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Home My WebLink About0692 T~e hiortgagur bereby covenwu with the Mortgsgee~ that ~e i~ indete~aib ~eised said lapd in tee aimple or auch otber estat,et d Pny as is etAt,ed herein;l.ha6 he hae [ull power ~nd I~~ul righf, ~o oouvev the s,uue as Joresaid; ttu~ the laad is iree ~rom ~Il encumbrPncee except as herein ol~herwise recil,ed; that wid~iort{sagoc will make auch turtber aasuranoes to provo tLe i?to~esaid utle to said land ia said Mortgsgee ~s m~y be re+~son- abl required, and th~t aaid Mostgagor does hereby tull7 M~rrsn6 the VUe ~o said land, wd ever~ p~rt the~eot, ~will defend the ~at~ue ag~unst t~he lawful claims oi all pereons whomsoaver. PAOYID=D ALNAYS tbat ii tbe ?~io~tgagor ahall paj unto tbs Mortgages Wa~ oertain promissory note, oi wLicD t~ followiag is ~ subst,wtial ooPp~ to wit: ~.30,400.00 Fort Pierce ~ November 1 ~ 1978 . FOR VALUt R~CS1YSD~ the undeca+~ed pranise(s) to WU? to Southern :iortgage Associates, Inc licensed to do business in the State of Florida , s oorpora~ion wEanised and e~istioa under the V~ ~ ~ or order~ the princip~l sum ot Thirty Thousand Four Hundred and 00/100--------------------------------~a~ (=30,400.00 with int,erest !mm date tbe nLe ot Nine and One Half p~ ~tum ( 9.5 p~ ~~~P~ ~til puid. eaid principal and iaterast ehsll be paysble st the oQ'ioe of Southern Mortgage Associates, Inc. , ~9 Southwest 27th Avenue ~ Miami, Florida 33145 ~°r eti °uch °tber p4°° i° th° ~dder ma~? deei~ste in writin~ delivered or mailed to the debtor, in monthly inatallmente ot T~ao Rundred Fif ty Five and 62/10~~ 255.62 oommenciag on tbe Srs~ day of December ~ 1978 , and oontinuioa on the , fi~t day oi escb month thereafter until Lhia note is fully pud~ except thst~ if not sooner pud, tha fin~l p~ymen~ oi principal sad intereat ahaA be due and payable on t~he first day of November ~ 2008 . priviloge is reserved to prepay at sny time~ without premium or lee, the entire ~ndebtedness or any p~rC thereo[ not less t6an the amount ot one instapment, ot oae dundred doUars (=100.00). whichever is leas. Prepayanent in fuQ shail Ce credited on the date received. Partial prepayment, other Wan oa aa IasWiment due date, aeed not be creditM uatil the next tollo~?iag installment due date or thirty days slter such prepayment, wfiicherer 4 earlier. " If any deficiency in the payment of sny instaillment under thia note ia not made good prior to tha due date oi the nezt auch instsllinent, the entire principal sum and accrued intereat ahall at once beoome due and psy- able without notice st t~e opt~on ot the holder of t,6is note. Failure to ezerciae this option s6a11 not oonstatute a waiver of the right to ezercise the ssme in the event ot any subeequent defsult. In tbe event of default in the psymenC of thia note, and if the asme ie collected by an sttorney at la~v, the undarsigned hereby agree(s) to psy all ooats oi collection~ including a reasonable sttorney's fee. Thia not,e is eecured by mortgage oi even date eacecuted by the undet~aigned on oertain property deacribed therein wd representa money actuelly used for the acquisition oi said pmperty or the improvements thereon. Presentment,, protest, and notice ue hereby waived. /s/Thomas M. Clapp ~ ~gg~L~ Thomas ri. Clapp /~,[~13~,r~n Cl~_DD ~$$AL~ ~ Susan Clapp ~s~t'~ ~ - f ~ , s~?L) ~ ~ And ehall duly, promptly, and luily perform, discharge~ e~cecute~ eHect, complete, and comply with and abide s by each and every the stipulations, agreements, conditioaa, and covenants of eaid promissory note sad of thie ; mortgage~ then thia mortgage and the estate hereby crested shall ceaee and be null aad void. - ~ The Mortgagor further oovenaats sa followa: ~ 1. T'hat 6e will pay t6e indebtedneas, as hereinbefore provided. Privilege is reserved to prepay st any time~ ~ without premium or fee~ the entire indebtedness or aay part thereof not leaa t6sa the amount of one installment, or ~ one hundred doUars (5100.00)~ Whichever is less. Prepaymen: in full shall be credited on. the date received. Partial prepryment, other than on an installment due date, need not be credited until the next following installment due date or ~ tbirty days aiter such prepayment, whichever is eulier. ~ ~ 2. In order mor~ fully to protect the securit~- of this mort~age, thc v[ortgagor, tagether with,~snd in ~ addition to, th~ inonthlr pe~•ments under the terms of thP notP secured h~reby, on the first da~• of each month ~ until tl~e said not~ is iull~ paid, will por to the Mort~aR~e, as trustee, (under tt~e terms of this_trust as herein- N a(ter stetecl) the fullowing sw~~s: ' ~ (e) A eum equal to t6e ~nd renta, ii any, next due, plus the premiums that wiU next become due and psyable ~ on policiea ot fire and other hasard insurance covering the mortgaged property, plus taues sad asgessmenta ~ next due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor is . noti5ed) leae all eums alrear~r paid t6erefor divided by the number of montha to elapee before one montb _ prior to tbe date ~vhe~ such ground rente, premiuma, taxes, aad asseasmenta ~vill Lecome deliaquent, Y,. euch aume to be hdd by Mortgageeintnisttopaysaidgroundrents,premiums.ta~cea,andapecialassessmenta. (b) The aggregate of the amounte pa able pureuant to sabparagraph (s) and thoseps~ yable on the note Kecured ~ hereby, sball be paid in a~e payment eacb month, to be applied to the f~llowing itema in the order ~ etsted ~ (I) ground renta~ taxea, aseeasmente, fire~ and other hasard insurance premiums; _(II) interest on the note eecured hereby; and (III) amortisation of the principal of ssid note. - Any deficiency in the amount ot sucha~greRate monthly psyment ahall, unless made good by the Mortr i < gagor pr~or to the due dste ot the next such payment, constitute an event of detault under this mortgage. . ' ~ At Mortgagee's option, Mortgagor will psy a"late cl~srge" not eaceeding four per centum (~°fo) ot any instail• o~ ment when paid more thsn Sfteen (15) dsys a(ter the due date thereot to cover the eatra expenae involved in f~ handling delinquent paqments, but such "Iste charge" ahall not be payable out of the proceeds of any sale - made W satisfy the mdebtedness secured hereby, unless such proceeda are sufficient to dischacge the entire ~ *=3 indebtednesa and sll proper costs and expenaes secured thereby. ~ 3. If thP total of the pe~•inPnts ?na~i~ b~• thP Mortgngor under (a) of pnraRrupl~ 2 precedinq ahall exceed the amount ot pa~•~nPnta a~tuull~- ~us~l~ b~- tfie 11ort~a~ee, as truste~, for ground rents, taxes and as.gessments, v and insursnce prr~niwns, B3 lI1P Ca4P 1118~ bP, su~h exceas sl~all be crPdit~d on subsequent pa~menta to be made = b~ the ~'[ortga~or for su~h items or, nt `lortgu~;PP's option, a.a irustee, shall be retunded to Mortg4goc. If, ~ however, such montt~lt pa~•ments shall not lx~ suffi~•ient to pa}• su~h ite~iis when tl~e same shall become due a:.. and pa~-able, ther? thc :~fortRa~tor shull pn~ to th~ ~lort~a~~~•, as trustee, am• amount necessary to mske up ~ ~ the de~icienc}•.' Such pa~-inent shall tm ma~le w•ithin thirt~ (:i0) da}~ after written notice from the Mortgagee ~ etsting the amount of the deficiency, which notice may be given by mail. If at any time the Mortgsgor shaq ~ ~ : ~ _ . . _ _ y: _ ~ .y ~ ~~ti ~ .d w.f~'~~. trc _ . "Y, _ .-.4 x_'- . ~ ^c ~ ~