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HomeMy WebLinkAbout1988 • ~ The Mortgagor hereby oov~tlts' ri3N~ the 1~(~r, that he is ~df(~T aei~ :laid land io fee tismtple or such other estates J any as is stated heron; that ha has full power an ul right to ooovev the same v aforesaid; that the land is free fi+oiri all encumbranoea except as herein otherwise recited; that said7viortgagor will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reasoa- ~y required, and that said Mo~~or does hereby lulll wursu6 the title ~ said laud, and every part thereof, and will defend the same against iLe Lwiul cL?ima of all persona whomawever. PxovlDSD ALNAYa that if the Mortgagor shall pq unto the Mortgages that certain pmmiseory note, of which the following is a substantial Dopy, to wit: i 41, 500.00 Stuart , Piorida. February 19 ,1980. Fos VwLVS R,scsmsu, the undersigned promise(s) to pay to SUBURBAN COASTAL CORP. , a corporation organised and eadstins under the 1 laws of New Jersey ,the principal sum oI Forty One Thousand Five Hundred and NO/lA0•~p~ Ddlars (i 41, 500.00 with interest from date at • the rate of Twelve per centum (12 ~o) Per annum on the unpaid balance unW paid. The said principal and interest shall payab~ at the oiI'ice o[ Suburban Coastal Corp . P. 0. Box 1328, Passaic, New Jer-sey 07055 ~ , or at such other place as the kidder may deeigriate in delivered or mailed to the debtor, in monthly installments etFOUr Hundred twe~Ity seven&04/~ (i 4 2 7.0 4 oomnuenciag on the first ~Y of April , 19 tS 0 ,and ooatinuing oa 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 on the first day of March ,2010 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 indiUment, or one hundred dollars (;100.00), whkhever k kss. Prepayment in full dull be credited on the date received. Partial prepayment, other than on an instaWaent due date, need cot be credited until the nest following installment due date or thirty days after wch prepayment, whichever is earner. If any deficiency in the pa t of any installment under this note is not made good prior to the due date of the nest such installment, ,the 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 thin option shall not constitute a waiver of the right to exeirrse the same in the event of any subsequent default. Ip? a event of default in the payment of this note, and if the same is oolleeted by an attorney at Lw, the undbraigned hereby agree(s) to pay all coats of collection, including a reasonable attorney's fee. This note ~ secured by mortgage of even date a:ecuted by the nnderaigned on certain property described , therein and represents money actu y used for the acquisition of said pmperty or the improvements thereon. t Presentment, protest, and notice are hereby waived. s/Donald E. Coyle gt~al E Co le s/~ eanne~te ~i. Coyle Jeannette M. Coyle [mil ~ And shall duly, promptly, and fully perform, discharge, execute, effect, complete, sad comply. with and abide by each and ever~? the stipulations, agreements, oonditiona, sad ooveaants d said promissory note and of this ~ mortgage, they thrs mortgage and the Mate hereby created shall cease and be null sad void.. The Mortgagor further covenants as follows: 1. That he will pay the indebtedness, a8 hereinbefore provided. Privilege is reserved to prepay at say time, t without premium or fee, fife Mire indebtedness or say part thereof not lees than the amount of one installment, or one hundred dollars (;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 aedited until the next tolbwinL installment due date or thirty days after such prepayment, whichever is earlier. 2. In order more fully to protect the security of this mortgage, the Mortgagor, together with,~and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of each month until fife-said note is fully paid, will pay to the Mortgagee, as trustee; {~tider the terms of this trust as herein- after stated) the following awns: ' (a) A sum equal to the ground rents, if say; next due, plus the premiums that will nert become due and payable on policies of fire and other hasard insurance eovermg the mortgaged property, plus taxes and sasesameats next due an the mortgaged properly .(ail as estimated by the l~lortgagee end of which the Mortgagor rs notified) less aD sums alreadlr paid therefor divided by the number of months to elapse before one month prior to the date when such ground yenta, premiums, to:ea, and aaeeasmenta will become delinquent, ouch sums to be hdd by Mortgageemtrusttopayeudgroundr+ents,premiums,taus,aadepecialaseessm~ts. (b) -The aggregate of the amounts payable pursuant to subparagraph (s) sad those ppasyable on the note seciir+ed ~ . shall be paid in a single payment each month, to be applied to the i owing items is the order m ground rests, taxes, asseesanwta, fin, and other haaard Insurance premiums; ~ (In interest on the note secured hereby; sad (III) amortisation o[ the principal of acid note. ~ ~ see Any deficiency in the amount of such aggregate monthly Payment shall, unless made good by the Mort- gagor prior to the due date o[ the next such payment, constitute sn event of default under this morttggaagge. At Mortgagee's option, Mortgagor will pay a "late chugs" not exceeding four per centum (4%) of any ias-tall- t meat when paid more than fteea (15) days after the due date thereof to Dover the extra expense involved in handling delinquent payme rats, but such "late charge" shall rat be payable out of the proceeds of any sale made to satisfy the rndebtednem secured hereby, unless such proceeds are sufficient to discharge the entire i4~? indebtedness and aA proper costs and expenses secured thereby. by 3. I[ the total of the pa~~»ents made h -the Mortgagor under (a) of parai;raplr 2 preceding shall exceed the amount of payments actually made bt t~e Mortgagee, as trvatee, for ground rents, taxes and assessments, and inaurancx premiums, as the case may ~be, such excess shall be credited on subsequent payments to be made ,w by the Mortrtggagor for such items or, at Mortgagee's option, as frusta, shall be retuaded to Mortgagor. If, however, each rrwnthly payments al~all not be suR'irient to pay such items when the sarru shall become due and pa able, then the Mortgagor shall pay to the Mort{Cai!ec, as trustee, any amount necesasry to make rep • .the def ciency. Such ps}-meat slrsll be made within thirty (:i0) ds~~a after written notice from the Mortgagee ~ stating the amwmt of the deficiency, which notice may be given by mail. If at any taro the Mortgagor shall t~ -