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The Mortgagor herby oovenanta with the Mortgagee, that he is indefea~ibl~t~leized o~ ~dl~:nd in fee
simple or such other estates >i any ae is stated heresa; that he has toll power sad Iaww~cuull right to convey the same
ss aforesaid; that the lead m free from all encumbraaoes except as herein otherwije recited; that saidlvlortgagor
will make aus;h further assuranoee to prose the aforesaid title b said land is said Mortgagee as ma be reason-
ab rreegg~ired, and that said Mortgagee does herby i warnat the title b said land, and every part thereof, }
an~will defend the cams agsimt the lawful elaiavs of~ persons whomsoever.
which tlier~llowing i
i wbartanteealloopyr~owishall pay unto the Mortgages that eectaia promissory note, of i
143,000.00 - ~ Fort Pierce ,Florida, `
September 14 ,19 79,
Fos Y~rvs Racsnrso, the undersi®ned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES,
iNC., authorized to do business in the State of Florida
a oorporatian organised and esistina under the
Lws of Arkansas , or order, the principal sum of Forty-tthhree thousand and ~
00/100----------------------------~y,~ 43,000.00 with interest irom date at '
the rats ot -------Ten----------per oeatum ( 10 q/o) pw annum on the-unpaid ba4noe until paid.
The said principal end interest shall be payable st the once of Southern Mortgage Associates,
1999 SW 27th Avenue
in Miami , Florida , or at such other place as the boost may desi~ate in writing
delivered or mailed to the debtor, in monthly installments of htt~3aed seventy-~n~: &54/~Qlar~e
(i 377.54 commencing on the first day of _ October , 19 79 ,and continuing oa the
first day, of each month thereafter until this note is fully paid, a:ceps that, if not sooner paid, tLa final payment
of principal and interest shall be due and payable on the first day of September 2009.
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not lea than the amount of one indallment, or one hundred dollars (;100.00), whichever is less. Prepayment iA full
shall be credited on the date received. Partial prepayment, other than on an instrdlmeat due date, need not be credited unW
the next idlowia~ iadallmeat due date or thirty days atta such Prepayment, whichever is earlier.
If any deficiency in the payment of any installment under this note is sot made good prior to the due date
of the nest such installment, the entire pruecipal sum and accreted interest shall at once become due and pay-
able without notice at the option of the Colder of this note. Failure to exercise this option shall not oonetatute
a waiver of the right to exercise 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 Lw, the nnderaigned hereby agree(s) to
pay all costs of collection, including a reasonable attorney's fee.
This note is secured by mortgage of even date executed by the undersigned on oertmin property described
therein and represents money actually used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notion are hereby waived.
__/s/_- Frank Worthen. Jr .
FRANK WORTHEN, JR.
f,.,q
f 1.;1 7 1~I~ Worthen ~gg~,~
- LILLIE M. WORTHEN
- -
- - - C~1
And shall duly, P~?PHY, ate. fully -perform. discharge; .execute, effect, ootnplete, and comply with and abide
by each and every the stipulations, pgreements, -conditions, and covenants of said promissory note sad of this
mortgage, then t~$ mortgage and the estate hereby createdahall cease sad be null sad void.
The Mortgagor further ooveaaata as follows: - - ` ~ - .
1. That he will pay the indebtedness, as herninbefore provided. Privilege is r+esetved to Prepay at anY flare,
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 shall be credited on We date received. Partial
prepryment, other than on an installment due date, need not be credited until the next following installment due date or
thirty days after such prepayment, whichever is earlier.
2. In order more fully to protect the security of this moriga~e, the 11~Iortgsgor, 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 else said note is fully pale(, will pay to the Mortgagee, as trustee, (unfler the Lern~s.of this trust as herein-
after stated) tlse following sulps: - - - .
(a) A sum equal to the ground Tents, if y~ny, next due, plus the premiums that will neat become due and payable
on policies of fire sad other hasard insurance covering the mortgaged PmP~Y, Plus taxes and~assessments
next due an the mortgaged property (all as estimated by the Mortgagee and ~ which the Mortgagor ie
notified) less all sums alrea~ paid therefor divided by the number of months to before one month
prior to the date when such ground rents, premiums, taxes, and aeeeasments will )~ecome delinquent,
each sums to be hod by Mortgageeintruattopsysaidgroemdreats,premiums,taxea,andspecislssaeasmenta.
(b) The aggre$ste of the amounts pa able puratiaat to subparagraph (s) and those pa eon the note secured
hereby, shall be paid is a payment each month, to be applied to the following items is the or+dw
1 and other bssard insurance premiums;
(In interest on the note secured hereby; sad
(un amortisation of the principal of said note. _
Any.deficiency in the smouat-of such ag~egste monthly payipent shell, unless made good by the Mort-
gagor prior to the due date of the next such payment, constrtut~e an event of idefault under this mortgage.
At Mortgagee's option, Mortgagor wil! pay a "late charge" not exceeding four per centum (4%) of any install- c
meat when paid more than fifteen (15) days after the due date thereof -to cover the extra expense involved in
handling delinquent payyments, but such "late charge" shall not be payable out of the proceeds of any sale G.7
made to satisfy the indebtedness secured hereby, unless such prncceds are sufficient to discharge the entire
indebtedness and all proper costs and expenses secured thereby. - -
3. If the total of the pati
inents made b,)- the Mortgagor under (a) of paragrapls 2 preceding shall exceed -o
the amo~.int of payments actually made by tF1e Mortgagee, as trustee, for ground rents, taxes and 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 iterns or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If
however, such montlily pad meats shall not he sufficient. to pad such items when the same shall become due
and pa able, then the Mortgagor shall pay to the Mortgagee, as trustee, any amount necessary to make up ~
the def
cieney. Sucl~ ps~ment shall be rands within thirty (i0) da~~s after written notice from the Mortgagee
stating the amount of the deficiency, which notice may be given by mail. If st any time the Morto~nr .l,.tl