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Home My WebLink About0220 The Mortgsgor hereby covertaut,e with the Morlgagee?~ thst he yt.indeCeaRibly ~M~ oi n~id laad in fee eimple or such ot,her estate~ d aay as is atat,ed herein; tuat he bes full pov~rec and lawtul to coovev the same as at~resaid; th~6 the b?ad is iree ~t~om all eacumbrancee except as horein othecwise recil,ed; lhat ewidZvlortgugor will meke sucb furthar osaurances Lo provo fhe atoc~esaid ti6lR t,o said lsnd in said Mortgagee us may be reason- ab~yrequired~ ~nd thaL said Mortgagor doea hereby fully wirrsn6 t6e title to said land, and every part thereot~ wd ~riU defend t,he aune agtiast the 4wful claiuis of all pcreone wbomsoever. PROYIDED AL~f/AYlt `}lat eI the ~iortgagor aball p~y unto fhe Mortg~ges tlut oectain pronuesory note, oi wbicb 66e following is a substantial oop~~ to wi~: = 31, 000.00 Port St. Lucie ~ Florid~. April 12 ,1978 . Fos Ysi.us Rscscvs~~ the underaigned pram;se(s) to psy to Southern Mbrtgage Associates, Tnc., authorized to do business in the state of Florida . a oorporatioa oe~nised and e~oatin6 under tLe bws ot Arkansas _____or order~ tbe priacip.l sum of Thirty One Thousand and no/100-------------- Dottara (t 31, 000. 00 with int~erest irom date at the rat~e d Eight 8nd 3/4 per centum ( 8.7°~0) P~ annum oa t6e unp~id balanoe unW psid. The aaid principa! aud interest shall be payable at the o~ce of Southert~ Mortg8ge Associstes, Tnc., 1999 S.W. 27th Avenue Miami, Florida 33145 ia . , or at such other p1aoE se the holder may dee~nate in writsng delivered or mailed to the debtor, in monchly inatallment~ d~o Hundred Forty Three and ~ (i 2 4 3. 9 0 commencing on the first day of M8~ . 19 7$, aad oontinuity~~ first day oi each month thereafter until thia note is fully peud~ excep.t tbst, if not sooner paid, the final payment oi princ~pai and interest ahall be due and payable on the firat day oi April ~ 2008 • Privileg~e is reserved Lo prepay at any time, wiWout premium or fee, the entire indebtednees or any part tdereot not less t6an the amount ot oae installmeat, ot one hundred doUars (i100.00)~ whichever ~S less. Prepayment in lull shall be credited on the date received. Partial prepaymeat, other than on sn iastallmeat due date, need A~ be credited until the aezt [oUowing instal[meat due date or thlrty days ~ter wch prepayment, whicbever is earlier. . If e?ny deficiency in the payu?ent of any installment under this note ia not msde good prior to tbe due dote oi the neat such installment, the entire principal sum and acerued intereat shall at once beoome due aud pay- able wit6out notice at Lhe option of the holder oi this note. Failure to e:ercise this option ehall not oonsvtute a waiver oi Lhe right to exeecise the same in the event oi sny subsequent defAUl~ In the event oi defsult in tha payment of this note, and ii Lhe same ia eallected by an attorney at lsw, tDe nndersigned hereby agree(e) to psy all costs of cflllection, including s reasonaWe attorney's fee. This note ia secured by mortgage of even date executed by the undersigned oa oertain property described therein snd represents money actua7ly used for the acquisition of said proparty or tbe improvements thereon, Preeentment, protest, and notics are hereby waived. . 1sL Eliga A. Collison ~R. [~,j Eliga A. Co211son Sr. ~ 1_~L.Flaine U.~91? i son Elaine U. Collison - Is~l ~ ~ (s~?L~ And shaU duly, prumptty~ and lully perform~ discharge, e~cecute, effect, complete, and comply with and abide by esch and every the stipulations, agreements, conditions, and oovenants of seud promissory note and of this mortgage, then thia mortgage and the estste hereby created shall cease and be null sud void. 1'he Mortgagor further covenants as foUows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at say time, without premium or fee, the entire indebtedness or any part tbereof not less than t6e amount d oae installmeat, ot one hundred dollars (~100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial ptepayment, other than on an installment due date, need not be credited until the next folloarin~ instaliment due date or thirty days after such prepayment, w6ichever is earlier. 2. tn order mor~ fuN~~ to protect th~ securit}• of this mortga~e, thc tilortgagor, together with,~and in adclition to, the monthlv pe~~nents under the terrns oi t}?e note se~ured hereb~, on the first da~- of each month until the said note is fallt paid, will pa~• to the ~tort~a~~e, e.s trustee, (undPr the tern~s of this trust es herein- after stated) the following suuis: - (s) A aum equal to the ground rents, if any, next due, plus the premiums that will aert become due and payable on policies of Sre and other Dasard insurance covering the mortgsged property, plus taxes and asscssments neat due on the mortgaged property (atl as estimated by the Mortgagee and of which the Mortgagor is noti5ed) less all eums already pa~d thereior divided by t6e number of months to etapee belore one moath pnor to the dete ahen such ground rents, premiums, taxea, and as~sments ~vill become delinquent, such suma to be held by Mortgageeintruattopaysaidgmundrents,premiums,ta:ea,andspecialasse~ments. (b) The aggregate of the amounta psyuble pu~auant to subparagraph (a) and thosepayable on the note aecured hereby, shall be p~id in a single payment each raonth, to be applied to t6e following iteina in the order - etated (I) 6round rents, taues~ as~essments, fire~ and oLher hasard insurance premiuma; (II) interest on the note eecured herebq; and (III) amortisation of the principal of said note. Any deficiency, in the amount ot such aggreQate monthly psyment shall, unless made good by the Mortr gsgor pr~or to the due date of the next such payment, const~tute an event of defautt under this mo~tgage. At Mortgagee's option, Mortgagor will pay a"late ci~arge" not exceeding four per centym (4°Jo) o! uny install- ment when paid more than fifteen (15) days after the due date thereof to cover the extas expense involved in handling delinquent pay ments, but such "late charge" ahalt no~ be payable out oi the proceeda of any sale o~ made to satisfy the ~ndebtedness secured hereby, unless such proceeds are sufficient Lo discharge the entice y~~ indebtednesa and slt proper costs and eapenses secured thereby. ~ 3. if the total ~f the pa}-rnents rnad~ br the Mortgugor ander (a) of para~rapl? 2 precedinR sLall exceed the amount of parments a~tuull~ ma~l~ b~• t~~e 1~1ortKa~ee, as truste~, for ~roun~t rents, taxes and as.sescments, ~ and insurance premiunis, ag U~~ ~ase ma~= be, su~h excess shall 1,~ credited on subsequent pa~ments to be made ~ b~ the tiiortga{;or for su~h itcros or, nt ~tortga~Pe's option, a4 trustec, st~all be rPtunded to 1+foctgagor. If, ~ however, such ~~iontlil~- pa~•n~ents shaU not Ix~ s~t~i~•i~nt to pa~ su~h items when the snme sha11 become due and pa~•able, then tl~c :~tortRagor si?all pn~ to the Mort~e~;ee, a.s trusteP, enr an?ouni necessaty to make up the de~iciencr. Such pe~•mcnt shall be~ nia~le within thirt~ (:i0) da~-~ sfter w-ritten notice from the Mortgagee ststing t6e amount of the deficiency, which notice msy be given bv msil. It st any t,ime the Mortgagor shall ~ ~