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Home My WebLink About0658 The Mortgagur hereby covensat,a wi/h lhe Mortgagee, thst he is indefeapibl seized oi said land in fee simple or such other estate, d sny ~a is stated herein; thaL ha hes tull power and ls~ul right to convev Lhe sxme _ aa ataresaid; th~t tbe laad is iree ~ram nll encumbronces except ss herein othe~wise recited; that said~viortgagor will make suc6 further assunnces to prova the atoresaid Wtle t~o s~id l~ad in aaid Mortgagea ua moy be renson- ablyreq uired~ and th~6 said Mortgago~ does hereby full7 wursat t6e LitJe to said land, and every part W?ereot~ aad ~riU defend tbe same agsinst Lhe bwiul claims oi W per~oas ~vhomsoever. PROVIDBD ALNATS ~aL lI tb8 ~~Ol~tgOi 6~~U pay 11nL0 vle MOl~YgN L~ti OO!'~810 ~1I'OII'1189~l~/ AO~~ oi wLich the tollowing ia ~ subst,wti~l ooPS~ to wi~: Ft. Pierce, i 44, 300. 00 May 31 ,19 ~9~ FOA VALUS RSCiiYiD~ the undersig~,ed promiae(e) to psy to Southern Mortgage Associates, Inc. authorized to do business in the State of Florida . s oorporstion oraanised ~ad eaating under the bwe ot Arkansas . or order~ the pcincipal sum of Fbrty-four tlnusand three- hurydred arxi 00/100 44, 300. 00 from dste at the rste of ~ per ceatum ( 10 Per annum on the unpaid bslanoe unW paid. The asid principal and interest ehaq be psyable st the o~'ioe of Southern Mortgage Associates, Inc., 1999 SW 27th Avenue in Miami , Florida ~ or at auch other pluoe as the hdder msy deeignste ia writing delivered or mailed to the debtor, in monthly installmenta of ~ hundred eighty~-eight &95/0~~ 388.95 oommencing on the firat day of J~y , 19 ~g ~ and oontinuing on the firet dsy oi each month thereafter until t6is note is fully paid, except thst~ ii not. eooner paid, the finalp syment of principsl ~nd iat~erest ahall be due and payable on the firat day of June ~ 2009. pri~ilege ia reserved to prepsy st any time~ without premium or fee. tha entire indebt~daeea or any psrt t6ereo[ not leas tl~an the unouat o[ one instapment, or one hundced dollaes (;100.00)~ whicbever is lesa. Yrepayment in [ull d?all be crrdited on the date received. Partid prepayment, other thm on an installmeat due date~ need not be credited until t6e ae~ct tollowias instaliment due date or ~rty days atter suc6 prepaya4ent, vrhic6ever ~S earlier. Ii any deficiency in the paym ent of any installmeat under this note is not made good prior to tLe due date of the next auch installiuent, the entSre principal sum and accrued intereat ahall at ouce become due and ~sy- sble ~vithout notice st the option ot the holder of this note. FWure to ezercise this option ahall not oonat~tute • waiver oi the right to ezercise the same in the event oi any subeequent default. In the event of default in the payment of this note, and if t6e asme is c~ollected by sn sttornay at lsw, the undersigned hereby agree(s) to psy all oosta of collection, including a ressoneble sttorney's fee. Thia note is eecured by mortQaQe of even dete ea~ecuted by the undersigned on oertain property d~cribed therein snd represents money actus7ly use~ for the acquisition of said property or the impmvements thereon. Preeentment, pmtest. and noticas are bereby waived. -Ls/ Ricrir.si A- .~nz [~l RIQ-111I2D A. BEANY -.1~--ae~1~ [s~l BE.VERI,Y M. BFANY - [s~?L) 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 promiasory note and of thia ! mortgage, then this mortgage and the estate hereby created shaU cesse and be null and void. ' The Mortgagor further covensnts as follows: 1. T6at he will pay the indebtedneas, as hereinbefore provided. Privilege is reserved to prepay at any time~ E without premium or fee, the entire indebtedneas or any part thereof not less than the amount of one installment, or ~ one hundred dollars (a100.Q0), whichever is less. Prepayment in full shall be credited on the date received. Partial pcepryment, other than on an installment due date, need not be credited until the next following installment due date or tbirty days after such prepayment, whichever is eulier. € 2. In order more full~ to protect the securit~ of this mort~age, the MortgaRor, together with, and in ~ addition to, the monthl~- pa~-ments under th~ terms of thc~ note secured hereb~•, on the first da~• o( cach month ; unfil the said not~ is full~ paid, will pa~• to the tiiort~a~~e, as trustee, (under th~ terms of th~s trust as herein- ~ a(t~r stated) thc following suu~s: ~ (a) A sum equsl to the ground rents, i! any, next due, plus the premiums t6at wiU next beoome due and payable € on policies of fire and other hasard insurance covering the mortgaged property, plus taxes and as.~sments ~ next due on the mortgaged property (all Sa estimeted by the Mortgagee and of which the Mortgagor is ~ noti6ed) lesa all sums already paid therefor divided by the number of montha to elapse before one month ~ prior to the date when such ground rents, premiums, taxes, and aagessments will become delinquent, ~ auch suma to be held by Mortgageeintruattogaysaidgroundrents,premiums,taxea,andspecialasses.sments. (b) T6e ag~egate of the amounta psyable pureusat to ~bparagraph (e) and thoeepa yable oa the note secured hereby, shall be paid in s single paymeat each month, to be applied to the following items in tt?e order atated (I) ground renta, taues, aesesamenta, 5re, and other hasard insurance premiuma; ~ (II) intRrest on the note eecured hereby; aad F (III) amortisstion of the principal of said note. ~ Any deficiency in the amount oi such aggre~ate monthly psyment shall, unless msde good by the Mort- gagor pr~or to the due date ot the nezt such psyment, constitu~,e an event oi detsult under this mortgage. • At Mortgagee's option, Mortgagor will pay a"late cl~arge" not eaceeding four per centum (4°Jo) of any install- : ment when paid more than 6fteen (15) days after the due dnte thereof to cover the extra expense involved in handling delinquent payments, but such "late charge" shall not be paysble out of the proceeds of any sale msde to satisty the indebtedness secured hereby, unless such proceeds are aufficient to discharge the entire ~ indebtednesa and sll proper c.osts and expenses secured thereby. ~ ~ 3. 1( the total of the pa~-mPnts nind~ br the !1lortgn~or under (a) of para~roph 2 precedinR ahall exceed Q ; ~ the amount of pa~•ments actunlir mad~ b~• t~~e ~1ort~{aKe~~, as trustec, for ~roun~1 rents, taxes and as.4es.cments, # ~ and insurance pr~miwns, es ti~e casP ma~~ be, such excess shall lx~ credite~l on subseyuent pa}•ments to be made ; _ bv the '.1~Iorlga~or for su~h items or, ut ~tortgngeP's option, a.4 trustee, shall be tefunded to Mortgagor. Ii, i however, such monthl~• pa}•ments shall n~t IM 3Uffl~~i~nt to pa}- su~h iten~s when the same shall become due ~ snd pa~•able, ther? tlie :~1ortRa~or shall pn~• to th~ :~tortRa~ec•, us truste~, an~- an~ount necessarv to mske up ~ the de~icienc}•. Such pa~•m~nt sLell bP z~~a~1e wifhin thirt~ (:i0) da~a atter written notice from t~e Mortgagee ~ ` .stating the amount of the deficiency, wl~ich notice may be given bq mail. It st nny time the Mortgagor shaU ~ F ` ~ ~ •''a.