HomeMy WebLinkAbout2395 The Mortgagor hereby covenants with the Mortgagee, that he i8 indefeasiblyy seized of aqd land in tee
simple or such other estate, tf any, as is stated herein; that he has f uU power and lavriul right to coovev the same
as aforesaid; that the land is free from all eacumbrances except as herein otherwise recited; that said~iortgagor
will make such further assurances to provo the aforesaid title to said land in said Mortgagee as may be reason-
ably required, and that said Mortgagor does hereby fully warrant Lhe title to said land, and every part thereof,
and will defond the same against the lawful claims of all persona whomsoever.
PaOVIDSD ALNAYa that it the ?Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a aubsta?ntial copy, to wit:
= 61, 500.00 Stuart ,Florida
March 19 :1980
Foa Vwrvs Rscsrvan, the undersigned promise(s) to pay to
MID-STATES MORTGAGE CORPORATION
a corporation organised and e~tisting under the
laws of Michigan , or order, the principal sum of SIXTY-ONE THOUSAND FIVE
HUNDRED AND NO/100----------------Dollars (i 61, 500.00-~, Merest from date at
the rate of Thirteen P~ centum ~=13 P~ annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of
Mid-States Mortgage Corporation, G. P. O. Box 463-A,
~ Detroit, Michigan , or at such other place ag the holder may designate i writing
delivered or mailed to the debtor, in monthly instaUmenta ofSIX HUNDRED EIGHTY AND 3~-OaDotlara
(=680.31-----)~ 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 sot sooner paid, the final payment;
of principal and interest shall be due and payable on the first day of April ,2010
Privilege is reserved to prepay at any time, without premium or fee. the entire tndebtedness or any part
thereof not less than the amount of one instillment, 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 credited until
the next following installment due date or thirty days after such prepayment, whichever is earlier.
Ii any deficiency in the payment of any installment under this note is not made good prior to the due date
of the neat such installment, the entire prinetpal sum and accrued interest shaD at once become due and Pay-
able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstrtute
e waiver of the right to eaercu3e 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 costa of collection, including a reasonable atbrney's fee.
This note is secured by mortgage of oven date executed by the undersigned on certain property described
therein and represents money sctua y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
/s/ George S. Cashell
George S . Cas a
/s/
D rotjly
L. Cashell ~~L~
Dorothy L. Cashell
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 this
mortgage, then this mortgage and the estate hereby created shall cease and be npll and void.
The Mortgagor further covenants s,s follows:
1. 'T'hat he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time,
without premium or fee, rho 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 fop 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 order n~ort• full- to protect the s~•rurit~- of ti?~s mortgage, the Mortgagor, together with, and in
addition to, the rnonthlr pa}•r+renis under the terms of the note secured here}»-, on tl?e first dad- of each month
until the said note is full~• pail, will pad- to the titortgal•ee, as truster, (umler the terms of this trust as herein-
after stated) the following sums:
(s) 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 hasard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all es estimated by the Mortgageo 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 Mortgageeintrusttopaysaidgroundrents,premiums, taxes,andapecialassessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on rho note 4ecured
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) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
gagor prjor to the due date of the next such payment, constrtute an event of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4oJo) of any install-
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale rn
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire
indebtedness and all proper costs and expenses secured thereby.
• 3. If the total of the pa~•mcnts male h~- the ortgagor under (a) of paraRrnpi~ 2 preceding shall exceed ~
the amount of pa~-mPnts actually- male ln• tlu• lfortKagee, a4 trustee, for Kmund rents, taxes and assessments,
and insurance premiwns, as the ~•ase mav~bc•, such excess shall i,e credited on subsequent pa~•rnents to be made ~
by the Mortgagor for su:•h items or, nt•JlortKngee's option, s~ trustee, shall be refunded to Mortgagor. If, ~
however, such monthl~• pa~•ments shalt nrn ix• suffi~•ient to pad- such items when the same shalt become due m
and pnt•able, then Uic ~lortgal.•or sh:?N pn~• to Ure ~fortRage~•, ac trustee, any amount necessary to make up
the deficiency. 10('11 pa~-n:ant ~~•all be rna~lc within thirt~• (:;0) da}•s after .written notice from tie Mortgagee
stating the amount of the defic which notice may be given by. mail. it any tame the Mortgagor shall f~