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Home My WebLink About1076 . ~ The Mortgagor hereby coveneata with W?e Mortgagee, that he is indeicasibly seued oi sud lsnd in fes a~mple or auch other estatet d any as is etated hereia; thol, he h~s tull powet and lswiul rigbt to ooovev the si?me a~ ~toresaid; tLat t6e laad ~s ir~e ~mm a!1 sacumbrsnoes exaept as hereia oLherwiae recil~ed; th~t s~id~Iortgagor wall make such further aesurances to pro~e tLo ~tor~id title to eaid l~wd ia eaid Mortg~gee as msy be re~son ab~yreq uired. snd tha~ said Morigagor does hereby f~y ~vurant tbe tiLle to said Lnd, wd every part t~hereot. aad wiU defe~nd tLe aame againaL ~he l~wful claima of ~11 person~ ~vLomAOever. • PAOYIDED ALNATS WILt l~ ~ I1~10l~i~0l' Bh~ ~ 11IIt0 ~ MOI~'~~ ~LLL O0i1~la p!'OIn18901~I IIO~i oi which tLe tollowing is s subet~wRial ooPJ, ~~ti: i 34~000.00 Fbrt Pier~eFlorids. ~ October 1 ~ 19 ?5 • Foa Vws.us Rscsiva~, the undersig~ned promiee(e) to p~y to ~ . THE IAMAS & 2~I~TTLETON COMPANY ~ s oorporatioa orgauised and e~d~e~ina under-ibe -bws~-~t~~tnte i~e rincipal aum of TfiIRTY FUUR THOUSAND and aorl~d~l~s 34,000.00 aitl, inte~c from aate ,?t ~ the rste d IJINE P~ centum ( 9%) Pe* aanum on the unp4id balanoe unW paid. Tbe eaid principal and interest shall be psyable at the o8'ice af ~e ~as & Nettleton Comp~ny P. O. BoX 96~ in Virginia Beaeh, Virginia 23451 . or at such oWer plaoe es the holder msy deei~nate in writin6 delivered or mailed to t6e debtor, in monthly installment8 of ~p ~~~g~p g~ 70~10~ (i 273.70 ~~m~cing on the fust daY ~ December 1, 1975 , aad ooatinuing oa the fire~ tlsy oi eacb month thereafter until this note is fully paid~ except that, if not eooner psid, the final payment oi principal and int,erest shall be due end payable on the first dsy of Novem'~er ~ 2005 - privile~e ia reserved tio prepsy at sny time, without premium or fee. the entire indebtednees or any pu~ thereof not les~ tban the amount of one installmen4 or one hunde+e~! doUaes (i100.00). Mrhic6ever is le~. Yrepayment in tull ahall be credited on the date received. Putial prepaymeat, oWer thm oa an instaU~nent due date, aeed aot be credited unW t6e next [dloarin~ lustallmeat due date or thirty days after such prepaymeat, whlc6ever is earlier. _ If any deficiency in the payment of any inatallment under thia note ia not made good prior to the due dete of the ne=t auch installment, .the entire principal sum and accrued intereat shall et once beoome due and Fay- able without notice at the optwa of the holder oi this note. FWure to ezercise this option ahall not oonstatute • waiver of the rig~t to exem,ise t6e ssme in We event of any subeequent default. In ttie event of defsul~ in the gsfineaL of Lhis natc, snd ii the same is collect~d by an att~rney at larr, Lhe U.ndereigoed hereby sgrt+e~(ej t~ pay all ooets of oollection~ including s ressonable sttarnsy's fee. Thia note is secured by mortga~e of even date ezecuted by the nndetsigned on certsin pmperty described therein and represents money acf,ually used for the scquisition of said property or the impmvemente thereon. Preeentment, protsst~ and notic~s are hereby waived. Igl Roscoe Luke (hrQns [~L] R(?SCOE LtJI~ O~TENS ~ ~ a~, ~ ~js~ni P iQ=-. j~,rPn "S~ [SEAL] JAI~IE S. OWF~tS • ~ [s~r?r,l ! And ahall dul rom tl and full rform discharge execute effect com lete and com 1 with and abide ; Y Pe , , , . : by each and every~ the st~p lations, agreements, conditions~ and oovenaats of epaid promissory