HomeMy WebLinkAbout2392 The Mortgagor hereby covenants with the Mortgagee, that he is indefeasibly seized of said land in fez
simple or auc6 other esU?tei J any as is stated herein; that he has full power and lawful right to coovev the same
as aforesaid; that the land is free ~rom all encumbrances except ss herein otherwise recited; that said~vSortgagor
will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reason-
ably rreeqquired, and that said Mortgagor does hereby fully warraat the title b said land, and every part thereof,
and will defend the same against the lawful claims of all persons whomsoever. .
PaoviusD ALwAYa that if the >1iOrtgagor shall pay unto the Mortgagee that certain promuisory riots, of
which the following is a substantial Dopy, to wit:
i 53,000.00 Port St . I~cig Florida.
Deoenber 6 , 19 79,
FDA VwLUS RscravsD, the uaderaigued promise(s) to pay to SUBIIItBAN OOASTAL 00[tP.
a oorporation~_r~ani:ed and eiustina under tbs
laws at the State of Nt~a Jersey, or order, the principal sum of F'IFIR HRR~~ ~ ~d ~/100---
Dollars (i 53,000.00 wrath interest from date at
the rate of Eleven and one-half per centum ( 11.9%) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the oSce of SU~BiIIiBE~N
P.O. Bay 1328
in Passaic, New Jersey , or at such other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments of Five litndred Z~aenty-Five & 23/l0~ofiars
(i 525.23 commencing on the first day of February , 19 80 , sad continuing on the
first day of each month thereafter until this note is frilly paid, except that, if not sooner paid, the final payment .
of principal and interest shall be due and payable on the first day of Jant,~.y 2010 -
privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thu+eot not feu than the amount of one installment, or one hundred dollars (=100.00), whichever i:less Prepayment in full
Mall be credited on the date receired. Partial prepayment, other than on an installment due date, need not be credited until
the next Idlowin= installment due date or thirty days after such prepayment, whichever ~ earlier.
If any deficiency in the pa went of any installment under this note is not made good prior to the due date
of the nezt such installment, ~e entire prncipal 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 it the rime is collected by sn 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 setae y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
~_______Is John J. Iacko [s>~a]
JOlll!1 J . IACKO
Rfle;II~1AY I
- [sue]
[s>~L)
i And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
I by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
iE mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
~ The Mortgagor further covenants as follows:
1. That be will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time,
E without premium or fee, the entire indebtedness or any part thereof not less than the amount oti one installment, or
~ one hundred dollars (x100.00), whichever a 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 protect the security of this mortgage, the tilortgagor, 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 is fully paid, will pay to the ~lortgagce, as trustee, (under the terms of this trust as herein-
after stated) the following sums:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
i on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property fall a8 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
prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent,
~ such sums to be held by Mortgagee m trusttopay said ground rents, premiums, taxes, and special assessments.
(b) The aggregate of the amounts pa able pursuant to subparagraph (a) and Lhoae payable on the note secured
hereby, shall be paid in a single payment each month, to be apphed to the following items in the order
5 stated
(I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
t (II) interest on the note secured hereby; sad
1 (III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mor•tr
i gagor prior to the due date of the next such payment, constitute• an event -of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4°Jo) of any install-
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in w
1 handling delinquent pa menu, 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 costa and expenses secured thereby. ~
3. If the total of the paynli•nts nledc by the A'Iortgngor under (e) of paragraph 2 preceding shall exceed
the amount of payments actually made by file lfortKagee, as trustee, for Kroun/l rents, taxes and assessments,
and insurance premiums, as the case mu.- tx•, such excess shall tx~ credited nn subsequent payments to be made
by the '.llortgaRor for such items or, rat Mortgagee's option, e.R trustee, shall be refunded to Mortgagor. If, rr
however, such nwntldy payments shall not I?1• suffil•icnt to pay such items when the same shall become due ~
and payable, then the Mortgagor shall pay to ihr ~lortgagNC, os lrusteP, nny ,amount, necessary to make up
the,def~iciency. Such payn?cnt shall tx~ made within thirty (:i0) days after written notice from the Mortgagee C~7^0
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