HomeMy WebLinkAbout2087 ' i
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Ths Mortgagor hereb~ oovenants wit6 t.6e Mortgage~, tLati he is indeteasi~ eei~qd Qt said land in fee
oc auch otbar est~ts~ ii any as is atat~ed hereia; tha~ he h4s tull poY?er sad l~ ul rig6~?b movev the a~?me
.~~~id; t~dot t6s tsnd u ins ~rom all ancumbranca except as hereia otherwise reciLed; thaL saidl~ortgagor
wiU malce aa~ furirsr a~sussnoes to pro~e the atoe+esaid due to said lwd ia said Mortgagee ~a m~y bs re~eoa-
~j required, aad tbati said Mactgagoc ~loes Lereby i~ ~rarr~nf~ tLe ti~le ~o said lsad, ~ad sver~ part thereot.
~nd wiU defeod t1r wse a~gainst th~ hwtul daims os penom wLomsosver.
PiOY1D=D ALNATS ths~ ii the Mortgagor !~hall p~7 anto t6s M°rtgag°° tha~ °°rt,a~° W°m~o~ n°t°. oi
wbich ths Lol1owiog is subatan4al ooPT. t~o wit: ;
Fort Pierce
= 35, 000.00 July 12 .19I9 •
go~ Yw~vs R~s~~ ~ un~ pro~oise(a) to p~,y to SOUTHERN MORTGAGTs ASSOCIATES, ;
INC., authorized to o business in the State of Florida
, s oo~pontion oc~nised ~rd aacistin~ undec t'h°
V~ ~ Arkansas ~ os ocder, tl?e ptinc~pal s~m ofThirty-f ive thousand and--- `
(i with intee+eet fe~om date at ~
---00/100------------ 35,000.00
tde rste at -----Ten----------- P~ ~ 10 P~ aanum an the unpud bslanoe unW paid.
p,ri~,cipv snd;nt,enat ahsU be pnysbb a~t6e offioe of Southern Mortgage Associ3tes,
Inc., authorized to do business in the State of Florida, 1999 SW 27th
Avenue
~ Mismi, FlOrida , or at euch other pl~oe as tbe hdder may dee~ate m wntan6
delivered or mWed to the debtor, in monthiy inataumente ot qlu+ee hunired se~n ar~d 30/~00,--Doltara
307.30 oommencing on the first dsy of August , 1979 ,~d °a th°
fust day oi each month tLereafter until thia note ia fully p~id~ ezoept tha~, if not sooner paid, the final payment
of priacip~L and interest ahall be due and payable on the first day oi July . 2009• ~
pri~ilege ia reserred to prepay st an~ time, wit6out premium or tee. t6e entire indebtednees or any par~ :
ther~.wf not le~s thaa the anwunt ot one i~taUment, or oae huadrsd dopacs (i100.00). ~rhichever b kss. hepayment in tuil ?
~hall be credlted oa the date reaived. Partial prePaYment, oWtr th~e on aa iostaWnent due date, aeed aot be credited nntil ~
tbe ne:t fdlowin~ iaWallaaeat due date or thirty days atter acb p~payaKnt, whkherer is eadier. '
Ii ~ny deficiency in t~he psym
ent oi any installment under tLia note is not made good prior to the due date '
of the ne:t such installment~ tbe entire princiPV 8um and sc~',rued i°ter~t ehall at onoe beoome due and pay-
ne
~?ble without notice st the option oi t6e botder of this note. Failure tv esercise tbia option ehaU not oons4tute
a aaiver of the righL to ezercise tbe same in t6e event of sny subeequeat deisult. In the event oi default in t6e
paymanti of this note, and if t6e eame is eollected by sn attorney at Lw, the undareigned hereby agree(s) to
pay all costs oi oollection, including a ressonabte sttorney s fee.
TLia note is eecnred by mo~ of even date executed by the undersigaed on oertain property deecribed
t~herein and repreeents money actu y used for tbe acquisition oi said property or tLe impmvement~ thereon.
preeentment, protest. and notice are hereby waived.
~ Lsf Jack ~ . storev [ss~,] '
JACK S. STOREY ~
Ls/ Patricia l~ to~ey [sw,] ~
_ PATRICIA D. STOREY ~
- [~J
F
, r
j , [SSAI.]