note and of tbie - ~ mortgage, then this mortgage and the estate hereby created s6s11 cease and be null and void. . ~ The Mortgagor further covenants as follows: ~ I. 1'6at he will pay the indebtedness, aa hereinbefore pmvided. Privilege is reserved to prepay at any time, ~ without premium or fee, the entire indebtedness or any part thereof not lesa thaa the amount of one inatallment, or one hundred dollars (i100.00), whichever ia less. 2. In order more full~ to pmtect the securit~- of this mortgage, Uie 1~Iortgap,or, t.ogether with, and in addition to, th~ monthl~• patments under the terms of the nole secured hereb~•, on the first der of each month unti: tl~e saicl not~ is full~ paid~ v?ill pa~ to the ;1~1ort~ngee, as trustee, (under tl?e terms o( this trust as hcrein- after stalecl) tLe following sw~LS: (a) A aum equal to the ground rents, if say~ next due~ plus the premiuma that will next become due and payable on policiea of fire and ot6er hasard insurance oovering the mortgaged pmperty, plus taxes and assessments n~ 1i~s'y`.^ry"'~~e'.^~°..~ e~lSre-^°..-*f-.° ~ e~,alim_r.S~.,_t°r~ ~L ~i3rf~m ~nr~ nf vhi~ ~nrfe°°-°aQi notified) less a11 sums already paid therefor divided by t6e number of montha to ela~pee before one month prior to the date when such ground rents, premiums, ta~ces, and a~essments will become delinquent, such sums to be held by Mortgageeintrusttopaysaidgroundrenta.premiums,ta~ces,andspecialas~essmenta. (b) The aggregate of the amounte pa able pursuant to subparsgraph (s) and thoeepayable on the note t~ecured bereby, shall be paid in a sing~e payment each month, to be applied to the following items ia the order atated _ (n ground rents, ta~ces, aseessmente, fire, and other hasard insurance premiuma; ~ (II) interest on the note secured hereby; aad ~ (IIn amorti:ation of the principal of eaid note. ~ Any deficiency in the amount of such aggre~ate monthly psqment shall~ unless msde good by the Mort= ~ gsgor pr~or to the •due date of the next such payment, const~tute an event of default under th~s mortgage. At Mortgagee's option, Mortgagor will psy a"late cl~arge" not exceeding four per ceatum (4~Jo) of any install- ~ ment when psid more than filteen (15) dsys after the due date thereof to cover the extra expense involved in handling delinquent psqments, but such "late charge" shall not be psyabte out of the proceeds of any sale ~ made to satisfy the ~ndebtr.dness secured hereby, unless ~such proceeds are sufficient to d~schsrge the entite indebtedneae and all proper costs and eapenses secured thereby. 3. I( tl?e total of the patments mnd~ b~ the Tiortgngor under (a) of para~?raph 2 preceding shall exceed the emount. of pa}~ments actuaU~- n~s~l~ br t~~e ~iott~a~ec, as truste~, for ground rents, taxes and as.gessments, ~ and insurance prnmiums, as the case ma~~ be, such eacess sLaU be credited on subsequent payments to be msde by the Mortgagor for sucli items or, at Mortg~ee's option, as trustee, s}~ai1 be retunded to Mortgegor. If, however, such montl~ly pa~ments shall not tx~ suffirient to pa~ su~h items when the same ahall become due snd pa•able, then the :~tortga~or shnll pav to thr Mort~e~e~~, ns trustee, an~ amount necessary to make up ~ the de~cienc~. Sucl~ pa~ment shall be mude within thirty (:i0) da~-s after written notice fmm the Mortgagee ~ stating the amount of the deficiency, which notice tnsy be given by mail. It st any tune the Mortgagor ahall ~ ao~ 24~ ~1077 ~ : ~ ~ ~ ~ ~ ~ ~~~~?r~~= ~ _ . _ _ ~ . . ~ _ _s