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HomeMy WebLinkAbout2444 .1 ~ . The Mortgagor hereby covenants with the Mortgagee, that ha is indefeasibly seized of ssit~ land in fee simple or such other estates J any u is stated herein; that he has toll power and lawful right to convey the swme as ator~esaid; that the land m free from all encumbraacea except ss herein otherwise recited; that aaidZViortgagor will make such further assurances to prove the aforesaid title W said land in said Mortgagee as may be reason- } ably required, and that said Mortgagoc does hereby fullyy.warrant the title to said land, and every part tl?ereot, and will defend the same against the bwful claims of all persons whomsoever. PROV rDrn ALwAYB that if the ?Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a aubatsntial cops, to wit: i 65 , 000.00 Fort Pierce ,Florida. March ,1979 . Fos VAr.us R>`catvsn, the undersigned promise(s) to pay to THE LOMAS & NETTLETON COMPANY a corporation organised and eaoatana under the laws of Connecticut , or order, the principal sum of Sixty Five Zt~otLSand and No/ 100---------------------------------- (165 ,000.00 with interest from date at the rate of Nine and Otte Half per oentum (9.5 peT annum oa the unpaid balaace until paid. The said principal and interest shall be payable at the office of Zhe lamas & Nettletoc? G~pany, 175 Orange Street in New H2nre~R, Camecticut 06510 , or at such other phwe as the holder may designate in writing delivered or mailed to the debtor, in monthly installments ofFive Ifindred Forty Six & 65/100--Dollars 546.65 commencing on the first day of May , 19 79 , and continuing on the first day of each month thereafter until this note is fully paid, except that, if nQt honer paid, the final payment of principal and interest ahali be due and payable on the first day of Apn.1 LUt~J 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 (5100.00), whichever is less. Prepayment in full shall be credited on the dale received. Partial prepayment, other than on an installment due date, need not be credited until the ne:t following instalment due date or thirty days aster wch 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 next such installment, the entire principal sum and accrued interest shall at once become due and ~sy- able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstatute 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 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 said property or the improvements thereon. Presentment, protest, and notice, are hereby waived. G = ,y ~ yL ('~i R. ' i ,f r rl - / - n ~ [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 as foAows: 1. That he will pay the indebtedness, as hereinbefore provided. 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 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 more full}- to protect the security of this mortgage, the Mortgagor, 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 stilly paid, will pay to the Mortgagee, as trustee, (under the feints of this trust as herein- after stated) the following sutras: (a} 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 become delinquent, _ each sums to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecislassessments. _ (b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured 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 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 Mortr 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 cliai•ge" 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 payments, but such "late charge" shall not be payable out of the proceeds of any sale '.7Q made to satisfy the m ebt,t:dness secured hereby, unless such proceeds are sufficient to discharge the entire ~..7 indebtedness and all proper costs and expenses secured thereby.~`.~ 3. If the total of the payments made h.• the Mortgagor under (a) of paragraph 2 preceding shall exceed ~ the amount of pa~•inents actually made h.• file Mortgagee, as trustee, for ground rents, taxes and assessments, - and insurance premiums, as U?e ca.5e ma.' be, such excess shall be credited on subsequent payments to be made by the Vortgagor for such itenss or, at Vtortgngee's option, as trustee, shall be refunded to Mortgagor. If, i~ however, such monthly payments sl?all not t>e suffi~•ient to ray abeh'iten?s when the same shall become due t~ and payable, then the :Mortgagor shall pa~• to the Lortgagee, ns trustee, any- amount necessary to make up G7 the def~icienc~•. Such pa~-ment shall be made within thirty (a0) da~•s after written notice from the Mortgagee ~ •i. ,.f r1,., .~n~i..:n.,..o avh:nti nntirn rosy ha oiven by mail. If at env Limp the ~t~~rtn~v~r Ahal!