~ And shall duly, promptly, aad fully perform, discharge~ execute, etCect, oomplete, and oomply wit6 and abide
! bq each and every the stipulations, aBreements, coaditions. and covenanta oi ea~d promisaory note and of thia
F mortgage, t6en this mortgage aad the eatste hereby crested shall ceaee and be null sad void.
The Mortgsgor i~rt6er oovenants sa follo~va:
~ 1. Tbat he willps
q tbe indebtednesa, as bereinbefore provided. Privilege is reeerved to prepay at sny time,
~ without premiam or fee, the entin indebtednese or any psrt thereof not leea thsn the amoont d one iaatallment, or
~ one Aundred dollus (a100.00), whichever is less. Prepayment in full shall be ci~edited on the date received. Partial
prepryment, other t6an on an installment due date, need not be credited unW tbe aext follovvin~ installment due date or
thirty dsys after such prepayment, w6ichever is eulier.
2. In order rnore tullv to protect the securit,~ ot this mortgage, the :4iortgagor, together with,~and in
addition to, the monthl~• pa~•n?ents under th~ terms of tlie note secured hereb~*, on the first dav o! each month
until tl~e said notc is fullt~ paid, will pa~• to the Mortgagee, as trustee, (under the terms o[ this trust as herein-
after stated) the following swns:
(a) A eum equal to the ground rents, if any, next due, plus t6e pe~emiuma thst will nest beoome due and psyable ;
oa policiee of fire and other hasard insuranoe oovering the mo*tKaB~ P'roPe~Y. Plus taxes and aseessmenta {
neut due on the mortgaged property (aU aa estimsted by the Mortgagee and of which the Mortgagor ia ~
notiSed) leas all sum8 already psid t6erefor divided by the number of moatha to elapee before one month ;
prior to the dste when a~ch ground reata, premiuma, taxes, aad s~sessmente will beeome delinquent, ;
euch euma to be held bq Mortg,ageemtrusttopaysaidgroundrents,premiuma~ta~cee,andspecialase~sments. ~
(b) The a86regate of the amounta~able pureuant to aubparsgraph (s) and thoeepa~
yable on the note aecured i
~ hereby, ahall be paid in s e psyment eac6 mont6, to be applied to the f~llowing iteme ia the orda
~ atatea
(I) ~round rents, tauee, aaeeasmmte, fire, aad ot6er hasard ineurance premiums;
~ . (II) interest m We note eeeured bereby; aad
~ (IIn amortisstion of the priacipal of ssid note.
~ Any deficiency in Lbe unount oi sucha~e~a te monthly ~ayment ahall, unle.ss made good by the Mort-
gagor prior to the due date ot the next such payment, const~tute an event ot de(ault under this mortgage.
At Mortgsgee's option, Mortg agor will psy a"Iste ct~srge" no6 eacceeding four per centum (4%) ot any inatall- f.
~ meat when psid more than Sfteen (15) dsys atter the due dete thereot to cover the eatrs expenae involved in
~ handling delinquent payment8, but such "Iste charge" s6a11 not be payable out of the proceeda of sny sale ~ ~
made to astisfy the indebtedness secured hereby, unless such proceeds sre sufficient to d~scharge the entire {
indebtedness and sll proper coste and expenses secured thereby. ~,,,7
3. If the total of tiie pa~-ments n~a~ie b• the Mortgngor under (e) o( paral,rupl~ 2 precedinq shall exceed ~
the amount of pavmenta actuullr n~ad~ b~• t~ie Mort~taKee, sa trus/ee, tor ground rents, taxes and as.sessmente~ ~
snd insurance premiunis, es the case ma~ be, such excesa shsll be credited on subeequent peyments to be made ,
~ bv the Mortgagor for such items or, at Mortgaf;eP's option, as trustee, ah411 be refunded to Mor~gsgor. Ii, T.
~ however such monthl~ pa~•ments shall not I~c suffir•ient to pa~ su~h items when the same ahall become due „
~ and pa •able, tl~en tl~c Mort~a~or shnll po~• to thc :L4ort~e~ec, os trustee, an~ an~ount necessary W make up O
the de~cienc~. Such pa~ment shall be msule within thirtv (30) da}^a after wtitten notice trom the Mortg~gee ~
stafang the amount of the deficiency. which notice m~y be given by m~il. Ii at any time the Mortgagor sball ~ ~
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