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HomeMy WebLinkAbout0351 The Morlgagor benby covenanta with the I?tortgs~ee~, that ha is indeCeasibl ~ seized oi eaid Lnd in fee aimple or suc6 o4her eatat,et J i?ny ae is etat~i herein; tha~ he baa Iull po~ er snd Is~ul right t,o oouvev the snme ae aforesaid; that the laad ia iree from sll encumbraaces except as 6erein ot.t?erwise recited; th~L said~iortgegor ~vill make such furtt?er assurances to provo the ato~eaaid Wtle to said land in said Mortgigee us m~y be re.ason- sbl nq uired, snd chsL said Mortga$oc doe~ hereby tuUy w~arr~nt the title to said land, snd every p~c6l,hereoi, aa~will defend t,he s~?me againa~ the lawiul claima of W peraoas whomsoever. PROVIDSD AI.~HAYB ~b~t if the ?~ioctgagor a6all p~y unto the Morigogoe Lbat oertain promisaory note, oi which We inllowing is ~ suba~an~i~l ooPS~ to wit: i 23, 500 . 00 ~ Fort Pierce ~ February 16 .1978 • FoA Vwuus Rscs~vsn, t6e undersigned pro~nise(a) to paY t~o Southern Mortgage Associates, Inc. authorized to do business in the State of Florida oorporstion orsanised and esistin~ under the laws of Arkansas . or order~ the principal eum ot ~enty Thre " Thousand Five Hundred and no/100 23, 500 . 00 ~'~'n~ !r°°' d'te 't the rate ot Eight and One Half Pc* ~m 8. 5°10) P~ ~um oa the u~paid balanoe until psid. T6e asid principal aad inter~at ehsll be payable at We o~'ioe of Southern Mortgage Associstes, Inc . 1999 S.W. 27th Ave. ~ M i sm i, F 1 oY' i d S 3 31 ~ 5 ~ or at such other p1aoE sa the holder may deeignate in writin~ delivered or mailed to the debtor, in monthly inataltmenta oi0ne Hundred E~ghty--69/~OQ- (i 180.69 commencing on the first dsy of ApI'11 , Iti~T8 , aad oontmuing on the fi;st dsy oi escL month tLereatter until thia note is tully pud~ e~ccept that~ if not aooner paid~ t6e final payment oi principai and interest ahall be due and psysble on the Srst dsy oi March ' ~ 2008 privileg~e is reserved to prepsy st any time~ wit6out premium or fee. the entire indebtedness or any part~ Wereof aot las than the amount of one iastallmen~ or one hundred doUus (=100.00), whichever is less. Prepayme~t in tull i~I~II ~ Cil/~~~ 011 ~!C di~! itCC111Cd. Partial prepayment, other than on an instaUraent due date. need aot be credited until We nact tdlowina instaliment due date or thfrty days a[ler such prepaymeat, wbichever i~ eulier. If any deficiency in the payment of any inatallmeat under this note is not made good prior to the due d~te of t6a nert such inatallment~ the entire principal sum and accrued inte.rest shall at onc~+ beoome due and ~sy- able wiGhout notice st the opt~on of the holder oi this note. Fsilure ~o exercise t~is option ahall not oonat~tute ? waiver of Lhe righ~ to euercise the same in the event ot any subsequent defeult~. In the event oi defsult in the payment oi Lhia note, snd it the sama is collected by an attornay st lsw~ the undersigned hereby agree(s) to psy all ooats of oollection, including s reasonable sttorney's.fee. 'rbis note is eecured by mortgage of even date ea~ecuted by the undersibmed on oertain property described t6erein and represents money sctua7ly used for the acquisition oi ssid pmper~v or t6e improvement~ thereon. Preeentmeat, protest, and notice ere hereby waived. ~LBQ~rt ~„James Robert E. James ' ' " ~ - ~ . ~/„y~ $nnni e T. _ TamPS [SgAL] . Bonnie L. James - .r . [~l ; 'i . . t And shall duly~ promptly~ and fully pedorm~ discharge, execute. eBect, complete, and comply with and abide ~ by each and every the stipul~?tions~ agreements, conditiona, and covenants of said promissory note and of thia ~ mortgage~ then this mortgage and the estate