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HomeMy WebLinkAbout2267 The Mortgagor hereby covenants with the Mortgagee, that he is indefeasibi, seised of said land in foe simple or such other estates, tt any as is stated herein; that he has f all power and lawwfiul right to ooovev the same as aforesaid; that the land m free from all encumbrances except as herein otherwise recited; that eaidZVlortgagor will make such turtLer aaaurances to provo the aforesaid title to said land in said Mortgagee as may be reason- ably rreeqquired, and that said Mortgagor does hereby full warrant the title to said land, and every part thereof, sad call! defend the same against the lawful claims of a~ persons whomsoever. PBOYIDED ALwAYa that if the Mortgagor shall pay unto the Mortgages that certain promissory note, of which the following is a substantial copy, to wit: = 32, 500.00 St. Lucie Cout~ti~orida. March 26 ,1979. ~ Foa V~uus RsesrvsD, the undersigned promise(s) to pay- to SOUTHERN MORTGAGE ASSOCIATES , i INC., authorized to do business in the State of Florida + a oorporatioa organised and existing under the Ir?ws ~ Arkansas • or ~ Principal sum ofThirty-two thousand five hundred and 00/100--------------Dollars (i 32, 500.00 with interest from date at the rate of nine and one-half per centum ( 9.5%) P~ ~ ~ unpaid b:lanoe-until paid. The said principal and interest shall be payable at the oilice of Southern Mortgage Associates, Inc., 1999 SW 27th Avenue in Miami, Florida , or at such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly installments of~ao hutdxed seventy-three and 28/DOaare 273.28 commencing on the first day of May , 19 79, sad ooatinuing 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 due and payable on the first day of April ~ 2009 Privilege is reserved to prepay at any time, without premium or fee. tha entire indebtedness or say part tbereo[ not leas than the amount of one installment, or one hundred dollars (=200.00), whichever is less. Prepayment in full shall be credited on tbe.date received. Partial prepayment, other than on an inataWnent due date, need not be credited until the next following installment due date or thirty days after such prepayment. whichever is earlier. It any deficiency in the payment 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 this note. Failure b exercise this option shall not oonstrtute a waiver of the right to exercise the same in the event of any subsequent detault. 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 i pay all costa of collection. including s 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 seta y used for the acquisition of said property or the improvements thereon. Presentment, protest, and notice, are hereby waived. /s/ Solomon Simmons SOLOMON SIMMONS /s/ Decie Simmons DECIE SIMMONS [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 crested 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 (100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, 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. 2. In order urore full~• to protect the securit~• of this mortgage, the t'Iortgagor, together with,~and in addition to, the monthl~• pa~•menfs under the terms of the note secured hereby, on the first dac of each month ~ until the said note is fully paid, will pa~• to the Mortgagee, as trustee, (under the terms of this trust as herein- - after stated) the following scans: F (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 as estimated by the Mortgagee and of which the Mortgagor is g notified) less 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 become delinquent, such sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andapecialassessments. s (b) The aggregate of the amounts pa able pursuant to subparagraph (a) and those payable on the note secured q hereby, shall be paid in a single payment each month, to be applied to the following items in the order stated (I) ground rents, taxes, assessments, fire, and other hasard 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 sggrei;ate 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 (4°Jo) 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 `n = _ 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~-ments marl[` b,)• the I14ortgagor under (a) of paragraph 2 preceding shall exceed the amount of pa~•ments actually made h~• the :tfortKager, as truster, for ground rents, taxes and assessments, C.J1 and insurance premiums, Es tIIP ('ESP 1118~~bP, such excess shall be credited on subsequent payments to be made by the .Lionggagor for such items or, nt~ ~fortgEgeP's option, as trustee, shall he mfunded to Mortgagor. If, however, sucli mont)rly pa~•ments shall not tx• sufficient~to pad- such items when the same shall become due s and pa~•able, then the Mortgagor shall pn~• to the Llorti;agee, as trustee, and- amount necessary to make up ~ the def`icienc}•. Such pa~•ment shall bc~ marls within shirt}• (a0) da~•s after written notice from the Mortgagee ~ stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall ~ j -r:c