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Home My WebLink About0073 i c . . . . 1 S i a ~ r ~Z ~ lt . " • The Mortgegor hereby covenants with t.he Mortgsgee~ th~t 6e is indeleaaibly seized of eaid Lnd in fee simple or such other estates ~f Rqy aa is atatsd herein; that he has tull power and lawful rigbt to ooovev the aRme as ~toresaid; tho6 the l~nd ~a iree ~rom sll encumbrances except ss herein otberwise reciLed; that said~iortgagor ~?iU make auc6 further ssaurances to provo the doreeaid Wtle to said land in said Mortgagee ~s m~y be resson- ~?b1ye~equired~ snd th~?t said Mortgagoc does Lereby fully ~rurant, the titie to said land~ and every paH, t,hereot~ ~nd aill defend the same agsiaat Lhe lawful clain~a oi all persons whomsoever. PROVIDED AL~I/AYb ZLiL It ule I110l~i~Ot SbiU p~y unLo tha Mortgagee Lhat cectsin pmmissory note, oi which the following is a substsntaal ooPS, to wit: i26,650.0U Stuart Decemher 9,19 77. ' Foa V~a.us Rscstvsu, the unde~ed Prou?iAe(s) to P~Y to SOUTHERN MORTGAGE ASSOCIATES, INC., authorized to do business in the State of Florida ~ s oorpore~ion or6anised and n~oatina under the lawe of ~'kansas , o~ order~ the principal aum otTwenty-six thousand, six hundred, fifty & UO/00-------__----~*~ (i26,650.00 from dste at the nte ot eight & one half p~ ~L~m ~ 8. 5%) P~ ~~~'P~ ~s°°e unw pud• The eaid principal and'u?terest ehaU be PaYBble st t,he o~ce of Southern Mortgage Associates, Inc., 1999 SW 27th,Avenue r' v ia Miami , Florida 3314 5 . or at such other pla~ as tbe bolder maq d~'~n ' delivered or, ~ or, in monthly instaliments oi Two hundred, fot,u~ 92 /00~~~~ (i 2 04 .~~~~5°~ ~ cing on the first day of JanuaY`y , 19 7 tS ~ and oontinuin~ oa the first dsy oi eat;h month thereatter until this note is tully paid, eucept that~ ii not sooner psid, tDe Snal psyment of princ~pai and interest shail be due and psyable on the Sret dsy oi December .2007 • privile~e is reserved to prepsy st sny time, wit6out premium or fee. the entire indebtedneeB or any put thereot not less than tde amount of oae Installment. or one hundred doUa~s (a100.00). ~rhicberer is kss. Yrepayment in tull d~aU be credited oa the date received. Partial prepayment, other than oa aa instaUment due date. need not be ccedited unt~l the next toilowiag iastsllmeat due date or thirty days after such prepaymeat, whicherer is earlier. ~ Ii any deficiency in the paym ent of sny inataliment under tbia note ia not made good prior to the dua d~te of the nezt such instellment, the ei?tire princiPsl sum and accrued interESt s6all at once become due and psy- able without notice at the option of the holder oi this note. Failure to e~ercise this option ahall not oons4tute • wuver of the right to e~cerciae the same in the event of any subsequent defaulk In the event oi deisult in the psyment oi thia note, aad if the ssme is collected by sn attornay st law, the undereigned hereby agree(s) to psy sll ooate of collection, including s reasonable sttorney's tee. This note ia eecured by mortgage of even date executcd by t6e underaigned on oertain property deecribed therein and represents money actuauy used for ~he acquisition oi said property or the improvemente tbereon. Preeentmeat~ protest. end notice are hereby waived. G(~!~ ~s~L~ Stanley . Swarts, Jr. ~ [ssnt.] ~ , ~ _ - [~l ~earl M. w s I ~~L~ ~ And ahall duly. promptly, and fully perform~ discharge, e~cecute, eHect, complete, and comply ~vith and abide by each and every the stipulationa, agreements~ conditions, and oovenanta of esid promissory note and of thia mortgage, then this mortgage and the estate hereby created shall ces~se and be null and void E The Mortgagor furt6er covenants as followa: ' - l. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to .Prepsy st any time, without premium or fe4e, the entire indebtedneas or any part thereof not less than the amount of one inatallment, or.. one hundred dollus (5100.00), w6ichever is less. Prepayment in [uU s6a11 be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until the next following instaliment due date or thirty days after such prepayment, wWchever is earlier. 2. In order ~nore full~• to protect the securit~• of this mori~age. the ~'[oKgagor, together with,~and in addition to, the monthl~- pa~•menta undcr 1h~ terms of the note sP~ured hereby, on the first da~ of each month until the said notc is fu~l~- paid, will pa~• to the Mortga~ee, as trustee, (undPr the t~rms of this trust as herein- efter stated) the following swns: (s) A eum equal to the ground rents, if any, next due, plus the premiuma that will next become due and payable ~ on policies of 5re and other 6asard insurance oovering the mortqaged property, plus taxes and assessments neat due on the mortgaged property (aU ae estimated by the Mortgagee snd of ~?hich the Mortgagor is noti6ed) less all sums already paid therefor divided by the number of montha to elapee before one month ~ prior to t6e date when such ground rents, premiuma, taxes, and a~eessme~ts will beeome delinquent, ~ auch eums t~o be held by Mortgageeintruattopsysaidgrcwndrents,premiuraa,taxes,andapecislasae~menta. (b) The aggregate of the amouata ~yable purauaat to subparagrap6 (a) and thoeepayable on the note aecured ~ 6ereby, ehall be paid in s eingle psyment each month, to be applied to t6e fdlo~vii?g itema in ttie order ~ etsted ~ (I) g~round reats, ta~cee, a~ssmenta, fire, aad other hasard insurance premiume; ~ (II) interest on t6e note eeeured hereby; aad ~ (III) smortise?tion of the principal of aaid note. o Any deficiency in the amount of such aggre~;ate monthly payment ahall, unless made good by the ~ A ~ gagor pr~or to the due date of the next such pgyment, constitute an event of defsult under t6is mortga~e. ~ ~ At Mortgagee's option, Mortgagor wili pay a"late charge" not exceeding four per centum (4%) of sny install- N ~ J ment when paid more than Sfteen (15) days a(ter the due date thereof to cover the extrs expense involved in ~ ~ handling delinquent psyments, but such "late charge" ahalt not be psyable out of the proceeds oi any sale ~ j"V made to satisfy the ~ndebtedness secured hereby, unless such proceeds are eutTicient to d~scharge the entiro ~ indebtedness and all proper costs and expenees secured thereby. 3. I[ the total of tl~e pa~-i~~ents med~ h~• the Mort~ngor under (e) of pt?ra~;ruph 2 precedinR shall exceed ~ the an~ount of parments actunll~ mad~ b~• t~~e :ltortKaKe~, as trustee, for ground rents, taxes and as.gessments~ v and insurance prcmiwns, as thc~ case ma~- be, such excrss shall ix~ credited on subsequent payments to be made ` ~ bv the ?4lortgagor for su~h items or, nt ~torLg$gPe's option, a.s trustee, stiall be retunded to Mortgsgor. If, ~ however, such montl~l~• pa~•ments sl~sll not l~e suffi~•ient to pn~ such ite~~is when the same ahall become due ~ and pa~•able, then thc ;41ortRa~or shull pa~ to th~ Mon~a~c~, os trustee, anv amount necessary to meke up r~-, thp de~iciene~•. Such pa~•ment shall be m~ie v?ilhin thirtti (:i0) da~^~ after written nolice irom the Morigagee