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The Mortgagor hereby covenants with the Mortgagee, that he is indefeasibly seined of said land in fee
simple or such otber estate! J any as is stated herein; that he has full power and lawful right to oouvev the sKme
as aforesaid; that the land to free from all encumbrances except as herein otherwise recited; that said~lortgagor
will make such further assurances to provo the aforesaid title to said land in said Mortgagee as may be rearson-
ably required, and that said Mortgagor dose hereby fullyy warrant the title to said land, and every put thereof,
sad will defend the same against the lawful claims of all persons whomsoever.
PaOYIOaD ALwaYS that if the I\iortgagor shall pay unto the Mortgages that certain promissory note, of
which the following is a substantial copy, to wit:
= 20,000.00 Fort Pierce + M~~,
January 12 , 19 79.
Foa VALUt Rscnvsn, the undersigned protniee(s) to pay to
THE LOMAS ~ NETTI~TON COMPANY
a corporation orgauised and eroating under the
laws of the State of Connecticttor order, the principal sum of 1T~ISNTY THOUSNAD and no/100-----
Uollara 20,000.Od with interest from date at
the rate of NINE ~ ONE HALF per oentum (9.5 Per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of
!HB LOMA.S ~ NETl'LETON COMPANY - P. 0. Box 964 t
in Virginia Beach, VA 23451 , or at such other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments ofONS HUNDRED EIGHTY SIR ~ 60/100--Dollars
(i 186.60 commencing on the first day of • March , 1979 ,and continuing on the
first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final ppayment -
of principal and interest shall be-due and payable on the first day of February 199
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any .part
thereof not leas than the amount of one installment, of one hundred dollars (=100.00), whichever is less Repayment in full
shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until
the next following installment due date or thirty days after wch prepayment, whicherer is earlier.
If any deficiency in the pa went of any installment under this note is not made good prior to the due date
of the ne=t such installment, the entire principal sum and accrued interest shall at once become due and Fsy-
able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstatute
a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the ~
payment of this note, and if the same is collected by an attorney at law, the undersigned hereby agree(s) to
pay all costs of collection, including a reasonable atbrney's fee.
This Hots is secured by mortgage of even date executed by the undersigned on certain property described
therein and represents money actually used for the acquisition of said property or the improvements thereon.
Presentment, protest. and notice are hereby waived.
_ /s/ Richard W. Lottan ~ _
RICHARD W. LOGAN
M_ /s/ Dorothy M. Logan [s~L]
[sSAL]
_ [SEAL]
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
li by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time,
~ without premium or fee, the entire indebtedness or any part thereof not leas than the amount of one installment, or ;
one hundred dollars (1100.00), whichever is less.
2. In oreler morn full~• to protect the securit~• of this mortgage, the Mortgagor, together with, and in
~ addition to, the monthly pa~•ments wider the terms of the note securecl hereb~•, on the first dad- of each month
until the said note is fu)y paid, will pay to the Mortgagee, as trustee, (under the tenus of this trust as herein-
after stated) tl?e following sums:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
notified) less all sums already pard therefor divided by the number of months to elapse before one month
t prior to the date when such ground rents, premiums, taxes, and assessments will Lecome delinquent,
such sums to bd held by Mortgagee in trust to pay said ground rer?ts, premiums, taxes, and special assessments.
(b) The aggregate of the amounts pa able pursuant tq subparagraph (a)• and those payable on the note secured
} hereby, shall be paid in a single payment each month, to be applied to the following items in the order'
- its .
i
(I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
t (II) interest on the note secured hereby; and
(III) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
gagor prior to the due date of the next such payment, constitute an event of default under this mortgage.
At Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per centum (4°Jo) of any install-
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent paymenu; but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire
indebtedness and all proper costs and expenses secured thereby.
~ 3. If the total of the pa}-nients niacle by the Aortgagor under (e) of paragraph 2 preceding shall exceed
the amount of pa~•nieuts aetunll~• mach by tie 1ortgagee, as trustee, for ground n•nts, taxes and assessments,
and insurance prrmiwus, es the case maybe, such excess shall be credited on subsequent pa~•ments to be made
by the Mortgagor for such iterns or, at Mortgagee's option, ag trustee, shall be refunded to \+fortgagor. If, _
~ however, such monthly pa~•ments shall not tx• sufficient to pad- such items when the same shall become due
r and pa •able, then the Mortgagor shall pa~• to the Mortgagee, as trustee, any amount necessary to make up
the def?ciency. Such pa~-ment shall be marls within thiKy (a0) da~^s after written notice from the Mortgagee
stating the amount of the deficiency, which neco~t((i~ce may be g7iv~en~by mail. If at any time the Mortgagor shall
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