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Home My WebLink About0877 The Mortgagor ~hereby covenaata with tLe Morlgagee, that he ia indefeasibly s~ized oi aaid laad in fee : simple or auch ot,her eatwte; d aay as ia atated herein; thet, ha has tull power and lawful right to ooovev Lhe snme : as aforesaid; th~t the laad ~s iree ~rom all encumbrences e~ccept as herein otherveise recited; thst aaid~iortgagor ! ~vill maka such furU?er aseuranoee to pmvo We ~foresaid Litle I,o said land in said Morcg~gee ~a may be reuson- : ab~yreq uired~ and that said Mortgagor does hsreby fully wuran~ the title to said Isnd. and evocy puti t~iereof~ ; aad ~ll defend the aame agsinst yhe lawiul claims oi atl persocu whomsoever. ! PaoviosD AL~rwYS tLat ii the ~io~tgsgor ah~ll pa~ unto the Mortgsgee tba6 oertain pmmissor9 note. oi w6ich the tollowing is s aub4tantial ooP~~ to wi~: i 33, 500 .00 Fort Pierce , Florida. ; June 6 ~ igl9 . i i Fos Vw~.vs Rscs~vsD~ the underaigx?ed promise(s) to P~Y to Southern Mortgage Associates, ~ Inc., authorized to do business in the State of Florida s , , s oorporstion organised aad e~oatina under the Lws of Arkansas . or wder. tt,e Principal sum o[ Thirty-three thousand five hundred 00/100 Ddlars 33,500.00 with int~rest lrom date at ' the rate of ten P~ oenLum ( 10 Per annum an the unpaid balaaoe until paid. 3 The esid principal snd interest ehaU be payable at t6e o~ce af Southern Mortgage Associates, Inc., 1.999 SW 27th Avenue ~ Miami, Florida , or at auc6 other place ae the holder msy deaignste ia writin6 deliver~ed or mailed to the debtor, in montWy installmente of two hundred ninety-fourl3/l~~s 294 .13 oommencing on We first day ot July , 19 79, aad oontinuing on the first day oi each month thereafter until thia note is fully paid~ except tb~?t~ ii not eooner paid, the &nsl~syment ea 2009 . of princapal and 'u?~t shall be dus and psyable on the first day of June . privilege ia reserved to prepay at sny time, without premium or fee, tLa entire indebtednees or any part thaeoi aot las t6an the a~nount ot oae i~tdlment, or one bundred dollus (i100.00), whfchever is kss. Peepayment in tull ~hall be credi~ted oa t6e date receired. Partial prepaya~ent, other thm oa m instdtment due date. aeed aot be credibed until the nact Idlowin` iasWlment due date or thiity days a[ter wch prepayment, whichevet is eariier. Ii any deficiency in the paym ent of any installment under thia note is not made gcad prior to tLe due date of the nezt suc6 inatallment, t~e entin principai sum and sccrued interest shall st once beoome due and psy- able without notice et the option of the holder oi this note. Failun to eaerr.ise this aption ehall not oonet~tute a waiver oi t~he right to esercise the ssme in the event ot any subeequent default. In t.he event oi detault in the psyment of t6ia note, snd if the asme ie coQected by an sttorney st law, the undersigned hereby agree(s) to psy all uoats of collection~ including a reasonable attornep's fee. This note is eecured by mort~age of even date e~cecuted by the undersigned on c~ertsia property deecribed therein snd represents money actusUy used for the acquisitioa oi said pmperty or the improvementa thereon. Presentment, protest, and notice are hereby waived. /s/ John M. Wu [~?i,] JOHN M. WU ,,,~,g~( ~_nni e B _ Wu [gSAL] . BOPINIE B . W[J ~ ' ~ - i ; ; - ~ (sFr?L] ~ And shall duly~ promptly, and fuUy pertorm, discharge, execute, eHect, complete, aad oomply with and abide ~ by each and erery the st~pulationa, agreements, conditions, and covenants of said promi.ssory note and of thia mortgage, then thia mortgage and the estate hereby crested shall cease