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Tbe Mortgagor hereby covensats with the Mortgage~?, thw~ he is indefeaRibly aeized ot s+?id Lnd in fes ~
simple or such oLhec ests6e~ d any ~s ie et~ted herein; thet he Las tull power ~nd bwiul right to ooovev the sarae ~
a~ storesaid; ths~ tLe l~wd is iree ~rom ~11 eacun4braaces eaccept As herein otherwiae recitsd; that saidlViortgagor
will malca auch furta?er aesunwc:a8 to prove t~?e ~foreesid title to ssid laad ia said Mortgagee ~s may be reaaoo-
sb~j req uired~ and thst said Mortgagor does hereby iuUy wuranL t6e uWe to said lu~d, snd every part theceot~ ~
and ~vilt defend the saa?s ~gsinst the Iowiul alaimr ot ~ll pereons whomsoever. :
Paoviuso AL~r~YS tL~t ii the I~ioctgagor ~hhall psy uato the 1vloriBsges t~huL oertsi° Pi'°u~"!°i7 note~ ot F
which tha following is a subetantial voPf~ to witi: _
i ^~~5c~0•OC~ `Fbrt Pi.erce , Floiids. ~
Nove~ber 15, 19 74 . ~
Fos Vwt.vs Raocscvsu, the unde~si~ned praniee(s) to Pe?Y f~o ~ ~
}
Z4~ LOMAS ~ NETi'LETON COMPAN7C , s corporstion organised and o~ostina under tbe ~
or order the rinci sum of q
lawa of St9te of Conuecticert . . • P P~ Z4IEN'I'~C EIC~iT THOUSA1dD F'IV~ ~
Dollars ) with interest fmm te st ~
AIJHI)RED ana---------------------No ~ %)2{~r5annum on the unp~id bslanoe until paid.
tbe rs~e oE Seven and three-~ quarters~T 7~~~+
~~d p~incipal snd int,ereat, shall be payable at the offioe ~'he Lanas E~ Nettleton Com~r~Y
Post Office 964
iaVirginiA Beach, Vir~inia 2?451 ~ or at sucb other p~soe aa the hdder msy d~nate in writin6
delivered or mailed to the debtor, in monthly installments oi TW~O H[J21DRID FOUR ana 35/~~----~
(i 2~ • 35 oommencing on the 6rst dsy of Janunry ~ 19 ?5 , aad continuing on the
firat dsy of esch month thereafter until Wis note ia fully paid, e~coept thst~ it not sooner paid, the &nal psyment
of principal and int,erest ehaU be due and psysble on tLe firat dsy of Hovember • 2~~+ •
privilege ia reserved to prepay st sny time, without premium or fee. the entire indebtedneea or any par6
thereot pot leas thm the amouat ot one iastallaAent, or one 6undred doUazs (:100.00), whicher'er ie less. Repa~'~nent iw tull
ahall be credited on the date receired. Rurtid prepaymeat, other than on an h~stallment due date. need not be credited until
the ae~ct fdlowing instdtment due date or td'erty days a[ter such prepayment, whtcherer ~ eulier. '
u~np deficiency in t6e paym
ent of any inatallment under this note ia not msde good prior to tLe due date
of the nezt snch iIIStsllment, td~e e°tire princiPsl Sum snd accrued inter~t ~b,~ll st onoe beoome due snd p~?y-
able without notice at the optaon of the holder of this note. FWure to ezerciee this option aLall not oonatatute
a waiver of the right to ezercise the same in the event of any subeequent defaul~. In the event of defeult in the
psyment of this note, and ii the ssme ie oollected by an sttoraey st la~v~ the nndersigned hereby agcee(e) t~o
pay ~ll costa of collection, including a reasonsble attorney's fee.
This note ia eecured by mortgage of even date ezecuted by the underaigned on certain propsrtY deecribed _
t,6erein and represente money actually used for the acquisitaon of ssid property or the imProvemsnte there°n-
Preeentment, protest~ end notice are hereby waived.
