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HomeMy WebLinkAbout0968 , . . . . ~ The Mortgagor hereby covennnt,a wit~h Lhe Mort~;ageP~ that he ia indetc~:ibly seized oi said land in foe simple or auch ol,her ostat.et J t?ny as is atated herein; tt~at he hea tull power ~nd lewtul right to convev tho SAme an afotesaid; thot the land is iree ~rom a11 encumbrances excopt as herea ol.herwise recit~i; t6at aeid~Vlort~gor ~viU malce such fur4her assurj?r~~s to provo t,Le afon.~uid 4i61e to eaid land in said Mortgagee aa msy be rr.nson- ablyrequired, and tho6 said Mortgago~ cloc~s hereby full warnuti the ti~le to said lsnd~ and every part t1?ereof~ 0 ~nd will defend the eame agsinst the lewiul claim~ ot pe~ssons whuinsoever. PROV~nsn A~w~Ye thst ii the !1lortgagor ahall psy unto t~he Mortgagee tha~ ce~t,~in pmaaiseory note~ oi ahich the foUowiug is ~ subsLantiul coPf. to wit,: i 32, 500.00 Stuart , Florids. Fehnaary 2 ,1976 . FOR VALU~ RfiCi1YED~ the undersigned pmmi~e(a) to P~y b Southern l~b~age AssoCiates, InC. , autl~nrized to cb b~siness in the State of Flo~ida . s corporation organir~ed and e~dstina under.the laWa ot Arka~sas ~ or order, the principa! sum of thirly-tWiD th~u.sand fiVe hundred and 00/100---------- Dollars (i 32 500.00 with intereat from daLe at the rate of eight & three qt~"ters Per centum ( 8. ?5 %1 aer annum on the unpaid belance until paid. The said pripcipal und interest shall be payable at the o@'ice of Souttlern Mo~6qaqe ASSOCiates. InC.. 1999 SW 27th Avernie, in Miami., Floiricla , or at such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly instaflments oi ~p h~~ fifty-fiV~ dAd 85/OODallsrs 255.85 commencing on the 6cxt dny oi , 19 , and oontinuing on the a 6rst day of each month thereafter until this note is tully paid~ eucept that, if not eooner paid, the final payment t of principal and interest shall be due snd payable on the first day pf J~uiuazy , 2006 . ~ privilege is resecved to prepay at any time~ without premium or fee. the entire indebtedness or any pac~t ~ t6ereot not less than the amouat of one insta?lment, or one hundred doUars (;100.00), whicdever is less. Prepayment in tull shall be credited on the date received. Putial prepayment, other tt?an on an instaliment due date, need not be rredited until the next foUowing installment due date or thirty days after such prepsyment, whichever is ~utier. If sny deficiency in the pay ment of any installment under this note is not made g~ood prior to the due date of the next such installment, the entire principal sum aad acerued interest shall at once become due and ~ay- able without natice at the option of the holder of this note. Fsilure to exercise this option shall not constatute a waiver of the right to esercise the same in the event of anv subsequent default. In the event of dafault in the payment of this note, end if the same ia collect.ed by an attoraey st law, the underaigned hereby agree(s) to ~ pay all costa of coilection, including a reasonable sttorney's fee. This note is secured by mortgage of even date eaecuted by the undersigned on certain property described therein and representa money acCually used for the acquisition of said praperty or the improvemente thereoa Presentment, protest, and notic~s are hereby waived. /~.I~~t Micha~el Ba4Qan [gg,~L] .Ilonna.