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HomeMy WebLinkAbout2307 . , • The MortgaCor hereby covenants with the Mortgagee, that he is indefeasibly se'?sed of said land in fee simple or such other estates t1 any as is stated herein; that he has full power and lawful right to c~ouvev the same as aforesaid; that the laud m free from all encumbrances except as herein otherwise recited; that said~fortgagor will make such further assurances to provo the aforesaid title to said- laud in said Mortgagee as may be rcason- ably required, sad that said Mortgagor dose hereby fully warrant the title to said land, sad every part tl?ereot, sad will defend the same against the 1s?wtul claims of all persons whomsoever. Paovtusn AI.wAYB that if the Afortgegor shall pay unto the Mortgagee that certain promissory noto, of which the following is a substantial copy, b wit: = 45,000.00 Fort Pierce ,Florida- i January 16 , 19 79. Fob VALUC Ru;srvsn, the undersigned promise(s) to pay to SOUTHERN I'DRTGAGE ASSOCIATES, INC . , a corporation organised and e~ostiing under the laws of the state of Arkansas , or order, the principal sure of FORTY FIVE THOUSAND and no/100- Dollars (i 45,000.00. with interest from date st the rate of NINE ~ ONE HALF per oentum ( 9.5 qo) per annum on the unpaid balance until paid. -The said principal sad interest shall be payable at the office of SOUTHERN 1~RTGAGE ASSOCIATES, INC. - 1999 S.W. 27th Avenue in Miami, FL 33145 , or at such other plsoe as the holder may designate in writing delivered or mailed to the debtor, in monthly installinents ofTtIItEE HUNDRED SEVENTY EIGHT b~38/1~~ 378.38 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 syment of principal and interest shall be due and payable on the first day of February 20v9, Privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part thereof not leas Wan the amount of one iastaUmeat, or one hundred dollars (:100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, older Wan on an installment due date, need not be credited until We next [ollowing installment due date or thirty days after such prepayment, whichever is earlier. If any deficiency in the pa ment of any installment under this note is not made good prior to the due date of the next such installment, the entire prucrpal sum and accrued interest shall at once become due and Pay- able without notice at the option of the holder of .this note. Failure b exercise this option shall not constrtute a waiver of the right to exercise the same in the event of any subsequent default. In rho event of default in the payment of this note, and if the same is collected by sn attorney at law, the undersigned hereby agree(s) to pay all costs of collection, including a reasonable attorney's fee. This note 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~ John A. Emond [~?L] -JOHN A-. --------•1s/ MauLP~~ A'i- Frond I~?L~ MAUREIId M. EMOND [SEAL] And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide 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, ss 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 one hundred dollars (1100.00), whichever is less. 2. In order morn full~• to protect the serurit~• of this mortgage, the titortgaRor, together with, and in addition to, the nronthlc pa~-nients under the tervns of tl?e• note secured hereb~•, on thc• fiat da~• of each month until the said nMe is frill~• paid, will pad- to the ~lortKal.•ee, as trustee, (under the terms of this trust a.. hernin- after stated) the fullowiriK scans: (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 sU sums already paid there[or divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, t such sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. (b) The aggregate of the amounts payable 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 i stated: } (I) ground rents, taxes, assessment8, fire, and other hazard insurance premiums; (II) interest on the note secured hereby; and (III) amortisation 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, Mortgagor will pay a "late charge" not exceeding four per centum (4qo) 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, wiless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured thereby. 3. If the total of the ps}•nie•nts niadc hr tl?e ?1lortf;agor under (a) of paraKruph 2 preceding shall exceed the amount of pa~•meuts actually- niadt' t?~• tl?e ~fort}~al;ec•, as truster', for l?round rents, taxes and assessments, j and insurance prnniiwns, as thc• rase nia~••be, such excess shall Ix• credited on suhsc•quent pa~•ments to be made by the tifortgal;or for such items or, at ~tortgngee's option, ag irustec, shall he mfuncfed to Mortgagor. 1f, however, such monthly- pa~-mcnts shall not t?e• suffcient to pa~• such items when the same shall become due and pa~•able, then the :llortgal:or shall 1>a~• to the `fortgat?ec, as trustee, an.• amount necessan• to make up the de ciency. Such pa~-nient shall be made within thirt~• (,30) da}-s after written notice from t}ie Mortgagee stating the amount of the deficiency, wliich notice ma~? be given by mail. I[ at. any time the Mortgagor shall a r; K R 3111 FY~~2302 g d Y~ae.. _ ~ .