HomeMy WebLinkAbout2580 The Mortgagor hereby covenants with the Mortgaget~, that he is jndeteaeib~ seized oi;ssid land in fee
simple or such other estates J any as is stated hernia; that he has toll powOt sad ltawtul rigbit to bonvev the same
as aforesaid; that the land >a free From all encumbrsnoes except as herein otherwise recited; that aaid~tortgagor
will make such lurther assurwnees to prows the aforesaid title to said land is said Mortgagee as may ba reason-
ab~y required, and that said Mortgagor does herby fully warrant the tills b acid land, wd every part thereof,
sad will defend the same against the lawful claims of a!1 persons whomsoever.
PROViusD ALMA?s that J the MOTtgagO! shall pa, uat0, the Mortgages that oectain promrssory note, of
which the following is a substantial Dopy. to wit:
139,000.00 Fort Pierce , Florida.
December 19,19 79,
Fos VaLUS Rscstvsn, the uadeni~ed Promise(s) to pay b VANTAGE MORTGAGE ASSOCIATES,
INC., a Florida Corporation
, a corporation orgaaiaed sad coating Hader the
laws of Florida . or ~ P~aP~ none ot9'ttirty-nine thousand and
00/100---------------------------- Dd4rs (i 39,000.00), with interest from dste at '
~ rate ~ Eleven and one-half per oentum (11.5%x) per annum on the unpaid balance until paid.
The said principal and interest shall be payable st the oboe of Southern Mortgage Associates,
Inc., 1999 SW 27th Avenue
in Miami , Florida - , or •at such other place as the hoder may designate in writing
delivers or mailed to the debtor, in monthly inatallmmta ofd htmdred ei ty-six & 49/100~n
386.49 commencing on the first day of February , 180 ,and oontinuiag on the
first daT of each month thereafter unW this note is fully paid, except that, if not sooner paid, the Seal payment
of principal and interest shall be due and payable on the first day of Januaryy .2014
privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part
thereof not less than the arsons of one installment, or one hundred dollars (;100.00), whichever it less. Prepayment is lull
:ball be credited oa the date received. Partial prepayment, other than on an installment due date, aced not be credited until
the nazt foHowir~ iadallment due date or thhty days after such prepayment, whichever is cattier.
If say deficiency in the pa eat of any installment under this note is not made good prior to the dun date
of the neat such installment:, the entire psnctpal sum and accrued intetest shall at once become due and pay-
able without notice at the op4on of the holder of this note. Failure to exercise this opption shsll not oonst~tute
a waiver of the right to ezerciae the same in the event of any subsequent default. In We event of default in the
payment of this note, and if the same is collected by an attorney at Lw, the uadersigz?ed hereby agree(s) to
pay all coats of collection, including a reasonable attorney's fee.
This note is secured by mortgage of even data executed by the undersigned on certain property deecribed ~
therein and represents money actually used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
Ls~ Generett Prince [s>~r?i,]
GENERETT PRINCE
~arr~tfiP Pri rrp [ggAl,]
JEANETTE PRINCE
a
j And shall duly, promptly, sad fully perform, discharge, execute, egect, complete, sad comply with and abide
by each and ever)r the stipulations, agreements, oonditaons, and covenants of saes promissory note and of this 3
mortgage, then th~a mortgage and the estate hereby created shall cease and be null sad void. 3
i The Mortgagor further covenants sa follows:
~ 1. That he will pay the indebtedness, as hereinbefon provided. Privilege is t+ederved to prepay at any time,
~ without premium or fee, the more indebtedness or say part thereof not less than the amount of one installment, or
one hundred dollus (1100.00), whichever is less. Prepayment so full shall be credited on the date received. Partial
prepayment, other than on as installment due date, need not be credited until the next following installment due date or
thirty days after such prepayment, wttichever is earlier.
2. In order more fully to protect the security of this mortgage, the Mortgagor, together with, end in
addition to, the monthly payments under the terms of tl~e.note secured hereby, on the first dap 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) tl~e following sums:
l (a) A sum equal to the ground rents, ii any, next due, plus the preaniuma that will next become due sad payable
on policies of fire sad other hssard insurance ooveruig the mortgaged property, plus taxes sad assessments
nest due on the mortgaged property (all ad estimated by the Mortgagee and of which the Mortgagor is
~ notified) lees all soma already paid therefor divided by the number of months to elapse before one month
prior to the dste whm such ground yenta, premiums, to:es, sad assessments will become delinquent,
each sums to be held by Mortgageeintruattopayaaidgroundrmtd,premiums,ta:ea,andapecialanenta.
(b) The aggt+egs?te of the amounts pa able pursuant to subparagraph (a) and those payable oa the note secured
a; hereby, shall be prod in a ding payment each month, to be applied to the following items in the order
stated F
(I) ground rests, taxes, aaeeadmmts, fin, sad other hasard insurance premiums; ~
(II) interest an the note secured herby; sad
t (IIn amortisation of the principal of said note. -
~ My 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 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%) of any install-
meet when paid more than Sfteen (15) days after the due date thereof to Dover the extra expense involved in c,
handling delinquent yagqmeets, but such "late charge" shall not be payable out of the proceeds of any sale °o~ir y
made to satisfy the rndebtedness secured hereby, unless such proceeds are su@'icient to d~sc6arge the entire
indebtedness sad aU proper costa and expenses secured thereby.
3. If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed
t}~e amount of payments actually oracle h.• file Mortgagee, $s trustee, for ground rents, taxes and assessments,
and insurance premiums, ss. the case cna~~ be, such excess shall l,e credited on subsequent payments W be made s~
by the Mortgagor for such items or, rat Mortgagee's option, as trustee, shall be refunded tQ Mortgsgor. If, ~
however; sac montl?Iv payments shall not he sufficient to pay such items when the same shall become due s
and pe~able, then tlie~Mortgagor shall pay, to the Mortgagec,,as trustee, an~_amount necessat•~? to make up ~s