and be null and void. The Mortgagor further oovenants as follows: i 1. T6at he will paq the indebtedness, as hereinbefore pmvided. Privilege is reeerved to prepaq at any time, 0 ~vithout premium or fee, the entire indebtednees or say part thereof not lesa than t6e amount of oa~e inetallment, or ~ one hundred dollars (5100.00), whichever is less. Prepayment in full sdall be credited on the date received. Partial prepryment, other than on an installmeeut due date, need not be credited unW the next [oUowing instaliment due date or ~ thirty days after such prepayment, whichever is earlier. - 2. In order morP fuli~• to protect the securit~• of this mortgage~ the vlortga~or, together with, and in ~ adclition to, the rnonthl~• pa~•ments under the terms of the no1P sPCUred }?ereby, on ti~e first da~- o[ each inonth ~ until the said not~ is full~• paid, will pa~• to the Mort~a~ee, as tragtee, (under the terms o( this trust as herein- after stated) tl~e [ollowing suins: ~ (a) A sum equal to t6e ground rente, if any~ next due, plua the premiums that will next become due and payable ~ on policies of fire and other hasard insurance covenng t6e mort~aged property, plus taxes and assessments ~ next due on the mortgaged property (all sa eatimi?ted by the Mortgagee and of which the Mortgagor is ~ notiSed) lesa sll eums already puid therefor divided by the number of moaths to elapse before one month ~ prior to the date whea s~ch ground reats, pcemiums, taxes, and aasessmenta will become delinquent, ~ s~~ch sume to be held by Mortgageemtrusttopayeaidgroundrents,premiums,taues,andapecislassessrnents. (b) T6e a~egate of the amounts payable pureuaut to subparagrsph (a) and thoeepaysble on the note secured ~ hereby, ehall be paid in a mngle paymeat each month, to be appUed to the following itema in the ordu ' ~i atated (I) gtnund rente, taues, asseasmenta, fire, and other hasard insurance premiums; ~ (II) interest on the note aec~red hereby; sad r~ (III) amortisatio~ d tbe principal of said note. ~ My_deficiency in the amount of such aggre~ate monthly payment shall, unless made good by the Mor~ ~ gagor pr~or co the due date o[ the next such psyment, constitute an event of default under this mortgage. i At Mortgagee's option, Mortgagor will pay a"Iste cLarge" not exceeding four per centum (4°Jo) of any install- ~ ~ ment when psid more than Sfteen (15) days sfter the due date thereof to cover the extra expense involved in ~K handling delinquent payments, but such "Iste charge" shail not be psyable out of the proceeds of any sale `:r 4 ~ made to satiafy tLe indebtr,dness secured hereby, unless such proceeds are sufficient to d~scharge the entire GJ ~ indebtednesa and all proper costs and expenses secured thereby. 1~' } ~ 3. It the total af the pa~-ments iuo~e b~- the 11'Iorigugor under (a) of pnra{:roph 2 precedinR sha11 exceed ~ ~ the amount o( pa~•ments actunll~ ma~l~ b~• tf~e ?liortKa~ee, as truste~, for Kroun~t rents, taxes and asses.aments, ~ ~ and insurance premiun~s, as the case ma~~be, such excess ahall t?e crediteci on subseyuent pa~ments to be made ;r . ~ bv the ~iortga~;or ~or su~h ite?ns or, nt h4ortgn~ee's option, as trustee, s}~all be refunded to Mortgagor. If, however, such monliil~• pa~•ments shall not i?c~ suffirient to ps~• su~h iten~s when the same ahall become due ~ ~7~ and pe •able, then the Mortga~or shuli pu~• to th~ ~tortRa~ec, as trustee, un~• amount necessary W make up ~ ~E the de~cienc~. Such pa}•ment shall be ~ua~1e wit}?in thirt~ (:i0) da~•s after written notice from the Mortgagee atating t6e amount o! the deficiency, which notice msy be given by mail. If st any time the Mortgagor shall ' ~ ~