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HomeMy WebLinkAbout2671 The Mortgagor hereby covenants with the Mortgagee, that he is indefeasibl . seized of said land in fee simple or such otber estato, J any as is stated herein; that he has full power and lawful right to convey the same as aforesaid; that the land is free ~rom all encumbrancos except as herein otherwise recited; that said~iortgagor will make such further assurances to provo the aforesaid title to said land in said Mortgagee as may be reason- ably required, and that said Mortgagor Joel hereby fully warrant the title to said land, and every part thereof, and will defend the same against the lawful claims of all persona whomsoever. Paovrnan ALNAYa that it the'\iortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a substantial copy, to wit: = 26, 500.00 Ft. Pierce • , Fl~da, May 31 , 19 79 . Foa VALIIS Racuvsn, the undersigned promise(s) to pay to Southern Mortgage Associates, Inc., authorized to do business in the State of Florida , a corporation organised and e:istina under the bwa of Arkansas , or order, the principal sum of Twenty six thousand five hundred and 00/100 26, 500.00 ~~r~ from date at the rate of ten per ceatum ( 10 PW 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 in Miami , Florida , or at such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly installments of ~„p hundred thirty-two & 67/00 Dollars 232.67 commencing on the first day of July , 19 79 ,sad continuing on the first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the find payment of princapai and interest shall be due and payable on the first day of June , 2009 privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part thereof not leas than the amount of one installment, or one hundred dollars (=100.00), whichever is less. Repayment in lull shall be credited on the date received. Partial prepayment, other than oa an installment due date, need not be coedited until the next following installment due date or thirty dayt alter such prepayment, whichever is eadier. H any deficiency in the pa ent of any installment under this note is not made good prior to the due date of the next such installment, the entire 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 shall not oonatiitute a waives of the right to ezercase the same in the event of any subsequent default. In the event of default in the payment of Chia note, and if the same is collected by an attorney at law, the undersigned hereby agree(s) to pay all costs of collection, including s reasonable attorney's fee. This note is secured by mortQaQe of even date executed by the undersigned on certain property described therein and represents money actua y used for the acquisition of said property or the improvements thereon. Presentment, protest, and notices are hereby waived. - T~ an_ n [~L~ Larry Hansen / / iY~hnrah V _ HarLSen [gEAL] Deborah V. Hansen _ [SEAL] [SEAL] And shall duly, promptly, and fully perform, discharge, execute, eRect, 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 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 (x100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial s prepayment, other than on an installment due date, need not be credited until the next following installment due date or E thirty days after such prepayment, whichever is earlier. i 2. In order more fully to protect the accurst}- 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 day of each month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust ss herein- after stated) the tollowirig 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 basard insurance covering the mortgaged property, plus taxes and assessments I next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is notiSed) less all sums already poud 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, 1 such sumsto be held by Morigageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. (b) The aggregate of the amounts payable pursuant to subparagraph (s) and those payable on the note secured ~reby, shall be paid in a e payment each month, to be applied to the following items in the order (I) ground rents, taxes, assessments, fire, and other hasard insurance premiums; (II) interest on the note secured hereby; and 7 (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 sucl? payment, constitute an event of default unc}er this mortgage, o~ At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding fo.ir per certain (4%) of any install- ~7O t inert when paid more than (teen (15) days after the due date thereof to cover the extra expense involved in ~ handling delinquent pa menu, but such "lace charge" shall not be payable out of the proceeds of any sale C ~ made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~ 5 indebtedness and all proper costs and expenses secured thereby. 3. If the total of the payments mnde h~- the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of pa}•ments actually niacle by the tilortKaKee•, as truster, for Kround rents, taxes and assessments, N 1 and insurance prnmiwns, as the case rosy be, such excess sl?all ix• credited on subsequent payments to be made ~ by the :MortgaKor for such items or, at ~tortgngee's option, 8.4 trustee, shall be rnfunded to Mortgagor. If, however, such montldy payments shall not he suffirient to pay such items when the same shall become due and payable, then the ~fortRa~or shall par to the ti'Iortgagee, a.4 trustee, any amount necessary to make up the deficiency. Such payment shall be made within thirty (:30) da~-s after written notice from the Mortgagee w stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall F'