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HomeMy WebLinkAbout2743 The Mortgagor hereby covenants with the Mortgage6, that he is indefeasibly seized of said land in fee pimple or such other estates if any as is stated herein; that he has full power and,IF ul,right to oo#iev the same as aforesaid; that the load is tree ~rom all encumbrances except as herein otherwise recited; t~it?t ssdd~iortgagor will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reason- ably required, and that said Mortgagor does hereby fully warrant the title to said land, and every part thereof, and will defend the same against the lawful claims of all persons whomsoever. Paoviuan ALNAYa that if the >\iortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a substantial copy, to wit: i 55,000.00 Fort Pierce, Florida. October 22 ,19 79. Foa Vwius 13scsivsn, the underaigr?ed promise(s) to pay to Southern Mortgage Associates, Inc., authorized to do business in the State of Florida a corporation organised and ezistina under the laws of Arkansas . or order, the principal sum of Fifty-five thousand and 00/100- ------------------------------------------Ddlare (i 55,000.00 with interest from date u the refs of ten and one-half per oentum (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 is Miami , Florida , or at such other place as the holder may deaigriate is writing delivered or a?ailed to the debtor, in monthly instsUments of Five hundred three and 25/100---~~ 503.25 commencing on the first day of December , 19 ]9 ,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 NOVember 2009 . Privilege is reserved to prepay at any tame, without premium or fee. the entire indebtedness or any part thereof not less than the amount of one installment, or one hundred dollars (>j100.00), whichever is less. Prepayment in tall shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited anti! the ae:t tollowin= installment due date or thirty days otter such prepayment, whichever is earlier. If any deficiency in the pa ens of any installment under this note is not made good prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and ~ay- able without notice at the option of the holder of this note. Failure to ezercise this option shall not oonatitute a waiver of the right to a=excise the same in the event of any subsequent default. In the event of default in the payment of this note, and if_ the name 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 actua y used for the acquisition of said property or the improvements thereon. Presentment, protest, and notice are hereby waived. Thomas I Sl»dl l [sue,] THOMAS I. SMALL ,~,g~ Nina N _ Small [gg~,] NINA N. SMALL s - E And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with sad 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: E 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time, 't 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 [ollowing installment due date or ~ thirty days after such prepayment, whichever is earlier. i 2. In, order more fully to protect the security of this mortgage, the Mortgagor, together with, and in addition to, the monthl~• payments under the terms of the note secured 1?ereby, on the first day of each month until the said note is fully paid, will pay to the MorigaRee, as trustee, (under the terms of this trust as 1?erein- after stated) the 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 hasard 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 i prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by Mortgageeintrusttopaysaidgr+oundr~ents,premiums,ta:ea,andspecialassessments. (b) The aggregate of the amounts pa able 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, asseasmeata, fire, and other hasard insurance premiums; (II) interest on the note secured hereby; sad x (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 date of the next such payment, constitute an event of default under this mortgage. i At Mortgagee's option, Mortvagor will pay a "late charge" not exceeding four per centum (4°Jo) of any install- j v went when paid more than ~fteen (15) days after the due date thereof to cover the extra expense involved in ` , handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale ~,r 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. Fy ~ 3. if the total of the pa~-n?ents made by the Mortgagor under (a) of paragraph 2 preceding shall exceed ~ the amount of paymentsg actually madc hr t[ie lt'Iorigagee, as trustee, for ground rents, taxes and asseaaments, ,r and insurance premiwns, as Uie case ma.' be, such excess shall tx~ credited on subsequent payments to be made f by the :Mortgagor for such items or, at MortgnRPe's option, as trustee, shall be refunded to Mortgagor. If, however, sac i iiiontlily payments shall not lx~ sufficient to pay such items when the sarne shall become due ~ l and pa able, then the~Mortgagor shall pre}• to the `fortgagec, as truster, any an?ount necessary to make up the def eiency. Such pa~•mcnt shall be made within thirty (:30) days 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