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HomeMy WebLinkAbout2500 , The Mortgagor hereby covenants with the Mortgagee, that he is inde[ea:ubly~ seised of said land in fee dimple or such other estates if any as is stated herein; that he has full power and lawful right to eouvev the slime as aforesaid; that the land is free >~rom all encumbrances except as herein otherwise recited; that liaid~Iortgagor will make such further aasurancea to provo the aforesaid title to said land in said Mortgagee as may be reason- ably nq~ired, and that said Mortgagor does hereby fully warrant the LiWe to said land, and every part thereof, and will defend the same against the lawful claims of all persona whomsoever. PriOVrDED ALwatrs that if the !Mortgagor tihall pay unto the Mortgagee that certain promissory note, of which the following is a substantial Dopy, to wit: i 34,000.00 ~ Fort Pierce, Florida. October Iq , l9 79, Fort V~rvs Rscsivtru, the under®gned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES, INC . , authorized to do business in the State of Florida , a oorporstioa organised and e:isfuig under the laws of Arkansas , or order, the principal sum of Thirty-four thousand and 00/100 • 34,000.00 1. witb interest from date at the rate of--Ten and one-half------ per centum (10~ .per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of Southern Mortgage Associates, Inc 1999 SW 27th Avenue in Miami , Florida , or at such other place as the kidder rosy designate in writing delivered or mailed to the debtor, in monthly inatallmepta of Three hundred eleven & 10/100-- (x 311.10 commencing on the first day of December ~ 19 79 ,and continuing oa 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 fast day of November , 2009 . Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part theYeof not leas than We amount of one installment, or one hundred dollars (x100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, other than on as installment due date, need not be credited until the next [allowing installment due date or thirty days after such prepayment, wbichever is earlier. If any deficiency in the payment of any instslLnent under this note is not made good prior to the due date of the nezt such installment, the entare principal sum and accrued interest shall st once become due and p~y- able without notice at the option of the holder of this note. Failure to exercise this option shall not constitute a waiver of the right to ezerrise the same in the event of any subsequent default. In the event of default in the payment of this note, and ii 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 actually used for the acquisition of said property or the impr,vemente thereon. Presentment, protest, and notice are hereby waived. Lsl__Mi chael C . Larson MICHAEL C. CARSON [s/ ucan E_ Larcn~__-_------------------ [mil SUSAN E. CARSON [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 ss 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 (x100.00), wbichever 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 thirty days after such prepayment, whichever is earlier. 2. In order mort• fult~• to protect the serurit}- of this mortgage, the Mortgagor, togFthcr with, and in addition to, ttan niorithl~- pa~•nlents under tht• terms of the note sct•urnd ht•rcb~•, on the first da~• of teach month until slue said twtc is fully paid, will pad- to tht• LfortgaKt•e, as trustee, (under the terms of this trust a_s hercin- aft~r stated) tl?e following scans: (a) 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 6aaard 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 Mortgageeintrusttopaysaidgroundrents,premiums,taxea,andapecialassessments. (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, assessments, fire, and other hazard insurance premiums; (II) interest 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 Mort- gagor prior to the due dale of the next such pa~•ment, constitute an event of default under this mortgage. At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4%) of any install- ment when paid more than fifteen (l5) days after the clue date thereof to cover the extra expense involved in w handling delinquent payments, but such "late charge" shall not be pa~•able out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient w discharge. the entire indebtedness and all proper costs and expenses secured thereby. 3. (f the total of the pa~-n?ents madt• h~- the ~fortga{;or under (a) t?f para{?raph 'l preceding shall exceed ~ the nrnount of payments ar tuull~- ??,a,)r• b~- slue ltortgxgcf•, a.S trustt'f•, for ground rf•nts, t8xt~s and assessments, and insurance pet rniunrs, as tl,f• tease rna_ybr, suf•h r•xcf•ss shall bt• rr~dit~d on sut?sc•yuent pa~•ments to be made by the Hortga{;or for sut•h itcn?s or, ut ~tortg+il;~~'s option, u~ trust~o, shall b~ rt•funded to :Mortgagor. If,nae. however, such nfonthly pa~•mc•nts shall not t?e ~uffi~•it•nt to pn~- surh itf•rns when sire same shall become due ~ and payable, then t)le ~lortg:floor shall p:,.- tr. the ~lortt:a{,~ef•, as trustee, any amount necessary to make up ~i the de~icicner. Such pa~-nfent shall he made within thirty !x01 dues after written notice from t)ie !1~Iortgagee ~ ..a.. •l._ ~L.,, a,.R,.:......,• mi.:ni, n~f:nn mov i,n oft nn i,v rocs it es s..~ - -