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The Mortgagor hereby covenants with the Mortgagee, that he is indefea.~ibly seized of said land in fee
simple or such other eatster if any as is stated herein; that he has toll power and lawful right to convey the same
as aforesaid; that the land ie free from all encumbrances oxcept as herein otherwise recited; that said7Viortgagor
will make such further assuranoea to provo the aforesaid title to said land in said Mortgagee as may be reason-
ably required, and that said Mortgagor does hereby full warran6 the title b said land, and every part tliereot,
sad will defend the same against the lawful claims of a~ persona whomsoever.
PaOYIDED ALwAYB that if the I?ioctgagor shall pay unto the Mortgages that corlaia promissory note, of
which the following is a substantial Dopy, to wit:
= 3[~ ~ 000 ~ 00 Fort Pierce ,Florida.
December 11 ,19 78 .
Foii VwLVS Racravsn, the undersigned promise(s) to pay to
SOUTHERN MORTGAGB ASSOCIATES, INC. , s corporation organised sad erristing under the
Iswe of the State of Arkansas , or order, the principal sum of THIRTY THOUSAND and no/100-
----------------------------------------dollars 34,000.00 with interest from date at
the rate of NINE AND ONE HALF per centum ( 9.5 per annum oa the unpaid balance until paid.
The said principal and interest shall be payable at the office of
SOUTHERN MORTGAGE ASSOCIATES, INC. - 1999S.iI. 27th Avenue
in Miami, FL 33145 , or at such other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly inataUmenta of TWO HUNDRED EIGHTY FIVE be 89/100Dollars
285.89 commencing on the first day of January , 1979 ,sad continuing on the
first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the fi~r~ayment~~
of principal and interest shall be due and payable on the first day of December
Privilege is reserved to prepay et any time, without premium or fee, the entire indebtedness or any pal
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 ne:t following installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the pa meet of any installment under this note is not made good prior to the due date
of the nett such installment, ~e entirE principal sum and accrued interest shall at once become due and Fsy-
able without notice at the option of the holder of this note. Failure to exercise this option shall not constitute
s 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 atbrney'a 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 noticc~» are hereby waived.
~~__~~_Rarl V_ Marshall [ggpI,]
EARL V. MARSHALL
`_____f sl Thelma L. Marshall [sEAL]
THELMA L. MARSHALL
_ [SEAL]
• (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 oovenantg as follows:
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 less than the amount of one installment, or
one hundred dollars (1100.00), whichever is less.
2. In order more full~• to protect Ure security- of this mortgage, the Mortgagor, together with, and in
addition to, the rnonthlr pa~•nrents under the terms of the note secured hereb~•, on the• first da~• of each month
~ wrtil the said note is fully paid, will pa~• to the Mortgagee, as trustee, (under the terms of this trust as herein-
~ after staled) the following suers:
~ (e) 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
1 notiSed) 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 soma to be held by Mortgageeintruattopaysaidgroundrents,premiums,taxea,sadspeci8lassessments.
g (b) The aggregate of the amounts pa able pureriant to subparagraph (a) and those payable on the note secured
~reby, shall be paid in a single payment each month, to be applied to the following items in the order
~ reedd
1 (I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
y (II) interest oa 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 Mor•tr
6agor pryor to the due date of the next such payment, constitute an event of default under this mortgage.
At Mortgagee's option, Mort agor will pay a "late charge" not exceeding four per centum (4%) of any install-
ment when paid more than f~fteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent pap meets, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the rndebtedness 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 made 1?r t)re Mortgagor uncles (a) of paragraph 2 preceding shall exceed
~ the amount of pa~•nrents actually- insets b.• t(ie ;iortgagee, as trustee, for ground rents, taxes and assesarnents,
and insurance prnmiunrs, as thr case ura~- be, such excess shall be credited on subsequent. payrnenis to be made ~
by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If,
however, such monthlr pa~-ments shall not Ire sufficient to par such items when the same shall become due
and pa •able, then the~:~tortgagor shell pa~• to the Mortgagee, as trustee, any amount necessary to make up
the deficiency. Such pa~•?nerit shall be made within thin}' (:30) days after written notice from tyre Mortgagee
stating the amount of the defic~---~y, which notice may be given by mail. ='1?t any time the Mortgagor shall
' ~'~.~RX 299 P>zc~ ~ ~Qb ' o R SUS
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