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HomeMy WebLinkAbout0863 The Mortgagor hereby covenants with the Mortgagee, that he is indeteasi~l<y seized of aaid,lsnd in fee simple or such other estates J airy as is stated herein; that he has f?rll power and lawwffttl right to eoovev the same as aforesaid; that the land is fees #mm ell encumbrances except as herein otherwise recited; that said~iortgagor will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reason- ably rey~ired, and that said Mortgagor does hereby fully warrant the title to said land, and every part thereof, ••+d •n_ll ._1~+f!?nd thr_+ ~e ~ainat the lawful ~slaima of all p~+raona whomsoever. - Paovtusn ALwAYB that if the :Mortgagor shall pay unto the Mortgagee at certain pr,missory note, of which the following is a substantial Dopy, to wit: Sixty Thousand and 00~ 100 - - - - - - - - - - - - - - - - - - - - - 60 , 000.00 Fort Pierce ,Florida. October 25 ,19 79 . Fos Vr?tus Itsctuvsu, the undersigned promise(s) to pay to The Lomas and Nettleton Company, a Connecticut corporation, with principal place of business at 230 George Street, New Haven, Connecticut 06510 a oorporetion organised and e~osting under the laws of Connecticut , or order, the principal sum of Sixty Thousand and 00/ 100- - - - Dol)ars (=60,000.00 with interest from date at ' ~ rate ~ Ten and one-half P~ centum (10.5 °~o) P~ annum on the unpud balance until paid. The said principal and interest shall be payable at the office of The Lomas Fr Nettleton Company, 230 George Street, New Haven, Connecticut 06510 is Connecticut , or at such other place as the holder may designate is writing delivered or mailed to the debtor, in monthly installments of Five Hundred Forty-Nine F,00/ 100 Dollars 549.00 commencing on the first day of December , 1979 ,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 princrpal and interest shall be due and payable on the first day of November , 2009 Privilege is reserved to prepay at any time, without premium or lee, 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 oa an installment due date, need not be credited until the nest following installment due date or thirty days after'sud? prepayment, whichever is earlier. If any deficiency in the pa meat 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 Pay- able without notice at the optton of the holder of this note. Failure to exercise this option shall not oonstatute - 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 it 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. i Presentment, protest, and notice are hereby waived. [sal . BERT LEE RAlv6EY - [sue] - [s>~L] [3EAL3 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. I The Mortgagor further covenants as 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 leas than the amount of one installment, or - one hundred dollars ($100.00), 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 until the next following installment due date or thirty days after sucd prepayment, whichever is eazlier. ~ 2. In order more' full~• to protect the serurit}- of this niortgaKe, the Mortgagor, together with, and in _ ~ addition to, the niontt?ly pa~-n?ents under the terms of tht• note secured hereb~•, on the first da~• of each month u:rtil the said ante is full}• paid, wdl pay to the ;Mortgagee, a_s trustt•e. (under tht• terms of this trust as herein- after stated) the fallowing sums: ~ (g) A sum equal to the ground rents, if any, next due, plus the premiums that will asset 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 ss estimated by the vortgagee and of which the il4ortgagor is ~ notified) leas 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, l such soma to be held by Mortgagee intrusttopaysaidgroundrents,premiums,tax(,s,andspecialassessments. (b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured hereby, shall be paid in s single payment each month, to be applied~to the following items in the order stated 2 (I) ground rents, taxes, assessments, fire, and other hazard insurance premiums; (II) interest on the note secured hereby; and (III) rnnortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the hiortr gagor prior to the due date of the next such ppayment, constitute an event of default under this mortgage. y At Mortgagee's option, Mortgagor will pay a "lat.e charge" not exceeding four per centum (4%) of any install- x~ i meat when paid more than fifteen (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 ~y l made to satisfy the maebtrdness secured hereby, unless such proceeds are sufficient to discharge the entire ~ l indebtedness and all proper costs and expenses secured thereby. 3. if the tMal of the pa~-n,rnts made h~- the MortKul;or und~T (a) c,f paragraph 2 preredinK shall exceed , the an?ount of pa~-n?ents actually- made t?v the Mortgagee, :~.4 tnlatee, for ground rt•nts, taxes and assessments, T and insurance preniiunls. ag the rase nwv-be, curb excess shall- he reedited on sutrseyucnt pa~•rnenis to be made by the Mortggagor for such items or, ut• ~tortgngee's option, ir.. tnistee, shall b~ refunded to Lortgagor. tf, ~ . however, such niontldv pa~-m~•nts shall nit 1?e sufficient to px~- :u~•h iterl?s when the same shall become due ~ ` and payable, then the ~1r.rtgagor shall pn~- t,~ tl,e Mortgagee, as trustee, un.- aninunt necessar~• to make up M"~ i the dcficitmr}-. lurk F~a~~nl(•nt shall Ix• lua(!c• N'Itllln thirty (a0) da~•s ::fti•r ~~'Tlttt'n notlC~ frOru file 1~'Iortgagee t '