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Home My WebLink About0836 The Mortgagor herebp ooveiianta with the :~iortga~;eP, that he ia indefea.cibly seiaed of said land in fee simple or such other eststet if any as ie aLat,ed Letein; tt?a6 he Las f ull pc,wer at~d lawtul righ~ t,o convev Ll~e s,~me as ~toresaid; Lha~ the laad ta iree ~rom all encumbrwicea except ss Lere~n o6herwise recited; thst said~Viortgagor. • vvill make such further aesurances to provo the eforesaid ti~le to said land in said Mortgagee us msy be reason- sblyreq uired, and thst said Mortgagor does hereby fullp warran6 the title to said land, and every pact tl?ereof~ aud will defend the same agaias6 the lawful claims oi ull persona whomsoever. Pteov~nsn A~.w~Ye thet if the ?~iortgsgor a6sU pay unto Lhe Mortgagea t6at certain promisaory note, oi which the following is e substsnt,ial cops~ to vvit: = 16~ 50o Fnrt pierce , Florids. ~ Janu~ry 719 75• FOR VALUS REC8IVSD~ the undersi~?ed promise(e) to PaY ~ - ~~i ~•.S ac ~N a.~a`apAl,j , a corporation organised and e~risting under the la.ve of --~the S'~ate -o,f -Crn~neet~tl6~r, the principal sum of SIXTS'~N TAOUSAND FIVS HUNDR~ and-------------------------------no/100Dollars (s ~6, 500.00 with interest trom dste at the rate of rTINS per centu~n ( 9%) per annum oa the unpaid balsace until paid. T6e said principal and interest shall be payable at the office of ~e i,am8s & Nettleton Cdnpeny Post OfPice Box 964 ~ Virginia Beach~ Virginia , or at such other plaoe as the holder may designate in writing delivered or mailed to the debtor, in monthly install~nents ofppg AUNDR~ THIRTY-'Ii~O end 99~100 D°11~ 132~~ commencing on the first day of ~b , 1~(5 , and continuing on the firat day oi each month thereafter until this note is fully paid, except thnt, if not sooner paid, the final payment of principal and interest shall be due and payable on t6e first day of J~~~.y _ ~~pp5• privilege is reserved to prepay et any time, without premium or fee, the entu~e indebtedneas or any part thereof ~ot less than the amount oi one iastallment, or one hundred dollus (5100.00), whichever i~ less. Pcepayment in full shall be credited on the date received. Putial prepayment, other than on an installmeat due date, need not be credited until the neut following iastallment due date or thirty days after such prepayment, whichever is eulier. If any deSciency in the payment of any installment undeY this note is not made good prior to the due date of the nea~t such installment, the entire principal sum and acerued interest shall at once become due and ~ay- able without notice at the option of the holder of this note. Failure to exercise tbis option shall not constitute s waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the payment of thia note, and if the same ia collected by an attorney st law~ the undersigned hereby sgree(s) to pey all costa of collection, includiag s reasonsble sttorney's fee: This note is secured by mortgage of even date executed by the undersigned on certain property described therein and represents money actually used for the acquisition oi said pmperty or the impmvemenLe Lhereon• Presentment, protest, end notice sre hereby waived. ,~._.f-S~-_,o n~r~v e cK,~,.e,. d~'. - ~~l'~ RY A. SHI~TSR~ JR. ----~sF +Se nn S'~livr~r REGINA M. SHIV~R ~ - - ~ i ~ [s~L] f ~ And shall duly~ promptly, and fully pedorm, discharge, execute, eHect, complete, and comply_ with and abide ~ by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. F The Mortgagor furt6er covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time, ~ a without premium or fee~ the entire indebtedness or any part thereof not less than the amount of one ~nstallment, or ~ one hundred dollars (i100.00), whichever is less. ~ 2. In order ~uom fulir to .prote~•t th~~ s~~~•urit~- af tliis niortg:~~~~, th~~ ~1ort~:n~:or, tog~th~~r w•ith, t~ncl in ~ u~l~lition to, tlu• nionthl~- pa~•n~enis undc~r th~ t~•nns tL~~ noi~• •~~~ur~•~l h~~reh~•. on th~• fir~t da~- of ~~a~•h inontl~ w?til ihe ,ai~l not~• is fulic pui~l, Kill par to th~ ~1ort~;fl}~~c~, as trust~~~. (un~l~r thc• t~•nu. of ihi, trust u, h~•r~•in- ~ nft~~r stat~~~i? th~~ f~?Ilo~~•ink su~ns: (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of Sre and other hazard insurance covenng the mort~aged property, plus taxes and as.5es.5ments ~ next due on the mortgaged property (s11 as estimated by the Mortgagee and of which the :~Iortgagor is ~ noti6ed) less all sums already paid therefor div~ded by the number of months to elapse before one month prior to the date when such gtound rents, premiums, taxes, and as.sessments will become delinquent, : ~ such suma to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. ~ (b) The aggregate of the emounts payuble pursuant to subparagraph (a) and those payable on the note secured ; ~ , shall be paid in a single payment each month, to be appl~ed to the following items in the order ~ . ~ ~ (I) ground tents, taues, assessments. fire, and other haaard insurance premiuma; ;~:s (II) interest on t6e note secured hereby; and (III) smortization of the principsl of said nute. Any deficiency in the amount of such a{;~re~ate monthly pa~ ment shall, unless made good by the :~iort- ~ `a gagor pr~or to the due date o[ the nexc such pa~~ment, constitute an event of detault, under this mortgage. At ~iortgagee's option, Mort~agor will pay a"late charge" not exceeding four per centum (4°Jo) of an~ install- ~ ment when paid raore than ~fteen (15) days a(ter t,he due date thereof Lo cover the extra expense involred in ~ handling delinquent Pavments, but such "late charge" shall not be payable out of the proc:eeds of any sale ~ made to satisfy the ~nc~ebtedness secured hereby, wiless such prceeeds are sufticient to discharge the entire indebtedness and atl proper costs and expenses secured thereby. :3. If th~ t~tal of thi• pa~-numts nia~l+• br th~~ ~lorlru~?or ~~n~l~r (i~) of paru~ruph 'l pre~•~~~lin;: stia 1~~KCeec tL~ unwunt of pa~•n~ent~ u~•tuull~- mu~ir b~• tlu• \tort~;a~;~~~•. us trust~~~. for ~roun~l r~mt~. tuxc~ t~n~l ~sses~menis, . ~ nnd insuran~•e pr~~niiutiis, u~ th~~ ~~us~~ u~u~- t~, ~u~~h ~xc~~~ shall i?~ cn•dite~l on sul~s~~queut pa~•iu~•nts to be ma~ e ~ b~- th~• `1or1Ku~:or for sn~•I~ iten?s cn•. ut ~tor~g:?~F~~'s option, as truste~•. st?ull b~ r~~fundecl to L1ortKagor. I(, however, su~h n~onthl~- pu~-mc~nts .hull not {K~ ~uffi~•i~~nt t~? pu~- sw•h it~~i~~. w•h~n th~• san~e shall becom~ clue and pa~-able, then the ~1ort~akor ~I~:?II pn~• t~? th~• ~lort}:u~;i~~•. truste~•. anr un?uunt nec~~w.sar~• to make up th~ ~le~icienc~-. tiurh pa~-nu•nt sliall b~• iu.ul~• v?•ithin thiri~- I:S11? ~lu~~s after written notiee from the tilortgaRee atating the amount oi the deficienc}-, ~~•l~ich notice may be given by mail. If at. any time t6e Mortgagor shall : ~ - 8ee~~ ~E s 8~ - _