HomeMy WebLinkAbout2331 The Mortgagor hereby covenants with the Mortgagee, that he is indefeasibly seised of said land in fee
simple or such other estate! J say as is stated herein; that he has full power and lawful right to ooAVev the same
as atoresud; that the land m free ~rom all encumbrances except as herein otherwise recited; that said~iortgagor
will make such further assurances to prove the aforesaid title to said land in etid Mortgagee as may be reason-
ablJ required, and that said Mortgagor does hereby fully warrant the title to said land, and every part thereof,
and will defend the same against the lawful claims of all persona whomsoever.
PROVIDED ALNAYa that it the ~liortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a substantial copy, to wit:
= 19, 900.00 St. Lucie County Florida
March 26 ,19 79 .
FoR Vru.us Rscsrvsn, the undersigned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES ,
INC., authorized to do business in the State of Florida
, a corporation organised and existing under the
Lwe of Arkansas , or order, the principal sum of NINETEEN THOUSAND NINE
HUNDRED and 00/100--------------- 19, 900.00 with interest from date at
the rate of nine and one-half per oentum ( 9.5%) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of Southern Mortgage Associates,
Inc., 1999 SW 27th Avenue
~ Miami r Florida , or at such other place as the holder rosy designate in writing
delivered or marled to the debtor, in monthly installments of One houndred sixty-seven and 33/lODollars
167 , 33 commencing on the first day of May , 1979 ,sad 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 due and payable on the first day of Ap~~ .2009 -
privilege is reserved to prepay at any time, without premium or fee, ihe.entire indebtednees or any part
thereof not less than the amount o[ one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in full
shah be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until
the nezt following installment due date or thirty days after such prepayment, 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 neat 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 constitute
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 ie 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 Bard property or tLe improvements thereon.
Presentment, proteht, and notice are hereby waived.
Richard R. Miller _
RICHARD R. MILLER
/~_~ather ins M . Mi 11 er~,~___
KATHERINE M. MILLER
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
i 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.
E The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is t+eserved 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 (x100.00), 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 [ollowing instalment due date or
thirty days after such prepayment, whichever is earlier.
2. In order more fully to protect the security of this mortgage, the Vortgagor, together with,~and in
addition to, the monthly payments under the terms of the note secured hereby, on the first day of each month
until the said note is fully paid, Kill pay to the :Mortgagee, as trustee, (under the terms of this trust as herein-
after stated) the following suns:
(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 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 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 recome delinquent,
E such sums to be held by Mortgageemtrusttopaysaidgroundrents,premiums,taxea,andspecialassessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured
hereby, shall be paid is a single payment each montb, 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) 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.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4%) 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 a_',°
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. C.~
3. 1f the total of the pa}-rents made by t}?e ?\'Iortgngor under (a) of paragraph 2 preceding shall exceed C
the amount of payments actually nade by the'~'Iortgagee, as truster, for ground rents, taxes and assessments, CJt
and insurance prnmiwns, as the case maybe, such excess shall be credited on subsequent payments to be made _
by the :1~Iortgagor for such items or, nt titortgageP's option, sg trustee, shall be refunded to Mortgagor. If,
however, such monthly payments shall not l.e sufficient to pay such items when the same shall become due lV
and payable, then the Mortgagor shall pny to the Mortgagee, aS truster, any amount necessary to make up ~
the deficiency. Such payment shall be made within thirty (30) days after written notice from the Mortgagee lU
stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall ~
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