HomeMy WebLinkAbout0697 - i .~r•
i,j~
T'be Mor r herob , oovenaats with the M ~ 1~~ rt~~, ' . • ~
tgago y ce~Bce, tht~ roc tndefeaab~,y eased of ~ud:llaid in fee
ample or such other eatate~ J any sa is stated herein; that hs has full power and lawwfiul right to coavev the same
as aforesaid; that the laud ie free from all encumbrances except as heroin otherwise recited; that aaid~tortgagor
will make such further assurances to prove rho aforesaid title to said land in said Mortgagee as may be reaeoa-
ably ~~~i*~; aid that said Mortgagor does hereby i warrant the title to said land, and every part thereof,
sad will defend the same against the bwful cLiirns of~ persons whomsoever.
Paovtasn ALwaYe that if the Mortgagor shall pay unto the Mortgages that certain pMmiaary note, of
which the toDowing is a wbetanteal copy, to wit: -
= 42, 500.00 Fort Pierce ,1?loeida.
September ]gt9 79 .
Fo>s Vwrvs R>DCSrvst,, the undersigned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES,
INC., authorized to do business in The State of Florida-
-Arkansas • a corporation orgawaed and ezidting under the
laws of- , or order, the prinapal sum of Forty-two thousand five
hundred and 00/100-----------------ire 42, 500.00- with interest frown date at
the rate of ---------Teri--------per ceatum ( - 10%) Pa annum on tl~ unpaid balance until paid.
The acid principal and interest shall be payable d the oflioe of Southern Mortgage Associates,
1999 SW 27th Avenue
in Miami , Florida , or at such other place as the hdder may designate in writing
delivered or mailed to the debtor, in monthly installmeata of'nlree htutdred seventy-three & 15/m
3 7 3.15 commencing on the first day of October , 19 79 ,and oa ~
first day of each month thereafter until-this note is fuIIy paid, except that, if not sooner paid, the finalppsayment
of principal and interest shall be due and payable on the first day of September 20f)9t
Privileges is reserved to prepay at any time, without premium or fee, the entire indebtedness or say part
thereof not leas than the amount of owe indallmeat, or one hundred dollars (1100.00), whichever is less. Ptepaymait in full
shalt be credited oa the date received. PattW prepayment, other than on as installaleAt due date, need not be credited until
the aezt fdlovring ia:tailaseiit due date or thirty day: after such prepayment, whichever is earlier.
_ Ii any deficiency in the pa eat of any installment under this note is not made good prior to the due data
of the pext such installment, the entire pruictpsl sum and accrued interest shall at once become due and ~a7•_
able without notice at the option of the Colder of thin note. Failure to exercise this option shall sot oons4tute
a waiver of the right to exemase 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 an attorney at Lw, the nnderei~ned hereby agree(s) to
pay all costs,of collection, including a reasonable sttorney'~~;;.:~~~i+ t,: r t r'~ t' •
This note is secured by mortaaAe of even date executed by the nnder~p~;gTgpp~tia property described
therein and-represents money seta y used for the acquisition of said,pm~~t~~c4ir the ugprovewtapts thereon.
Q;
Pteaentment, protset, and notion are hereby waived. ~ ~ rx :".:,,,.$K'. , r
_'~'hnlna~.. Janes t~,~ - -
THOMAS S. JONES -
. ~(g/ T.aura V `LTones (ggAi,~
LAURA 7. JONES
~I • " _
j And shall duly, Promptly, and fiilly perform, discharge, execute, e8ect, complete, and comply with and abide
by each and every the stipulations, agreements, conditions, and eovensata of said promissory note and of this
mortgage, then this mortgage and the estate hereby created shall cease and be null sad void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbef-ore provided. Privilege is_ nwerved to prepay at any time,
without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or -
one hundred dollars (=100.00), whichever is less. Prepayment in full abaR be credited on the date received. Partial
prepayment, other than on an installment due date, need not be credited until the neat following installment.due date or
thirty days after such prepaymrot, whichever is earlier. -
2. In order more full~• to protect the security of this mortgage, the :1~iortgagor, together with, and in
addition to, the monthly payiiients under the terms of the note secured hereby, on the first day. of each month
until fife said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein-
after stated) the following sums: ~ -
(s) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due sad payable
- on poUciea of fire and other hasard insurance covering the mortgaged property. Plus fazes and assrosnients t
-next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
notified) less ell sums alresi paid therefor divided by the number of months to elapse beforE one month
prior to the date ~?hen such ground recta, premiums, fazes, and assessments will become delinquent,
each sums to be held by Mortgageeiatruattopayesidgroundrents,premiums,ta:ea,andspecialaasewenta.
(b) The aggregate ~ the amounts pa able pui~euaat to subparagraph (a) sad those ppss~~yya~Lle on the note secured
hereby, shill be paid in a angle payment.~h-isanth, ier bz appljpd to the following items in the order
stated
m ground rents, taxes, assessments, fire, sad other'hasard insurance premiums;
(In interest as the•note secured hereby; sad
(III) amortisation of the principal of said note.
- Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
gagor prior to the due date of the nett such payment, constitute an event of default under this mortgage.
At Mortgagee's option, ll~ortggaaggoor will pays "late charge" not exceeding four per cerium (4°Jo) of any install-
ment when paid more than Sfteen-(15) days after the due date thereof to cover the extra expense involved in
handling delinquent paymenu, but such "late charge" shall not be payable out of the proceeds of any sale
mirde to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire
"indebtedness and all proper costs and expenses secured thereby. Cry
3. if the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed ~ i
the amount of payments actually male by fife Mortgagee, as trustee, for ground rents, taxes and assessments, ~
and insurance premiums, as the case mar be, such excess shall be credited on subsequent payments to be made ,'o„
by the Mortgagor for such items or, at~Mortgagee's option, as trustee, shad be refunded to Mortgagor. :If, ~
however, such montldv payments shall not lx~ sufficient to pay'such~iteins when the same shall become due
and pa able, then fife Mortgagor shall pay to file Mortgagee, ns trustee, any amount necessary- to make up
the deficiency. Such payment shall, be made within thirty (30) days >4fter written notice from the Mortgagee
statan¢ the amount of the dp.!'icipncv- which notice maybe aiv'sLlvr nuil_ If at .am~..e •i.e 11d.,~a.r...._ -t_u