HomeMy WebLinkAbout0373 .
The Mortgugor hereby coveuanta wit6 tt~e Mort{;e~er, that he is indefesRib!y seiu~d ot ssid land in foe
eimpie or auc6 other ealstst d any aa ia stated herein; tl~at he hua tull powo~ ~nd lawiul right to convev t,he awt+~ie
as afareanid; that the lannci is irea ~rom all eacumbrences Bxcopl, as herein otherwiae recited; ~hat eaidZViortga~or
rvill mske such turther aeswyu?ces to prove We i?toresaid Wt,1e to said l~nd ia said Moctgagee us onsy be raason-
ablyrequiread~ and th~t said Mortg4gor does hereby tul!p wnrrant the uWe to sa?id land, snd every part U~ereot~
d"U defend the aame ar
an wi aguaat the lwwful cU?imu o! ~11 perewna whomaoever.
Psovioga A~.w~YS th~t ii the ~iortgagor ahi?ll psy unto fhe Mortgagee th~~ ce~t,ain promi8eory note~ oi
Mhich tLe toUowi??g ia ~ subetawti~l oop~, to wiL:
i 26 ,000 . 00 Stuart ,
May i 3, ls 7 7.
Fos VwLVe Recnvsn~ chha under8i~ned promiae(e) to pey w
SOUTHERN MORTGAGE ASSOCIATES, INC. authorized to do business in
~he State of Florida
. s corporation organised sad erixting uader t6e
°f Arkansas a~e~, the prineipal sum of Twenty six thousand &
c1/00..--------------------------- Dollars (i 26~000.00 with interest from datc at
the rate of eight pe~ oenlum ( $°Jo) per annum on the unpaid balanoe until paid.
1'he eaid priacipal and inferest shall be payable at the off'ice ot
Southern Mortgage Associates, Inc., 1999 S.W• 27th Avenue
in Mi~ni, Florida .33145 , or nt such other pleoe as the holder may designate in vvriting
delivered or mailed to the debtor, in monthly installments of Orie hundred ninety &?8/00
19Q . 7$ commencing on the Srst day oi June , 19 77, aud oontinuing oa the
firat dsy of each month thereaiter until t,}iis note ia fully paid, e~ccept thst, if not sooner paid, the final payment '
of princapsl and interest shall be due and peyable on the first day of M~y, 20Q7 ~ •
privitege ia reserved to prepay st any time~ without premium or fee, t e entate mdebtednees or snp part
thereof not less Wan the amount of one instailment, or one hundred dollars (5100.00), whichever is less. PrepaymeAt in [uil
sh~li be ce+edlted op the date received. Putial prepayment. oWer than on an insWlment due date, need not be credited until
the next toUowing installmeat due date or thirty d~ys after such prepayment, whichever is ear{ier.
If sny deficiency in the payment of any installraent under this note is not made good prior to the due date
of the ne.~t such installment, L6e entire pr?ncipal sum and eccrued intereat ehall at onc~ beoome due and ~sy-
able without natice at the option of the holder of this note. Failure to exercise this option shall not oonstituts
a waiver of the right to exercise the same in t6e event oi env subeequent deisult. In the event of default in the
psyment of this note, and it the same is collected by an sttorney at lew, the undersigned hereby agree(s) to
psy all costs of collection, including a reasonable attorney's tee.
Thia nate is secured by mortga~e of even date eaecuted by the undersigned on c~artain pmperty described
t~erei~n and representa money actuallp used for the acquisitioa oi ' propecty or improvementa thereon.
Presentment, protest, and notice are hereby waived. '
. -
__...-.~~~vG l ~~L~
_ David . Engh
[sa~+Ll
' (s~l
Constance M. Engholm
[s~r+r.]
And shall duly, promptly~ and fully perform, dischurge, execute, eHect~ complete, and comply with and abide
by each and every t6e stipulations, agreements, conditions, and covenants of said promissory noLe and of this
mortgage, then this mortgage snd the r.state hereby created shall cea4e and be null snd void,
The Mortgagor further covenants as follows: ,
l. That 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 tess.
