HomeMy WebLinkAbout0801 The Mortgagor hereby cover?anta with the Mortgagee, that he is indeteaaibly tteised of said land in fee
simple or such other estates J any as is stated herein; that he has full power and lawful right to convey the same
as aforesaid; that the land >8 free ~rom all encumbrances except as hereon otherwise recited; that ssid~lortgagor
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 j\4ortgagor dose hereby fully warrant the title to said land, and every part W?ereot,
sad will defend the same against the lawful claims of all persons whomsoever.
PROVIDED AL~??AY$ that if the ><10rtgagOT Shall pay Until the Mortgagee that certain promissory note, Of
which the following is a substantial copy, to wit:
i 42, 900.00 Martin County , Florida.
October 26,1979.
Foa Vwrva RECruvrrn, the under~sigr?ed promise(s) to pay to
SUBURBAN COASTAL CORP,
a corporation organised and ezsting under the
laws of State of New Jersey , or order, the principal sum of Forty--Two Thousand Nine Hundred
42 , 900 , 00 with interest imm date at
the rate of Eleven and One~Halfper centum (11.5%) per annum on the unpaid balance until paid.
The said principal sad interest shall be payable at the office of
SUBURBAN COASTAL CORP., P. O. Box 1328
in Passaic , New Jersey 0 7 7 5 5 , or at such other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments of Four Hundred Twenty.-Five 14p ,
4 2 5.14 commencing on the first day of December _ , 197 9 ,and continuing o~ `tHc
first dap of tech monih 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, 20Q9
Privilege is reserved to prepay at any time, without premium or fee, rho entire indebtedness or any part
thereo[ not less than We amount o[ one installment, or one hundred dollars (100.00), whichever is less. Prepayment in [all
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 alter such prepayment, whichever is earlier.
If any deficiency in the paymont of any installment under this note is not made good prior to the duo date
of the neat such installment, the ontire prutcrpal sum and accrued interest shall at once become duo and ~sy-
able without notice at rho option of rho holder of this note. Failure to exercise this option shall not oonstttute
a waiver of the right to exercise the same in rho event of any subsequent default. In the event of default in the
payment of this. note, and i[ the same is collected by an attorney at law, rho undersigned hereby agree(s) to
pay all costs of coflection, 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.
1/s/ DAVID LFF. ~
1/s/ BARBARA LEF ~ ~ [SEAL]
[~L]
And shall duly, promptly, and fully perform, discharge, execute, eRect, 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 be 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
preps} ment, other than on an installment due date, need not be credited anti! the next following installment due date or
thirty days after such prepayment, whichever is earlier.
2. In order more full~• to protect thc• scc•urit~- of this mortgage, the Mortgagor, togc•tl?er witt?, and in
addition to, the n?onthly pa~•urents under the terms of thc• note sc•curnd he•reb~•, on the first da~• of each rnontlr
until the said Wort is !oily paid, will pad- to thc• titortKa3•c•e, as trustPC, (under tlrc• teens of tl?is trust as herein-
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 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 pard 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 Pa able pursuant to subparagraph (a) and those payable on the note secured
el,pll bo paid irr a Ringle payment each month, t0 bC applied t0 the following items III the order
(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 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.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4°Jo) of any install-
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in o
handling delinquent paymeets, 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. ~,,,,y
:3. If tht' total of the pa~-n?c•nts made• by tl?e Aortgagor antler (e} of paragraph 2 precec'inR shall exceed CQ
the amount of pa~•rnents actually n?aclc• h.• tl?e ~lortgagec•, as trustee, for ground rc•ntg, taxes and assessments, -o
and insurance prcn?iunis. as thc• ease muybc, such excc>ss shall he credited on sul?scqucnt Pa}•ments to be made ~
by the Mortgagor for surh itcrns or, nt~ lfortgngcr•'s option, as trustee, shall be rrfunded to Mortgagor. If,
however, such monthly pa~-mc•nts shell not 1?c• sufficient to Pa~• surh iten?s when the same shall become due
and payable, then thr+ ~fo~tgagor shall pay to the ~tortgagce, ns tnistec, am• amount necessary to make up
the deficiene~•. Such paynrcnt shall be made within t)iirt~• (:30) do}'s after written notice from tyre :Mortgagee
stating the amount of the deficiency, which notice may be given by mail. If at any time the ~Iort~c?~or shalt