HomeMy WebLinkAbout2348 . =i '.it
The Mortgagor hereby covenants with the Mortgagee, that ha is indefeasibly saized of said land in !ee
simple or such other estats~ J any as is stated herein; that he has full powei and lawful right to oo>ivev the same
as aforesaid; that the land >s free ~rom all encumbrances except as herein otherwise recited; that saidlViortgagor
will make such further assurances b provo the aforesaid title to said land in said Mortgagee ss ma be reason-
ably req ~d th~atmseatd Mortgagor does hereby fully warrant the title to said land, and every part thereof,
and will against the lawful claims of all persona whomsoever.
PROVIDED ALwAxa that If the 11riOrtgagoi Shall pay unto the MOrtgagee that certain promsseory IIOte, of
which the following is a substantial Dopy, to wit: .Ft . Pierce ,Florida.
158,500.00 December 7,1979 .
FoR VwLVS RscstvsD, the undersigned promise(s) to pay to The Lomas & Nettl eton Company, a
Connecticut corporation, with principal place of business at 230 George St.,
New Haven, Connecticut 06510
a oorporatioa organised and e~osting under the
laws otState of Connecticut , or order, the principal sum of Fifty eight thousand five
hundred & 00/100--------------------------Dollars (i 58,500.00 with interest from date at
the rate of Eleven and one half per centum (11 .50%) pW o~n ~ unpaid balance until paid.
The said principal and interest shall be payable at the office of The Lomas & Nettl eton Company, 230
George St., New Haven, Connecticut 06510
~ Connecticut , or at such other place ae the holder may designate is writing
delivered or mailed to the debtor, in monthly installments of Five hundred seventy nine&74/100 Dollars '
579.74 commencing on the first day of February , 19 80 ,and continuing on the
first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment
of princspal and interest shall be due and payable on the first day of January ~ 2010
Privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part
thereof not leas Wan the amount of one installment, or one hundred dollars (=100.00), whichever i:less. Prepayment in full
shall be credited on We date received. Partial prepayment, other Wan on an installment due date, need not be credited until
the ne:t [oUowing installment due date or Wirty days alter such prepayment, whichever is earlier.
If any deficiency in the pa eat of any installment under this note is not made good prior to the due date
of the neat auc6 installment, the entire prwctpal 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 oonatttute
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 costa of collection, including a reasonable attorney's fee.
This note is eecured by mortgage of even date executed by the undersigned oti ~•property described
therein and represents money actually used for the acquisition of said property or the impmvemente thereon.
Preeentment, protest, and notice, are hereby waived.
- !
/S/ Donald E . Bruce
Donald E. Bruce
Snnhr i
a
fl~ RrueP _ ~gg,~,~
Sophia D. Bruce
[sgAi.]
[s~?W
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 Mortgagor further covenants as follows:
~ 1. That he will pay the indebtedness, 8a 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
E one hundred dollars (;100.00), whichever is less. Prepayment in full shall be credited on We date received. Partial
~ prepayment, other Wan on an installment due date need not be credited until fhe next followin
g installment due date or
Wirty days after such prepayment, whichever is earlier.
e 2. In order more fully to protect. the security of this mortgage, the Mortgagor, together with,~and in
e addition to, the monthl~• 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 terms of this trust as herein-
after stated) lire 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 poGciea 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 sums already paid therefor divided by the number of months to slap. befo: a one month
prior to the date when such ground rents, premiums, taxes, and assessments will )~ecome delinquent,
such sums to be held by Mortgageeintruattopaysaidgroundrents,premiums,ta:es,andspecialassessmenta.
(b) The aggregate of the amounts pa able pursuant to subparagraph (a) and those payable on the note secured
rebp, shall be paid in a single payment each month, to be applied to the following items in the order
5 fed
(I) ground rents, taxes, assessments, fire, and other hasard insurance premiums; ,
~ (II) interest on the note secured hereby; sad
l (III) amortisation of the principal ~ said note.
s 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 psymant, constitute an event of default under this mortgage. '
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4oJo) of any install- ~ _ '
meat when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent ~syymenu, but such "late charge" shall not be payable out of the proceeds of any sale C~
made to satisfy the rndebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~
indebtedness and all proper costs and expenses secured thereby.
3. l( the total of thc? payments made hr the Mortgagor under (a) of paragraph 2 preceding shall exceed -v
the amount of payments actually mach bs- tf~e :1'IortgaKee, as trustee, for ground rents, taxes and sasesaments, T
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, nt Mortgagee's option, a.4 trustee, shall be refunded to Mortgagor. If,
however, such monthly payments shall not ire sufficient to pay-such items when the same shall become due ~y,
and pa~able, then the Mortgagor shall pay to the Mortt;agec, n.4 trustee, env amount necessartiy to make up t~
~6.. ,7.. C....r. ..1...11 r.........1.....:.1.... .1..-... n.n? a.._- ..f.-- ~i--'---