HomeMy WebLinkAbout0028 ~ . ' F ~
The Mortgsgor hereby, covenants with the Mortgage~. th~~ hs ia indete~iaibl aeir.od oi eaid land in fee
aim~ or suc6 o6her eei~s6et ~i aay as i~ st~ted hereia; tLa~, he has tull power uid la~ul right to u~ovev tLe snme
as a~oreeaid; t~wt t~he land ~e iroe from ~il eacumbrwoes exoept~ as Leroia o~bsrwise recit~eci; t~hst said~vlorcgagor
~ril1 uuke suc6 [urtbec ~ur~ioee to prove tLe aforeseid ~~k? to said liwd in wid MoMgagee pa may be re~o- ,
~yrequic~ed~ end ths~ eaid Mortgag~?e daes hereb~ i~ ~rare~at t~?e tatle to anid l~nd~ aod eveq parti W?ereot.
and ~riU deiead tba saons ~g~ins~ t~he lawful alaito~ ot per~ona wtames~ever.
PROYIDSD AL~f/ATY ~L lI UIQ 'MOT~Or d~1~ j1Q lint0 ~N MOt~Og~ ~L OOrtL1D ~'Om189OrY DO~~ oi
whicd the following is a substanti~l coPY, Lo wi~: ~rt Pierce ~
i 36, 5~. oo . ,
October ].7, ,19 7L
Fon Vw~vs RscsivsD, the undece~ed Prom~e~a~ ~~o p~Y
THE IAMAS Sc I~~l~ON COt~+IPANY .
~ , s oorporstion or~suised and e'~under t~6e
y~ws ot 3tate of Connecticut ~ or order, tbe principal sum of 3'~IRTY 3IX THOiJ3AI~ID
HvrIDRrD ArID xo/loo-------------------- Doua~a t:36, 500. oo ..itih int~est t,om dste at
Lhe rate of r1INE & ONS HAL.'~ ' per oentum ( 9~ %a) P~ annum on the unpa~id balanoe until paid.
p~~~ ~d ~1 be p~yable at tbe o~iae ot The Lomas & Nettleton Canpa:ny
P.• 0. Box g6~ as t6e hdder ms d w writina
~ Virginia Beach, Virginia 23k51 . or at such other pl~oe Y~~
delivered or ms~lea to the aebtor, ~n montt,iiy ;nacaum~ts ot ~ xvrIDRID sEVErt & 33/1~----~~s
(i 307• 33 commeacing on the 5rst dsy d~cember , 19 7!~ . aad ooatinuing oa tbe
firet d~y, oi each mont6 theresiter until tLis note is fully paid, eiccept thst, it not eooner paid, tbe Sns~l~symen~
of prin,cipal and interest ehsU be due aad payable on the Srst day oi October , 2~'+.
pri~il~eee is resecved ta prepay a~ aay time, without premium or fea the entire indebtednees or ~ny Par~
thereot not less tbw the amount of oae instalinieat, or oae 6uadred dollus (=IOO.QO). whk6eret ~ leas. Arepa?yment in tull
shall be cndited on the date receired. Patt~l prepayment, otber thaa on m installaient due date, need not be rredit~ed unti!
the nezt tdtowla~ ind~allment due date or tbitty days aftez wch PrepaYmenk ~~i k~iiet.
Ii any deficiency in the paym
ent of any iLSte?llment under t~is note is not made good ptior to the dne dste
of the nest auch instsUment~ the eatire priacip~l aum snd soc.rued interest sbsll ~t onoa beoome dne snd Fs,y-
able without notice at the opt~n oi the holder oi thia note. Failure to exairaee this option sball uot oons4tute
~ w~iver of tha right to esercise the same ia the event of anp subeequent detault In the event of def~~t ;
he
psyment of this note, snd if the eame is collected by an sttorney st lsw, the nndersigned hereb s Lo
P`Y all costs of coll~ction, including a re~sonsWe 4ttorney s fee.
This aote is secured by a~H~tgage oi even date esecuted by the nnde~igned on oertain property described
thecein snd repreeents mon~y ac IuaUy used for the acquisitioa of eaid property or the improvemenfe thereon.
Presentment, pmte~~~ and notic~+ are hereby waived. .
