HomeMy WebLinkAbout1066 The Mortgagor hereby covenants with the Mortgagee, that he is indeteasibly seised of said load in fee
simple or such other estates tf any as is stated herein; that he has toll power and lawful right to convey the same
as aforesaid; that the land m free ~rom all encumbrances except as herein otherwise recited; that said 1Vlortgagor
will matte such further assurances to provo the aforesaid title to said land in said Mortgagee as may be reason-
•bly rreeqquired, and that said Mortgagor dose hereby fully warrant the title to said land, and every part thereof,
sad will defend the one against the lawful claims of all persona whomsoever.
Paovtusu ALNAY6 that if the !1lortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a substantial copy, to wit:
i 47,800.00 St. Lucie Coun~t~°n~
.1979
Foa Vw~.us Rscstvsn, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORPORATION ~ a corporation organised and existing under the
laws of New Jersey , or order, the principal sum of FORTY -SEVEN THOUSAND E I G H T
HUNDRED AND NO/ 100------------- Dollars (i 47 , 800.00 with interest fmm date at
the rate of Ten tt One H a 1 f per oentum ( 10 . per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of
Post Office Box 1328, Passaic, New Jersey 07055
in , or at sac .other place a8 the holder may designate in writing
delivered or mailed to the debtor, in monthly inatallmenta of Four Hundred Thirty -Seven h~~ 3 7 / 10 0-
(i 4 3 7.3 7 commencing on the first day of December 1 , 19 7 q ,and continuing on the
first day of each month thereafter until this note is tally paid, except that, if not sooner paid, the final payment
of principal and interest shat! be due and payable on the fast day of .
Privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part
thereof not less Wan the amount of one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in full
~haU be credited oa the date received. Partial prepayment, oWet Wan on an installment due date, need not be credited until
We next following installment due date or Wirty days after such prepayment, whichever is earlier. -
If any deficiency in the payment of any installment under this note is not made good prior to the due date
of the nezt such installment, a 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 oonatatute
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 notice are hereby waived.
~b yid Connerr'
_.~:._-_-__~_Lt1_..__--wcz_l~__~M. _ ~~L~
Teri M. Conner
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 crested shall cease and be null and void.
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 less than the amount of one installment, or
one hundred dollars (;100.00), whichever is less. Prepayment in fu[I 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
t}:irty days after such prepayment, whichever is earlier.
2. In order more full- to protc•rt the serurit~• of this nrorlgagP, the ~4ortgagor, together with, and in
addition to, the monthly pa~•nrents under the terms of thr• note secured hereh~•, on the first der of carp month
until the said note is fully paid, v?i11 pad- to the Mortgagee, es trustee, (under the terms of this trust as herein-
after stated) the ft)llox-Ing 3WRS:
(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 (sU 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 Mortgageerntrusttopaysaidgroundrents,premiums,tsxes,andspecialassessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note fecured
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 suc}r 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, Mort agcy will pay a "late charge" not exceeding four per centum (4°Jo) of any install- '
went when paid more than f~fteen (15) dais after the due date thereof to cover the extra expense involved in ~
handling delinquent ~aymenu, but such "late charge" shall not be payable out of the proceeds of any sale ;-'•c,~c
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire 1.~7
indebtedness and all proper costs and expenses secured thereby. t,,,i
3. If the total of the pa}-nrents n~nde hr the I1lortgagor under (a) of paragraph 2 preceding shall exceed
the amount of pa~-nrents aetuall}- made by t(re Mortgagee, as trustee, for ground ants;-taxes and asses.~ments, .o
and insurance prenriunis, as thr rase maybe. such Pxr~ss shall l,e credited on sut?seyuent pat~ments to be made ~
by the vortgagor for sorb it~rns or, at•Alortgag~e's option, gg trustee, shall be rrfunded to Mortgagor. If, ~y
however, sue i monthly pa}•ments shall not 1?c• suffir•ient to par surh items when the same shall become due
and pn•..able, then the Mortgagor shall pnr to the Vfortgagec, aS Trustee, any amoutlt necessary to make up ~
the defricienr}•. surh pa~-ment shall be made within thirty- (a0) da}•s after written notice from the Mortgagee t~
stating t.hP amount of the deficiency, which notice may be given by mail If at any time the ti4ort~xgor shall