HomeMy WebLinkAbout0621 The Mortgagor bereby covenaats w*ith the Mortgagee~ tb~t he iu indeieunibly eeized ui aaid l~ad in fes
iunple or sucd otber eststet J aay as is sta?I,ed he:aia; tha~ he haa tull power u?d I~wiu1 rigbL to ooovev t,he anme
aa i?tores~id; th~~ Lhe laad ~s itee ~rom aU eacumbraaces exoep~ as bereia oiherwise recit~; t,h~tt ssid~?iortgagor
will maka such furt,ber sauranues to prove the ator~esaid titlr ta ~aid lsad in said Mortgagee ws m~y be re.ason-
abl required~ and that said Mortgago~ Joes hereby tull ~ruraa~ the dWe to siud land, and every part the~eot.
sa~will detend ths s~me ~gt?inst tLe bwful claims oi ~ perww whomsoever.
Paop~us~ ALa~YS that ii the kio~tgagor ahall pa~ uato Ws Mort~ages Wat oe~t~ain promissory note~ oi
w6ich the followiug is ~ subetantisl ooPT, to wi4:
i~ 22,900.00 ' . June 6t 9 77;
Fox Vwt.us Rscuvsu, tbe underei~ned promise(s) t~o p~y to SOUTHERN MORTGA.~iE ASSOCIATES, INC .
authorized to do business in the State of Florida ~
~ s oorpondon or~aanised ~?ud e~ostina uader tbe
Vwe ot Arkansas ~ F~~~ eum of Threnty two thousand ,
nine hundred & no/00•• 22 900.00 "'u"A~ iro~? d't° a~
the nt,e oi eight & one h$lf Pe* centum c~oJo) per annum oa t6e uapaid b~lanoe unW q?id.
TLe aaid principal snd interest ahall6e p~ysble at the office ot Southern Mort ~a_ae Assoei8tes , Inc .
1999 S.W. 27th Avenue
~ Miami FL 3~145 , or st sucb otber plaee ~ t6e 6older may deeignste iu writing
detivered or ma~ed co the ebtor, in monchly u,stallmente of One hundred seventy six &08~
(i 17 6. 0 8 commencing on the fira~ dsy of J u 1 y , 19 'j'j , aud oontinuit~ on t6e
6ret day of esch month theresitcr until thia note is fully paid~ escept th~t~ ii noL eooner paid, tha final poyment
oi princapal sad interesL sh~ll be due and pay~bla on tbe firet day oi June, 2007 ~ •
privilege ia reserved to prepa~ at an~ time~ aithou6 prannium or fee. the entire indebtednees or eny pui
t5ereo[ not las than the uaount ot one in=tallment, or one bundred doUars (=100.00), wt~chever ic lest. Yrepaywent in fuU
shall be credited on the date received. Partial prepaymeat, ot6er tbao oa an iastallment due date. need oot be credited until
the next tdlovriu~ iadallmeat due date or thlrty dtys aiter wch peep~yn~eat, whieberer is earlier.
Ii any deficiency in tbe psym
ent of sny installtnent under thia note ia not msde good prior to tLe due date
oi tLe nezt such instsllment, the entire prmcipal sum snd accrued interest shall at once beoome due and ~?y- ;
able ~vithout notice 4t tLe option ot the holder of tdis note. FWure to exem.iae tbia optioa shall not oonstatute ;
a waiver of the right to ezetr.ise t6e eame in the event of any subsequent deisut~ In We even6 oi default in the ~
psyment oi thia note, sad if the ssme is eotlected by an sttorne~ at L~v, the nndersigned Lereby ~gree(s) to '
psy sll oosts of collectioa~ including a re~sonrble sttorney's fee.
Thia note ie eecured by mortgage of even date ezecuted by t6e undersigned on oertain prop~erty deecribed
tLerein snd represents money actually use~i for the scquiaition oi said property or tbe impmvements thereon.
Preeentment. protest. and notic++ ~re 6ereby waived.
~ [s~,7
Tsiah Branom, Jr.
[s~]
/LcLne7?~
uanita Branom
[s~J
Md ahall duly, promptly, and fully perform, discharge~ execute, eEect~ oomplete~ snd camply ~vith aad abide
by each and every the stipulations, agreements, conditions, and covenanta of said promisaory note snd of thie
mortgage, then t6ia mortgage and the eatate hereby created shall oeaee and be nuU and void.
'The Mortgagor furt6er covenaute ae follows:
1. That he ~riU pay the indebtedness, aa hereinbefore provided. Privilege is reserved to prepay st any time,
without premium or fee~ the entire indebtedneas or say part ther+eof not less Lhaa the amwint of one installment, or
one hundred dollars (i100.00), whichever ia lesa. ;
2_ ln onler mor~ full~- to protc•ct thc securit~- of this moriga~e, the Ltortgagor, together with, and in
acldition to, the monU~l~- ps~•n~enta under ihe ternis of thr note se~vrecl h~•reb~•, on the first da~ of each month
w~til tl~e suid not~ is full~ paiJ, will pn~- to tt~e ~lortKa~;c~e, ag trustre, (uncler tl~c~ tern~s of thes trust as herein-
aRer stated) tl~e fullou•in~ su~+~s: ;
(s) A eum equal to the ~ound renta, J say, next due, plus the premiuma that will aext become due and payable
on poiiciee of 6re and other hasard insurance covering the mortgaged property, plus taxes snd assessments ~
next due on the mortgaged property (all sa estimated by the Mortgagee and oE ~vhich t6e Mortgagor ia ~
notified) less all aums already psid therefor divided by the number of months to ela~pee before one month ;
prior ta the date when such ground rents, premiuma, taxr.s~ and aesessments will beaome delinquent, ~
such sums to be held by Mortgsgeeintrusttopaysaidgroundrents,premiums~taxes,sadspecialassessmenta.
(b) The aggregate of the emounts pa able purauant to subpsragraph (a) and thosepayable on the note wecured .
bereby, shalt be pnid in s~e payment each montb, to be applied to the foUowing items in the order i
atated ~
(I) ground rente, ta~ces, asses~mente, fire, and other basard insurance premi~ma; •
(II) interest on the note eecured hereby; and ~
(III) amortization of the principal of said note. `
Any deficieney in the amount of auch aggre~ate monthly payment shsll, unless made good by the Mort- -
gagor pr~or to the due date of the next such payment~ constitute an event of default under this mortgage.
At Mortgage~'s option, Mort~agor will psy a"late cl~arge" not exceeding lour per centum (4%) ot any install-
ment whea paid more than fitteen (15) dsys after the due date there.of to cover the extre expense involved in
handling delinquent payments, but such "late charge" sbaU not be payable out of the proceeds of any sale
made W satisfy the ~ndebtedness secured hereby~ urileas s~ich proceeds are aufficient to disc6arge the entire
indebtednesa snd all proper costs and expensea secured thereby.
3. IB thP total of the parments inu~~ h~- tLe ~'Iortgu~or un~l~r (e) of paraRraph 2 preredin~ shall exceed s
tl~e amount of pa}•ments actuall~- n~a~l~ hr t~~e ~fortKaKec, as trustc~, f~?r Kmunrl rc•nts, taxes and as.ges.4nients~ ~
and ins4rance pr~miwus, as th~ c•ase ~nar bc~, such excesa shal! bc~ credit~d on sut,~c~yuent pa~-ments to be made ~
L~• the 1'Iortg~;or for such iteii?s or, et ~1ortgu~e~'s ortion, as trustee, s!?a!1 br rcfuncied to Morlgegot. 1f,
hovrrerer, suctt monlhl~ pa~-ments 4ha11 not 1?i~ QuffiriPnt to pa}• su~•h it~ms when the same shell become due %
end pa~•able, then thc :~tortRa~tor sl?atl pn~• to th~ ~fort~n~e~~, us trust~•e, nr~~- ar?iount necessarv ta make up ~
the de ~ienct-, Suc1~ pa~'?ri~nt shal) be ~na~l~ K'ithin thirt~ (:i0) de~s after written notice (rom t~e Mortgagee
atating Lhe amount of the deficiencj, wl~ich notice may be given by mail. If at anp time the Mortgagor shall ~
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