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HomeMy WebLinkAbout1652 it The Mortgagor hereby covenants with the Mortgaget~, that he is LideteaFCibl seized of said land in fee simple or such other estates i! any sa is stated herein; that he has f all power and lawful right to coovev the aurae as aforesaid; that the land >s free ~mm all encumbrances except as herein otherwise recited; that said~?~fortgagor will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reason- thly rc aired, and that said Mortgagor does hereby fully yrarrant the title to said land, and every part thereof, sad will defend the same against the lawful claims of all persons whomsoever, Pxovtuan ALNAYa that it the ?Mortgagor shall pay unto the Mortgagee that certain pmmissory note, of which the following is a substantial copy, to wit: i i 28,700.00 Fort Pierce .Florida. November 26 ,19 79 FOS VALUS Itsctuvtcn, the undersigned promise(s) to pay to VANTAGE MORTGAGE ASSOCIATES, INC., a Florida Corporation, , a corporation organised sad e:iatiira under the taws of Fi on da , or order, the principal sum of Twenty-eight thousand and seven hundred and 00/100-----------------------•~ollara (128,700.00 with interest fmm date at u1e rate of Eleven and one-half per centum (11~ per annum on the unpaid balsace until paid. The said principal and interest shall be payable at the office of Southern Mortgage Associates, Inc., 1999 SW 27th Avenue in Miami , Florida , or st such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly inataUmenta of Two hundred eighty-four & 42/100'Dollara 284.42 commencing on the first day of January , 1980 ,and continuing on the first day of each month thereafter until this note is fully paid, except that, it 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 fee, the entire indebtedness or any part thereof not less than the amount of one instillment, or one hundred dollars (x100.00), 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 nett following instalment due date or thirty days alter such prepayment, whichever is eulier. _ If any deficiency in the payment of any installment under this note is not made good prior to the due date of the next such installment, the entire principal 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 oonatitute 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 it the same is collected by an attorney at law, the undersigned hereby agree(s) to pay all costs 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 actually used for the acquisition of said property or the improvements thereon. Presentment, protest, and notice, are hereby waived. 1 s/_ Wi ~ 1 i am F E~~terl i na [sue,] WILLIAM F. EASTERLING 15,[_Ir~va N _ Ea~t~rtifl~.._. [sEAL~ TREVA N. EASTERLING - [s~•] [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 created shall cease and be null and void. The I1'Iortgagor further covenants as follows: I. 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 (b100.00), 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. 'l. In order store full}' to protect tl?e security of this anorlgage, the Mortgagor, together with, and in adclitiot~ to, thc• ntrn?thly pa~-mePts under the ternis of th(• note secured hereby, on thc• first day of each month until fife' said not(' is full~• paid, will pa}• to the :4lortgaKt'e, as truster', (un(ler the i(•rrns of this !rust as h(•rnin- after stated) the fullowirig aunts. ~ (a) A sum equal to the ground reels, 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 Lortgagee and of which the :Mortgagor is notified) less alI 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 assessments will become delinquent, such sums to be held by Mortgagee intrusttopaysaidgroundrents,premiums, taxes,andspecialassessments. (b) The aggregate of the amounts payable pursuant Lo subparagraph (s) and those payable on the note secured hereby, shall be paid in a single payment each month, to be applied to the following items in the order stated (I) ground rents, !axes, assessments, fire, and other hazard insurance premiums; (II) interest on the note secured hereby; and (III) amortization of the principal of said note. Any deficiency in the amount of such. aggregate monthly payment shall, unless made tiood by tl?s• Zfort- gagor prior to the due date of the next sueii payment, constitute an event of default under this mortgage. At ~fortgagce's option, :lfort~agor will pay a "late. charge" not exceeding four per centum /4%) of an}• install- ment when paid more than f~i•[teen (15j days aftl•r the due date thereof to cover the extra expense involved in c-, handling delinquent payments, but such "late charge" shall not be payat>le out of the proceeds of any sale made to satisfy the ?nc)ebtrdne•ss secured hereby, unless such Proceeds are sufficient to discharge the entire "7O indebtedness and all proper ('oats and expenses secured thereby. ~ :3. If the total ~f thF• part,Fwt+.s nta~ic• h~• the' ~loriKal:or under (e) of pnra~r,?plt 2 preceding shall exceed ~ the amount of pa~-nu•nts FU'tl1al{C lltailF• by rite' 1ortgagee, as trust(•r, for ~rounli rents, taxes and assessments, and insurance prrutiunts. a~ thc• ~•a~r• nuts- bc•• such ex~(•ss sltail b(• c•redit~•ci on sut>`(•quent pa}•mcnts to be made ~ by the VfortKal.•or for sw•h itc•nt. or, at ~tortl,.n~r•(•'s nptioit, FtS trusteF•, shall bt• r(•funded to .Lortgagor. If, T however, such monthly pacrnc•nts shall mgt Ix• suffi~•ient io 1?a~- such itr•Fns when the same shall become due ~ and payable, then the ~1(rrtl;ag(?r shall pad t(? tlu• ~fortl:ng(•r. as trustee, nn~- amount necc•ssariv to make up •r•~ -1~~~:~•.~.• `nrh na~•~nrnt tiliFtll i)P 111a(1P wFll~ltl illtrt\' F.S~) (~ay9 after WTItIPn rlOtrCP frOrn the MOrt~B~eE tsj~