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Home My WebLink About0621 _ The Mortgagor hereby covenants with the Mortgagee, that be is +.~•bb seised ~o~said land is fee stapple or such other estats~ d aqT v is stated herein; that hs has full power sad lawful right to ooo~ev the same r aforesaid; that the land m tree from all eacumbranees except as herein otherwise recited; that aa~dlulortgagor will make sash further aasunnoea to prove tbs ato:+esaid title b said land in staid Mortgages as may bs ~eason- rreeqquired, sad flat said Mortgagor does hereby i warrant the title to said lead, and every part thereof, will defend tbs same agaiaat the Lwiul claims ot~ penoas whomsoever. Psbovrasn ALwaira that it the Moetga~or ~haD pay onto tlla Mortgages that oseiain promirory note, of which tbs following is a wbstaatial Dopy, to wit: Stuart , • = 37, 000.00 August 24 ,10 79• Fast, V~ivs ltacwan, tbs uadeeaigl?ed promiee(•) to pay to SUBURBAN COASTAL CORP. a oorporatioa organised sad e~etuog under the yew. ~ New Jersey , ar order, the principal sum of ------THIRTY-SEVEN THOUSAND AND NO/100------- DoILn (i 37 , 000.00 iat~er+eet froon dam ~ the rate of ------TEN---------- per eentum (10 Pa annum oa the unpaid balance until paid. T6s said principal and interest shell be P+U~ ~ ~ oboe ~ SUBURBAN COASTAL CORD . , P. O. 1328 is Passaic, New Jersey 07055 . or at other P~ ~ ~ holder ~ ~ writing de4vered or mailed to the debtor, in monthly installments of Htmc2red Tt~tty-P1ot~' & 86/l~llan 324.86 ~g ~ ~ first ~ ~ October . 19 79 , continuing ~ ~ brat day of each month thereafter until this note is fully paid. except that, ii not sooner paid, the final payment of principal sad interest shall be due sad pyubls oa the first, day of September ~ 2009 privikgs is reserved to popsy at any time, without premium or fee. the entire indebtedness or any Pert thss~aot not isr tltsn the amount of one tmtaUaaat, or Doe hundred dolWs (1100.00), w6icbaws is Nss. hepq?meot m tuU shall be credited oa the date teoeived. Partial peap~rmsat, oths: than oa as isstalliaeat due date, need not be credited until the acct to0owla= iastdtntsot des date or thirty days after such prepayeueat, whkhever 4 earlkr. If any de~iaieacy is the Pa t of any installment under this nests is not made good prior to the due date of the neat such intitallm~t, t~hs entire sum and accrued interest shall at once become due and pa>- able witlaut notice at the option o! the ider of this note. Failure to ea~areiss this option shall not constitute a waiver of the right to e:ercias the same in the event of any subsequent default. In the event of default in the payment of this note, and ii the same is collected by an attorney at law, the undersigned hereby agree(s) to pal all costs of oollectaon, including a reasonable attorney's fee. This note is eecnred by anorlEgsge of even date executed by the undersigned on certain property described therein and represents money actt~uuaalllly used for the acquisition of said property or the imp~rovemeata thereon. Presentment,-protest, and solace are hereby waived. EUGENE EDWARD BONACCI [~L] ANNA-MARIE BONACCI And shall duly, ppromptly, and fully Perform, discharge, execute, e8ect, complete, sad comply with and abide by each and ever}r the atipuLtiona, agreements, conditions, sad eovenanta of said promissory note and of this mortgage, then thu mortgage and the estate hereby crested shall cease sad be null and void. ~ The Mortgagor further oovenante as follows: 1. That he will pay the indebtedness, as bereiabefore provided. Priv' is r~eaerved to Popsy at any time, without premium or fee, the mtin indebtedness or say part thereof not less than the amount of one installment, or E one hundred doWa (;I00.00), ~whicherer is less. Prepayment is toll steal! be credited on the date received. Partial preP~p?ment, Other than on sa installment due date, need not be sedated Until the next fOllowlpg in:taliment due date oI 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 addition to, the monthly payments under the terms of the note secured hereby, on the first da~• 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 [ollowing awns: (a) A sum equal to the graved rents, if any, neat due, phis the premiums that will next become due sad payable ~ pohcaes of fire and other hasard inaursaa oovermg the mortgaged property plus taxes end assessmeata next due on the mortgaged property (all as estimated by the Mortgagee an~ of which the Mortgagor is noticed) leas all soma slr~dy paid therefor divided by the number of months to before one month prior to the date whm such ground rests, Premiums, taxes, and asse~ta tieoome delinquent, such sums to be held by Mortgageeiatavsttopaysaidgroundra~te,Premiums,tases,aadspecialaeaeesmeata. (b) The aggregrste of the amounts Pa pureuaat to subpanigraph (a) and those pa on the note secured h~enby, shall be paid is a ~ymeat each month, to be spphed to the f wing items is the order t (n gad ~ ~ and other hasard iaeuranoe premiums; - (II) intw+eat on the note secured hereby; and (IIn amortisation of the principal of said note. Anydeficieacy in the amount of such aggregate monthly ~syment shall, unless made good by the Mort- gagor prpr 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 four per centum (4oJo) of any install- W went when paid more than BtteEn (15) days after the due date thereof to_ Dover the extra expense involved in o~ handling delinquent paymenu, but such "late charge" shall not be payable out of the proceeds of any sale "7° made to atisfy the tndebtednesa secured hereby, unless such proceeds am suffieieat to discharge the entire ~ indebtedness end all proper costs and expenses secured thereby. 3. I( the total of the pa~~nenta made b~~• the Mortgagor under (e) o[ paraRrnpl~ 2 preceding shall exceed ~ the amount o[ payments actually made by tt,e Mortgagor, as trustee, for ground rents, taxes end assessments, ~ and insurance premiums, as the case may be, such excess shall be credited on subsequent payments to be made ~ by the Mortgagor for such items or, at. Mortgagee's option, sg trustee, shall be refunded to Mortgagor. If, however, such mouthy payments al~all not be sufl'i,•iPnt to pay such itenui warn the same shall become due Q~ and pa~*sblo, then the Mortgagor shall pay to the Mort;agee, ns trustee, any amount necessarryy to make up ~ the deficiency. Such pa~•ment shall be u~nde.within thirty (:i0) da~•a after written notice from the Mortgagee CQ stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortaa+cor shall