HomeMy WebLinkAbout2510 The Mortgagor hereby covenants with the Mortgagee, that he is indeteaaib~ seised of said land is ies
simple or such other estates J any as is stated herein; Was he has toll power and lawwfiul r•ight.to ponvev the. same
as aforesaid; that We land is free ~rom all encumbreacea except as herein oWerwtsa recited; that said~iortgagor
will make such furWer asauranoss to prove the aforesaid title to said land in acid Mortgagee as may be reason
ably required, and that sand Mortgagor dose herby tu117 warrant We title to said land, and every part thereof,
sad will defend Ws same against We lawful claims of su persons whomsoever.
Paoviasn ALNAYa that if We Iviortgagor shall pay unto the Mortgages Was certain promissory note. of
which the following is a substantial ooPJ, ~ '~t~
= 57,900,00 Fort Pierce , I~orida.
November 14 ,19 79 .
Foa VwLVS Racsrvsn, the undersigned promise(s) to pay to VANTAGE MORTGAGE ASSOCIATES, I NC . ,
a Florida corporation
, a corporation organised sad ezieting under the
Vws ~ Florida , or order, the prin«pal sum of Fifty-seven thousand nine hun-
dred and 00/100--------------------------Dollars (t 57,900.00 with interest iron date apt
the rate of Eleven and one-half-----per centum (11~ per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of Vantage Mortgage Associates, Inc . , 317
Minorca Avenue
in Coral Gables, Florida , or at such other pL?oe as the hoder may designate in writing
delivered or mailed to the debtor, in monthly installments of Five hundred seventy-three ~ 79/1~A11~
(i 573.79 commencing on the first d:y of December , 1979 ,and coatiauiag oa the
first day of each month Wer+eafter until this note is fully paid, except that, if not sooner paid, We final payment
of principal and interest shall be due and payable on the first day of November 2009 .
privilege is reserved to prepay at any time, without premium or fee. tha entire indebtedness or any part
thereof not leis than th! amount Of ODe indallment, Or ODe hundred dollars (=lOO.00), whichever is less. Yeepayment in full
shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until
the nett foliovring indallment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the payment of any inatalhnent under this note is not made good prior to the due date
of the nezt such installment, , e entire principal sum and accrued interest shell at once become due and Pay-
able without notice at the option of We holder of this note. Failure to exercise this option shall not constitute
a waiver of the right to ezercise We same in the event of any aubaequent default. In the event of default in We
payment of this note, and it We same is collected by as attorney at Lw,~ the undersigned hereby agree(s) to
pay all coats of collection, including a reasonable attorney's fee.
This note m secured by mortgage of even date executed by We undersigned on certain property described
therein and represents money seta y used for the acquisition of said property or the improvements thereon.
Presentment, protest, end notice are hereby waived.
/s/ James K. Cl ate _
K, CLUTE
_ .f s/ Patricia A, Clute ~s~t,]
PATRICIA A~, CLUTE -
r
[sue]
~ And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
~ by each and every the stipulations, agreements, eonditiona, and eovenanta of sand promissory note and of this
mortgage, then this mortgage and the estate hereby created shall cease sad be null and void.
The Mortgagor further covenants as follows:
g 1. That he will pay tie indebtedness, sa hereinbefore provided. Privilege is reserved to prepay at any time,
without premium or fee, the entire indebtedness or any part thereof not lees 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, other 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 more fully to~ prot,eot the security of this mortgage, the Mortgagor, together with, and in
addition to, the monthly payments under tlie~•ter•rris of the note secured hereby, on the first day of each month
until tl~e said no(e is fu71y paid, will .pay to the Mortgagee, as trustee, (undef the terms of this trust as herein-
after stated) tl~e following sums:
(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 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) leas all sums already paid therefor divided by the number of months to elapse before one month
prior to the date when such ground teats, premiums, taxes, and assessments will become delinquent,
such soma to be hdd by Morcgageeintruattopaysaidgroundrents,premiums,t~uces,andspeci8lassessments.
(b) The aggregate of the amountsable pursuant to subparagraph (a) and those ppas~yyable on the note secured
_ hereby, shall be pad is a payment each month, to be applied to the f~llovring items in the order
statteedd
(I) ground rents, taxes, assessments, fire, sad other hasard insurance premiums;
(II) interest on the note secured hereby; and
(IIn amortisation of the principal of acid note.
Any deficiency in We amount of such aggregate rrJonthly payment shall, unless made good by, the.bfort-
gagor prior to We due date of the next such 'payir?edt,' constitute an event of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a " ete charge" not exceeding four per centum (4°Jo) of any ins l-
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the in ebtwlness secured hereby, unless such proceeds are sufficient to discharge the entire
d
indebtedness and all proper costs end expenses secured thereby. ~
3. 1( the total of the payments made b,)• the Mortgagor under (a) of paragraph 2 preceding shall exceed ~ z
the amount of payments actually iiis~l~ b~- ttie Moi•tgaKee, as trustee, for ground rents, taxes and assessments,
and insurance premiums, as the case maybe, such excess shell be credited on subsequent payments W be made ~
by the Mortgagor for such items or, at. Mortgagee's option, as trustee, shall be refunded to Mortgagor. •If, m
however, such iiiontlJy payments shall not i>r suflirient to pay such items when the same shall become due ~ t
and pa able, then the Mortgagor shall pay to the Mortgagee, as trustee, any amount necessary to make up
the def ciency. Such payment shall be made within thirty (i0) da}•s after written notice from the Mortgagee