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HomeMy WebLinkAbout0421 ~~it,~ 1~ rr`. ~:1~ ; . The Murtgagur 6ereby covenants wi~h I.ba Mort{~uger~ lhv6 he ia mdefe~xib~ aeued oi said laad in fee simplo or auch other estatet J i?ny os is staLod bereia; tbat, he has tull pov~rer and lswiul rigbt to couvev the same •s afareeaid; that the land ~a iree ~rom ~?U encumbrances except as herein otherwise recit,ed; thst a~?id~l~iortgsgor ~vill make such further assurances to prove the atoresaid title to said Iand in s~ud Mortg~gee wa msy be reaeon- ~ ~b1yroq uired~ and~Rh~6 ssid Mortgagor cloes hereby fully wuranL the title to said land. And avery part U~areot~ aad will detend tba same ~gvinst the lawtui claims oi W pereons whomaosver. Paov~naa ALw?~YS thst it the Atortgagor a6all pa~ unto the Morigagee that certsin promiasory note~ oi which tha tollowing is a~ubstAnti~?1 ooPf. to wit: - = 36,500.00 Fort Pi.erce , Florid~, February 12,19 79 . Foe Vw~~s Rscr~cvsu~ the uaderai~ed promiee(s) to P~4Y ~ SOUTHERN I~RTGAGE ASSOCIATES , INC . , s oorporatioa orgaaised and eristing under Lhe bwe ot the State of Arkansas ~ or order~ the principal sum of THIRTY SIR TI~USAND FIVE HJNDRED and no/100------------------------------'~1~_~= 36,500.00 with interest fe~om date st Lhe rsts of NINE b~ ONB HALF ~ per oentum ( 9.5 Per sanum oa the unpaid balu?oe until paid. The esid principal and interest ehall be payable at t6e o~ce of SOUT~~RN I~DRTGAiGB ASSOCIATES 1999 S.W:.27th Avenue ia Miami, FL 33145 ~ or st such other p1soE as the 6older may deeignate in writing delivered or mailed to the~debtor, ia monthly installments of Tt~ ~1N~ SI% aad ~91/100--- 306.91 commencing on the Srat day of March , 19 79. and oantinuing oa tDe ~ 6rst day of esch month t6ereaiter until thia note is tully paid~ eacept thot, if not eooner paid, the final payment v# prinppal and interest shall be due and payable on the 6rst day oi February ~ 2009., p~~ ~~erved to prepay at any time, without premium or fee, the entire indebtednees.or any part~ t6ereot not less than tAe~ unount ot one instaUment, or oae huadred dollars (i100.OQ). whichever ~s less. Prepaymeat in tuU ahall be credited on the date received. Putial prepayment, other thaa oa an installment due date. aeed not be credited until E the next tdlowing lnstallment due date or thirty days atter such prepayment, whic6ever is eulier. ~ _ If sny deficiency in t6e pa ment of sny inst~llment under this note is not made good prior to the due date : of the nezt suc6 instsllment, ~e entire principal sum and accrued interest shall at once beoome due and pay- sble without notice at the opt~on ot the holder of thia note. Fuilure to eaemase thia option shall not oonstatute~ s weiver of the right to eaercise the same in the event of any subsequent defeutt. In the event of default in the psymen~ oi thia note, snd it the ssme is oollected by sn attorney at law, the undersigned hereby agree(s) to psy all coata of collection~ including a reasonoble attorn~sy's fee. 