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HomeMy WebLinkAbout1265 _ ti- ~ ~ • ' 1 The Mortgagor hereby covenants with the Mortgagee, that he is indeteasibly seized of said land is fee simple or such other estates J any as u stated herein; that he has full power and lawful right Lo coavev the same as aforesaid; that the land >s free ~rom all encumbrances except as herein otherwise recited; that said~+iortgagor will make such further assurances to provo the aforesaid title to said land in said Mortgagee as may be reason- ab~y rreeqquired, and that said Mortgagor does hereby fly warrant the tilde to said laud, and every pub thereof, sad will defend the eamo against the lawful clainos of all persons whomsoever. PROYIDSD ALNAYB that if the Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the iollo is a substantial Dopy, to wit: = 45,250.00 Port St. Lucie ,Florida. November 15 , 19 79 . Fos Vwrvs li,scsrvsa, the undersigned promise(s) to pay to ALLSTATE ENTERPRISES MORTGAGE CORPORATION { , a corporation organised and e:iating under the laws ~ OHIO , or order, the principal sum of FORTY FIVE THOUSAND TWO HUNDRED FIFTY and no/100------------------------ I~~ (=45 250,0#~ with interest from date at the rate of ELEVEN AND ONE HALF per centum (11-1~~o~~e} um on the unpaid balance until paid. The said principal and interest shall be payable at the office of 104 Wilmot Road, Suite 500 in DEERFIELD, ILLINOIS 60015 , or at such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly installments of FOUR HUNDRED FORTY EIGHT and 43/D~prs 448.43 commencing on the first day of January , 19 80, and eontinuiiig on e 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 December 2009 . Privilege is reserved to prepay at any time, without premium or tee. the entire indebtedness or any part thereot not less than the amount o[ one installment, or one hundred dollars (:100.00), whichever is less. Prepayment is full :tiaU be credited on the date recebed. Partial prepayment, other than on an installment due date, need not be credited until the next following installment due date or thirty days aster such prepayment, whichever k earlier. If any deficiency in the pa ens of uiy installment under this note is not made good prior to the due date of the next such installment, the entire prmcipsl 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 constitute a waiver of the right to ezercise 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 costa 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 setae y used for the acquisition of sand prnperty or the impmvemeats thereon. Presentment, protest, and notice are hereby waived. /s/ LeROY T. FOSTER /s/ KATHLEEN D. FOSTER - ~~L) - [SEAL] 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 crrsted shall cease and be null and void. The Mortgagor further covenants as follows: 1. That he will pay the indebtedness, as her+einbefore 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 doUais (100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until the neat following installment due date or thirty days after such prepayment, whichever is earlier. 2. In order more fully to protect the security of this mortgage, the Mortgagor, together with,~snd in addition to, the rnonthlr payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terns of this trust as herein- after stated) the following awns: (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 lortgagor is notified) less all sums already paid therefor divided by the number of months to els before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sumato be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecislassessrnenta. (b) The aggregate of the amounts payable purauaat to subparagraph (a) and those payable on the note secured hereby, shall be paid in a single payment each month, to be applied to the following items is the order stated (n ground rents, taxes, asees$mente, fire, sad other hasard insurance premiums; (II) interest oa the note secured hereby; and (IIn amortisation of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortr gagor prjor to the due date of the next such payment, constitute an event of default under this mortgage. At Mortgagee's option, Mortgagor will pays "late charge" not exceeding four per centum (4°Jo) of any install- a meat when paid more than fifteen (I5) days after the due date thereof to Dover 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 ~ indebtedness and all proper costs and expenses aecyred thereby. ~ 3. If the total of the payments made br the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of payments actually nradP br tf+e :LSortgaKe~•, as truster, for ground rents, taxes and assessments, ~ and insurance premiums, as thr case maybe, such excess shall be credited on subsequent payments W be made ~ by the Mortgagor for sucl? items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If, ~ however, such iiiontidr payments sl+el[ not I+e suffi+•ient to par such items when the same shall become due and pa -able, then the :Mortgagor shall pay to the tilortgagec, us trustee, any amount necessary to make up ~ the deficiency. Such payment shall be mails within thirty (:3b) da}'s after written notice from the Mortgagee