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The Mortgagor hereby covenants with Ute Mortgagee, that he is indeteariblyy seised of said land in fee
simple or such other estate, J any, as is stated 6orein; that he has trill power and law•{ul right to couvev the same
as aforesaid; that the land is free from all encumbrances except as hereto otherwise recited; that said~4ortgagor
will make such further assurances to provo the aforesaid title to said land in said Mortgagee as may be rettson-
ably required, and that said Mortgagor does hereby fully warrant the title to said land, and every part t?tereot,
and will defend the same against the lawful claims of all persona whomsoever.
Psovrnso Anw~Ye that it the ?Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a substantial Dopy, to wit:
= S t. Lucie C o u n (Florida
October 18 , 19 79.
Fos VALUE Rgcaevan, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORPORATION
, a corporation organised and existing under the
Iowa of New Jersey , or order, the principal sum of Forty-Two Thousand Nine Hundred
Dollars 42,900.00 with interest from date at
the rate of Ten 5 One-Half per eentum (10.5%) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of
Post Office Box 1328, Passaic, New Jersey 07055
~ , or at such other place as /6e holder may designate in writing
delivered or mailed to the debtor, in monthly installments of Three-llundred_.Ninet~r-l~to ~ _54/1(Q~ll~
392.54 commencing on the first day of December , 19 79 ,and continuing on the
first dad 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 fee. the entire indebtedness or any part
thereof not less than the amount of one installment, or one hundred doilus ($100.08j, whichever is less. Prepayment in full
shall be credited on the date received. Putial prepayment, other than on an installment due date, need not be credited until
the next [oUowing installment due date or thirty days alter such prepayment, whichever is eulier.
If soy deficiency in the payment of any installment under this note is not made good prior to the duo-date
of the next such installment, the entire principal sum and accrued interest shall at once become due and pay-
able without notice at the option of the holder of this note. Failure to exorcise this option shall not constitute
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 an attorney at law, the undersigned 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 certain property described
therein and represents money actuallly used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
.
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r a m [d'a i s
Diana*t. tlallis
[sue]
_.___M._~__ [SEAL]
f 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,
3 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 u 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
thirty days after such prepayment, whichever is earlier. '
2. In order more full~• to protect the sc•curit~- of this n?ortgage, the Mortgagor, togcthcr with, and in
addition to, the n?onthl~- pa~-nrents under the terrrrs of tht• note secured hf•reb~•, on the first da~• of ~ ach month
until tl?e said note is full~• paid, will pa}- to the `fortgagce, as trustee. (under the terms of this trust as hcmin-
after stated) the following scans:
(s) A sum equal to the ground rents, if any, rfext due, plus the premiums that will next become due and payable
~ nn policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all ss 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 beheld by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments.
(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
(I) ground rents, taxes, sa4essments, 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~•ment shall,. unless made good by the i4ort-
4 gagor prior to the due date of the next suci? pa~•ment, constitute an event of default under this mortgage.
At Mortgagee's option, Mortgagor will pa~• a "late charge" not exceeding four per centum (4%) of any install-
` ment when aid more than fifteen (15) da3•s after the due date thereof to cover the extra expense involved in a
handling de inquent payments, but such "late charge" shall not be payable out of the proceeds of any sale y~e9c
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~
indebtedness and all proper costs and expenses secured thereby. ~
~ 3. If the total of the pa~-rnent. rnadc 1?t• the Mortgagor under (a) of paragraph 2 preceding shall exceed ~
the nmount of pa~•urents ar•tuallt- made h~- tie ~tortl;akce, as truster. for ground rents, taxes and assessments, -yv
and insurance prnniiunis, as the ~•asr nia~-•br•, such excess shall he crndited on sul?seyuent pa~•ments to }k. made ~
b~• the Mortgagor for such items or, at Mortgagee's f?ption, as tnistee, shall be refunded to Mortgagor. 1f,
however, such mot?thl~' pa}-insole shall not 1?c• suflir•ient to pa.- such items when the same shall become due
i and, pa}'able, thei? the ~iortt;agor shall pad- to the ~tortgngee, a~ tnistee, any- amount nccessar~• to make up
the deficiency. tiuch pa~-nrent shall be made Within thirty iaU~ da~-s aftrr written notice from the 1~lortgagee
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