2. tn order n~or~~ fuli.- tc? prote~c•t thr ;~~c•uritr of lhis iuort~.•~~r, ih~ \tortga~or, to~*e~th~~r Hith, and in
u~l~lition to, the~ monthl~~ pa~•~nents und~~r ih~ tc~r~nc of th~• note s~~•urc~d h~•rE•1~~-. on th~• fir~t du~- of ~•t~c~h m~ntii
w?til the suid nat~• is full~- pui~l, N'lII F)~l~' ~O (I1P ~1ort~n~;~~•, n.s trustc~~. (un~lt~r th~~ ic•rn?, of th~, tr~st herein-
uRc~r stated) tl?c• fullo~~in~? suu?s:
(s) A sum equal to t6e ground rents, if any, next due, ptus the premiums that will next become due and payable
on policiea of fire and other hazard insurance covering the mort~aged property~ plus tsxes and as.sessments
next due on the mortgaged property (all as estunated by the ~iortgagee and of which the Mortgap,or is
notified) less all sums already paid therefor divided by the number of manths to elapse before one month
prior to the date when such ground rents, premiums~ taxes, and assessments will become delinquent,
such suma to be held by Mortgageeintrusttopayesidgroundrents,premiums,ta~tes,andspecialasse.ssments.
(b) The aggregate of the amounta payuble pursuant to subparagraph (a) and those payabie on the note secured
hereby~ shall be paid in a single payment eac6 mont6, to be appiied to the foltowing items in the order
atated
(I) ground rents, taxes, sasessmenta, Sre, and other hazard insurance premiums;
(II) interest on tLe note secured hereby; and
(III) amortiaation of the principal of said note.
Any deficiency in the amount of such a;;greRate monthly payment shall, unless made good b~ the ;~iort-
gagor prjor to the due date ot the next sucl~ pa~ ment, const~tute an event of default under this mortgage.
At Mortgagee's option, Mortgsgor wiU pay s"lste charge" no~ eaceeding tow per centum (4°Jo) oi any install-
ment when paid more than &ftecn (15j days after the due date thereof to cover the extra expense invoi~ed in
handling delinquent pavments~ but such "late charge" shall not be payable out of the proceeds of an} sale
msde to satisfy the ~n~ebtedness secured hereby, w?iess such proceeds are sufficient, to discharge the entire
indebtednesa and all proper costs and expenses secured thereby.
:3. if th~ total of th<• pn}-~~u~nt, ~nn~l~~ h~- ih+• ~lort};u~;ar uiui~~r (a) of purukrupl~ 2 prt~r~~dinK shaU exceed
l}ie $mount ot pa~-uients iutUull~- iu:i~l~~ h~- ttii• ~tort~;u~;~~~~, i~,s trust~•~•, for ~;roun~l rents, taxes and ussew.cnients,
and insuran~~~ pr~~~niunss, as th~~ ~•u.~~ mu~•~~•, such P!cce~ sf?alI i~ c~redit~~~i on sut~quent pa}-rnents to }x~ niede
b~• the ~1ortKu~or for su~•h it~ins or, ut ~tortgnK~e's option, us trustFe~, sliall Ix• r~funried to ~tortKaF;or. If,
however, such t~~ontl~l~• i~a~•n~ents sliall nM Ix~ suffiri~nt t~ pa}• sw•h it~~ns, K~hen th~ saniP shall I~come due
and pa~•eble, then th~ `1orl~a~;or shall pa~• to th~ ~lort~:a~?~~~~, us iruste~~, un~• uniount n~~c~csar~• to makc up
the de~ici~nc~•. ~u~h pa~-m~•nt shnll bo ~i~.i~l~~ N•ittiiu t)?irt}~ (:i(1) ~ia~-c ufl~r w•ritt~n noti~~ frorn 1~~~ :~Iortgagee
- stating the amount of the deficienc~. which notic~ rnav be g+s~en t?~ rnail. If at any time t6e Mortgagor s6all
BDOK ~VO ~~bE ~7~
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