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The Mortgagor hereby covenants with the Mortgagee, that he is inde[easibly seized of said land in fee
simple or such other estates rS any as is stated herein; that he has full power and lawful right to couvev the same
as aforesaid; that the land is free from all encumbrances except as herein otherwise recited; that said~lVlortgagor
will make such further assurances to prove the aforesaid title to said land in said Mortgages as may be reason-
ably required, and that said Mortgagor does hereby fullyy warrant the title to said land, and every part Wtereot,
and will defend the same against the bwiul claims of ell persona whomsoever.
PaOVIDSD ALwAY9 that if the'\iortgagor shall pay unto the Mortgagee that Cectain promissory note, of
which the following is a substantial copy, to wit:
i 39,000,00 Ft. Pierce ,Florida.
December12,1979 .
Foa YALUrc RacuvsD, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORPORATION
, a corporation organised and ezaatina under the
laws of New Jersey , or order
=the principal sum of THIRTY NINE THOUSAND AND
NO/100----------------------- ---Dollars (139,000.00 with interest from date at
the rate of E1 even and one half per eentum (11 .5 per annum oa the unpaid balance until paid.
The said principal and interest shall be payable at the office of Suburban Coastal Corp. , P. 0. Box 1328
in Passaic, New Jersey 07055 , or at such other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments of Three hundred eighty six & 49/1fDollara
fs ~Rfi,49 commencing on the fast day of February , 1980 ,and continuing on the
first day of each month thereafter until this note ie 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 January 2010
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 (=100.00), whichever is less. Prepayment in full
shall be credited on the date received. Partial prepayment, older than on an installment due date, need not be credited until
the nett following installment due date or thirty day: after wch prepayment, whichever is earlier.
If any deficiency in the pa ment 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 oplron of the holder of this note. Failure to exercise this option shall not constitute
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 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 Bard property or the improvements thereon.
Presentment, protest, and notice ue hereby waived.
/s/ Paul C. Gillespie
Paul C. Gillespie
- [~L]
[SEAL]
f
~____A [SEAL]
~ And shall duly, promptly, and fully perform, discharge, e~?~xute, 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, 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 (x100.00), whichever is less. Prepayment in [all 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 full~• to protect the s~curit}• of this mortgage, the titortgagor, together with, and in
t addition to, the monthl~• pa~•ments under the terms of the note secured hereby, on the first da~• of each month
until the said note is fully paid, will pa~• to the tilortgsFee, as tru_vtee, (umler the terms of this trust as herein-
after stated] the fullowirig sums:
(s) 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 hazard 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 pard 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 Mortgageeintrusttopaysaidgroundrents,premiums,tsxes,andspecialassessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (s) and those payable on the note secured
Y hereby, shell be paid in a single payment each month, to be applied to the following items in the order
stated .
(I) ground rents, taxes, assesgrrrents, fire, and other hasard 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 good by the Mort-
1 gagor prior to the due date of the next such payment, constrtute 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- a,
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in o-
handling delinquent Paymenu, but such "late charge" shall not be payable out of the proceeds of any sale s~~
made to satisfy the rndebtedness secured hereby, unless such proceeds are auf6cient to discharge the entire
indebtedness and all proper costs and expenses secured thereby.
3. If the total of thc• parrnents maclc• h~- the ~iortgagar under (a) of paragraph 2 preceding shall exceed
the amount of pa~•nlents acttiall~• ma/h h~• file !11ortKaKec, as trustee, for ground rents, taxes and assessments, -o
and insurance premiwns, as thl• ease ma.' he, such excess shall l/e credited on subsequent payments to be made
by the :1~Iortggagor for such items or, at~ltortgngt•e's option, ac trustee, shall.be refunded to Mortgagor. If,
i however, suc)1 rnonthl~• pa~•ments shall not 1?e suffit•ient to pa~• s h j e~lt~ wen the same shall become due
and pa~•able, then the ~1ortKagor shall pnv to file Mortgagee, as~RL9t~e ~a~iv.anlount necessary to make up
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