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Home My WebLink About2453 - ~ - • .r- •r T'he Mortgagor hereby ooveasnts wig is indet~ wmd ~ f ~11ind is tee or such other eats d any asr stated t power and lawful_right to oo~nv the yams ~i that the 4nd r free ~ all ancumbrsnoa~ azospt a oth~erwik rested; that ssid~ort8agor will make suoh inrtbee ..suesaoes to prove tie afw+efwui~d t~t3s to rwd land io Nid Mostg~es sa may be reasoo- ~wiB- t s~ima Mo`~th~i..fi~il ~ o[ ali p~enoo. w~ho~mio. er~ "td aveey part thaboi' psovmsn Arwa~ri~ that ii the Mortgagor shaD pq aoto the ~dortgsgea that certain promissory note, of which the tolbwlog i. a wbstantial Dopy, b wlt: i 44,000.00 St. Lucie January 24 ~ 10 80• Fos ViLVS Iisattvsta, the ~mdee+sigsed pe+omise(~) to f?4r to SUBURBAN COASTAL CORPORATION ~ s ~ deed sad esasfing nndee the ! pm a( FORTY-FOUR THOUSAND AND NO/100 Iaws of New Jersey , oc adec, ~ P~ ----------------fin 44 , 000.00 with interest frown date at ~ ram ~ BLBVBN AND ON8 HALI+per oentum (11.50 .per ~ ~ unP~ Pam Tbs said principal and interest dull bs pgrabis at the ofiioe of Post Office Box 1328, Passaic, New Jersey, 07055 ' is , or at such other pisoe as the bolder mrU? designate in writing delivered or mailed to the debtac, in monthl, indallmeats of Four Hundred Thirty -Six 4 / 1Ddlars ' (i 4 3 6.0 4 o on ~ first day ct Ka r e h , 10 8 0 ,and ooatinuing m the first daJ of each month thereafter until this note is tuDy Paid, esoept the if not sooner paid, the final pa t of principal and iatscest shall ba due and payable on the first day of ~ e b r u a r y 2 0 L~ Privilsge is reserved to pnp~y at guy time, without pt+emium or fee. the entire iadebtedne~s os any part ; thsceol sot Mrs than the anroost of not fastiWasat, or ass hvnddd doD~s (1100.00), whiebewr is Mrs Mpaymsut in !Wl shall be credited os tM die eeaMd. trctisl papsysnask otbsr tiaa oo an iastdbasst dw daq, seed not be ere~tsd ustil the ne:t fa8owisg isrWlmsat dw date or thirty days attic sash prap~ymat. wbkM~er is eariisc. If any deficiency in the ply t at aqy iastallmsat under this note is not made good prior to the dns date ~ ~ asset wch ms~llment, the e~ntas+a sum and a+~.rued interest shall at onus beooms due and pay_ able without notice at the option d the lder of this note. Failure to earerciss thus option shag not constitute a waiver of the right to a:~e~+ciss this same in the sweat of say sabsequeat default,.. In We event of d~ault in the payment of this sots, and ii the same is collected by an atton?ey at Lw, the nndeisigned hereby agree(s) to pay aD costs of oolkction, including.a reasonable attorney's fee. This note is secured by of oven date exeaited by the undersigned as certain propert, described therein and represents moneyax~ tw~lly used for the acquisition of said ps+ope~ or the improvements thereon. preeeatment, protest, and noti,oe are hereby waived. ne Elliott a lei eanene H. Keller [t3=ALJ [t3BAL] i And shall duly, promptly, and folly Perform, discharge, execute, eSect, complete, sad comply with sad abide by each sad every the stipuLtiaos, aaneements, oonditioos, and oovmaata of said note sad of this mortgage, then thu mortasge and the estate hereby crested shall oesee sad be null void. The Mortgagor further covenants as foilorrs: 1. That he wBl ppaay the indebtedness, as bereiabdon provided. Privilege 'm reserved to prep?y at any time. without premium or fee. the satin indebtedness or say part thereof not lees thaw the amount of one instalLneat, or owe hundred doWus (=100.00), whichever is less. prepayment is full shall be credited oa the date received. Partial prepayment, other than on as in:taUment due date, need not be credited until the next toUovring iadallment due date or thirty drprs after web prepayment, vrbicbever is earlier. 2. In order mare fully to protect the security of this mortgage, the Mortgagor, together with end in addition to, the monthly payments under the terms of the note secured hereby, on the first day of eac~? month until the said note is fully pasd, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following sums: (a) A sum e4usl to the gr+o~md ants, if any, next due, ph~a the Premiums that will nezti become due sad payable an polkies of firs sad other basard iasuraaoe covering the mortgaged property Pius taus end aaseffimeats nert doe an the moct6aged property (all as estimated by the Mortgagee aa~ of which the Mortgagor is notified) less all sums ~~y paid therefor divided by the number of months to before erne month prior to the date whoa such ground rents, premiums, taus, and ssseesa?mts become delinquent, such wens to be hdd b7?Mort;sgeeintrusttoPayeaid6c+oundreats?Pn~~0.~,~~~~~ ~ c~ (b) The aggregate at the amounts paysWe pursuant to subparagraph (a) and those ppaa an the note second ~ dui ~ P~ is a singb payment each month, to be applied to the f~ items in the order (n gr+amd rents, taus, aes~neats, fin, sad other hasard iawraace premium.; (II) intsr+eet on the note secured hereby; and ,b (II>n amortisation at the pciacipai at said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort- gagor prpr to the due date of the, next such payment, constitute an event of default under this morrttggaagge. ~ At Mortgagee's option. Mortgagor will pay a "late charge" not ezcxeding four per ceatum (4%) of any install- Q, ~ meat when Fsid more thaw Sheen (15) days after the due date thereof to Dover the extra expense involved in c~ o haadli.-,g da,;Lquent ~a-•m€asa, but such "lain ck:see" -.hall rot- b• rty eble oast of tie of any ±.._1R ~lEas made W safety the rn~ebtedaess secured hereby, unless such proceeds are sufScient to discharge the entire iadebtedneas sad all proper costa sad expenses secured thereby. 3. It the total of the pa}~nents made h,,• the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by tl'e Mortgagee, as trustee, for grouryi re,~tsi ~yµp and assessments, -o and insurance premiunra, as the case may be, such excess shill be credited on a~equent payments to be made by the Mo r for such items or, at Mortgagee's option, as trustee, shall bF r~funded_to Mortgagor. If, ).y however, sue monthly psymenta shall not be sufficient to pad such items ~thea the "same shall become due and pa~?able, then the Mortgagor shall paw to the Mortgagee, ns trustee, any amount neceesaty to make up _ the deficiency. Such pa}-meat shall br made within thirty (:30) dews after written notice from the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at say time the Mortgagor shall