hereby created shall ceage and be nuU and void. ~ The Mortgagor further oovenants as followa: E 1. That he wi[I pay the indebtedness, as hereinbefore provided. Privilege ia reaerved to prepay at any time, ~ without premium or fee, the entire indebtedness or aay part t6ereof not less than the amount of oae installment, or ; one hundred dollats (a100.00), whichevet i~ less. Prepayment in fuU shaU be ctrdited on the date received. Partial prepryment~ other t6an on an instaltment due date, need not be credited until the next following installment due date or thirty days after such pmpayment, whichever is earlier. ~ 2. In order more fulh• to protect th~ securit~ of this mortga~e, thc ~ortgagor, together with, and in ~ addition to, ihc~ ~nonthl~- pe~•ments under th~ terms of the~ note secured hereb~-, on the first da}- of eacii month s until the said note is fulh• paid, v?ill pn~ to the :btort~s~ee, as trastee, (under t,he tern~s of this trust a.s herein- after stated) the followin~ swns: (s) A sum equsl to the ground rents~ if any, next due, plus the premiums that will ne~ct become due and payable on policiea of 5re and other hasard insurance oovering the mortgaged property~ plus taxes and as.gessments ~ next due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor ia ~ notified) leae all sums already p~d therefor divided by the number of moaths to elap~e before one month prior to the dste w6en such grouna renta. premiums~ taxes, and asaessmenta will tiecome delinquent, ~ such euma to be held by Mortgagee~ntrusttopayeaidgroundrents,premiums,ta:es,andapecials~ssmenta. ~ (b) TAe te of the _maLnt~ g~ ~ble gureuan~ t.~ 4ubPar~graPh (,al ~n~ th~w naya~le on the note secured ~ hereby~ eh611 be paid in a~e payment each mont6, to be applied to the ~oqowing itema in the order atated ~ (I) ground renta, ta~tea, sasesamente, fire, and other hasard insurance premiuma; - (II) interest on the note eecured herebq; and (III) amortisstion of t6e principal of esid note. ~ Any deficiency.in the amount of such a~reRate monthly payment ahall, unless made good by the Mort- v~ _ gagor pr~or to the due date ot the next such payment, const~tute an event of default under this mortgage. Q,o At Mortgagee's option, Mor~gagor will pay a"late cl~arge" not eaceeding four per centum (4°Jo) of any install- ~ ~ ment when paid more than Siteen (15) days atter the due dste thereoi to cover the eatrs expense involved in ~ ° handling. delinquent payments, but such "late chsrge" shall not be payable out of the proceeda of sny sale ~ made to sat~sfy the ~ndebtedness secured hereby~ unless such proceeds are suf~'icient to discharge the entire N ~ indebtedneas and sll proper costs and expenses secured thereby. . ~ ~ 3. 1( the total af the pa~-inents niad~ bv the 11'Iortgugor under (a) of para~ruph 2 precedinq sha11 exceed ~ ~ the amount of pa}•ments actuall~- mad~ b~• t~ie 1'Iort~a~ee, ag truste~, for ~round rents, taxes and as.gessments, ~ and insurance prem~ums, as th~ case ma~~be, such excess shall tie credite~l on subseyuent paymenta to be made ~ bv the Vlortgagor for such ite~ns or~ at Mortgn~;ee's option, a4 trustee, shall be rPtunded to Mortgagor. If, ~a ~ however, su~h mont}dr pa~ments shell not i~c suffiriPnt to pa}• such items when the same ahall become due ~ ~ and pe~able, ti?en thc :~iortga~or s}?all pn~' lA lI1C Mort~a~c~, as truste~, am• an?ount necessary to mske up _ ~ the de~icienc~•. Such pa~•mcnt. shal) b~ ma~1e within thirt~ (:i0) da~-~ after written notice from the Mortgsgee ~ etsting the amount oi the deficiency, which notice msy be given by msil. It at any time t6e Mortgsgor ~ha11 ~ ~ _ ~ n~ ~ ~ _ .