HomeMy WebLinkAbout1662 The Mortgagor hereby covenants with the A'tortgagee, that he is indefeagibl seined of aair~ land in fee
simple or such other estate; J any as is stated herein; that he has toll power and lawful right to convey the swine
as aforesaid; that the land is free ~rom all encumbrances except as herein otherwise recited; that saSd~Vlortgagor
will make such further assurances to provo the aforesaid title to said Isnd in acid Mortgagee as may be reason-
ably required, and that said Mortgagor does hereby fully warrant the title to said land, and every part tlrereot,
and will defend the name against the Lwful claims of all persons whomsoever.
PaOViDSD ALwrA~re that if the Mortgagor shall pay unto the Mortgagee that certain promissory note, of
whi=.,h the following is a substantial copy, to wit: ,
= 28, 000.00 St. Lucie Count~lorida.
May 10 ,19 7 9.
Fore VwLUS Rscsrvw, the undersigned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES ,
INC., authorized to do business in the State of Florida
a corporation organised and esisting under the
>awa ~ Arkansas , or order, the principal sum of Twenty-eight thousand and
00/100-------------------------- Dollars 28, 000.00 with interest from date at
the rate of ~ Ten per oeatum (10. per annum on the unpaid balance until paid.
The said principal and interest strap be payable at the office of Southern Mortgage Associates,
Inc., 1999 SW 27th Avenue
in Miami, Florida 3 314 5 , or at such other place as the hdder may designate in writing
delivered or mailed to the debtor, in monthly installments of Two lwndred _forty-five a~ 73/lOmollara
(i 245.73 commencing on Ure first day of June , 1979 ,and 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 bo due and payable on the first day of ~ 2009 • '
Privilege is reserved to prepay at any time, without premium or fee. tha entire indebtedness or any part
thereof not lea3 than the amount o[ one installment, or one hundred dollua (11100.00), whichever is less. Prepayment in full
drill 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.
$ any deficiency in the pa ent of any installment under this note is not made good prior to tLe due date
of the nezt such installment, the entire princepal 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 oonatttute
a waiver of the right to ozercise 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
tLerein and represents money setae y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice, are hereby waived.
~.-C,eCay`~p K ~A~rnPr SEA[,]
Gt7~}~ K. ZtJlit~tt
T.inr3a R_ 'ilrrnr~r [gF.AL~
LII~ B. Zt1F8VER
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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 follows:
1. That be will pay the indebtedness, sa 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 (5100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial
r prepayment, other than on an installment due date, need not be credited until the next [ollowing installment due date or
thirty days alter such prepayment, whichever is earlier.
2. In order more fully to protect the security of this mortgage, U?c Mortgagor, together with, and in
addition to, the montt?ly payments under the terms of the note secured hereby, on the first day of each month
until the said note is fully paid, will pay to the Mortgagee, 8_c trustee, (under the terms of this trust as herein-
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 and other hasard insurance covering the mortgaged property, plus taxes and assessments
p next due an the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
t 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,
3 such sums to be held by Mortgageemtrusttopaysaidgroundrents,premiums,ts><ea,andspecialassessments.
s (b) The aggregate of the amounts pa able pursuant to subparagraph (s) and those payable on the note secured
hereby, shall be paid in a singe payment each month, to be applied to the following items in the order
stated
i (I) ground rents, farces, 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-
F 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°Jo) of any install-
ment when paid more than fifteen (15) days alter 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 -
ti 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. ~
3. If the total of the pa.-menu madr by the Mortgagor under (n) of paragraph 2 preceding shall exceed ~
the amount of pa}•ments actually made h.• the ?lfortgaKee, as trustee, for ground rents, taxes and assessments, -
and insurance preniiwns, as the case niay~be, such excess shall be credited on subseyuent pa~•ments to be made
by the Mort agor for surh items or, at• Mortgagee's option, 8.4 trustee, shalt be refunded to Mortgagor. If,
however, such monthly payments shall not !m sufficient to pay surh items when the same shall become due F-'a
and payable, then tile-Mortgagor shall pny to the Mortgagee, as truster, any an?ount necessary to make up ~ I
the deficiency. Such pa~•incnt. shall be made within thirty (a0) days after written notice from the Mortgagee ~
stating the amount of the deficiency, which notice may be given by mail. If at any Lime the Mortgagor shall
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