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The Mortgagor hereby covenants with ,)t!#p ,Il~q~rt~ageP~ltkst~~ is indetea.Qibly seised of said land in fee
simple or such other eatatet J any as is stated herein; that he has full power and ]awful right to eoDvev the same
as aforesaid; that the land >s free ~rom all encumbrances except s9 herein otherwise recited; that said7vfortgagor
will make such further assurances to ptovo the aforesaid tit1R to said land in said Mortgagee as may be reason-
ably rreeqquired, and that said Mortgagor does hereby fullyp warrant the title to said land, and every part thereof,
and will defend the same against the lawful claims of all persons whomsoever.
Paovtnsn ALNAYa that if the'\iortgagor shall pay unt0 the Mortgages that certain promissory note, of
which the following is ~~t~etaatial copy, to wit:
42,900.00 St. Lucie Count;~'lorida.
October 18 ,19 79.
Foa Vwiurc R~stvsn, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORPORATION
s corporation organised sad existing under the
4wa of New • J e r s e y , or order, the principal sum of Forty-Taro Thousand Nine Hundred
)ollam 42, 900.00 nth interest from date aL
the rate of Ten ~ One-Half per oentum (10 • S qo) per annum on the unpaid balance until paid.
The said principal and interest alrall be payable at the office of
Post Office Box 1328, Passaic, New Jersey 07055
in , or at such other place as the holder may designate in writing
delivered or mailed to the debtor, in montlily installments of Three-Il~ndred~Ninet~Z-_'Ltto-_~:_54/1Qj~~
392.54 commencing on the first day of December , 19 79 ,and continuing oq the
first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final pa t
of principal and interest shall be due and payable on the first day of November ~ 2 0 0 4~tLti
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not lets than the amount of one installment, or one hundred doUats (=100.00), whichever is less. Prepayment in full
shall be credited on the date received. Partial prepayment, other than oa an installment due date, need not be credited until
the neat followia~ installment due date or thirty days after such prepayment, whichever is earlier.
Ii any deficiency in the pa ant of any installment under this note is not made good prior to the duo date
of the nett such installment, rho 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 exercise this option shall not oonatatute
a waiver of the right to ezerctse 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 t
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 setae y used for the acquisition of said property or the improvements thereon.
Presentment, protest. and notice are hereby waived.
ism Wallis
Diana M. Wallis
~ _ [SEAL]
[SSJ1L]
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 Bad 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 leas than the amount of one installment, or
one hundred dollars (5100.00), 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 credited until the next following installment due date or
thirty days after such prepayment, whichever is earlier.
2. In order morn fully to protect the security of this mortgage, the Mortgagor, togettrer with, and in ~
addition to, the nronthiy payments under the terms of the note secured hereby, on the first day of each month
until the said note is frilly paid, will pa}• to the Mortgagee, as trustee, (under the terms of this trust ac herein-
e[ter stated) the following scans: -
F
(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 6asard 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 delinquent,
such eumsto be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessmenta. -
(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, sad other basard insurance premiums;
(II) interest on the note secured hereby; and
(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortr
gsgor prior to the due date of the next such payment, constitute an event of default under this mortgage. v
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4°Ja) of any install-
ment when paid more than fifteen (l5) days after the due date thereof to cover the extra expense involved in a
handling delinquent ~egqmenu, but such "late charge" shall not be payable out of the proceeds o[ any sale C`A
made to satisfy the rndebt,edness secured hereby, unless such proceeds are sufficient Lo drscharge the entire
indebtedness and all proper costs and expenses secured thereby.
3. 1[ the total of the payments mnde by the Mortgagor under (a) of pnragraph 2 preceding shall exceed
the amount of payments actually made h.• tfre ~iort~aKer, as trustee, for Kround rents, taxes and assessments, -o_
and insurance premiwns, as Uu• case uray be, such excess shall i,e credited on subsequent payments to be made c~ n'°.
~y the Mortgagor for such items or, nt• ttortgngee's option, ag trustee, shall be refunded to Mortgagor. Tf,
however, such monthly payments shall not I?e suffi~•ient to pad- such items when the sane shall become due
and payable, then the Mortgagor shall pny to the Mortgagee, as trustee, am• aurount necessary to make up
,lhe~defr°iency. Such~pay~~~r~t shall be made within thirty fa0) days after written notice from tyre Mortgagee