HomeMy WebLinkAbout2302 The Mortgagor hereby covenants with the Mortgal;ee~, that he is indefeaAi6ly seized of satd land in fee
simple or such other estates J any as is elated herein; that he has tall power and lawful right to couvev tlsc same
as aforesaid; that the land re lees from all encumbrances except as herein otherwise recited; that saidZVtortgagor
will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be rcason-
ably required, and that said Mortgagor does hereby fullyy warrant the title to said land, and every put tlreroot,
and will defend the same against the lawful claims of all persons whomsoever.
PaOYlD1CD ALwAYa that it the Mortgagor shall pay unto the Mortgagee that certain promrseory note, of
which the following is a substantial Dopy, to wit:
= g3,800~00 Fort Pierce
January 16 , 19 79.
FOR VALUi ItECSrvsn, the under81gll0d promise(s) to pay to
SOUTltBRN MORTGAGE ASSOCIATES, INC.
, a corporation organized sad ezistirtg under the
laRa of the State of Arkansas , or order, the rincipal sum of
THIRTY THREE THOUSAND EIGHT INNDREDbatO/ 10~~ 33, 800.00 with interest from date at
the rate of NINE br ONE HALF per ceatum ( 9.5 oJa) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of
SOUTHERN MORTGAGE ASSOCIATES, INC. - 1999 S.W. 27th Avenue
is Miami, FL 33145 , or at such other phi as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments of TWO HUNDRED EIGHTY FOUR b,21/100 Dollars
(i 284.21 commencing on the first day of March , 19 79 ,and continuing on the
first: day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final yment
of principal and interest shell be due and payable on the first day of February ~ 209,
Privilege is reserved to prepay st any time, without premium or fee. the entire indebtedaess or any part
thereof not leas than the amount of one installment, or one hundred dollars (E100.00), whichever is less. Prepayment in full
shag be credited on the date received. Partial prepayment, older than sxr an installment due date, need not be credited until
We next following installment due date or thirty days after such prepayment, whichever is earlier.
Ii any deficiency in the pa went of any installment under this note is not made good prior to the due date
of the next such installment, t~e entire prrtrerpal sum and accrued interest shall at once become dye and pay-
able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstrtute
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 rime is collected by sn attorney at law, the undersigned hereby agree(s) to
pay all costa of collection, including a reasonable attorney's fee.
Tbia note is secured ~by mortgage of even date executed by the undersigned on certain property described
therein and represents money actua y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
____.Ls.,[__~~icig~~ Burleson [sue,]
PATRICIA A. BURLESON
[SEAL)
[SEAL]
[SEAL]
And shall.duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
'i by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
I 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 less than the amount of one installment, or
i one hundred dollars (1100.00), whichever is less.
2. (n order nrorr tulle to protect the src•urit~- of this morlgals•, thc• ~~fortkagor, tobether with, and in
~ sdditic?n to, the rnonthlr pa~•nrents under the terns of the note secured herrh~•, on ths• first da~• of each month
until the said note is trills paid, w>ill pn~• to thc• ~1ort)?ag~r•, as trusts'[', (unilt•r fief' terms of this trust as lu•rein-
after stated) the fullow•ir?g suns: -
E (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next bs~ome due and payable
on policies of fire and other biased insurance cover~.ng the mortgaged property, plus taxes sad 44C~aments
s next due on the mortgaged property (all as estimats~d by the Mortgagee and of which the Mortgagor is
f notifis:d) ls~s all sums already pied therefor divided by the number of months to elapse before one month
prior to the date when such ground vents, premiums, taxes, and assessments will become delinquent,
such sums to be held by Mortgagee intrusttopaysaidgroundrents,premiums,taxs~,andspecialasss~sments.
(b) The aggregate of the amounts pa able pursuant to 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
( stated
(I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(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 nn event of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4%) of any install-
ment when paid more than fifteen (15) days after the due elate thereof to cover the extra expense involved in
handling delinquent paymeats, 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 costa and expenses secured thereby.
3. If the total of Uir parmrr:ts made hr the ?ltortgal;or under (a) s,f parakraph 2 preceding shall exceed
the amount of pa~•mrnts actuall~• aide hr t[u• ~tort);al;ee, as truster, far I;round n•nts, taxes and assessments,
and insuranc•r prerniwns, as the cagy mu~••bs•, such exrsss shall t?r rreclitrd on sul?srqurnt pa~•nrrnts to be made
by the MortKal;or for such items or, nt lfortgaRrr's option, as truster, shall be rrfuncled to Mortgagor. If,
however, such montlsl~• pa~•ments shall not I?r sufficient to par such items when the same shall become due
and pa~•able, then tlic :~tortgaKor shall par to the ~fortgagre, us truster, am amount necs•ssary to make up ~
the defSciencc. Such pa~-nrrnt shall tx• made within thirt~• (a0) days after written notice from t}rc Mortgagee
stating the amount of the, deficiency, which not.icr may be given b_y mail. If at a(n~y~ tame the ;Vice or shall
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