HomeMy WebLinkAbout0527 The Mortgagor hereby covenants with the Mortgal;oe, that he is indefeasibly seized of said land in fee
simple or such other estato, J any ss is stated herein; that ha has toll power and lawful right to coovev'the same
as aforesaid; that the land is free from all encumbrances except as herein otherwise recited; that said Mortgagor
will make such further assurances to provo the aforesaid title to Bald land in said Mortgagee as may be reason-
ably required, snd that said Mortgagor doss hereby fully warrant the title to said land, and every part t}rereot,
and will defend the stems against the lawful clr;ims of all persona whomsoever.
RROVIDSD ALNAYB that it the Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a substantial Dopy, to wit:
_ ~ . ~ , . ~ ~ . , ,Florida.
Fog Vwi.us Rscuvsn, the undersigned promise(B) to pay b
.T~~..;r.~,• , a corporation organised sad eaosting under the
laws of m r' , P ~ I . : ~L ~ Or order, the principal sum of ' ~ r ~ . _ • n - . _ . d n
,..:1 _ :1 . . , Dollars ~ with interest from date at
the rate of - `t ~ per centum ( • . per annum wa the unpaid balance until paid.
The said principal and interest shall be payable at the office of i_ ' Ii ~ :-1 _ 'J ~ - ~ ~ • _ - . ~
r . - . ''J-~- - - ~
~ t ' : , - - ~ , _ ; . , or at such other place sa the holder may designate in writing
delivered or mailed to the debtor,, in monthly installments of _ ' c• • . ~ E ' - _ _ Dollars - '
J ~ ~ . ~ commencing on the first day of ~ + a n ' c;? , l~' " • ,and continuing on the
first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment
of principal and interest shall be due and payable on the first day of ~ ~ : ~ '
Privilege is reserved to prepay at any time, without premium or tee, the entire indebtedness or any part
thereo[ not less than the amount of one installment, or one hundred dollars (5100.00), whichever is less. Prepayment in full
shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until
the nett [oUowing instalment due date or thirty days alter wch prepayment, whichever is earlier.
If any deficiency in the pa ent of any installment under this note is not made good prior to the dos date
of the nett such installment, the entire principal sum and accrued interest shall at once become due and ~ay-
able without notice at the option of the bolder of this note. Failure to exercise this option shall not constitute
a waiver of th`e right to exercise the same in the event of any subsequent default. In the event of default in the
pl's~III~nt of tii;o .^.L:, d if the =,,:W£ 3~ £^ll~'£t~-d 1?y ~n ~1.4~Tn~,p, Ip~~ ~_1~A 11T~Pr•!~~~L~pd hBrCbv ~
as/g)
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 certain property described
therein and represents money actually used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
- - - • w_ • [SEAL']
_ [SEAL]
[SEAL
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved 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 shall be credited on the date received. Partial
prepayment, other than on an installment due date, need not be credited until the next following installment due date or
I thirty days after such prepayment, whichever is earlier.
2. In order more fully to protect the security of this mortgage, the ~tortRaRor, together with, an<I in
addition to, the monthly parn?ents under the teens of the note secured hcreb}-, on thc• first da}- of each month
until the said note is fully paid, w•i11 pay to the ~tortKaRce, as trustee, (under the trrnls of this trust a.5 herein-
after stated) the fullow•inR sums:
(s) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
notified) less all sums already paid therefor divided by the number of months to elapse before one month
prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent,
such sums to be held by Mortgagee in trust to pay said ground rents, premiu ms, taxes, and special assessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured
hereby, shall be paid in a single payment each month, to be applied to the following items in the order
- stated:
4
(I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby; and
(III) amortization of the principal of said note.
~ Any deficiency in the amount of such aggregate monthly pa}meet shall, unless made Rood by the Mor•tr
gagor prior Lo the due date of the next such pay meet, constitute an event of default under this mortgage.
1 At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4%) of any install- o,
meet when paid more than fifteen (1~) days after the due date thereof to cover the extra expense involved in
handling delinquent ~avments, but such "late charge" shall not be payable out of the proceeds of any sale 7C~
a made to satisfy the mc)ebtedness secured hereby, unless such proceeds are sufficient to dlschar•ge the entire ~
~ indebtedness and all proper costs and expenses secured thereby. ~
3. If the total of the pa~-mcnt~ nladc by the ~1ortKaRor rrndc•r (a) of paragraph 2 prrcedinR shall exceed ~
the amount of pa~•nlents actually nle~lc h~• the `tortl;a~ec, as tnlstee, for Rrnunrl r~•rlts, taxes and assessments, ~
and insurance prenliunls, as thr• ~•ase lilaybe, such excess shall he credited on sul>sequcnt pavrnents to be made ~
~ by the ~tortgaRor for such it~nls or, at ~lortKaRr'e'c option, as trust~~, shall bF rt'funded to `iortRaRor. lf,
however, such nrontld~• payments shall not i?e suffi~•ient to pa~• such items whets the same shall become due
and payable, then tll~ ~tortRaRor sllali pn~- to the ~iortRaRc•c. ac tnlstce, anv amount necesan• to make up t
the deficiency. tiuch pa~•nlent shall be Made w-itlrin thirty (:SOt da~•s Il~ter written notice frOrll the :Mortgagee
stating the amount of the deficiency. wbich notice rosy be given by mail. If at. anv Lime the ~iort~g~~r shall