HomeMy WebLinkAbout2901 The Mortgagor hereby covenants with the Mortgagee, that he is indeteaaib~y seised of said land is fee
aimple or such-other estates si aqy as is stated herein; that he has toll power and lawful,rigbt to ooove the same
v aforesaid; that the land is free ~rom all encujmbrsnces except ss herein otherwise rested; that said~ortgagor
will make such further aesuranoes to prove the aforesaid tilde to said laud in said Mortgagee as may bs naso~
ably rreeqquited, sad that said Mortgagor does hereby fuUa? warrant We title to said land, and evory part thereof,
sad ~vil1 detead the same agsipst the lawful.oLims of all persons whomsoever. '
Prwvrasa Atwe~rs that i! the Mortgagor shall pay unto the Mortgages that certain promissory note, of
which the fallowing is a substautisl Dopy, to wit:
= 27,000.00 ~ Fort ierce•~~
October ~,19 79•
lox V~rvs Rsacsxvss,, the undersigned proaniee(s) to pav to SOUTHERN MORTGAGE ASSOCIATES,
INC., authorized to do business in the State of Florida
a eo~poratpa org~pis9d and eadeting Hader the
bwa of Arkansas . or ~ P~dP~ sum ~ Tatezi~y= even ~ Thousand and
00/100----------------------------~~ (i 27, 000'.0 ; with interest from date at
the rate of -~---Ten and one-halms (10. moo) pce ~ ~ ~P~ Ifvanoe P~
The said principal and interest shall be payable st the o>fioe`of Southern MbY'tgatje--AssOCiates, `
Inc., 1999 SW27th Avenue -
in Miami, Florida , or at each other place as the hdder mwr designate in writing.
delivered m mailed to the debtor, is monthly installments of two htrv><ired fart~y~-semen & 05/100~ollars
2 4 7.0 S ce~g ~ Srst ~y ~ November ? 19 7 9, sad ~~~6 ~ the
` fiat day, of each month thereafter until this note ie fully paid, a:Dept that, if not sooner paid, the final payment
of principal sad interest shall be due and. payable on the first day of October ~ 2009
Privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any Part-
thereof not las than the amount of one in:fi~iimeat, or one hnndeed dollars (1100.00), whicherer is less. !repayment m toll
shall be credited on the dart received. ParWJ prepayment, other than on an indallment due date, need not be rrcdited untll
the neat following installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the pa t of any installment under this note is not made good prior to the due date
of the nest such installment, .the entire pancipal sum end accrued interest shall at once become due and pay-
able without notice at the option of the holder of this note. Failure to eaemise this opption shall not constitute
a waiver of the right to ezer+ase the same in the event of any subsequent default. In the event of default in the
payment of Chia note, and if the same is collected by as attorney at law, the naderaigaed hereby agree() to
pay all costs of collection, including a reasonable attorney's fee.
This note is secured by mo of even date executed by the nndereigned on certain property described
therein and repr+eeeats money acy used for the aoquiaitioa of said property or the improvements thereon
Presentment, protest, and notice are hereby waived.
- r(~~ $gm G,rr~Pnr~ Tr _ [ggAf,~
SAM GREENE,. JR.
,Ls~sawel..._Creene [s8n>;~
JEWEI GREENE
[~1
And shall duly. Promptly, sad fullypedorm; discharge, execute, eilect, ~oomplete, and comply with sad abide
by each and every the stipulations, agreemteate; eoaditions, and ooveaaate of said promissory note and of this
mortgage, they this mortgage sad the estate hereby created shall cease sad be null and void.
T~ Mortgagor further covenants sa follows:
1. That he will ppaay the indebtedness, as her+einbefore provided. Privilege is reserved to Prepay at any time,
without premium or~fee, tbe•ent3re indebtedness or any part thereof not lees than the amount of one installment, or
one hundred dollars (;100:00), :whichever is less. Prepayment in fuD shall be credited on the date received. Partial
prepayment, other than on as installment due date, need not be credited untr7 the neat following 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 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 fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein-
after stated) the following awns: - '
(a) A sum equal to the ground rents, if say, nert due, plus the premiums that will nett become due sad payable
on policies of fire sad other hasard insurance covering the mortgaged ProP~Y, Plus taxes and assessmeate
next due an the mortgaged property (all ae estimated by the Mortgagee and of which the lV!ortgagor is
notified) leas all sums already paid therefor divided by-the number of months to before one month •
prior to the date when such ground rent8, premiums, taxes, sad aeaessmeata will become delinquent,
each sums to be held by Mortgageeintrnattopaysaidgroundreate,premiums,tases,andapecislasseasrnenta.
(b) The ante ~ the amounta.payable pursuant to subparagraph (a) and those payable on the note secured
hereby, shall be paid in a e~mng~lee payment each myth, to be applied to the f~Ilowing items in the order
eta
(n ground rents, taus, seeeasmeate, fire, sad other he=ard insurance premiums;
(In iatRreet on the note secured hereby; and
(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortr
gagor prior to -the due date•of the next such payment, conatatute sa event of default under this mortgage.
At Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per centum (4oJo) of any install-
meat when ppaid more than Sfteen (15) days after the due date thereof to cover the extra expense involved in ~
handling delinquent pa nte, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~
indebtedness and all proper coats and expenses secured thereby. -
If the total of the payhnents made by the Mortgagor under (a) of paragraph 2 preceding sball,e~ceed
the amount of payments actually made b}~ rile Mortgagee, as trustee, for ground rents, taxes and asseesrrtenta, • :
and insurance premiums, as the case may be, such excess ails!! be credited on subsequent payments to be made
by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If,
however, such niontldy payments sl~sll not be su such items when the same shall become due
and pa able, then file Mortgagor shall pav to file o g e, as trustee, any amount necessary to make up
the deficiency. Such parmcrt shall be made within thirty (:30) deva after written notice from the Mortgagee
stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall