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HomeMy WebLinkAbout2849 a , • The Mortgagor hereby covenants with the Mortgagee, that tee is indef~ .ae`,~sed of acid land in tee simpple or such other estates J any u is stated herein; that he has toll power and la W nght to oonvev the same as aSoressid; that the laud u free ~rom all ancumbraaces e~roept as herein otherwise recited; that said~Iostgagor will mrreeagqke such further assurances to prove the aforesaid title to said land is said Mortgages as c?ay bs reawn- ~d will det~ea~d t d Mortgagor does hereby full warrsat the title to said land, sad eveq part thereot, an agsiast the lawful claims of a~ persons whomsoever. PAOYIDSD A1.wAYa that it tha itiiortgagor shall psyy unto the Mortgages that certain pNmirory note, of which the following is s substantial Dopy, to wit: ~ = 47, 800.00 St. Lucie County , Fads. ~ April 16 ,19 79. i Fen Vwras Rsxsavsn, tbs undersigned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES , INC., authorized to do business in the State of Florida , a corporation orgt?nised sad e~dsting ender the bws of Arkansas , or order, the prwcapal sum of Forty-seven thousand eight hundred and 00/100--------------- 47,800.00), ~ fr+oan ~ ~ refs ~ nine and one-half p~ oentum (9.5 p~ ~ ~ unpard balance until paid. The said principal and interest shall be payable at the office of Southern Mortgage Associates, Inc., 1999 SW 27th Avenue ~ Miami, Florida , or st such other place as the hdder may designate in writing delivered or mailed to the debtor, is monthly inatallmenta of Four hundred one and 93/lODollare 4 O l . 9 3 commencing oa the first day of June , 19 7 g .and continuing an the first dad of each month thereafter until this note is tylly paid, except that, ii not sooner paid, the final payment . of principal and interest shall be due sad payable on the first day of Ma2009 Privilege is reserved to prepay at any time, without premium or fee. the e~tire indebtedness err any part thereof act less than the amount of on! irataUment, or one hundred dOUus (:100.00), whichever is less. )Ptepaynient in fuU shall be credited on the date received Partial prepayment, other than on an installment due date. need not be credited uatU the nett toUowin~ installment due date or thirty days atte: such prepayment, w6lcherer is earlier. If any deficiency in the pa t of any installment under this note is not made good prior to the due date of the nest such installment, the ~ntin 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 shell not oonstatute a Waiver of the right to ezercrse the same in the event of any subsequent default. In the event of default in the payment of this note, and if the acme is collected by an attorney at Lw, the nnders~igned hereby agree(s) to pay all coats of collection, including a reasonable attorney's fee. This note is secured by mortgage of even date executed by the nndaraigned on certain property described . therein and represents money actu y used for the acquisition of said property or the improvements thereon. Preeeatment, protest, and notice an hereby waived. William C. Rocky [S~t,] WILLIAM C. ROCKY [88AL] And shall duly, Promptly, and fully perforan, discharge, execute, effect, complete, sad comply with and abide by each and ever~? the stipulations, agreements, conditions, and oovenanta of said promissory .note and of this mortgage, then thus mortgage and the estate herby created shall cease sad be null and void. The Mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefon provided. Privilege is reserved to prepay at any time, j without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or one hundred dollars (:100.!)0), whichever is less Prepayment in fop shall be credited on the date received. Partial r prepayment, other than on an installment due date, need not be credited until the next following instalment due date or thirty drys after such prepayment, whichever is earlier. € 2. In order more fully to protect the security of this mortgage,. the Mortgagor, together With,~and in ~ addition to, the monthly payments under the terms of tLe note secured hereby, on the first day of each month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following awns: € (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on pdiciea of fin sad other hasard inauraace covering the mortgaged property, Plua 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 ahead~r paid therefor divided by the number of months to before one month prior to the data whey such ground rents, premiums, taxes, and a~eeeeameate will ),creme delinquent, f such sums to be held by Mortgageeintruattopayasidgroundrenta,premiums,taua,aadspecialaaseesmenta. ~ (b) The aggregate of the amountaable pursuant to subparagraph (a) and those ppasyable on the note secured ~ her, shall be paid in a psiyment each month, to be applied to the fo owuzg items in the order eta (n ground recta, taxes, aaaeeosmeats, fire, sad other hasard insurance premiums; (II) interest on the note secured hereby; and (III) amortisation of the principal ai saw cote. Any deficiency in the amount of such agate monthly payment shell, 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- ' meet when paid more than Sheen (15) days after the due date thereof to cover the extra expense involved in handling delinquent payymmenter, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the mdebtednesa secured hereby, unless such proceeds are sufficient to discharge the entire " indebtedness and all proper cwsts and expenses secured thereby. . 3. It the total of the pa}-~nents msd~ b??• the Mortgagor under (a) of paragraph 2 preceding shall exceed f the amount of payments actually made by fife Mortgagee, as truster, for ground rents, taxes and assessments, and insurance premiwns, as the case maybe, such excess shell be credited on subsequent payments to be made ~ by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If, however, such monody payments shall not be sufficient to pay such items when the same shall become due end pa .able, then fife Mortgagor shall pay to tl~e Mortgagee, as trustee, any amount necessary to make up the deficiency. Such payment shall be made within thirty (30) dsvs after written noticx from the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall u~S ~6 FAG. fi _ _ -