HomeMy WebLinkAbout1764 The Mortgagor hereby covenants with the Mortgagee, that he is izaefeasibly seined of ~sid Lad is fes
simple or such other estates J any as is stated herein; that ha has full pow ..,d lawful rig' -:..vev the same
ae aforesaid; that the land m tree ~mm all encumbrances except ss herein otherwise recited; that eaid~iortgagor
will make such further assurances to provo the aforesaid tiitle tp said land in said Mortgagee as may be reason-
ably required, and that said Mortgagor does hereby full~r warrant the title to said land, and every part thereof,
sad will defend the same against the lawful claims of s1l persona whomsoever.
PROVIDED AL~V/AYa that if the ?Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a substwlial copy, to wit:
= 31,500.00 Ft. Pierce ,llorida.
April 3 , l9 79 .
FoR VwLUi RscsrvsD, the undersigned promise(s) to pay t0
THB LOMAS & I~TTLETON COMPANY , a corporation organised and etristin6 under the
bws ~ the State of Connecticut; or order, the principal sum of Thirty one thousand five hundred
sad ao/100- - - - - - - - - - - - - - -Dollars (i 31,500.00 with inttr+eet from date ai;
the rate of Nine and One Half per ceatum ( 9.5 per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of THB LOMAS & :~'STTLET0:1 COMPANY,
134 Orange Street
i
is ?iew Haven, Connecticut 06510 or at such other place as the holder may designate is writing
delivered or mailed to the debtor, in monthly installments of Two Hundred sixty four A 92/00 Dollars _
(t 264.92 commencing on the first day of June , 19 79 ,and ~~~8 ~ ~
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 first day of play 2009.
Privilege is reserved to prepay at any time, without premium or fiee. the entire indebtedness or any part
Wereot 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 thaD on an instalment due date, need not be credited until
the next following ir>stalmeat due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the pa ens of any installment under this note is not made good prior to the due date
of the nest such installment, the entire princtpal 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 oonatrtute
a waiver of the right to eser+cise the same in the event of any subsequent default. In the event of defs~lt in the
payment of ibis 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 oertaia property described
therein and represents money actually used for the acquisition of said property or the impmvemente thereon.
Presentment, pmtest, and notice are hereby waived.
1s„~_Riley 1. h'are [ggaL]
Riley L. ir'are
Eliza :.2re [3SAL]
Eliza tdare
-
[ssni.]
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
by each and every the stipulations, agr+cemeats, 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 follows:
1. That he will pay the indebtedness, as her~einbefore provided. Privilege is reserved to prepay at say time,
without premium or fee, the entire indebtedness or say part thereof not less than the amount of one installment, or
one hundred dollars (8100.00), 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 fOUowing installment due date or
thirty days after such prepayment, whichever is earlier.
E 2. In order more fully to protect. the security of this mortgage, the Mortgagor, together with,•and in
addition to, the monthl~• pa}-rnenta under the terms of the note secured hereb}, on the first day of each month
until the said note is fully paid, will pay to the Mortgagee, as trustee, (uncler the terms of this trust as herein-
F after stated) the following sums:
(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 sad other hasard insurance covering the mortgaged property, plus taxes and assessments
s nest due on the mortgaged property (all a8 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 seaessments will Leoome delinquent,
aucheumatobeheldbyMortgageemtruattopaysaidgroundrents,premiums,taxes,andspecialassessmenta.
F (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
m 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. ~ o
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mor•tr ;~,o
gagor pryor to the due date of the next such payment, constctute 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 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 ~
made to satisfy the tndebtedness secured hereby, unless such proceeds are sufficient to discharge the entire
indebtedness and all proper costs and expenses secured thereby.
3. If the (Dial of the payments made hr the Mortgagor under (a) of paragraph 2 preceding shall exceed ~
a the amount of payrrients actually made h.• the :1lortgaKer, as trustee, for ground rents, taxes and assessments, ~
and insurance premiums, as the case may~bp, such excess shall he credited on subsequent payments to be made
by the :4ortgagor for such items or, at Mortgagee's option, ag trustee, shall be refunded to Mortgagor. If, N
however, such montl?h payments shall not },c, suffcient to pay such items when the same shall become due
and payable, then the :~tortgagar• s Il j~l•~,t}~p~prtt;agec, as trustee, any amount necessary to make up
the deficiency. Such payn~~~ha~~~e;,uitidt b tbirR~ (:30) days after written notice from the Mortgagee
'stating the amount of'tlrts deficier~y;'~klrich no ce may a given by mail. If at any time the Mortgagor shall I
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