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HomeMy WebLinkAbout0030 s a The Mortgagor hereby covenants with the Mortgagee, that he is itadeteasibl seized of slid land in fee simple or such other eatster d any as is stated herein; that he has f uU power and law~ul right to bbpvev the same as afaresud; that the land to free from all encumbrances except as herein otherwise recited; that said~iortgagor 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, and will defend the same against the lawful claims of all persona whomsoever. PROVIDED ALVrAYa that if the Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a substantial oopf, to wit: =46, 900.00 Stuart , p7orida. December 28 ,19 79. FoR VwLUi RscstvsD, the undersigned promise(s) to pay to SUBURBAN COASTAL CORP. , a corporation organised and under the laws of New Jersey , os order, the principal sum of Forty Six T h o u s a n d Nine Hundred Dollars 4 6 , 9 0 0 .0 0 with interest from date at ~ rate of E 1 e v e n and one h a 1 f per eentum (11 . Solo) per annum oa the unpaid balance until paid. The said principal and interest shall be payable at the office of Suburban C o a s t a 1 Corp . P.O. Box 1328, Passaic, New Jersey 07055 is , or at such other~plaor as the holder may designate in writing delivered or mailed to the debtor, in monthly instaUmente oft!' o u r Hundred s 1 x t y f o u r~ 7 8/ 10 Dollars 4 b 4. 7 8 commencing on the fast day of February , 19 8 0 ,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 principal and interest shall be due and payable oa the first day of January ~ 2 010• Privilege is reserved to prepay at any time, without premium or fee, the entra+e indebtedness or any part thereof not less than the amount of one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in toll shall be credited on the date received. Partial prepayment, other than on an installment due date, need not fie credited until the next [ollowiDs installment due date or thirty days alter such prepayment, whichevet is earlier. If any deficiency in the pa ent of any installment under this note is not made good prior to the due date of the next such installment, the entire prtnctpal sum and accrued interest shall at once become due and pay- able without notice at the option of the holder o! this note. Failure to a:stelae this option shall not oonstttute 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 soma is collected by an attorney at law, the undersigned hereby agree(s) ttt 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 said property or the improvements thereon. Z'r'eeerl6illt'Liy ~rir irco Y, Riau R.c Ya.ia.Yj _ - . ---s_,C' Flaccid F , WeZ'tdt Harold F. Wendt sL C. wesxit [mil Nancy C. Wendt [38AL] And shall duly, promptly, and fully perform, discharge, execute, effect, complete, ar?d comply with sad 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 be will pay the indebtedness, sa 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 (100.00), whichever it 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 full~• to protect the security of this mortgage, the Mortgagor, together with, and in addition to, the monthly payments under the terms of the nMe secured hereby, on the first da~• of each month until the said note is fully paid, will pay to the Mortgagee, ss trustee, (under the terms of this trust as herein- after stated) the foliowirig sums: • (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 hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all se 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 Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. (b) The aggregate of the amounts pa able pursusat to subparagraph (a) and those payable on the note secured hereby, shall be paid in a single payment each month, to be applied to Lhe following items in the order stated (I) ground rents, taxes, assessments, fire, and other hssard 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 montfity 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. AL Mortgagee's option, Mort agor will pay a "late charge" not exceeding four per centurn (4°fo) of any install- ~ r ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in ° handling delinquent payments, Lut such "late charge" shall not be payable out of the proceeds of any sale X31° made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire C.?~ indebtedness and all proper costs and expenses secured thereby. 3. It the total of UIP pa~-nrents nrnde b.• the'~fortgngor under (a) of pnragrnph 2 preceding shall exceed the amount of pa~•inents actunll~- niacle b.• t(re 11ortKaKee, as truster, for ground rents, taxes and assessments, and insurance prrniiwns, as the- rase mu~• be, such excess shall 1>n credited an suhsequent pa~•ments to be made by the ~tortgagar for su~•h items or, nt ~lortgngFF's optiotr, a.4 truster, shall bt' refunded to Mortgagor. If, however, such monthly pa~•ments shall not 1?c• suffi?•ic•nt to pa~• such items when the same shall become due and payable, then the ~fortgaFor shall pu~• tc? life ~1ortl;agee, ns trustee, am• amount necesgarv to make up tlw defriciencr. tiuch pa~•nicnl shnll be made .+•ithin thirt~• (a0) days after written notice (torn the Mortgagee stating the amount of the deficiency, which notice may be given by mail. It st any time the Mortl,?aAor shall