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The Mortgagor hereby covenants'wlt)i't~e Mor~gdgee, that he is indefeasibly steed of said'l~tr'd in fee
simple or such other estatet J any as is stst,ed herein; that he has toll power and lawful right to couvev the same
as aforesaid; that the land ~ free ~rom all encumbrances except as herein otherwise recited; that ssid7Viortgagor
will make such further assurances to prove the aforesaid title to said lead in said Mortgagee as may be r•eason-
ably required, and that said Mortgagor does hereby fully warrant the title to said land, and every part thereof,
and will defend the same against the lawful claims of all persons whomsoever.
PROVIDSD A4wAY8 that if the Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the following is a substantial copy, to wit:
= 58,200.00 Marc~it7St. i9 il3(I~ Florida.
i
Fore Vwrus Itscsrvsn, the undersigned pmmise(e) to pay to
. SUBURBAN COASTAL CORP . , a corporation organised and existing under the
laws of the State of New Jers~NMei• ~ P~~P~ sum of FIFTY EIGHT THOUSAND TWO HUNDRED .
AND no/100-------------------------• Dollars (i 58,200.00 with interest from date at
the rate of THIRTEEN per centum ( 13 P~ annum on the unpaid balance until paid.
The said principal and interest shall be payable at the o>lfice of
SUBURBAN COASTAL CORP. - P. 0. Box 1328
in Passaic, New Jersey , or at such other place as flee holder may designate is writing
delivered or mailed to the debtor, in monthly installments of SIX HUNDRED FORTY FOUR A 27/100-~~'
644.27 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 not sooner paid, the final payment ;
of princrpal 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 not less Wan ~We amount of one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in full
shall be credited on We date received. Partial prepayment, other Wan on an installment due date, need not be credited until
We next following installment due date or thirty days after such prepayment, whichever is earlier. `
If any deficiency in the pa eat 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 ~ay-
able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstatute
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 a reasonable attorney's fee.
This note is secured by mortgage of even data executed by the undersigned on certain property described
therein sad represents money actually used for the acquisition of said property or the impmvemente thereon.
Presentment, pmtest, and notice are hereby waived:
/sl Ri chard ~ Al beet Gulick
RICH ~
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' •v;~~~^r>~ .tie. ,pry ~a,,,y~,,•
I; And shall duly, promptly, and fully perform, discharge, execute, eSect, 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 one installment, or
one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited nn the date received. Partial
prepayment, other than on an installment due date, need not be credited until the next following installment due date or
E thirty days after such prepayment, whichever is eazlier.
2. !n order more full}• to protect t!~e securit~• of this nrortgag~•, tl:e ~~fortgagor, together with, and in
additicm tu, ti:e nronthl~• pa}•ments under the terms of the note secumd herPt,_v, nn the first da}- of each month
until the satd nMe is fully paid, .ill pa~• to t!re Mortgagee.:>"s trustee, (under the ter/:LS of this trust as herein-
after statt•d) the Billowing swn~:
(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 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 \iortgagor 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 as.~essments will become delinquent,
such soma to be held by Mortgagee intrvsttopaysaidgroundrents,premiums,taxes,andspecialassessments. ~ _
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured co
hereby, shall be paid in a single payment each month, to be applied to the following items in the order T
stated : ~ e~•s
(I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby ;and
E (III} amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unles4 made good by the Mort- Q,
gager prior to the due date of the next suck payment, constrtute an event of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per centom (4%) of any install- `
meat when paid more than fifte,~n (15) days after the due date thereof t4 cover the extra expense involved in r\
handling delinquent Payments, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisf3• the mdebtedness secured hereby, carless such proceeds are sufficient to discharge the entire ~
indebtedness and all proper costs and expenses secured thereby.
3. 1f tl:e total of th,• l,arau•r:ts made b~' the Mortgagor under (a) of paragraph 2 preceding shall exceed rn
the amount of pa~-ments actually- n,a~lc lr~• tl:e :lfortKagrc•, ac trustee, for Kround rents, taxes and assessments,
and insurance premiums, as t!u• t•asr nra~- bc•, suc•h excess shall be credited on subsequent payments to be made ~
by the 11ort~sgor for such itencs or, at Lfortgngee's option, ns trustc~, shall be refunded to Mortgagor. 1f, ft~
however, sue r nronthl~• pa~•m~nts shall nr,t t,c• sufficient to pa}• such items when the same shall become due ~
and pn~•able, then the ~fortgal:or s!::dl pa}• ?o the ~tortgagc•c. as ti`ustc~, am- amount. necessary to make up
the de cienc.~. such pa~•rnent shall be nradr fvitlutlahirtp (aOj days after written notice from tyre Mortgagee
stating the amount of the deficiency-, which notice may be given by mail. If at any time,the Mortgagor shall