~a~ ~1l ~rri _tton 4^ i f [gBAi,]
. ~r,La~ ~~x scar.F
- . ~s~„„~~--ScAi ~ _ [s~.~
APtI1A J. SCALF
; [s~.l
~ And shall dul~?, promptly, and fully pedorm, discharge. execute, efiect, complete, aud oomply .~rich sad abide
~ by esch and every Lhe stipulations, agreementa, oonditions. and oovenanta of aaid promieeory note and d this
mortgage, then this mortga~e sud the estate hereby created shall oease and be null sad void.
~ The Mortg~agor further oovenaats as follovvs: -
1. That hs ~villps
y the indebtedness, as hereinbefore provided. Privilege is rEServed to prepay st any time,
without premium or f~. the entu~e indebtednees or anq part thereof not less tban the amount of one installment, or . .
one hundr~d dollars (i100.00), whichever ia lesa.
2. In order morn tull~ to prntect the securit~ of this mortgage, the :~fortgsgor, together with, and in
adciition ro, the monthl~ pa~-ments-t.~nder the terins ot tlie note securecl herebt, on the first da~ of each month
until the said note is fu71~ paid, will pa~ to thP Mortgngee, as trustee, (under the tern~s o[ U?is trust as herein-
a[Ler stated) tl~e f~~llowing swiia: '
(s) A sum equal to the ground rents, if any, next due, plus t6e premiums that will next become due and paysb~
on policies of 5re aad otber hasard ins~r~unce covering the mortgaged P~P~Y~ Plus taues and assessmenta
n~ ~ue o~ t,he mortgaged pmperty (a!1 aa estimated by tbe Mortgagee and of which the Mortgagor is
notiSed) leas all eums alread~r p~d t6erefor divided by the number of months to elapee before one month _
prior to the dste whea sucd ground rents, premiuma, taxes, and a~nents w~ll become delinquent,
suc6 suma to be held bq Mortgageemtnisttopaysa~dgrwindrents,premiums,tsaea,andspecialaseesements.
(b) The ag~te of the amounts pa able pureuaat to subparagraph (s) and t~hoeepa~
yable on the note ~ecured
hereby, shall be pdd in a eing~e Pa~Yment e~?ch month, to be applied to the f~1lo~ving itema in the o:der
atsted _ - ~ . .
~ (n 8round rnute, ta~ea,' as~n~ta, fire, aad other hssard insursnce pe+emiums;
. .
~ (In interest an the note aecured bereby; and
~s
~ (IIn amortisation of the principal of esid note. -
Any deficiency in the amount of suchsggregate monthly payment shall, unless made goocl by the Mort-
gagor pr~or to the due date of the next such payment, constitute an event of delault under this mortgage.
At Mortgagee'aoption~ Mortgagor wili pay a"lats charge" no6 exceeding four per cent,um (4%) of any install-
ment when paid more thsn fitteen (15) da~}rs atter the due dete thereof to cover the extra Axpense involved in
handling del"inquent psyments~ but such 'late charge" shslt noc be psybie ouc of che proceeda of any sale
" made to setisfy the indebt,~dness secured hereby~ unlesa such proceeds are aufficient to discharge the entire
indebtedneas and sll pmper oosta and expenses secured thereby.
3. 1f the total of the pa~ ments n~n~l~ b~' the 11'Iortgugor under (a) of pare~ruph 2 prnceding shall exceed
the amount of pa~ments actuulh ma~l~ b~• t~~e 4iortgaKec, as trustcc, for groun~l rents, taxes end aasessments,
and insurance premiw~~s, as thc case ma~• be, such excess sl?all be credited on subseyuent payinents to be made
bv the '•ldortgagor for su~i~ items or, at Mortga~ee's option, as trustee, shall be r~[unded to Mortgegor. If,
however, such niontld~ pa}•ments shall not. im suffir~ent to par such items when the same shall become due
and pa~•able, then the hiortgsgor shall pu~ to thc Nort~e~ee, as trustee, nn~ amount necessary to make up
tl~e de~icienc~-. Such pa~•ment shall be made within thirt~ (30) da~~a after written notice trom the Mortgagee
stating the amount of the deficiency, wl~ich notice mey be given by mail. If at any time the Mortgagor shall
604~K ~:uV P~ ~
~
a , e - e ~ ~