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The Mortgagor hereby covenants with the Mortgagee, that be is ind~feasi seized of acid land in fee
simple or such other eatatei J any as is stated herein; that he has f all power aAd I>, µl.right to cop v the same
as aforesaid; that the land to free ~rom all encumbrances except as harem otherw recited; that ad~lvfortgagor
will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reason-
ably required, and that said Mortgagor does hereby fully warrant the title to said land, and every part thereof,
sad will defend the same against the h?wful claims of all persons whomsoever.
PaOYID$D ALV?AYS that if the 1?loetgagor shall pay unto the Mortgages that oertaia promissory note, of
which the following is • aubatantial copy, to wit:
= 28,000.00 Fort Pierce ~ Modiy,
November 27 ~ 19 79 .
Fos Vwrvs Rscs[vsu, the undersigned promise(s) to pay t0 VANTAGE MORTGAGE ASSOCIATES, INC . ,
a Florida Corporation,
, a corporation organised and eioatiuis under the
laws of Florida , or order, the principal sum of Twenty-eight thousand and
00/100----------------------------.Dollar's (=28,000.00 with intetest from date st
the rate of E 1 e ve n and one - h a 1 f -per oentum (111/0) pce annum oa the unpaid balance until paid.
The acid principal and interest shall be payable at the office of Southern Mortgage Associates ,
Inc., 1999 SW 27th Avenue
~ Miami , F 1 o r i d a , or at such o er place as the holder may designate in writing
delivered or mailed to the debtor, in monthly instaUmmta of Two hundred seventy-seven &48/1O0~11ars
2 77.48 commencing on the first day of January , 19 g 0 , and eontinuiag 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 first day of D e c e mb~e r ~ 2 0 0 9
privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not leas than the amount of one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in [all
dull be credited on the date received. Partial prepayment, other than on an nutallment due date, need not be credited until
the neat tollowia` installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the pa ant of any installment under this note is not made good prior to the due date
of the nett such installment, the entire prtncipal 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 ezercise this option shall not oonstrtute
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 rf the ssme >s collected by an attorney at law, the undersigned ereby agree(s) to
pay all costs of collection, including a reasonable attorney's fee. .
'this note is secured by mortgage of even data executed by the undersigned on certain property described
therein and represents money seta y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
~s1 Walter A. DeGraff [gg~,~
WALTER A. DEGRAFF
[8&?L]
_ [HEAL]
[SEAL]
~ And shall duly, promptly, and fully perform, discharge, execute, eliect, 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 crested shall cease and be cull and void.
The Mortgagor further covenants as~followa:'
1. That he will pay the indebtedness, a's bereinbefore provided. ~ Privilege is r+eaerved 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 (x100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial
prepryment, other than on an installment due date, need not be credited until the next following installment due date or
thirty days after such prepayment, whicheveris earlier.
2. In order more fully to protect the security of Lhis mortgage, the Mortgagor, together with, and in
addition to, the rnonthl~• payments under the terms of the note secured hereby, on the first day of each month
l until the said note is fu~h paid,' will pay to the Mortgagee, ~as trustee, (under the terms oI this 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
on policies of fire and other hasard insnrance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor is
t notified) leas all sums already paid therefor divided by the number of months to lapse before one month
~ prior to the date when such ground rents, premiums, taxes, and aaeessments will become delinquent,
such sumstobe bdd by Mortgageeintruattopaysaidgroundrents,premiua~a,taxes,andspecislassessmenta.
~ (b) The aggregr?te of the amounts payable punriiaat to subparagraph (a) sad tltoee payable on the note ~oecured
hereby, shall be paid in a e payment each month, to be applied to the following items in the order
stated
t m ground rents, taxes, assessmmta, fire, and other hasard insurance premiums;
(II) interest on the note secured hereby; sad
(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
} gsgor prior to the due date of the next such payment, constitute an event of default under this mortgage.
At Mortgagee's option, Mortggagor.will pay a "late charge" not exceeding four per centum (4°Jo) of any install- a,
ment when paid more than Steen (lb) days after the due date thereof to Dover the extra expense involved in
handling delinquent paymenu, but such "late charge" shall not be payable out of the proceeds .oi 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. 1( the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed
the griiount of payments actually ma~lc b~• t(ie'.liortKaKec, as trustee, for ground rents, taxes and assea.Rments, ~
and insurance prcmiunis, ss the case ma.' bP, such excess shall lie credited on subsequent payments to be made
by the 11~tortgagor for such items or, nt Mortgagee's option, a.4 trustee, shall be refunded to Mortgagor. If,
however, such mont}dy payments shall not Ix' sufficient to pa}• such items when the same shall become due
~ and payable, then the Mortgagor shall pay to the ;~'IortgaiCec, as trustee, any amount necessary to make up ~