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that he is indeieaaib of ~ , ~ fes
The Mortgagor hereby covenants with the Mortgagee,
simple or such other eatater ii any as is stated herein; that he has f all power and la~ul right to convey a same ;
as aforesaid; that the land t8 ices ~mm all encumbrances except as herein otherwise recited; that said~+tortgagor 4
will make such further aesuranoes to prove the aforesaid tills to said land in said Mortgagee as may be rea$on-
ably required, and that said Mortgagor does herby fully_ warrant the tills to said land, and every part thereof,
and wilt defend the same against the lawful claims of all persons whomsoever.
Paoviasa Ar.wAxs that if the Mortgagor shall pay unto the Mortgages that oectain promissory note. of
which the following is a substantial Dopy. to wit:
i 37,000.00 Port St . Incie ,Florida.
Nov~anber 14 ,19 79.
Foa Vwuvs Rscsrvsn, the under®gned promise(s) to pay to
StIB1~tBAN OQASTAL OORP , s corporation oS~aa'rmd sad existing under the
bws of the State of New Jersey, or order, the principal sum of ~'y and
100-------------------------------------~~ 37,000.00 with interest from date at
the rate of Eleven and a[~e-half per centum (11.5 oJo) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office o!
S[JBUItBl1N OQA.SPAI. ~ .
P.O. BOX 1328
in Passaic, New Jersey , or at such other pla~oe as the holder may designate is writing
delivered or mailed to the debtor, in monthly installments of 1~ee lltndred Sixty-six & 67/100Dollara
(i 366.67 commencing on the first day of Jarnrax'y? , 19 80 , and ooatinuing on 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 Brat day of Deaanbex' , 2009. ~
privilege is reserved to prepay et any time, without premium or fee. the entire indebtedness or any part
Wereot not leis than the amount o[ one installment, or oat hundred doUats (i1t10.00), whichever is less. Yrepaymeat is full
shall be credited on the date received. Partial prepayment, other than on as installment due date, need not be credited until
the next following installment due date or thirty days situ sudr prepayment, whichever is earlier.
Ii any deficiency in the payment of say installment under this note is not made good prior to the due date
of the next such installment, , e entire prmcipal sum and accrued interest shall at once become due and pay-
able without notice et the option of the holder of this note. Failure to ezerciae this option shall not constitute
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 cxlsts 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 actua y used for the acquisition of aaid•property or the improvements thereon.
Presentment, protest, and notice are hereby waived. '
. .
1;:1 iii el` E~7. ~ Jt'ovich [sEAL] -
. II~QI,
/c/ S11SAY1 K_ .Ttmrmrlcyyich [SEAL]
S1~N K. JUG
- _ [~L]
[SEAL] s
And shall duly, promptly, sad fully perform, discharge, execute, effect, complete, and comply with and-abide '
i by each and every the stipulations, agreements, conditions, sad covenants of said promissory note and of this t
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 say 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
pmpayment, other than on an installment due date, need not be credited until the next [ollowing installment due date or
thirty days after such prepayment, whichever is earlier_
2. In order more fully to protect the security of thi.4 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 each month
until the said note i.4 fully paid, will pay to the Mortgagee, as trustee, (under the t~rnrs of thi4 trust. as herein-
after stated) the following scans:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
l on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments
f next due on the mortgaged property (all as estimated 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 3
prior to the date when such ground rents, premiums, taxes, and assessments will acct
a ome delinquent,
such soma to be held by Mortgageemtrusttopaysaidgroundrents,premiums,ta:es,andspecialassessrnents. j
(b) The aggregate of the amounts payable pursuant to aubparagrapb (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, to:es, assessments, fire, and other hasard insurance premiums;
(II) interest on 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 Mort-
` gagor prjor to the due date o[ the next such ~syment, constitute an event of default under this mortgage.
At Mortgagee's option, Mortggagor will pay a "ate charge" not exceeding four per cerium (4°Jo) of any install- o~
went when paid more than Sfteen (15) days alter the due date thereof to cover the extra expense involved in ,~,o
~ handling delinquent paymenu, but such "late charge" shall not be payable out of the proceeds of any sale ~
made to satisfy the rndebtxdness secured hereby, unless such proceeds are sufficient to discharge the entire j~
~ indebtedness and all proper costs and expenses secured thereby.
3. If the total of the parmPnts made b~• the'.?iortgagor under (a) of paragraph 2 preceding shall exceed
the amount of payments actualh• made by t(~e'.liortKaKec•, as truster, for ground rents, taxes and assessments, T
and insurance premiwns, as the cage may bp, such excess shall be credited on subsequent payments to be made ~
o by the Mortgagor for such items or, at Martgugee's option, as trustee, shall be refunded to Mortgagor. If, ~
F hotwever, such monthy payments shall not ix' suffi.•ieni to pay surh items when the same shall become due ~
and payable, then theritlortgagor shall pay to tlie-Mortl;ag~c, as trustee; any amount necessary to make up ~y
the deficiency. Such payment shall be marls within thirty (a0) dayc 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