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HomeMy WebLinkAbout2293 The Mortgagor hereby covenants with the Mortgagee, that he m indefeasiblvj seized of said land in fee simple or such other estates J any as is stated herein; that he has f all power and lawwfiul right to oouvev the same as aforesaid; that the land ra free ~rom all encumbrances except as herein otherwise recited; that said~Vfortgagor w+~ ••+ske $ucb further assurances to Provo the aforesaid tit1R to said land in said Mortgagee ae may be reason- ably rreeqquired, and that said Mortgagor does hereby fully warrant: the title to raid land, and every part tl-terei,f, and evil! defend the game against the lawful claims of all persona whomsoever. P$OVrDSD AL~tvAYe that it the Aortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a substantial Dopy, b wit: = 38,2S0.00 Ft. Pierce ,)F7orida, November 2 , , 19 79 . Foa Ywrvs Rscsrvsn, the undersigned promise(s) to pay to The Lomas & Nettleton Company , a corporation organised and e~oatina under the Lwe iif the' Stage of C.~nnecticut:^* ^?dP?; the principal sum of Thirty Bight Thousand Tt+o Hundred Fifty and Nv/100-------------------------gym 38,250.00 with interest from date at the rats of Eleven and one-half per ceatum ( 11. ~!o) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of T}m Ipraas & Nettleton Company 230 George Street is . NeW Haven, (;onnecticut 06510 , or at such other p1aeE sa the holder may designate in writing, T" delivered or mailed to the debtor, in monthly instaUments~ of Three Hundred Seventy-mine & 06 (=379.06 commencing on the first day of January , 1980 ,sad coatinuin~j on first day of each month thereafter until this note is fully paid, except that, if not sooner ps~d, the find payment of principal and interest shall be due and payable on the first day of December 2009. , Privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part thereot not leas than We amount of one installment, or one hundred dollaes (=100.00). whichever is less. Prepayment is fuq shall be credited oa the date received. Partial prepayment, other than oa as installment due daft, need sot be credited until the nett following installment due date or thirty days after such prepayment. whichever is earlier. If any deficiency in the pa menL of any installment under this note is not made good prior tQ the due date of the nest such rnstaliment, the entire pnncipal 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 oonatrtute 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 sn attorney at law, the undersigned hereby agree(s) to pay all costa 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 actualllly used for the acquisition of said property or the improvements thereon. Presentment, protest, and notice are hereby waived. --J hn oho R. Therrien ~ggaL~ Jo R. Therrien _/S/ Janice Elmasian Therrien ~ t~~ Janice ELaasian -Therrien . [SEAL [SEAL] And shall dal promptly, and full perform, discharge, execu;e1 effect, complete and comply with and abide by each and eve the stipulations, a~rcements, conditions sadants of said promissory note and of this mortgages lien th #riortgaFe and the estate hereby created shall cease serd 6e null gn vo'id.~ Tne 'rnorigegur ;iiivucr cevw,s+-,ts as foLows: . 1. `That he wiII pay the- indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time, without premium: or fee, the entire indebtedness or say part thereof not less than the amount of one installment, or one hundred dollars (5100.bb), whichever is less. Prepayment in tall `shall be credited on ~e date received. Partial pprepayment, other than on an installment due date, need not be credited until the next fallowing installment due date or Wirty days iftei siicfi firepaymelrit, v~lrichever is earlier. ` 2. In order more fulh to protect the security of this mortgage, the Mortgagor, together with and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of eac~r month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following scans: (a) A sum equal to the ground r+enta, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hasard 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 soma 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 some to be held by Mortgageeintnrsttopaysaidgroundrenta,premiums,taxes,andspecislassessmeats. (b) The aggregate of the amounts pa able pursuant to subparagraph (s) and those payable on the note secured hereby, ahrall be paid in a single payment each month, to be applied to the following items is the order stated (n ground riots, taxes, assessments, fire, and other hasard insurance premiums; (II) interest on the note secured hereby; sad (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 prior to the due date of the next such payment, constitute an event of default under this mortgage. t Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per centum (4%) of any install- ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in handling delinquent paqmenu, 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 indebtedness and all proper costs and expenses secured thereby. ~ 3. If the total of the payments made h~- the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of payments actually mode b~• tLe ~4orlt;agee, as trustee, for ground rents, taxes and assessments, tr,Q and insurance premiums, as the case ma~~ be, such excess shall be credited on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's option, ag trustee, sha}i be refunded to Mortgagor. If, however, such iiiont}il~ payments stress not Ire sufficient to pay such items when the same shall become due and pa •ablP, then the :Lfortgagor shall pay to the Mortgagee, as trustee, any amount necessary to make up ~ the deficiency. Such payment shall be rnarie within thirty (:30) da~•s 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 ~y .