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The Mortgagor hereby covenaats with the Mortgagee, that He ig' indefea.RiWyy. of said land in fee
simple or such other estate! Lt any as is stated herein; that he has full power and Iawftil ~ t to convey the satue
as aforesaid; that the land to free ~mm all encumbrances 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 reason-
ably rreeqquired, and that said Mortgagor dose hereby fullyy warrant the title to said land, and every part thereof,
and will defend the same against the lawful claims of all persona whomsoever.
PROVIDED AL~I?AYa that if the tllortgsgoc shall pay onto the Mortgagee that certain promissory no W, ~I
which the following is a substantial cops, to wit:
i 31,000,00 Part St. ~~tcie ~ ~On~'
March 14 80
Foe Vwr.ve RECSrvaD, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORP, , a corporeGon organised and ettiating under the
>awa ~ the State of New Jersey • or order, the principal sutra of THIRTY ONE THOUSAND and no/100-
-----------------------------------------Dollars (t 31 ,000.00 with interest from date at
the rate of thirteen per centum (13 ~o) per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the oif'ice of
SUBURBAN COASTAL CORP. - P. 0. Box 1328
in PdSSdI C, New Jersey , or at such other plane sa the kidder may designate in writing
delivered or mailed to the debtor, in monthly installments offHREE HUNDRED FORTY THREE & 17/l0~ollars
343.17 commencing on the first day of May , 19 $Q ,and continuing on the
first dap of each month thereafter until this note is fully paid, except that; if not sooner paid, the final payment '
of princtpal and interest shall be due and payable on the first day of Apri 1 2010 • '
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof act less than the amount of one installment, or one hundred dollars (x100:00), whichever is less. Prepayment in full
shall ltie credited on the date received. Partial prepayment. other than on an installment due date, need not be credited until
the next [oUowing installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the payment of any instaWnent under this note is not made good prior to the due date
of the next such installment, the entire prinerpal sum and accrued interest shall at once become due and ~8y-
able without notice at the option of the holder of this note. Esilare to exercise this option shall not oonstatute
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
pay all costs of collection, including $ 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 rho improvements thereon,
Presentment, protest, and notice are hereby waived.
/s/ C1 arence. Al ton Maxwell , Jr,
- [sFr?1.]
t
~~L1
And shall dal rom tl and full dorm d"scha a execute effect com fete +and'cam 1 with and abide
Y. P P Y, Y Pe , rg , ~ P , r P Y
by each and every the stipulations, agreements, conditions, and covenanta• bf said proltilssory note and of this
mortgage, then this mortgage and the estate hereby crnated shall cea,~e sad be null and 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 indeb+.edness or any part thereof not less than the amount of one installment, or
ore hundred dollars (5100.00), whichever is .less. Prepayment in full shall he credited un the date received. Partial
prepayment, other than on an installment due date, need not be credited until the next following installment due date or
thrrts days after such prepayment, whichever is eazlier.
!n order more fully to protPCl thr sPt•urit}- ~;f this mortgel;r, the ~fc?rtgagor, together with, and in
n,.ttlft,r,r: ii,, iiiP i,lOnt:ity J3Syit,Cr:t813nit('rltlt' tPri!!S of tt2!• I14~Q st'!'ur~•l tlrrPh~", f,n ihP f'?rst rta~ Of P8(1, month
until thr,aid nr,tc.i> frilly paid. wail pa}- to thr tfortgagrP, .?.c trustP~•, (und,~r th,• tcrris of this trust as t,erein-
aftrr stated j tl,e following ~u,ns.
(a) A sum equal io 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 ~sortgagee 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 sums to be held by Mortgagee in t rust to pay said ground rents, premiums, taxes, and special assessments.
(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, and other hazard insurance premiums; _
(II) interest on the note secured hereby; and
(III) amortization of the principal of said note.
.Any deficiency in the amount of such a€grPFate monthl}• pa}-men! shall, unless made Rot?d b}• the :4iort-
gagor prjor to the due date of the next such pa}•ment, consulate an eyeni of default, under this rr;ortgage.
At ~'iortgagee's option, Mortpa~eor will pa}- a "tale charge" not ecceeding four per centum (4%) of any install-
ment when paid more than fifteen ±15) days after the due date thereof to cover the extra expense invobed in o
handling delinquent Payments, but such "late charge" shell. not he payable out of the proceeds of any sate
made to satisfy the tndebtedness secured hereby, unless such proceeds are suf&cient W dischar[;e the entire ~
indebtedness and all proper costs and expenses secured thereby. ~
3. tf the rotxl ~f the J,R}uu•nt~ r„adr• h~• tl,t' ~lortguJ;or under ln) of paraeruJ~h 2 preceding shall exceed ~
the at?:ount of pa}-rnPnts xt•tu:,:;~- nrarlr t,y the ~fortKaKPe, ac truster. !nr ground n•rts, tuxes and assessments, ,.o
at:d insurant•P prrmiun!c, as tt,r• ~•a~P muy~br, sut•h excess shall hr credited ran sutsPyucnt payments to t,e made ~
by the ~fortgagur for sn,•h it~rns or•. „t• ~fnrtgag,•P c option, ,4s truster, shalt bP refunded to l~'Iortgagor. 1f,
however, sac, n,onthh- ;;a}-n?Pnts sht,lt nrN l„• ~ufTi,•irnt to pa}- sw•h itPr,:s when the same shall become due
and payable, then the tilortl:al:o; sl:;?11 pa}• so the WortJ:ager_, :,g trt,strr, an}- anwunt necessary to make up
the dPficienr~• tiurli pa}•rnrnt shall be n::ulr within thirty fa0i dt?~-c after written notice iron: the Vortgagee ~
atatir,E• the amount of the deficient}-, which notice may be given by mail. If at env time the ~t~;rt~agor shall