HomeMy WebLinkAbout0150 The Mortgagor hereby covenants with the 1liortgal;ee, that he is indefeasibly ss3tised of said' Itizrri in fee
simple or such other estate, J any as is stated herein; that he has full power and lawful right to convey the same
as aforesaid; that the land is free ~rom all encumbrances except as herein otherwise recited; that said~fortgagor
will make such further assurances to provo the aforesaid title to t;atd lead in said Mortgagee as may be rettson-
ably reqquired, and that said Mortgagor does hereby fullyy warrant the title to said land, and every part thereof,
and wiA defend the same against the lawful claims of aU persona whomsoever.
PROVIDED A1.wAYa that if the ?Mortgagor shall pay unto Lhe Mortgagee that certain promissory note, of
which the following is a substantial copy, to wit:
= 58,200.00 Marc~it7St. i9 ~~Q' Florida.
FOR VALUE R•ECEIV>eD, the undersigned promise(s) to pay to ~
SIBURBAN COASTAL CORP. , a corporation organised and existing under the
laws ~ the State of New JerG@3/°Mer, the principal sum of FIFTY EIGHT THOUSAND TWO HUNDRED
AND no/100-------------------------- Dollars 58,200.00 with interest lrom date at
the rate of THIRTEEN per oentum ( 13 Per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of
SUBURBAN COASTAL CORP. - P. 0. Box 1328
~ Pd S S d 1 C , New Jersey , or at such other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments of SIX HUNDRED FORTY FOUR & 27/100--Dollars
644.27 commencing on the first day of May , 1980 ,and continuing on 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 Apri 1 , 2010 • .
Privilege is reserved to prepay at any time, without premitun or fee, the entire indebtedness or any part
thereof not less than the amount of one installment, or one hundred dollars (x100.00), whichever is less. Prepayment in full
shall be credited on the date received. Putial prepayment, other than on an installment due date, need not be credited until
the next following installment due date or thirty days alter such prepayment, whichever is eul~r.
If any deficiency in the payment of any installment under this note is not made good prior to the duo date
of the next such instaWnent, the entire principal sum and accrued interest shall at once become due and Pay-
able without notice at the option of the holder of thts note. Failure to exercise this option shall not oonstttute
a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the
payment of this note, and ii the same is collected by an attorney at law, rho 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 actually used for the acquisition of said property or the improvements thtueon.
Presentment, protest, and notice are hereby waived.
------7ITCHARR6~ALBERT ber~IICTOR-- ck [~?L]
/.morns: M. Gulick [sEAL.]
Kam. ,
_ _
[SEAL']
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 paid promissory note and of this
i 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 indebtednc~s, as hereinbefore provided. Privilege is reserved to prepay at any time,
E without premium or fee, the entire indebtedness or any part thereof not less than Lhe amount of one installment, or
one hundred dollars ($100.00), whichever is less. Prepayment to full shall be credited on the date received. Partial
j prepayment, otht
r than on .ul installment due date, need not be credited until the neat following installment due date or
thirt}~ days after such prepayment. whichever is earlier.
~ 'n Hell«•r nlme full- to protf•r•t tiu• scrurity •>f this nlortl:a~~~•, ti:f• ~1ortKaPor. logeth,•r with, and in
adfiitl„n t•., lt!P IrlOnttll\' pa\'nlPP.tS un<?~r ti?f• u•rnls of thf• note secur,~c} ilcrei,~- ~m thc• n"rst Eia\• of r•a~}? month
:~nril file caul nf,tc is full- purl. \eill pa tc, the ZTortl:ak~f•e, as trust.~• (uncl~~r• thf• terra~,?f this trust ,ts herern-
aftf•r ~ial,•fll tiu• 1~,Ilc,w"r'll: sUln.
(a) A sum equal to the ground rents, if any, next due, plus tfle premiums that will next become due and payable
t on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and asscs.5n,ents
~ next. due on the mortgaged property (all ag estimated by the Mortgagee and of which the Mortgagor is
~ notified) less all sums already paid therefor divided h}• the number of months to elapse before oae month
• prior to the data, when such ground rents, premiums, taxes, and assessments will become delinquent,
such sums to be held by M ortgagee in trust to pay said ground ran ts, premiu ms, taxes, and special assessments.
~ (b) The aggregate of the amounts payable pursuant to subparagraph (aj and Those payable on the note secured
I hereby, shall be paid in a single payment each month, to be applied to the following items in the order
stated:
j
g (I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
y (II) interest on the note secured hereby-; and
{ (III) amortization of the principal of said note.
f Any deficiency in the amc,t:nt of su<•h asgregate mc,ntl,!~• psyment s>la1!, srless made g:: ;d l,y Lhe :Mort- a,
gagor prjor to the due date of the next suf•h payment, ~orfstitute an event of default under this n,ortgnge.
At ~•iortgagee's option, tortgagor Will pay a "late charl:e" not exceeding four per cent~rm (40'0) of any install-
1 men( when paid more than fiftc•~•n f l:i) days after the due' date thereof to cover the extra expense invoh•ed in ~
g handling delinquent Payments, but such "tall- chari;e" shall not be payatde out of the proceeds of any sale
made to satisfy the rndebtrdnf•ss secured herchy, unless such proceeds see sufficient to dischat•E;e the entire ~
indebtedness and all proper cost-s and expenses secured thereby.
3. If tt:,~ total •>f th,• pf~~.~n~f•r:ts ?n,ulf• h\' the ~1ortKugnr urulcr ifri •,f puraKral:1? 2 preceding shall exceed T •
the amount of paymf•nts a,~tu;lli~ n~f3fl,• t?\• tlu• ~lortgaRcf•, as trustrf•. for ~rounfl rE•nts, tuxes and assessments.
811(1 InSUrarlr'e prl'1111111I'.~, rig ('It• rHKf• 111110 }M, SUCK eXCeSS Shall IN• fTP(Iltl'ft ~m tiUlsequent pA~•tnents to 1>•e made
by thf• ifortgagnr for su,•h tcu~~ or. ut ~Ir,rtKa{~f•c's option. Il.. trustc~. shall he refundNd to Vioregagor. If, ~l'
however, such nx,nthl\- ;,,fenlf~nts ~h1,ll n1~t hc• sltffi,•u•:It to pad- such items when thf• same shall become due
and payable, then t}It• ~lont;:lkorhall pa ~r, th,• \fortgal.?E•~•.:?s ttust~f•, nn\- amount n~EE•s.5arv to make up
the defi,•if•nc•. ~u/•h pa\-rnr t,t Shull hf• tl;aflf• ~•ithln thtrt\" ia111 f}u\'s :Iftf•r H-rUt~•n uutlrE• front th~'.llortgagef
stntir;~ rLr am:,llnt of the deficicnc:-, \v-hich noticc• may be giccn by max. if Kt any time t}?f• Mort; s~/,r shall