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HomeMy WebLinkAbout1902 The Mortgagor hereby covenants with the Mortgages, t~Aat 6e is indetessibly seised of said Lnd in fee simple or such other estates J any as is stated herein; that he has full power and lawful right to ooavev the sAme as aforesaid; that.the land u free ~rom all encumbrances except as herein otherwise recited; that atud~Iortgagor will make such further aaauranoes to prove the aforesaid title to said land in said Mortgagee as may be reason- ab~y required, and that said Mortgagor does hereby fu117 warrant the title to said land, and every put thereof, sad will detead the same sgaiast the bwtul claims of all persons whomsoever. PROVIDED ALNAYa that ii th~iortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is • substan ' copy, for wit: i 42,000.00 Fort Pierce ,M~~ June 12 .19 79 . FoR VwLUS R.scsuvsD, the undersigned pranise(s) to pay to Southern Mortgage Asso- ciates, Inc., authorized to do business in the State of Florida a corporation organised sad eroatiDg under the )aws ~ ARKANSAS . or gym'. ~ principal sum ofF'orty-two thousand and 00/100--------------------------~~ (i 42, 000.00 with interest from date at the rate of ------ten-------- per centum ( 10 P~ annum oa the unpaid balance until paid. The stud principal and intereeR atoll be payable at the og'ice of Southern Mortgage Associates Inc., 1999 SW Z7th Avenue in Miami, Florida , or at such other place as the holder may designate is writing delivered or mailed to the debtor, in monthly installments of Three hundred sixty-eight58x1bOdls 368.58 commencing on the first day of July , 1979 . and continuing on the first day of each month thereafter until this note is tally paid, except that, if not sooner paid, the final payment of principal 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 We anwunt of one instillment, of one hundred dollars (:100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, other than on as installraeut due date, need not be credited until the ne:t followiot installment due date or thirty days after such prepayment, whichever is earlier. If 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, , e entire priacipsl sum and accrued interest shell at once become due and able without notice at the optaon of the holder of this note. Failure to eaereiae this option shell not oonsti~tnyte • waiver of the right to exercise the same in tLe event of any subsequent default. Ia the event of default in the payment of this note, and if the name 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 undemigned 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. Ls Robert D . Drake ROBERT D. DRAKE ~~L~ I 1 E [HEAL] ~ 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 sad the estate hereby created shall cease sad 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 leas than the amount of one Installment, or one hundred dollars ($100.00), whichever is less. Prepayment in [up shall be credited on the date received. Partial prepryment, 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. 2. In order more fully to protect the security of this mortgage, the :Mortgagor, together with, and in f addition to, the monthly payments under the terms of the note secured hereby, on the first da}• of each rnonth until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following sums: , (a) A sum equal to the ground rents, if say, next due, plus the premiums that will next become due and payable on policies of fire and other 6asard 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 thet+dor 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, such sums to be held by Mortgageeuitnlattopaysaidgroundrents,premiums,taxea,andspecialassessmenta. (b) 'The aggregate of the amounts pa able pursuant to subparagraph (a) and those payable on the note secured _ hereby, shrill be paid in a single payment each month, to be applied to the following items in the order stated (n ground rents, taxes, assessments, fire, sad other hasard insurance premiums; (II) interest oa the note secured hereby; and QIn amortisation of the principal of acid note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortr 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 tour per centum (4%) of any install- ' ment when paid more then fifteen (15) days after the due date thereof to cover the extra expense involved in handling delinquent Payymenu, but such "late charge" shall not be payable out of the proceeds of any sale made W satisfy the Indebtedness secured hereby, unless such proceeds ue sufficient to discharge the entire _ indebtedness and all proper costs and expenses secured thereby. 3. If the total of the payments made by the Mortgngor under (e) of paragraph 2 preceding shall exceed the amount of payments actually niarlc h.• fife :t'IortRaRee, as truster, for ground rents, taxes and assessments, ~ and insurance premiwns, as the case ma.' be, such excess shall be credited on subsequent payments to be made by the Mortgagor for such items or, nt MortgnRpe's option, ag trustee, shall be refunded to Mortgagor. lf, however, such monthh payments shall not lx~ sufficient to pay such items when the earns shall become flue u and pa •able, then the Mortgagor shall pay to the MortRaRec, ns trustee, any amount necessary to make up F=3 the def?ciency. Such payment shall be made within thirty (:i0) days after written notice from the Mortgagee stating the amount of the deficiency, wh~l~ngii~e~risy be~~^^y mail. It at any time the Mortgagor shall ~ ii tt''