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The Mortgagor hereby, covenants with the Mortgagee, that he is indefeaai6l1y' ~eired•oi 3s~ll ~iad in fee
simple or such other estater J any as is stated herein; that he has full power and lawful•right to convey the same ,
as aforesaid; that the lama >s free ~rom all encumbrances except as herein otherwise rotated; that said~iortgagor
will maize such further assuranuee to prove the aforesaid title to said fared in said Mortgagee as may be reason-
~y~y required, and that said Mortgagor does hereby lollyy warrwt the title to said land, and every part thereof,
and will defend the same against the lawful claims of all parsons whomsoever.
PaOYIDSD ALNA?s that ii the Mortgagor shall pay unto the Mortgages that certain pmmiwory note, of
which the following is a substantial oopyi to wit:
i 45, 000.00 Fort Pierce . Flaeida.
August 8 .19 79
Fox Vwrvs Racsrvso, the under~,~nod promise(s) to pay b SOUTHERN MORTGAGE ASSOCIATES,
INC., authorized to do business in the State of Florida
, a corporation organised and etostiog under the '
laws ~ Arkansas , or order, the principal sum of Forty-five thousand and
---Dollars i 4 000. 0 with interest from date at
00/100------------- ( ~ ~ Q.,~.
centum annum on balance until '
the rats of ------Ten------- Pw (10--%)~ ~p~' ~f+~ P~•
The said principal sad interest shall be payable at the office of South~il =Mdri~gdge Associates,
1999 SW 27th Avenue - - ' ~ -
~ Miami, Florida . or 41kre'PLea`as~the rn wntang
delivered or mailed to the debtor, in monthly installments of ~L~ee hundred n~ty-fii1~:-&1V/lOmollars
395.10 oommeacing on the first day of September , 1979 ,and continuing oa the
first day of each month thereafter until this note is fully paid, eueept that, if not sooner paid, the final payment
of principal and Interest shau be due and payable on the first day of August 2009.
Privilege is reeaerved to prepay at any tune, without premium or fee. the entire indebtedness or any part
thereof act ltrss than the amount of one iastallanetrt, or one hundred dollars (=100.00), whichever i:less. Prepayment in full
shall.be credited on the date received. Partial prepayment, other than on an installment due date, need act be credited until
the next fallowing installment due date or thirty days after wch prepayment, w6lcherer h earlier.
If any deficiency in the pa ant 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 st once become due ~ad pay-
able without notice at the option of the holder of this note. Failure to exercise this option shall not constitute
a waiver of the right to exercase the same in the event of any subsequent default. In the event of default in the
payment of this note, and if the same is collected by sn attorney at law, the undersigned hereby agree(s) to
pay all coats of collection, including a reasonable attorney's fee.
This note is secured by mortgage of even date executed by the undersigned on certain property described -
therein and represents money actu y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
Paul W . Coles
PAUL W. COLES
1~f ouise W,1 Coles '
LOUISE W. COLES
_
[t3BAL~
And shall duly, promptly, sad fully perform, discharge, execute, eAect, complete, sad comply with sad abide
by each and ever~r the stipulations, agreements, conditions, end covenants of said promissory note and o[ this
~ mortgage, then thra mortgage and the estate hereby created shall cease and be null sad void.
The Mortgagor further covenants as followas
1. That he will pay the indebtedness, ss hereinbefore provided. Privilege is reserved to prepay at say time,
without premium or fee, the entire indebtedness or any part thereof not less thaw the amount of one installment, or
one hundred doUaa (;100.00), whichever is less. Prepayment in lull shall be credited on the date received. Partial
prepryment, other than on an installment due date, need not be credited until the next [ollowing installment due date or
~ thirty days alter such prepayment, whichever is earlier.
2. In order more full~• to protect the security 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 as herein-
after stated) the following awns:
(a) A sum equal to the ground rests, if say, nert due, plus the premiums that will next become due and payable
on policies of fire and other hazard insurance coverurg 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 sums aheady paid 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, t
such sums to be held by Mortgageemtrusttopayssidgroundr+ents,premiums,ta:es,andapecialssaeasments. l
(b) The aggregate of the amounts pa able pursuant to subparagraph (a) and those payable on the note secured 1
hereby, ahirlI be paid in a single payment each month, to be applied to the following items in the order
• stated:
(I) ground r+eata, taxes, assessments, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby; sad i
(IIn amortisati~ of the principal of said note. ,
My deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
gagor prlor to the due date of the next such payment, constitute an event of default under this mortgaagge.
At Mortgagee's option, Mort sgor will pay a "late charge" not exceeding four per centum (4°Jo) of any install-
ment when ~sid more than h&fteen (15) days after the due date thereof to cover the extra expense involved in ~
handling de frequent payymenu, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~
indebtedness and all proper costs and expenses secured thereby.
3. 1f the total of the pa~-ments made b,)• the Mortgagor under (s) of. paragraph 2 preceding shall exceed ~
the amount of parmenta_actunll~• mails by t}re 111ortgaKee, as trustee, for ground rents, taxes and aeseasmenta, -o
and insurance prrniiwns, as the case mad be, such excess shall be credited on subsequent payments to be made n.
r by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If, m
however, such monthly payments shall not l,e -sufficient to pa}• such items when the same shall become due
and payable, then the Mortgagor shall pay to the Mortgagee, a.4 trustee, an~• amount necessary to make up Q~
the deficiency. Such pa}•nrent shall be made within thirty (a0) da~•s after written notice from the Mortgagee Q7 r
- stating the amount of the deficiency, which notice may be given by mail. It at arty time the Mortgagor shall ~