Loading...
HomeMy WebLinkAbout1438 t - ~ ~ ~ i ~ f' The Mortgagor herby covenants with the Mortgagee, that he is indeteaaibly seised of said land is fen arcsp1a or such other estate; >i any as is stated herein; that he has toll power and lawful right b oonvev the s?une as s~tiresaid; that the land is free from all encumbraacea except as herein otherwise recited; that esid~lor r will make such further assurances to prove lire aforesaid title to said land in said Mortgagee ar ma be re~n• sb~y rreeqquired, and that said Mortgagor does hereby iullJ wuran0 the title b said land, sad every put thereof, sad will defend the same against the bwful claiau of aWU persow whomsoever. PaOVIDtiD ALNAYa that if the Mort~.agor shall pay unto the Mortgagee that certain promissory note, of which the Lollowing is a aubstsntial Dopy, to wit: - = 32, 000.00 Fort Pierce, Florida, i~- August 3 ,1479 . FDA Vravs Itscrxvso. the undersigned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES, INC., authorized to do business in the State of Florida t- • ,l , a corporation organised sad existing under the t Lws of Arkansas , or order, the principal sum of Thirty-two thousand and 00/100----------------------------~ollara (i 32, 000.00 with interest from date at the rate ot -------Ten----------per centum (10 per annum on the unpaid balance until paid. ~ The said principal and interest shall be payable at the office of Southern Mortgage Associates, 1999 SW 27th Avenue - ia Miami, Florida , or at such other place as the hdder may. designate in writing delivered or mailed to the debtor, in monthly installments of'IWo houi~dYed eighty and 96/100 Dollars ' 280.96 commencing on the first day of September , 19 79, ~ ~ first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment of principal and interest shall be due and payable on the first day of ~ugt~st ~ 2009 Privilege is reserved Lo prepay at any time, without premium or fee. the entire ui a t~edaesa or any part thereof not less than the amount of one installment, or one hundred doW~ra (1100.00), whichever b less. Prepayment in toll shall be credited on the date received. Partial prepayment, other than oa an installment due date, need not be credited until the next fdlowin~ inkallment due date 6r (bitty days attar sudi prepayment, whichever is earlkt. i If any deficiency in the payment of say inatalhuenti under this note is not made good prior to the due date of the next such installment, the entire pprincipal sum and accrued interest shall at once become due and pay- able without notice at the option of the holder of this note. Failure to esercise this option shaII not oonatitute a waiver of the right to eserciae the same is the~vent of any subsequent default. In the event of default in the payment of this note, and if the same is collected by an attorney st law, the undersigned hereby agree(s)-to pay all costs of collection, including a reasonable attorney's fee. } This note is secured by mort~a~e of even date executed by the undersigned on certain property described therein and represents money actually used for the acquisition of said property or the improvements thereon, Presentment, protest, and notids are hereby waived. - s James R. Bednarik JAMES R . BEDNARIK Ls/ Betty Jo Bednarik _ - BETTY.JO BEDNARIK 4 And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide ` by each and every the stipulations, agreements, conditions, sad covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. . The Mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reaerr?ed to prepay at any time, without premium or fee, the entire indebtedness or any pert thereof not less than the amount of one installment, or one hundred dollars (>j100.00), whichever is less. Prepayment in full 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 after such Prepayment, whichever is earlier.- - 2. In order more fully to protect the security of this mortgage, the :1-iortgagor, 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 terns of this Lrust as herein- p after stated) lire tollbwing su??is: (a) A sum equal to the ground rents, if any; next due, plus the premiums that will next become due and payable on policies of fire sad other hssard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all sa estimated by the Mortgagee and o! which the lortgagor is notified) leas all soma already paid therefor divided by the number of months to elapse before one month prior to the date whey such ground rents, premiums, taxes, and asaeasmenta will become delinquent, such sums to be held by Mortgagee in truattopay said ground yenta,premiums, taxes, sad special assessments. (b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured - hereby, shall be paid is a eingk payment each month; to be applied to the fallowing items in the order - - ~tat~ (I) ground recta, taxes, asaeasmeats, fire, and other hasard insurance premiums; - (II) iatet+eat ~ the note secured herby; and a, (IIn smartisatian of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort- C.J gagor prior to the due date of the next such payment, const?tute an event of default under this mortgage. ~ At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4%) of any install- gyp,. ~ meat when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in handling delinquent payments, but such "late charge" shall not be payable out of the proceeds o! any sale made to satisfy the in ebtedness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured thereby. ~ 3. If the total of the payments n?ad~ by the Mortgagor under (e) of paragraph 2 preceding shall exceed t~ ? the amount of payments actually made h.• tf~e :ttorigaKer, as trustee, for ground rents, taxes and assessments, C" ~ and insurance premiums, as the case may be, such excess shah be credited on subsequent payments to be made ~ by the Mortgagor for such items or, at Mortgagee's oatidci as:trutitee, shall be refunded to Mortgagor. If, however, such monthly payments shall not t,c suffic•ient tour such items when the same shall become due and pa able, then tl?e Mortgagor shall pay to the Mortgagee, a4 trustee, any amount necessary to make up the def cienev. Such payment shall be made within thirty (:30) da~•a after written notice from the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at say time the Mortgagor shall _ _