~- [s~.] _ [s~.] ~ . (s~+L~ ~ ' And shall duly, promptly, and fully perform, discharge, execute, effect, 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. i The Nlortgagor further covenants as followa: _ } ; 1. T6at he will pay the indebtedness~ as hereinbefore provided. Privilege is reserved to prepay at any time, ; ~ without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or ; one hundred dollars (i100.00), whichever is less. ~ i 2. In or~ier r+wr~ full~ to protc~•t 1h~• .~~rurit~- of tiiis ii?ort~;a~~•, tl?c• ~tort~;~or, to~;cth~~r witL, an~l in 3 ~ a~l~lition t~~, ih~ tuanthl~- pa~•n~~•nts under 1h~ tenus o[ tiu• note sc~c•ur~d li~~reb~, ot? thr firsi da~- of rae•1~ month ~ ~ until th~~ sai~l not~• ic full~- puid, µ•ill pn~- to thc~ ~1ortKa~:~~>, ~s tra.te~, (und~•r th~• t~rn~s of this trust as her~in- aft~~r statc•cl) ihe f~~llo~cin~; sun»: t ~ (a) A sum equal to the ground rents~ if sny, next due, plus the premiums that will next become due and payable ~ g on policies of fire and other haaard insucance covering the mortRaged properLy, plus taices and a.ssessments ~ 1 next due on the mortgaged property (aU as estimated by the `'Iortgagee and of which the :4iortgagor is ~ ~ notified) less all sums already paid therefor divided by the number of months to elapse before one month ~ ~ prior W the dste when s~ch ground rents, premiums, taxes, and assessments will become delinquent, ~ such sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. ~ (b) The aggregate of the smounts payuble pursuaat to subparagraph (a) and those payable on the note secured ~ a hereby, shall be paid in a singie payment each month, to be applied to the following items in the order ~ ~ stated ~ : ; ground rents, taxes, a~5essmenta, fire, and other hazard insurance premi~ms; ; (II) interest on the note seeured hereby; and ~ ; (III) amortization of the principal of said note. ~ ~ Any deficiency in the a[riount of such ag~re~ate monthl,v payment shall, unless made gooci by the ~tortr ; ; gagor prjor to the due date of the next sucl~ pa~•ment, constitute an e~ ent of default under this mortgage. ~ ~ At l~iortgagee's option, Mort~agor will pa~ e"late charge" not eaceeding four per centum (4%) of any ins1a11- ~ ~ ment when paid more then ~'ftcen (15) days atter the due date thereof to cover the extra expense in~ol~ed in ~ ~ handling delinquent payments, but s~~ch "laee charge" shall not be payable out of the proeeecls of any sale ~ ~ made W satisfy the inc~ebt~dness secured hereLy, unless such prceeeds are suff'icient to d~scharge the entire ~ ~ indebtednesa and sll proper casts anJ expenses secured thereby. i 3. I[ tl~e total of Ihe pn~-n~t~nts n?u~lti~ b~- tL~• ~1act~:~~;or un~l~•r (u) ~~f p:ir~~ruph 2 pre~e~iin~ sLall c~xeeed ; the amount of pa~-n~ents a~~tuvllr iiin~l~~ 1?~- t}ie \1ort~u~;ee. us trustei~. f~?r ground r~•t~ts, tu~c~ and uss~~.~ments, i and insurau~•~~ prc•~niun~s, u.5 th~• c•us~~ ~nu~~f~, sucl~ t~x~•ess sl~ull ix~ cr~dit~~l on sul~s~•yuent pa~-ments to be madc i b~ th~• ~4ortKv~;or for su~~h itcros or. :~t ~1oMgu~c~~'s option, u.4 truste~, shall b~ r~funded to ~fort~agoc. If, € hoKC:ver, such n?onti~i~• pa~-n«•nts ~I~ull not 1?r stifliri~itit ~n pa}• su~•h ii~~ins when the same shall Ixcome due E anc) pu~•able, then the ~IortKa~;nr sh:~ll pn~• to thc• ~1ort~;a~,?~•~~, a~ trustc~•, au~- anwuut necessar~ to meke. up ~ € th~ de~iciene~~. ~Urh pa~~m~•nt sl~all 1,~ in:ul~• K~ilhin thirt~~ !:iO) ~la~-G uftc~r Hritt~n notir~ fron~ t~~e Mortgagee stating-~he amount of the deficienc~-, Hl~ich notic~ may be gi~en by mail. If at, any time the Mortgagor ahall ~ i! f'~ i ~7tV PACE ~ ~ t , r~ _ ~ ~ ~ ~ ~ : ~ w . _ . .