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The Mortgagor hereby covenants with the Mortgagee, that he is lndeteaaibly seized of said land in fee
dimple or such other estates t! any as is stated heroin; that he has toll power and lawful right to ooovev the same
as aforesaid; that the land is free >3rom all encumbrances except as herein otherwise recited; that saidlVlortgagor
will make such further assurances to provo the aforesaid title to said land in said Mortgagee ae may be reason-
ably required, and that said Mortgagoir does hereby fully warrant the title to said land; and every part thereof,
and will defend the same against the bwful claims of all persons whomsoever.
Paovtasn ALwAYa that if the 1?ioctgagor shall pay unto the Mortgagee that certain promissory note, of
which We following is a substantial Dopy, to wit:
i 34,000.00 Fort Pierce,l~lorida.
October i9 ,~19 79,
Fos Viuvs Rscsivsn, the underei®ned promise(s) to pay to SOUTHERN MORTGAGE ASSOCIATES, INC
authorized to do business in the State of Florida
, a corporation organised and esisting under the
laws of Arkansas , or order, the principal sum of Thirty-four thousand and 00/100
-gym 34,000.00 with interest from date at
the rate of--Ten and one-half------ per centum f1O~ ,per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of Southern Mortgage Associates, Inc
1999 SW 21'th Avenue
is Mi dmi , Fl Ori da , or at such other place as the hdder may designate in writing
delivered or mailed to the debtor, in monthly installments of Three hundred eleven & 10/100--~o1lars
(i 311.10 commencing on the first day of December , 19 79 ,and continuing on the
first day of each month thereafter until this note is fully paid, except that, ii not sooner paid, the linalpsymont
of principal and interest shsQ be due and payable on the first day of November ,2009 .
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
ts~~- ! ~~~nt ni..n. indllrrientL or one hundred.doUara (=100.00), whichever is less. Prepayment in full
shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be crediiea until
We next followins installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the payment of any installment under this note is not made good prior to Lhe due date
of rho nest such installment, , e entire principal 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 oonstatute
a waiver of the right to exemase 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, Cho undersigned hereby agree(s) to
pay all costa 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 actua y used for the acquisition of said property or the improvements thereon.
Presentment, protest. and noticES are hereby waived.
~-Michael C . Larson
MICHAEL C. CARSON
/s/emu an E _ Larc_on [3g,tL]
SUSAN E. CARSON
[SEAL] o
And shall duly, promptly, and fully perform, discharge, execute, 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 say time,
without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or
one hundred dollars (5100.00), whichever is less. Prepayment in full snail 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 eazlier.
2. In order morn full~• to protect the securit~• of this mortgage, the Mortgagor, together with, and in
addition to, t1?c monthly- pa}•ments under the• terl:i~ of thc• Hate sFC•umtl her.^1s, an stet fsrvi clsr of eAch !nontl~ ~
until the said Holt is fully paid, will pad- to the vlortgaRce, as trustee, (under the terms of this trust as herein-
after stated) the following swrts:
(e) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable 1
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 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 delinyuent,
such sums to be held by Mortgagee intrusttopaysaidgroundrents,premiums, taxes,andspecialassessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured
hereby, shall be paid in a single payment each month, to be applied to the following items in the order
stated ?
(I) ground rents, taxes, assessments, fire, and other hasard insurance premiums;
i
(II) interest on the note secured hereby; and
(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate rrionthl3 payment shall, unless made good by the Mortr
gagor prior to the due date of the next such payment, constrtute an event of default under this mortgage. ~ cR'••, ;
At Mortgagee's option, Mort agor will pay a "late charge" not exceeding four per centum (4oJo) of any install-
ment when paid more than f~fteen (15) days after the due date thereof to cover the extra expense involved in cP a, -
handling delinquent payments, but such "late charge" shall not be pa~•able out of the proceeds of any sale x~ '
made to satisfy the ~n ebtedness secured hereby, unless such proceeds are sufficient W discharge the entire
indebtedness and all proper costs and expenses secured thereby. ~
3. If the total of the pa~-rnents mar}r• by fire ?Mortgagor under (a) ~f paragrapl? 2 preceding shall exceed ~
the nmount of pa~•rnents actually nra~ie b.• fire ~fortKagee, ac trustee, for ground rents, taxes and assessments,
and insurance prn?rriurrrs, as the ~•asr rnnybe. s~~ch excess shat) 1x. credited on subsequent payments to be made ~ w
by the Lortgagor for such items or, ut~liortgry'~r•'s option, r~s trustee; shag be t~funded to Mortgagor. If, ~
however, such monthly pa~•ments shall not he sufficient to pad- such iten+s when the same shall become due ~
.and parable, then the Mortgagor shall pnc to the ~lortgugei•, as trustee, any arnount necessary to make up
~thc defricienc~•. Such pa~-nrent steal) be made within thirl~• ~a0) drays after written notice from t)ie ?Mortgagee C,Q M.i
• stating the amount of the deficiency, which *Zptice may be given by mail. If st any time the Mortgagor shall ~ ~