HomeMy WebLinkAbout2271 The Mortgagor hereby oovenanta with the Mortgagee, that he id indefeasibly seized of said land in tee
aunple or such other estate, J any as is stated hereia; that he has toll power and lawful right to convey the same
as aforesaid; that the land is free ~rom all encumbrances except as herein otherwise recited; that said~fortgagor
will mai:8 surli f-us-tucr a~urn;.~ ~ pro4e ~e efor~id tit1A to said land in said Mortgagee as may be reason-
ably required, and that said Mortgagor dose hereby fully warrant the title to said land, and every part tiiereui,
and will defend the same against the lawful claims of all persona whomsoever.
PROYtDSD AL~I/AYa that if the 1?iortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is • substantial Dopy, to wit:
= 36, 500.00 Fort Pierce . Ffor?da.
September 28 ,1979 .
Foa Ywitrs RseacvsD, the under~ied promise(s) to pay to
THE LOMAS 6 NETTLETON COMPANY
, a oorpon?tion organised sad eidsting under the
Lws of the State of Connecticut' oz uruer, the principal sum ofTt:irty Six Thc+ugand Five Hundred
and no / 100-------------------------------~~ (i 36, 500.00 with interest cram date at
the rate of Ten and One Half Per oentum (10.5%) P~ annum oa the unpaid balance until paid.
The said principal and interest shall be payable at the office of The Lomas & Nettleton Company,
230 George Street
in New Haven, Connecticut 06510 , or at such other place as the holder rosy designate ~'q~f!t~ing
delivered or mailed to the debtor, in monthly installments of Three Hundred Thirty Three 6 981 Dollars
333.98 commencing on the first day of November , 19 79 ,and oontinuina oa 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 October 2009•
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not leas than the anwunt o[ one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in full
shall be credited oa the date received. Partial prepayment, other than on an installment due date, need not be credited untU
the Went [otlowing installment due date or thirty days alter such prepayment, whichever it earlier.
If any deficiency in the pa ent of any installment under ttnia note is not made good prior tti the due dat4
of the next such installment, the entire principal sum and accrued interest shall at once become due and Fay
able without notice at the option of the holder of this note. Failure to exercise this option shall not constitute
a w elver of the right to exercise the same in the event of any subsequent default. In a 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 s 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 sequisition of said property or the improvements thereon.
Presentment, protest, and noticp? are hereby waived.
~_.Danald_ Stoll [sBAL]
1)0 ALD STO
Ls Miche e S to 11 [~?L].
MICHEL~ STOLL ~
- [~L]
[s~?~l
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.
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 (5100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial
prepayment, ot~lier than on an installment due date, need not be credited until the next following installment due date or
thirty days after such prepayment, whichever is earlier.
2. In order ,Wore fully to protect the security of this mortgage, il?e viortgsgor, together with,~and in
addition to, the rnonthlti• payn,enta under the terms of the note secured hereby, on the first day of each month
until the sail note is fusty paid, will pay to the tiiortgngee, as trustee, (under the terms of this trust as herein-
after stated) tl,e followirig sums:
(s) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
on poUciea of fire sad other hazard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all as estimatF_ 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
prior to the date when such ground rents, premiums, taxes, and ae9effimerits will become delinquent,
such sums to be held by Mortgsgeeuitrusttopaysaidgroundrenta,premiums,taxes,andspecialasaessmenta.
(b) The aggregate of the amounts pa able pun~uant to subparagraph (s) and those payable on the note secured
hereby, shall be paid in a e payment each month, to be~applied to the following items in the order
stated
(I) ground npnts, 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 such aggregate monthly payment shall, unless made good by the Mort-
gagor prjor to the due date o[ 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%) of any install-
went when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in~;,r
handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire i„y
indebtedness and all proper costs and expenses secured thereby. ~
3. 1f the total of the payments made by the Mortgagor under (e) of paragrnpl, 2 preceding shall exceed„o
the amount of pa}•inents actually n,srlc by tf,e'tiortKagee, as trustee, for ground rents, taxes and aasesamenta,3G
and insurance premiums, as the case may be, such excess shall fie credited on subsequent payments to be made
by the :1~iortgxgor for suci, items or, nt Mortgagee's option, ag trustee, shall be refunded to Mortgagor. Iff"~
however, such iiiontl~ly payments shall not.l,e sufftc•ient to pa}- such items when the same shall become due
and payable, then the :Mortgagor shall pay to the Mortgagee, ns trustee, any amount necessary to make up
the deficiency. Such payment shall be merle within thirt~* (:i0) days after written notice from the Mortgagee
stating the amount of the deficiency, which notice may be gi~gn~b~mail ~I,f~~ time the Mortgagor shall -