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The Mortgagor hereby covenants with the Mortgagee, that he is indefeaxib)F seized of said- lead in fee
simple or such other estate, J any as is stated herein; that he has f all power and Iawwtiul right to eonvev the same
as aforesaid; that the land is free from all encumbrances except as herein otherwise recited; that said~fortgsgor
will make such further assurances to provo 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 Wiereot,
and will defend the same against the lawful claims of all persons whomsoever.
PROVIDED Al.wAYS that if the Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is s substantial Dopy, to wit:
= 37,000.00 Stuart ,
- Octobee 26, ~.1y979•
Fog YwLVS 13scs~vsn, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORP.
Jersey , a corporation organised and e~ristina under the
Iowa of the Stat* of 1~ew for order,*
a rincipal sum of Thirty Seven Thousand and
00/100 (i 37 ~ 000.00 with interest from date at
the rate of Eleven and one half per centum (11.5%0) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of
SUBURBAN COASTAL CORP. P.O. Box 1328
~ Pas s i C, New Je rs ey ~ 07055 , or at such other placE se the holder may designate in writing
delivered or mailed to the debtor, m monthly installments of Three Hundred Sixty Six & Dollars 67/ ,
366.67 commencing on the first day ofDeeember , 1979 ,and continuing on the 100
first day of each month thereafter until this note is fully paid, except that, if no`sooner psidAthe final payment
of principal and interest shall be due and payable uu i,ue ua~is, uuy ua a\ V V C W a/G 1 , cvv 7 , .
privilege is reserved to prepay at any time, without premium or fee. the enlace indebtedness or any part
thereof not less than the amount o[ one instillment, or one hundred dollars (x100.00), whichever is less. Prepayment in full
shall be credited on the date received. Partial prepayment, other than oa an installment due date, need not be credited until
the next following installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the pa went of any installment under this note is not made good prior to the due date
of the neat 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 exercise 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 actually used for the acquisition of said property or the improvements thereon.
Presentment, protest, and noticR are hereby waived.
1../s1 .RICHARD DER [SEAL]
RICIiARI~~t~ E
-1---mss/ J07~CE~"~--a~---------- [S~]
JOYCE C . ~ NABS ' •
i
~_.r ti"
I _ [SEAL]
~ r-r.-..
-
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.
f 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
6 une hundred dollars (x100.00), 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 eazlier. ;
2. In order more fully to protect tht
sc•curit~- of this mortgage, the Mortgagor, togs
th~r with, and in
addition to, the monthly payments under the terms of tl?e note secured hereby, on the first da~• of each month ~ i
until tl~t said note is fully paid, N'1II pa~• tf1 (hP \lortgai?t•P, as trustee, (undrr the tt•rms of this trust as herein-
after stated) the fallowing awns:
(s) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
i 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 a
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,taxes,andspecialassessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (s) 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
t stated
- (I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby; and
x (III) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, uniess made good by the Moi•tr
gagor prior to the due date o[ the next such payment, constitute an event of default under this mortgage.
F At Mortgagee's option, Mort agor will pay a "late charge" not exceeding four per centum (4%) of any install- ~
meat when paid more than f~tteen (15) days after the due date thereof to cover the extra expense involved in o~
handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale
t made to satisfy the m~ebt,edness secured her!•by, unless such proceeds are sufficient to discharge the entire Cr.7
~ indebtedness and all proper costs and expenses secured thereby. l'i
3. If the total of the pa~-?nents niafie by the Mortgagor under (a) of paragraph 2 preceding shall exceed ~
ti:e amount of pa~•ments actually niafle I?~• tie 1lortl;aKee, as trustee, for ground rents, taxes and assessments, -o ?
~ and insurance preniiunis, as the• sacs roar he, such excess shall be credited on sut,ceyuent payments to be made T
by the Mortgagor for such items or, at~ Mortgagee s option, as trustee, shall be refunded to Mortgagor. If, d
however, such monthly pa~•ments shall not Ifc s}tfl'i~•ient to pad- sur•h items when Uie seine shall become due
and pa~•able, then the Mortgagor shall pa~• to fife ~Iort'gagec, as trustee, any amount necessary to make up ~
the deficiency. Such pa~-nicnt shall he malls 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