HomeMy WebLinkAbout2140 Thy 11~~;~,gagor 4te ~venanta with We Mortga~e~r that he is indefeaRibly seized of said land in fee
simple or such o'il,er Batas Tt my as is stated herein; ttra6'he has full power and lawiul•right to oonvev the same .
as aforesaid; that the fund m tree from all encumbrances except as hereua otherwise recrted; that aaid~ortgagor
will make such further assurances to Provo the aforesaid title to said !and in said Mortgagee us may be reason-
ably required, and that said Mortgagor does hereby fullyy warrant the title b said land, and every put tlrereot,
and will defend the same against the lawful claims of s1l persona whomsoever.
Pxovtnen ALNAYa that if the ?Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a subatantisl copy, to wit:
= 3?,000.00 Stuart ~ p7orida.
October 26,1 79
. Foa Vwr.urc R>ecstvsn the and •
eraigned promise(s) to pay to
SUBURBAN COASTAL CORP.
Jersey , a corporation organised and exiatina under tha
laws of the Stat* of Ntew / for order,*
a eerrncrpal sum of Thirtyy Seven Thousand and
00/100 wDaJlars (t 37,000.00 with interest from ante at
the rate of Eleven and Oze half per centum (11. Sofa) per annum on the unpaid balance until paid.
The said principal and interest shaA be payable at the oB'ice of -
SUB~ CQOA~~STAL CORP. P.O. Box 1328
~~assaie ~ New Je asey , 07055 , or at such other place as the holder may designate in writing
debvered or marled to the eb or, rn monthly rnstallments of Three Hundred SiXty SiX & Dollars 67/
(i 366.67 commencing on the first day ofDeCember , 1979 ,sad continuing on the 100
first day of each month thereafter until this note is fully paid, except that, if not sooner paid the final psy~
pt
of principal and interest shall be due and payable on the first day of November , 20b9 , ~Q-n :~t`1~
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not less than the amount o[ one installment, or one hundred dollars (:100.00), whichever ~ 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
We next following installment due date or thirty days after such prepayrrient, whichever is suffer. -
If any deficiency in the pa~ment of any installment under this note is not made good prior to rho due date
of the next such installment, t e 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 this option shall noL constatute
a waiver of the right to exercrse the same in the event of any subsequent default. In the event of default iu the
payment of this note, and it 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 rho 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. pa'~~,
`J 2 -
~~w__RICHARD ABER [sEAW
RICHA~w1!l13~
_..~./.s.__ A
' [SEAL]
JOYC A.•N
(SEAL]
And shalt 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 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, as 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 gne installment, or
une hundred dollars (5100.00), 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 credited until the next following installment due date or
thirty days after such prepayment, whichever is earlier.
2- In ordrr ruorr fully to protrct thr srrurity- of this mortgagr, thr ~1ortl;aRor, togrthrr with, and in
addition to, thr monthly parnrents undrr thr terms of thr notr srrurrd hrrel?y, on thr first cis}- of cash rnonth
until thr said r?otr is fully paid, ~•ill par tc? thr ~4ortgal:rr, as truster', (undrr thr trans of this trust as hrrrin-
after stated) thr fuilowirig awns:
(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 vents, premiums, taxes, and assessments will become delinquent.
~ such sums to be held by Mortgageeintrusttopay saidgroundrents,premiums,taxes,andspecialassessments.
~ (b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured
9 = x hereby, shall be paid in a single payment each month, to be applied to the following items in the order
C.~ stated : ='s
~ (I) ground rents, taxes, assessments, tire, and other hazard insurance premiums; o
'•°j (II) interest on the note secured hereby; and c cz
(III) amortization of the principal of said note. ~;o
Any deficiency in the amount of such aggregate monthy payment shall, unless made good by the ?17ort- _ fi~
~ gagor prior to the due date of the next such Payment, constitute an event of default under this mortgage. ~
F~'a At A4ortgagee's option, Mortgagor will pa}• a "laic charge" not exceeding four per °entum (4°Jo) of any install- ~ }1:7a
meat when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in - _
_ handling de rnyuent payments, but such "late charge" shall not be payable out of the proceeds of any sale x~
~ made to satisfy the rn ebtedness secured hereby, unirss such proceeds are sufficient to drschar-ge the entire G+7'^
indebtedness and alt proper costs and expenses secured thereby. ~
3. If thr totlll of the' pay-tnc•nts rnadr I,y thr AIorlRagor uudrr (aj of paragraph 2 preredmg shall exceed
the amount of paynirnt~ actually niadr hr the ~tort~?al?rr, as truster, fnr ground rents, taxes and assessments,
1 and insurance pmnriun?s, as the' ~•a~r mar•lx•. surh excess shall i?c• cmditrd nn sul>ceyurnt payments to be made T
v ~ by thr ~tortKagor fur such itrrns m-, at ~fortKagre s option, as truster, shall tx• refunded to 1[nrtRagor. If,
=-a howrrrr, such monthly Parmrnts shall not hc• suflirirnt to pn~• curh itrnis whin the same shall become due ~
s and pa~•able, thin tlr~ ttortKagor shall pa y to tlrr ~lortgagrr, as truster, nr?r amount, neressarv to makeup ~
1~ ri. the drf+icirnc}•. tiurh pacnirnt shall hr madt{'within thirty' (a0j day's aftrr wTittrn noticr from the Mortgagee t~
stating thr amount of thr deficirnc_r, which noticr may be giren by mail. If at any Gmr thr fort~ag~r shalt