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The Mortgagor herby covenants with the Mortgagee, that he is indefewubly seized of said land in fee
simple or such other estates J any as is stated herein; that he has full power and lawful right to aoovev the same
as aforesaid; that the land m free from all encumbrances except as herein otherwise recited; that said~iortgagor
will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reason-
abl rreeqquired, and that acid Mortgagoc does hereby fully warrant the title to said land, and every part thereof,
aa~will defend the same against the lawful chinas of all peceona whomsoever.
PaOVrDtD ALNATa that ii the Mortgagor shall pay unb the Mortgagee that certain promissory note, of
which the following is a substantial copy, to wit:
= 29,900.00 Fort Pierce ~ Florida.
March 2 , 19 79.
FOR VALUS itiZ;CiE[vtD, the undersigned promise(s) t0 pay t0
SOUTHIItN IrDRTGA6E ASSOCIATES, INC. , a corporation organised and ezisting under the
laws of the State of Arkansas , or order, the principal sum of TWEN'T'Y NINE THOUSAND NINE
HUNDRED and no/100----------------------Dollars 29,900.00 with interest from date at
the rate of NINE ~ ONE HALF per centum ( 9.5%) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the oif'ice of
SOUTHERN PDRTGAGE ASSOCIATES, INC. - 1999 S.W. 27th Avenue
~ Miami, FL 33145 , or at such other place as the holder may d to in writing
delivered or mailed to the debtor, in monthly installments ofd HUNDRED FIFTY-ONE be 42 ---'Dollare
(i 251.42 commencing on the first day of April , 19 79 ,and continuing on the
first day oi.each month thereafter until this note is fully paid, except that it not paid, the final payment
of principal and interest shall be due and payable on the first day of P'>'arch, ~0~~ ~ ,
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 (=100.00), whichever is less. Prepayment in [uU
shall be credited on the date received. Partial prepayment, other Wan on as installment due date, need not be credited until
We next following installment due date or thirty days after such prepayment, whichever is earlier.
U any deficiency in the pay mans of any installment under this note is not made good prior to the due date
of the next such installment, the entire prmcrpal sum and accrued interest shall at once become due and pay-
able wiWout 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 same is collected by an attorney at law, the undersigned hereby agree(s) to
pay all costa 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 improvemenLa thereon.
Presentment, protest, and notice are hereby waived.
~~__[~_Flo~td B. Tral:an [sg,~,~
FIAYD B . TRAHAN
/s/ Betty J. Kozac [~L]
BETTY J. KOZAC
_ [sEAL)
[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 ss follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at say 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 more full- to protret the sc~curit~• of this mortgage, the ~fortKagor, together with, and in
addition to, the monthly pa~•ments under the terms of thc• note secured hc•reb~•, on the first da}- of c•a~h month
until the said note is fu}Ir paid, will par to the ~lortgal:ee, as trustee, (under t:re terns of this trust as herein-
` after stated) the fullowirig sums:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that wiU 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
( prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent,
tt such sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments.
(b) The aggregate of the amounts pa able purwant to subparagraph (a) and those payable on the note secured
~ bereby, shall be paid in a ~e 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 pavment 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 (4%) of any install-
meat when paid snore than [teen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent payments, 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 drscharge the entire
indebtedness and all proper costs and expenses secured thereby.
3. If the total of the pa}-manta madr hr the :1lortgagor under (a) of paragruPl~ 2 prrcedinR shall exceed
the amount of pa~-nents actuull~• made h.• t(ie 11ortKagee, as trustee, for Kround rants, taxes and aasescments,
and insurance pmmiunrs, as the c•acr ma~~ bc~, such excess shall be credited on subwequent pa}-manta to be made
by the :Mortgagor for such items or, at ;1lortgagee's option, ag trustee, shall be refunded to Mortgagor. If,
however, such n?ontlrl~• pa~•ments shall not I,e sufficient to Pad- surh items when the same shall become due
and pa~•able, then the ;Mortgagor shall pa~• to the Mortgagee, as trustee, nn~• amount necessary to make up
the def~icienc}•. Such pa~•?nent shall be made within t1?irty (:30) da~•s after written notice from the Mortgagee
i stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall
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