~
~~James T• Fletcher [gBAL]
~ J~.S T. F~E'~C~
~~s[Peu~v . 'F'~etcher [sSAL]
PEGGY M. F7~'i'Cf~R
j
i
~ [SEAL]
~
~ And shall duly~ pmmptly, and fully perform; discharge, execute, eHect, complete, and comply With and ab~ e
t by each and ever}r the stipulations, sgreements, conditions, and covenanta of sa~d pmmissory note and of thia
~ mortgage, then th~s mort$age and the estate hereby created shall oea9e and be null and void.
The Mortgago! further covenants ss foUows:
1. 1'hat he will pay the indebtedness~ ss hereinbefore provided. Privilege is re~erved to prepay at any time,
without premium or fee, the entire indebtedaess or any part thereof not less thsn the amount of one installment, or
one hundred dollars (i100.00), whichever is less.
2. In orcler ~nore full~• to prote~t tlie securit~ of ihis n?ortga~e, tl« ~iortgegot, togetl~er with, and in
addition to, thc u~on11~1~• pa~'~i?ents under_the tern~s of tlie note se~•ured i?ereb~-, on the first da~ o[ each ~nont}i
untit the said note is full~ paicl, will pn~• to the ~tortg~ee, ss trustee, (under the tern~s of this trust as hernin-
after stated) tl~e following sums:
(a) A sum equal to the ground rents, if any, next due, plua the premiums that will next beoome due and peyable
on policiea of Sre and other hasard insurance covermg the mortgaged property, Plus taxes snd assessments
nezt due on the mortgaged proi~erty (all ss e~imated by the Mortgagee and of ~vhich the Mortgagor is
notified) le~ all sums already paid therefor d~vided by the number of months to elap~e before oae month ~
prior to the date when such gr~ound rent8, Premiums, taxes, and a~s°°ents vrill i~eC°me delinquent,
such sums to be held by 1Ko~ee in cn~to ~y said ground ren~, premiuma, tauea, sud specisl a~ssments. ~
(b) The ag~egate of the amounts pe able pureuant to subparagraph (a) and thoeepayable on the note aecured
bereby, shall be pa?d ia a~ PaYmeat each month, to be appl~ed to the followwg items in the order ~ ,
stated:
(n ground rent8, taues, a~ssmente, fire, sad other hasard insurance premiums;
(II) interest on the note eecure~ hereby; and
(IIn amorti:ation of the priacipal of said note.
Any deficiency in the amount of such a~gre~ate monthly psyment shall, unless made good by the Dsor~
gagor pr~or to the due date of the nexc such payment, const~tute an event of default under thia mortgage.
- At Mortgagee's option, Mortgago r will pay a"late cl~arge" not eaceeding four per centum (4%) of any install-
ment when psid more than fifteen (15j days a(ter the due date thereof to cover the extra e~cpense involved in
hsndling delinquent paymencs, but such "late charge" shall not be payable out of the proceeds of any sale
msde to satiafy the mdebtkdness secured hereby, uiiless such proceeds are sufficient to d~scharge the entire
iadebtedness and sll proper costs and expenses secured thereby.
3. If the total of the pa~'n~ents mad~ h~- the ?liortgugor und~r (a) of pt?ra~rupl? 2 preceJin~ shall exceed
the aruount of pa}•ments a~tuull~- mad~ br t~~e ~1ortKuK~~, as trusicc, for ~roun~l r~~nts, taxes and asses.cments,
~ and insuran~•e prnmiunis, as tLe rase ~nu~' be. such excess shall bc~ creclited on subsc•yuent pa~•ments to be mede
b~ ttie :NortguKor for su~h itcros or, ut Niortgugee's option, as trustee, shall be refunded to uortgegor. If~
u
however, such monthl~- pa~•nicnts s6oll not Ix~ suffiricnt to pn~ suc•h it~ms when the sauie shali become due
and pa~able, then tl?c ~lortga~or shull pu~• to the ~1oriKagc~e, as trustce, anr amount necessar~ to make up
tl~e cte~icienc~'. Such pa~•ment shall tx~ mu~l~• Mithit? thirt} (30) da~~s ufter written not.ice (rom t~e Morigagee
~ stating the amount of the deficienc~, which notice m~y~b~~`~ bv ~~,1~t any time tbe Mortgagor ahall
soe, ~!cE IO ~
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