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HomeMy WebLinkAbout2549 + - - - The Mortgagor hereby covenants with the Mortgag~l, that he is irideteasiblyy seized of said land in fee simple or such other eatatet J any as ie stated herein; that he has full pourer and lawful right to bopvev the same as aiaresaid; that the land to free ~rom all encumbrances except as herein otherwise recited; that saidlviortgagor 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 dose hereby fully warrant the title to said land, and every part thereof, sad will defend the same against the lawful claims of all persona whomsoever. Pnovtnsu AnwaYS that it the Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is • substantial Dopy, to wrt: : 4 6 , 9 0 0.0 0 ,t~~ fCr~ Stuart ,Florida. December 26 , 19 79. .FDA Vwr.vs Racttuvsn, the undersigned promise(s) to pay to . SUBURBAN COASTAL CORP. - , a oorporstioa organised sad ezfliating under the bws of New Jersey , or order, the principal sum of Forty Six T h o u s a n d Nine Hundred Dollars (i 4 6 , 9 0 0.0 0 with interest from date at ~ rated E 1 e v e n and one h a 1 f per oentum (11 . 5 oJo) per annum oa the unpaid balance until paid. The said principal and interest shag be payable at the office of Suburban C o a s t a 1 Corp . P.O. Box 1328, Passaic, New Jersey 07055 ~ , or at such other place as the holder may deaig<rate in writing delivered or mailed to the debtor, in monthly installments o>~ o u r Hundred s i x t y f o u r 6 7 8/ 10 Dollars 4 6 4 . 7 8 commencing on the first day of February , 19 8 0 ,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 princtpal and interest shall be due and payable on the first day of January 2 010• Privilege is reserved to prepay at any time, without premium or fee, the enure indebtedness or any part thereof not less than the amount o[ one irmtallment, or one hundred dollars (5100.00), whichever is less. Prepayment in full thaU be credited on the date received. Partial prepayment, other than oa an instalment due date,•need not be credited until the next following instalment due date or thirty days after such prepayment, whichever is earlier. If any deficiency in the pa meet of any installment under this note is not made good prior to the due date of the nezt such installment, the entire princrpal sum and accrued interest shall at once become due and ~sy- sble without notice at the optron of the holder of this note. Failure to exercise this option shall not oonstrtute 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 if the same is collected by an attorney at law, the undersigned hereby agree(s) to pay all costs of collection, including s 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. ~_.s1 FlaroLd F. Weskit [sue,] Harold F. Wendt ' sL_ Ptarx~y C. wexld~ [s$at,] Nancy C. Wendt [SEAL] ~ And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and every the strpulations, 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, es hereinbefore provided. Privilege is reserved to prepay at any time, 1 without premium or fee, the entire indebtedness or any part thereof not leas than the amount of one installment, or one hundred dollars (5100.00), whichever is less. Prepayment in [uU shall be credited on the date received. Partial 9 prepayment, other than on an instalment due date, need not be credited until the next [ollowing installment due date or thirty days after such prepayment, whichever is eazlier. 2. In order more fully to protect the security of this mortgage, the Mortgagor, together with, and in addition to, the moat}?1~• payments under the terms of the note secured herebv, on the first day of each month until the said Holt` is fully paid, will par to the tilortgagee, as trustee, (under the layers of this trust as herein- after stated) the fullow+ng 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 haaard insurance covenng the mortgaged property, plus taxes and assessments € next due on the mortgaged property (all ss estimated by the Mortgagee and of which the Mortgagor is ~ noti5ed) legs all sums already yard 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 paysaid ground rents, premiums, taxes, and special assessments. ~ ~g (b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured ~ uo i<3- hereby, shall be paid in a single payment each month, to be applied to the following items in the order t stated (I) ground rents, taxes, assessments, fire, and other hazard insurance premiums; .J (II) interest on the note secured hereby; and ¢ (III) amortization of the principal of said note. i Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort- gsgor prior to the due date of the next such payment, constitute an event of default under this mortgage. r At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centum (4%) of any install- ~ t,Qr meet when paid more than fifteen i15) 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 procxeds of any sale made to satisfy the in ebt,edness secured hereby, uulesg such proceeds are sufficient to discharge the entire ~ indebtedness and all proper costs and expenses secured thereby. 3. If the total of the payments n+nde b~• the ~lortgngor under (a) of paragraph 2 preceding shall exceed the amount of pa}-meets actually n+ade b~• fife Mortgagee, as trustee, for ground rents, taxes and assessments, v and insurance premiums, as the case n+a~• be, sut•h excess sl?all Ix• credited nn sulsequent payments to be mule by the Lortgagor for such itt•ms or, at• ~tortgngrF's option, ae trustee, shall be refunded to ~fortgsgor. If, however, such monUd~• payments shall not }K. suffi~•ient to pay such iten+s when the sane shall become due I and pa~•able, then the :1lnrtgagc+r shall pny tc+ the Mortgagee, as tnistee, an~• amount necesgan to make up the de~icicncy. ~urh payn+ent shall be made within thirty (a0) da)•c after written notice frori t}ie :Vortgagee stating the amount of the deficiency, which notice rosy be given by mail. If at any time the'.~lortgagor shall r ~ ~