HomeMy WebLinkAbout2762 The Mortgagor hereby covenants with the Mortgagee, that he is indefeatubly seised of said land in fee
simple or such other eatatet J any as is stated herein; that he bsa full power and lawwfiul right to oon~ev the same
as aforesaid; that the land to free ~rom all encumbrances except as herein otherwise recited; that aaidlviortgagor
will make such further assurances to provo tba aforesaid title to said land in said Mortgages as may be reasoa-
ab required, and that said Mortgagor does hereby full? warrant the title to said land, and every part tl?ereoi,
as will defend the same against the lawful claims of all persons whomsoever.
PAOV1DtD ALwAYa that i! the Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a wbstantial copy, to wit:
i 42, 000.00 St. Lucie County, Florida
May 16 ,197 9 ,
Foa Vwrvs Rseuvso, the undersigned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES,
INC., authorized to do business in the State of Florida
a oorporstioa organised sad erieting under the
~ Arkansas , or ~ P~pwl sum ~ Forty-two thousand and
00/100--------------------- Dollam 42, 000.00 !rom date at
the rate of Ten per ceatum (10.OQro) P~ annum on the unpaid 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 3 314 5 , or at such other plaoE as the hdder may designate is writing
delivered or mailed to the debtor, in monthly inataUmenta of Three hundred sixty-eight and 58,~m
(i 368.58 commencing on the first day of ~1y , 1W9 ,and continuing on the
first dad of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment
of princrpal and urterest shall be due and payable on the first day of Jtilne , 2009
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any put
thereof not teas Wan the amount o[ one installment, or one hundred dollars (=100.00), whichever is kss. Prepayment in [all
shall be credited on the date received. Partial prepayment, older Wan on an irutaWnent due date. need not be credited untU
We next fdlowin= installment due date or thirty dal?s after such prepayment. whichever is earlier.
Ii any deficiency in the payment of any installment under this note is not made good prior to the due date
of the next such installment, -the entire princtpal sum and accrued interest shall at once become due and pay-
able without notice at the option of We holder of this note. Failure to exercise this option shall not oonstrtute
a waiver of the right to eatercaee the same in the event of any subsequent default. In the event of default in the
payment of this note, sad 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. '
1st Donald H. Watson -
_ DONALD H. WATSON
L~1 T~u~s..~ J. watson
LOUISE J. WATSON
[SEAL]
And shall duly, promptly, sad fully perform, discharge, execute, effect, complete, and comply with and abide
by each and ever~? the stipulations, agreements, conditions, and covenants of said promissory note and of ,this
mortgage, then thra mortgage and the estate hereby created shall cease~and be null sad void.
The Mortgagor further covenants sa 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
E one hundred dollars (5100.00), whichever a less. Prepayment in tall shall be credited on the date received. Partial R
prepayment, other Wan 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 fully 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 da}• of each month
until the said Holt is fully paid, will pay to the MortRai;re, as trustee, (under Ure terms of this trust as herein-
after stated) the following awns:
(a) A sum equal to the ground rents, if say, next due, plus the premiums that will next become due sad payable
on policies of fire and other hasard 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 soma already paid therefor divided by the number of months to elapse before one month
prior to the date when such ground rents, premiums, taxes, sad aseeasmeata will recome delinquent,
s such sums to be held by Mortgagee is truattopaysaid ground rents, premiums, taxes, and special assessments. f
(b) The aggregate of the amounts payable pursuant to subparagraph (s) and those payable on the note secured
herby, shall be paid in a single payment each month, to be applied to the fallowing items in the order
stated
(I) ground rents, taxes, aeaeasmeats, fire, and other hasard insurance premiums;
- (II) iatsr+eat on the note secured hereby; sad
(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-
gagor prior to the due date o[ the next such payment, constitute an event o[ 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 after the due date thereof to cover the extra expense involved in
handling delinquent paymerle, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire C.,;f
indebtedness and all proper costa and expenses secured thereby. ~
3. If the total of the pa}-meats madr br the MorlKngor under (s) of paragraph 2 preceding shall exceed ~
~ the amount of payments actually marlr M• lire :11ortKager, as truster, for Kround rents, taxes and assessments,
i and insurance premiums, as thr rasp mar br•, such excess shall lx~ creditrd on subsequent payments to be made
by the Mort aRor for surli iteriis or, nt Mortgagee's option, as trustee, shall be refunded to Mortgagor. If,
however, such ninthly payments-shall not }x. sufficient to par such items when the same shall become due
and payable, then the Mortgagor shall pry to thr :~tortRafic•c, ag truster, any amount necessary to make up ~
the def`iriency. Such paymrnt shell br made within thirty (a0) days niter written notice from the Mortgagee ~ ;
stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall