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HomeMy WebLinkAbout1959 The ~iortgagur hereby covenaul8 will[ the Mortgagee, that he is indetcasibly kited of said land in tee simple or such other estate[ J any as is stated 4erein; that he has f ull povs; er and lawful right to convey the same as aforesaid; that the land to free >from all encumbrances except as herein otherwise recited; that said I~fortgal;or will make such further assurances to Provo the aforesaid title to said land in said :Mortgagee as may be rcasoa- ably regwired, and that said Mortgagor dues hereby fully warrant the title to said land, fwd every part ti?ereuf, and will defend the same against the lawful claims of all persona whomsoever. PROYIDSO At.wnYa that if the ?Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a substantial Dopy, to wit: i 46,000.00 Port St. Luc~~e • ~Ori~' March 17 ~ 80 Fos VALU>e Rtacstvttrn, the undersigned promise(s) to pay to SUBURBAN COASTAL CORP • , a corporation organised and existing under the taws the State of New Jersey , or order, the principal sum o[ FORTY SIX THOUSAND and no/100- ----------------------------------------Do11am 46,000.00 with interest from date at the rate of THIRTEEN per centum ( ~ 3 .per annum on the unpaid balance until paid. The said principal sad interest shall be payable at the office of SUBURBAN COASTAL CORP. - P, 0. Box 1328 'n Passaic , New Jersey , or at such other place ss the holder may designate in writing delivered or mailed to the debtor, in monthly installments of FIVE HUNDRED NINE $ 22/100------~ollara 509.22 commencing on the first day of May , 19~ ,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 premium or lee, the entire indebtedness or any part thereof not less than the amount of one instillment, or one hundred dollars (x100.00), whichever is less. Prepayment in full shall be credited on the date received, Partial prepayment, other than on an instalment due date, need not be credited until the next [oUowing installment due date or thirty days after wch prepayment, whichever is earlier. It any deficiency in the payment of any installment under this note is not made good prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and Pay- able without notice at the optton of the holder of this note. Failure to exercise this option shall not oonstttute a waiver of the right to exerctse the same in the event of any subsequent default. In the event of default in the payment of this note, and it the same is collected by an attorney at Iaw, 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 actually used for the acquisition of said property or the improvements thereon. Presentment, protest, and notice are hereby waived. /s/ P.ussel 1 wal ter Ludeman Jr. ~iUSSE'CC-WAZZ~EffTUIIEPfAT~'~: __•__~s( Margaret R._Ludeman [s~L] MARGARET R. LUDEMAN _ _ [sal [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 said promissory note and of thin mortgage, then this mortgage and the estate hereby created shall cease and be null and void. The Mortgagor further covenants as follows: That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time, without premium or fee, the entire indebtednes4 or any part thereof not less 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 prepa~•ment, 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. in c,rdPr rnorr full\• to protect the sPrurit~- of this n,ortgagP, thr `lortgagar, together with, and in a~l(iitum u~. the m~nlhl~- pa~•ments under thr tPrmc of the note secured hPrrb~-, un thc~ first da~• of Parh montfl until tiu• said notr is fulls paid, u~lf pn~- tc, the M(,rtgagP(•, as [rustPr, (under ttu• terms of this trust as hPreir.- aft~•r statP(i) the fullowing;uuls: (a) A sum equal to the ground rents, it 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 en the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is notified) less all sums already pa,d 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 trust 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, shat! i,e paid in a single payment each month, to be applied to the following items in the order stated: (I) ground rents, Lazes, 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 aggregate monthly payment shall, unless made good by the ~fort- gagor prior to the due date of the next such ps~•mPnt, ronstrtute an event of default under this mortgaKe. ~ _ s At Liortgagee's option, Mortgagor will pays "late charKe" not exceeding four per centum {4Pfo) of any install- men[ when ppaid more than fi[tcPn (15) dad°s after the due date thereof to cover the extra expense in~•oh•ed ;n ~ handling delinyuent ~a~•mc•nts, but such 'late charge" shall not t)P payable out of the proceeds of any sate ~ made to satisfy the m~ebtedness secured hereby, unless such proceeds are suflticic:nt to discharge the entire ~ indebtedness and all proper costnc and expenses secured therrby. a. I! t}+P trta) t,f t}!(• lurrr,u•rlt~ nisrri(• b\- t41P ~fortgagc,r under fa) ~f paragraph pr:•r•Pding shall Pxcecd ~ s file an?nunt ~,f pa}"nu•nts art null nia(t(• h\" flip ~iortgngr(•. ac trustP(•• fnr Krc,lrn(1 r~•nts, taxes end aSSrssrnPnts. _ and insuranc•r prPnunll~s, as t hr rt?s~• Ina\" bP, surd Pxr(•~;ti shat) bP {•rerhtrc+, un sul,c(•yurnt pa~•?nents to hP made F"ti' by the ~tortKag(,r fnr su(•h It ('rnti at ~ic,rtgagPP'c nl)l l(ln, tis rr05t P<', si(rall l,t• [Pf1%1ltll'U tV 1iv,-i~T,a~:,r. if, however, such months.- pa~-m(•nts shall n(,t l~r ~ufli~•i~nt t(, pa\ such it~nls when the same si:all become due and pa\-ablP, then the ~ic,rtgagc,r shall pa?\" to thr ~tc,rtgagr~•, as trust{'e, an~:,iinc~unt nerPSSarv to make up the drlic•ienr\~. ~urh pa\Inrnt shall bP madr within tl,irt\" (aOt tiara nftrr w"rittt+n notirF from t),e vortgagee statir:c th(• arllnllrlt (?f ttrP deficienr\•, which notice may be gi\-(•n by mail. If at any limp thr ~t:,rt~a~(~r shat!