeequent defsul~. In tbe event oE default in ~he
psyment of this note, and if the same is oollected by an stitorney st Lw, tLe tindersigned hereby sgree(s) to
pay sll aosta oi collection, including s ressonable atLorney s tee.
This note ia secured by mortRa~e of even date e=ecuted by the undersigned on ee~rtaia property described _
thecein and represents money ac6ua71y used for th~ acquisitaon of said. propert~y or the ipipmvemente t~e~'eoII-
Presentment~ proteet. and notic~? sre hereby waived. • -
/r~.,.. T~~TI a~er' [SBAL~
G[,rt JdHil F:~A.....~^
R
~~lT ,.,,,,ez~-d ~'easr I~?L]
JAC!`L~EI,I:~ J . F'R4ZER
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~ -
; [sw,)
~ And shall duly, promptly, and fully pedorm, discharge, execute~ eSect, complete, and comply with and abide
by each and every the stipulations, agreements, coodii~~s. and oov~an~a of said promissory note and d this
mortgage, then this mortgage and the estate hereby created shall cease sa~ be null and void.
The 1liortgagor further covenants as follows:
1. That he will pay the indabtedness, as hereinbefore provided. Privilege is ca~erved to prepsy at any time,
~vithout premium or fee, the entire indebtedness or any part ther~of not leRS than the amount of one installment, or
one hundred dollars (i100.00), w6ichever is less.
2. In order mom full~- to protc~•t th~• ~~~rurit~- of tl~ic :~~~nga~~, the ~ioriga~r, together with, and in
addition lo, the tnonthl~ pa~ments un~er tlu lern~s of tlu• note~ sr~•urcyl 1?t•reb~, on tiir fi~t da~ of eurh monih
uutil tl~e suid not~ ~S fuil~ pai~i, Nili }~ss~- tu th~• ~iorl~ak~~•, a~ irustee. (un~ler tls~ tcn~es of this lru.~t as herein-
aRer stetrd) t4ic fu~;o~cing suins:
(a) A sum equal Lo the ground rents, if any, next due, plus the premiums that will neut beoome due snd payable
on policies of fire and other 6asard insurance covering t6e mortgaged property, plus ta~ces and ass~ments
next due oa the mortgaged property (a11 as estimsted by ~he :4iortgagee and of which the '.~iortgsgor is
notiSed) less all sums already paid thereior divided by t6e namber of mont6s to elapse before oae month
prior to the date w6en such ~ound rents, premiums, taxes, and s~nen',s will beoome delinqueat,
such sums to be held by hiortgageemtrusttopaysaidgroundrent~,premiums,tazes,andspeciala~nents.
(b) The aggreg,ate of the amounts payable pursuant to subparagrsph (a) and those payable on the nate secured
hereby, shsD be paid in a single payment earh manth, to be appl~ed to the following items in the order
stated
(I) ground rents, taxes, a~enta, fire, and other hasar~i inSUrance premiums;
(iI) interest on the note ~ecured hereby; and
(IIn amortisation of the principal d said note.
My deficiency in the amount of such a~gre~ate monthl~ pa~ment shall, unless ma3e good b} the riortr
gsg~r pr~or to the due date ot the next suct~ pa~ ment, const~eute an erent of defaul6 under this mortgage.
At 1liortgagee's option, Mortoagor will pay a"late cl~arge" not e~ceeding four per centum (4%) of any install-
ment when psid uwre than ~fteen (15) days after t6e due date thereof to oover the extra eapease inrol~ ed in
h4ndling delinquent pavments, but such "late c}iarge" shall not be payable out of the proceeds o! any sale
made to satisfy the m~ebtedness secured herebr, unless such procceds are suH'icient W d~scharge the entire
indebtedness snd a11 proper costs and expenses secured thereby.
If ibe total of ihr po~•int•nts ma~li• h~ thr ~!urt~agor un~l~r (r.) of parngruph 'l preccKlin~ sl~all exceed
the amount of pacu~ents actuull~• n~a~l~ b~' tlie ~iortgu~,~~•, as irustee, f~~r ~romul r~~nts, tuces and assessnients,
and insuran~e prnmiutus, us th~• ca~c~ mar bc~, sueh ~xccss shall ix~ cre~tit~d on sut,sc•yurnt pa~ments to be made
b~ the Nortga~;or for su~h ite~ns or, at ~[ortgn~t~c~'s option, ae trust~, shull tx~ rcfunded to .Ltortgegar. If,
hov?ever, su~h tnonthl~- pa~-ments sl~uli not Ix~ s~ffi~•i~nt to pa~' surh item. Khcn the seme shall become due
and pa~able, tt?en tt~c~ ~fort~u}:or ~h:~1.1 pa~- to th~ ~lort}:age~•, as tnutrc~, an~- u~uount necessar~ to make up
th~ cleficienc~-. ~u~•.+~ pacm~nt ;Lall ix• n~adr Mithin tl~irt~ f:i0) da~s ulter w-ritten notice from the viorigagee
stating the amount of the deficiencr, ~~I~ich noticc~ mar be giren b~ ma+l. If at any time the Mortgagor ehall
s°oo~i~ ~ $ 'rJ~
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