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HomeMy WebLinkAbout1643 i • The Mortgagor hereby covenants with the Mortgage~?, that he is inuetea4ib1 seized oi.said land in fee simple or such other estates J any as is stated herein; that he has full power and lawful right to convey the same as aforesaid; that the land is [roe from all encumbrances except as herein oU?erwise recited; that said~fortgagor will make such further assurances to prove the aforesaid title to said land in said Mortgagee as rosy be reason- ably required, and that said Mortgagor Does hereby sully warrant the title to said land, and every part thereof, and will defend the same against the bwful claims of all persona whomsoever. Paovrnsa ALwAYa that if the ?Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is • substantial copy, to wit: i 25,500 , 00 Fort Pierce ,Florida. March 5 ,1t1i9 FoR Vwtus Rscsrvw, the undersigned promise(s) to pay to Ttte Lomas & Nettleton caa>pany , a corporation organised sad mustin¢ under the bws of Coc>rtectit~tt . or order, the principal sum of 1~aenty Five 11bo~usatd Five Htndred std No/100------------------------------ Dollars (125,500.00 with interest from date at the rate of Nine and One Half Pei cesium (9.5 Per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of 'Ilia Lomas & Nettletart Coapany, 175 Orange Street, New Havers, Corm. 06510 ~ Connectirttt , or at such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly installments of ~,p Hundred Ftnn-teen & 46/100-- Dollars 214.46 commencing on the first day oI May , 1979 ,and continuing on the first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment of principal and interest shall be duo and payable on the Scat day of April , 2009 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 defiant (;100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, other than oa an installment due date, need not be credited untU the next following installment due date or thirty day: alter such prepayment, whichever it 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 next 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 thrs note. Failure to exercise this option shall not oonstrtute a waiver of the right to ezercrse tLe 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 improvements thereon. Presentment, protest, and notices are hereby waived. ~ ~ [sgn~l,] ~ ! - [mil A. [3]3AL] 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 a8 follows: ~ 1. That he will pay the indebtedness, ss hereinbefore provided. Privilege is reserved to prepay at any time, 1 without premium or fee, the entire indebtedness or any part thereof not leas than the amount of one installment, or } one hundred dollars (5100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepryment, other than on an installment due date, need not be credited until the next following installment due date or . thirty days after such prepayment, whichever is earlier. I 2. In order more fully to protect the securit}• of this mortgage, the Mortgagor, together with,~and in addition to, the monthly pa~•ments under the teens of the note secured hereby, on the first da~• of each month until the said note is fully paid, will pa~• to the Vortgagee, as trustee, (under the facers of this trust as herein- after stated) the fullowirig scans: ~ (a) A sum equal to the ground rents, i! any, next due, plus the premiums that will next become due and payable l on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments " next due on the mortgaged property (aU 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, such sums to be held by Mortgagee m trust to pay said ground rents, premiums, to:es, and special assessments. (b) The aggregate of the amounts pa able pursuant to subparagraph (a) and those payable on the note secured r reby, Bhall be paid in a ei~e payment each month, to be applied to the following items in the order (I) ground yenta, taxes, sasessmenta, 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- ] gager prior to the due date of the next such payment, constitute an event of default under this mortgage. At Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per cesium (4°Jo) of any install~~~ meet when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved ir~,~7O ~ handling delinquent paymeets, 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 costs and expenses secured thereby. ~ 3. If the total of the pa~-nrents sleds by the Mortgagor under (e) of paragraph 2 preceding shall exceeds ~ the amount of payments actually made b~- tfr,• 11ortKaKee, as trustee, for ground rents, taxes and assessments and insurance premiums, as the ca.4e ma~• be, such excess shall be credited on subsequent payments to be made by the Mortgagor for such items or, nt Mortgagee's option, ec trustee. shall be refunded to Mortgagor. If,~ however, sup i monthly pa~•ments shall not 1?c sufficient to pa~• such items when the same shall become due r and payable, then the Mortgagor shall pn~• to the ~fortgager,.as trustee. an}• amount necessary to make ups ti the deficiene~•" Such pa~-nsent shall !x• made within thirty (30) da}'s after written notice from the tiiortgagee :~tatinQ t}i~ amr~nnt of the deficiency, wl?ich notice may be given by mail. It at any time the Mortgagor Rt;;:.1!