'I`his note is secured by mortgag_e of even date euecuted by t.he undersigned on oertain property described Lherein snd representa monep actually used for the acquisition oi aaid property or the impmvemente thereon. Preeentment, protest. i?nd noticn are hereby waived. - ; Joe Parker Miley (gg~L] a s/ Armand~ ; / y t~II [s~Ai.] . i ~ . ~ - [~7 ~ . ; ~ [sEwLl ~ And shall duly~ pmmpt.ly, snd fully perform, discharge, execute, eHect, complete, and oomply with and abide i by each and every the stipulations, agreements, conditions, and covenants of eaid promissory mote and of thia ~ mortgage, then this mortgage end the estate hereby created shall cease sad be nuU and void ~ The Mortgagor further covensnts 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 entiee indebtedneas or any part thereof not lesa than the amount ot one installment~ or ~ one hundred dollars (i100.00), whichever ia less. 2..In order n?ur~ full~ to protect th~ s~r.urit~~ of lhis niort~a~e, tlic ~fortgagor, togettier with, and in ~ addition to, the monthh- pa}•nients under thr terms of thc• note serurecl h~reb~-, on tlie first da~• o( each ~nontli . ~ until the saicl not~ is fu'lt~~ pai~l, Nill pu~• to thc~~lortgu~~e, as trustee, (und~r t:.~ t~rnLS of this trust as~herein- ~ ~ a[ter stated) ti?e fulloNing swns: (a) A eum equal to the ground rents, if any, neut due, plus the premiums that will next become due and payable on policiea of 5re sad other hasard insurance covering the mortgaged property. plus taaes and asscssments next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is noti6ed) lesa sll aums already paid therefor divided by t6e numbeF of months to elapae before one month ~ prior to the date 'rhen sucb ground rents~ premiums, taxea, and as~sments will become delinquent, _ snch suma to be 6eld by Mortgageeintnisttopaysaidgroundrents,premiums,tazes,andapecialassessments. ; (b) The aggregate of the amounta payable pursuant to subpsragraph (a) and thosepa yable on the note secured ~ ~ hereby, shall be paid in a s~ngle payment each month, t,o be appl~ed to the following. items in the order ' atated: - (I) ground rents, ta~ces, assessments, fire, and other hasard insurance premiums; E (II) interest on the note secured hereby; sad . - ~ (IIn amorti~tion of the principal of said note. ~ Any deficiency in the amount of such ag~regate monthly payment shall, unless made good by the Mor~. ~ gagor pr~or to t~e due dste of the next such payment, constitute an event of delault under this mortgage. ~ At 1Vlortgagee's option, Mortgsgor will pay a"late ct~arge" not exceeding four per centum (4%) of any inat.all- ~ ment when paid more then Siteen (15) days after the due date thereof to cover the extra expense involved in ~ handling delinquent pay mencs~ but such "late charge" shall not be payable out of the proceeds of any sale ~ made to satisfy the indebtedness secured hereby, u~iless such proceeds are aufficient to d~scharge the entire ~ indebtednesa and all proper costa and expenaes secured thereby. ~ 3. If the total of t-t~e pa~-ments mnd~ M• the ~'[ortg~?gor under (a) of para~rnph 2 precedin~ shall exceed , - the amount of pa~•ments actuull~- mad~ b~' tLe :lfortKaKec, as trustee, for Kroun~l rents, taxes and as.~aments, . and insurance pren~iw:is, as th~ case ina}~ br, such excess sl?sll tx~ credited on subseyuent pa}•menta to be made s b~ the Mortgagor for su~h ite~ns or, nt Mortgagee's option, ax trustee, shall be refuncied to Mortgagor. If, ~ however, such monthly parments shell not Ix~ suffi~•ient ta pa~- surh ite~ns when the same ahall become due ~ ~ and pa •able, then tl~e MortRagor shall pn~• to th~ :1~lort~eRee, us truste~, an.• amount necessary w make up ~ ~ the de cienc~•. Sucl~ pa~-m~nt shaU be i~~nde within thirt~ (:i0) da}^~ after written notice from the Morigagee stat,in6 the amount of the deficiency, wl~ich notice may be gicen by mail. If at any time the I1~iortgsgor shall ~ gQ~K ~ PACE ~ r~ t a~ ~:e ~ x ~ _ . _ . . tr'-,i ~ ~:S . . .