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HomeMy WebLinkAbout2742 The Mortgagor hereby covenants with the Mortgagor, that he is indefesaibly seised of said land in fee simple or such other eatatet tf any as is stated herein; that he has full power and lawful right to coovev the same as aforesaid; that the land ya free ~mm all encumbrances except as herein otherwise recited; that said~fortgagor will malts such further assurances. to pmve the aforesaid title to esid land in said Mortgagee as may be reason- ably required, and that said Mortgagor does herby full warrant the title to said land, and every part thereof, and will defend the same against the lawful claims of a~ persons whomsoever. PnOVInsD A~wAYa that if the 1?iortgagor shall P47 unto the Mortgagee that certain promissory note, of which the following is a substantial Dopy, to wit: = 29,400.00 Fort Pierce ,Florida. January 19 ,1979 . Fos Vnr.US 13scuvsn, the undersigned promise(s) to pay to SOUTHERN MORTt,,AGE ASSOCIATES, INC. - ~ a corporation organised and under the bws ~ the State of Arkansas ~ or order, the principal sum of T~~ NINE T~USAND FOUR HUNDRED 29 400.00 and no/100------------------------------Dollars , with interest from date at the rate of NINE 6 ONE HALF per oentum ( 9 • S per annum on the unpaid -balance until paid, The said principal and interest shall be payable at the oflice of SOUTHERN MORTt,,At~ ASSOCIATES, INC, - 1999 S.W. 27th Avenue in Miami, FL 33145 , or at such other pLioe as the holder may designate in writing delivered or mailed to the debtor, in monthly installments ofTWO: HUNDRED FORTY SEVEN be 21/100 Dollars 247.21 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 syment - of principal and interest shall be due and payable on the first day of February 2009 privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part thereof not less thin th! amount Of One installment, Or One hundred dollaa (:160.00), whichever is less. Prepayment in full ° shill be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until the next following instillment due date or thirty days fitter such prep~lyment, whichever is earlier. If any deficiency in the pa ant of any installment under this note is not made good prior to the due date of the nett such installment, the entire principal sum and accrued interest shall at once become due and pay- 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 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/ E1m~~R~dg11 Westervelt _ [gg~L~ ELMER RANDAI.L WESTERVELT /s/ Carol A. Westervelt [s~L] - CAROL A. WESTERVELT [s>?r?L) [3EAL] 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, as hereinbefore provided. Privilege is reserved to prepay at any time, without premium or fee, the satire indebtedness or any part thereof not less than the amount of one installment, or ~ f one hundred dollars (1100.00), whichever is less. ~ 2. In order more full}• to protect the security of this mortgage, the Mortgagor, together with, and in 1 addition to, the monthl~• payments wider the terms of the note secumd hereby, on the first day of each month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- s after stated) the following scans: (s) 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 hasard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all. sa estimated by the Mortgagee and of which the Mortgagor is notified) leas all sums already paid therefor divided by the number of months to elapse before one month ~ prior to the date when such ground rents, premiums, taxes, and assessments will Lecome delinquent, such sums to be held by Mortgageemtrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. (b) 'The aggregate of the amounts pa able pursusat to subparagraph (a) and those payable on the note secured hereb , shall be paid in a single payment each month; to be applied to the following items in the order - (I) ground rents, taxes, assessments, fire, and other hasard insurance premiums; (II) interest on the note eecwred 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. J At Mortgagee's option, Mortg agcy will pay a "late charge" not exceeding four per centum (4°Jo) of any install- 4 mart when paid more than fifteen (15) days after the due date thereof. to cover the extra expense involved in handling delinquent pa menu, but such "late charge" shall not be payable out of the proceeds of any sale }z 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. 1( the total of the payments made b~• the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of payments actually made b~• t~~e lfortgaKer, as trustee, for Kround rents, taxes and assessments, and insurance pmmiwns, as the case mad- be, such excess shall tx~ credited on subsequent payments to be made by the Mortgagor for such items or, at btortgngee's option, as trustee, shall be refunded to Mortgagor. If, however, such monthh• payments shall not Ix~ suffic•ient to pay such items when the same shall become due and pa -able, then the Mortgagor shall pay to the Mortgagee, as trustee, any amount necessary to make up the deficiency. Such payment shall be made within thirty (30) days after written notice from the Mortgagee - stating the amount of the deficiency, which notice may be 'van by mail. If at any time the Mortgagor shall soc~ ~l~ ~a~t 2737 _ ~ - _ ~ _ ~ -2