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The Mortgagor hereby oovenaats with the Mortgagees that he is inset ' ~ ,i~~ of said l~hd is fee
estate tt as is stated hernia; that he has f all power sad~ul,r~ght to coov the same
simpple or such other that said~ortgsgor
as aforesaid; tba?t the Itind;» ices
~t+qm all eacumbrsmcea except as herein othesvriss rscrted;
m~`s~ i~~ s~ to prove tLe atoreaaid title to said land iu said Mort4a~es ere mq be reasou-
req sad that r~r does hereby iu1~ ~ratnat the title to said laps, sad eveq part theceot,
~wiU~deiw~d th! sfiars s~simt~ ~?s bwiul claims oi.ali perwas w4omsoevar. • .
Psov~nso At+w~?TS that it the Moetgs~or shall pa, Hato tho Mortgages that cartels p~rotnissory oZ
which the?,fdbwitr~ is a wbsitioti~l sops, to wit:.
= 40,500.00 Auqus~t3lii~~~.
Fos Vn~ws Rscszvs0. the uatkrsigaed W'o°viss(s) to Py? ~ SOUTHERN tKORTGAGE ASSOCIATES,
INC., authorized to do business in the State of Florida
, a corporation organised and es3stiag Hader the
b,~ ct ARKANSAS , a order, the principal sum otForty thousand five hundred
and 00/100------------------------~ 40; 500.00 with interest from dais at
the rate of ------Ten-----------pw ( 10 96) pm annum oa the unpaid balance until paid.
. said interest shall bs payable st the oBioe of Southern Mortgage Associates,
~SiW 27 venue _ _ _ _
Miami, lorida , oc st cash other plans as the holder may deeigoate in writing -
in
delivered or mailed to the debtor, in .monthly inataUment~ ot7h>nee hundred fifty
five & 59/lOWdla»
(i 3S5 59 - oomureacing on the first dqr of October , 19 79s sad continuing on the
Gist dad of each teQ')fth thereafter until this rote is iuDy paid, except that, ii not sooner paid, the final payment
of psincrpal and interest ebaU be due and payable on the first dy? of September 2009.
piiviie
fie is reserved to prepay at and time, without preanium a~ lea the Mire indebtedness or any part
thereof not less than the. anauat of ons indallmrat, or ow huadr+ed doU~rs (i100.00h wbic~ k Msg. h+pr~Y~t m full ;
shall be cesditsd on We date realved. l!ietlsl prsps3rment, otter than oa sp ms<aliment due, date, need not be credited until }
the nest foYowln~ Imtagment due date or thirty days after sndr piepsymsnt* whiehner is eatlier.
If aqy i>s the pay tot say installment under this note is not made good prior to the due date-
~ ~ next arch • t, the
e~ntirs pn~apa~ sum and aocrnedmtez~est shall at onus become des and pay-
ab>b_withont notice at the option of tbs ,bolder of #bis Hots. Failure to a:erdss this o~t+~on shfbll not oonatttuts
a aaivec of-the right to eurcise the same m the event of any subsequent de3suit. - - hi tan sv~rt of defauttLin i~ha-- - -
payment of this ante, and it the same is collected by an attorney at Lw, the naderar®ned bo=oby agree(s) to
pay all costs of collection, including a reasonable attorney's fee.
This tote is secured by mo ~~sggee of even date execyted by the nadereigaed oa certain property described
therein and represeuta money ac~~wrlly-used for the acquisition of said property or the improvemeats_thereon,
Pr+eseatment, protest, and notice are hereby waived. _
~s/ Thomas J. Waters
THOMAS J. WATERS
• ' Lst/ Carmen R . Waters
CARMEN R. WATERS
- - - - ~s>~r?L-~---
[tl~.]
Aad shall duly, promptly, and fully perform, discharge, execute, ~1, and comply with and abide
by each and every tb4 stipulations, a~reemeats, oonditioas, and covenants of spud ~promiseory note sad of this
mortgage, then thrs morf~e and the estate hereby created ebaU oea_
ee sad 6e ~nuII sad ~va~id. _ .
The Mortgagor further oowmants-as folb~ws: • - - -
1. That he wriU pay the indebtedness, as trereinbefore peovided:' Prrviiegeis reserved to pray st say time,
without preanium or fie, the entire indebtedness or any part tbe:+eaf not lees than the amount of one instalment, or
one hundred dolian (=100.00), wh~er is lea. Prepayment in full shall be credited oa the date received. Partial
preptq?ment, other than on err installment due date, need not be credited until the nett tollowia= instalimerrt due date or
thirty days after such prepayment, w6khe~er 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 day of each month
until the said note is [ally pars, will pay to the Mortgagee, as trustee, (under t,~re .ternrs of this trust as herein-
after stated) the following earns: - - - .
(a) A cum equal to the ground rents, if any, next due, plus the premiums that will Wert become due and payabb
on poLeies of fire sad other Lasard-insurance covering tba mortgased property, plus takes and assessments
_ _ - sort due oa the mortgsg~property (all as estimated by the Mortgagee and of which the Mortgagor is
noti5ed) leas all sums paid therefor divided by the number of months to before orre month
. prior to the date whew ground rents, premiums, taxes, sad aamesa>eats become delinquent,
such wens to be hdd by Mortg~eeiatrudtopayeaidgmundrents,Premiums,ta=es,aadspecialaeeesements.
(b) The aggregate d the amounts pa purtuaat to subparagraph (a) sad thaee ppayable oa the note eecursd
~~+~yy~, chill be paid is s payment each month, to be applied to the fr~wing items is the order -
~tated:
(n ~+ound rents, .taxes, asseeemeata, fire, sad other hasard inauraaoe premiums;
(II) interest on the note secured hereby; sad
(III) amortisation ci the prinapal of said note.
- ` Any.defieiency in the amount of suchurggregate monthly payment shall, unless made good by the Mortr
gagor prpr to the due date of the Helot a cchh payment, coaatatute an event of default under this mortgage.
At Mortgagee's option, Mortgagot• will pay a "late charge" not exceeding four per centum (4oJo) of any iastaU-
- - -meat when paid more than item (15) da~?s after the due date thereof to cover the-extaa expense involved in ~ - -
handling delinquent pa eta, but such 'late charge" shall not be payable out of the proceeds of any sale
made to satisfy the tedness aecured~ hereby, udess such proceeds are sufficient to drscharge the entire ~
indebtedness sad all proper costs and expenses secured thereby.
3. It the total of the pasrnents made h)-the Mortgagor under (a) of parai!raplr 2 preced`wg shall. exceed
the amount of payments actually mrule by file Mort~tet, sa trustee, for ground rents, taxes~ah`d _rsseaeraenta, -o
and insurance premiurrrs, as the case cuss be, such excess alrall be credited on subsequent payments to tie shade.
by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be rotundas to Mortgagor.' It;'~
however, such monthly payments shall riot lrgsuffirient to pay such items when the name shall •become due
and payable, then the Mortgagor r;hall pay tb-the Mortgagee, ns trustee, env amount necessary to make up
the deficiency. Such pa}-mcnt shall be made within thirty (:30) da~~s after written notice from the Mortgagee
stating the amount of Wre_de8cieacy, which novice may be given by mail If ~aw any time the Mortgagor ehaU ~