HomeMy WebLinkAbout0749 Th` I~ ~o rye wenants with~the Mortga that he is indefeasibly seized of said land in fee
simple or rUi~ther esta~t II~'ny as is stated herein; tha6'i?e has f all power and lawiul•right to couvev tho same
as aforesaid; that the land is free ~rom all encumbrances except as herein otherwise recited; that said~lortgagor
will make such further assurances to provo the aforesaid title to said land in said Mortgagee as may be rcason-
ably rreeqquired, and that acid Mortgagor does hereby tuUp warrant the title to said land, and every part Uiereof,
and will defend the same against the lawful claims of all persons whomsoever.
PROVtDSD ALwAYa that 1f the Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a substantial Dopy, to wit:
= 37,000.00 Stuart ~
October 26,1979:
t+
Foa VnLUS ItcesivsD, the undecsigoied promise(s) to pay to
SUBURBAN COASTAL CORP.
Jersey , a corporation organised and eiuating under the
Iawa of the State of New / or order, the rincipal sum of Thirty Seve:1 Thousand and
00/100 * ~ (i 37 ~ 000.00 with interest from date at
the me of Eleven and OAe half per centum (11.5%) per annum on the unpaid balance until p~iid.
The said principal and interest shall be payable at the office of
SUB f~3~N COASTAL CORP. P.O. Box 1328
~ ~ , or at such other placE as the holder may designate in writ.ng
in~assaic~ ew Jersey ~ 0?055
delivered or mailed to the debtor, m monthly installments of Three Hundred S1xty Six & Dollars 67/
(i 366.67 commencing on the first day ofDeeembel^ , 1979 ,and continuing- on the 100
first day of each month thereafter until this note is fully paid, except that, if not sooner paid the final pa~pt
of principal and interest shall be due and payable on the first day of NOVember , 20b9 , 9R`R .mil ~
Privilege is reserved to prepay st any time, without premium or fee, the entire indebtedness or any part
thereof not less than the amount of one instapment, or one hundred dollars (;100.00), whichever ~ 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.
It any deficiency in the pa meat of any installment under this note is not made good prior to the due date
of the neat such instaWnent, the entire principal sum and accrued interest shall at once become due and ~ay-
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 exorcise 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
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 ly used for the acquisition of said property or the improvements thereon.
PYasentment, protest, and notice are hereby waived. ~a~~
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JOYC A. •N
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[SEAL']
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
j 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, ss 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 i~ 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 eazlier.
2. In order more fulb to protert the security of this mortgage, the :lfortgagor, together with, and in
addition to, the monthly payments under the terms of the note secured hereby, on thc• first day of each rnonth
until the said note is fully paid, will pay to the :~7ortKaKee, as truster, (under the terms of this trust a_s i?erein-
after stated} the fallowing 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 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 soma to be held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured ti
hereby, shall be paid in a single payment each month, to be applied to the following items in the order .
eta ev ;
~ (I) ground rents, taxes, assessments, fire, and other hazard insurance premiums; e~ '
.
(II) interest on the note secured hereby; and c
(III) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
gsgor prjor to the due date of the next such payment, constitute an event of default under this mortgage.
~ At Mortgagee's option, Mort agor will pay a "late charge" not exceeding four per centum (4%) of any install- ~ t~
meat when paid more than f~fteen (15) days after the due date thereof to cover the extra expense involved in .b
handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale
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 . ~ h'i
3. If the total of the payn~ents made by the ~lfortgngor under (a) of paragraph 2 pret•edinR shall exceed ~
the amount of payments actually made by t(ie ~tortKagee, tie truster, for Kround rents, taxes and assessments, y
and insurance premiums, as the case ma.- be. such exct•ss shall l>n credited on subsequent payments to be made T
by the '.14ortgagor for such items or• at Ltortgngee s option, as trustee, shall be refunded to Mortgagor. If,
ra however, such monthly pa~•ments shall not I?e ~uffic•ient to pay such items when the same shall become due
and payable, then the :Mortgagor shall pa.• to flit' ~tortgngce, as truster, nm• amount. necessary to make up ~
=a the defriciency. Such payment shall be mnd~ withiri thirty (a0) days after written notice from t)ie Mortgagee t~
1~! stating the amount. of the deficiency, which notice map be given by mail. If at any time the :Mortgagor shall