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HomeMy WebLinkAbout1332 • The Mortgagor heroD~ loovt}nants with the M 'that be is indetesei~]y seised of said Lnd is ies simple or such other estates J any as is stated 1lsaia;.that ha ~ full power and lawful right to ooavev the same as aforesaid; that the land >s tree from all encumbrances except ss herein otherwise recited; that satd~iortgagor will make suet further aesuranoes to prove the aforesaid title to said lead is said Mortgagee as may be reasoa- •b rreeqquired, and that said Mortgagor does hereby t~llJ warrant We title to said laud, sad every part thereof, a~will defend the same against the lawful claims of all persons whomsoever. PaOYIDSD ALwATa that if the Mortgagor shall pay uat0 the Mortgagee that oertaia promissory note, of which the following is a substantial Dopy, to wit: i 44,000.00 St. Lucie January 24 •19 80• Fos Vows Rswsrvso, the underargored promise(s) to pay to SUBURBAN COASTAL CORP• , a oorpocatioo organised sad emistin6 under the lawsot New Jersey ,or order,tbeptincipsdsumof FORTY-FOUR THOUSAND AND NO/100 I)o14m 44 , 000.00 with iatee+est from date at ~ rate ~ ELEVEN AND ONE H AL Filer oentum (11. S%) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of Post Office Box 1328, Passaic, New Jersey, 07055 ~ _ , or at such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly installmeate of Four Hundred Thirty -Six 4 / 1D011ars (i 4 3 6.04 eommeacin6 ~ the first ~Y ~ March , 19 8 O ,sad oontisuiag oa the first day of each month thereafter until this note is Lolly paid, except that, it not sooner paid, the final ent of principal and interest shall be due sad payable on the first day of February 2 0 LO privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part thereof not lee than the amount of one irrdiUmaat, or one hundred doUaa (1100.00), whichever is less. Prepayment for full stiaU De credited oa the date received. Pactiai prepayment, other than on as installment due date, need not be coedited until the nett foUowint iastallmeat due date or thirty days after such prepayment, whichever is earlier. - . If any deficiency in the payment of any installment under this note is not made good prior to the due date of the ne=t such installment, ,the 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 not oonstttute 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 it the same is collected by an attorney at law, the undersigned hereby agree(s) to ~ pay all poste of oolleetion, including a reasonable attorney's fee. Thin note is secured by mortgage of even-data executed by the nndersigned on certain property described therein and represents money seta y used for the acquisition of said property or the improvements thereon. Presentment, protest, and notice are hereby waived. _ ne Elliott Keller - ` _ [8SAL] eaneire H. Keller [~L] [t3SAL] And shall duly, promptly, sad fully perform, discharge, execute, e8ect, complete, and comply with and abide . j by each and every the stipulations, agr+eementa, conditions, and covenants of said promissory note and of ibis - ' mortgage, then this mortgage and the estate hereby created shall Deese sad be null sad void. ~ The Mortgagor further covenants as follows: 1. That he will pay the indebtedness, sa hereinbefore provided. Privilege is reserved to prepay at say time, without premium or fee, the entire indebtedness or say part thereof not less than the amount of a?e installment, or one hundred dollars (5100.00), whichever is less. Prepayment in tell sbap be 'credited on the date received. Partial ~ prepayment, other than oa as installment due date, need not be credited until the next following installment due date or thirty drys after such prepayment, whichever is earlier. 2. In order more fully to protect the securit}• of this mortgage, the Mortgagor; together with, and in addition to, the monthly payu~enta under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) tl?e following sums: i (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable oo policres of fire and other 6asard iaaursace covering the mortgaged property, plus taxes sad assessments next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is notiSed) less all sums already peed therefor divided by the number of months to elapse before one month prior to the date whoa au ground rents, premiums, taxes, and assessments will become delinquent, •,s ~ such soma to be hdd by Mortgageeintruattopaysaidgroundrents,premiums,taxea,andapecialasseasrnenta. i (b) The aggregate of the amounts payable pureuaat to subparagraph (a) and those payable on the note secured ~r~ herby, shall be paid in a mngle payment each month, to.be applied to the following items in the order (I) ground rcete, taxes, assessmentsr, fire, and other hazard insurance premiums; ` (II) interest an the note secured hereby; and ~ (IIn 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 prior 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 (4°Jo). of any install- ; C~ ~ ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in o r; ~°C handling delinquent paymenu, but such "late charge" shall not be payable out of the proceeds of any sale ~ made to satisfy the rndebt,edness secured hereby, unless such proceeds are sufficient to drscharge the entire - ~ rndebtedness and all proper costs and expenses secured thereby. ~ ~ 3. 1f the total of the payments made by the Mortgagor under (e) of paragraph 2 preceding shall exceed 1"P' o.. the amount of payments actunlly madt• M- t(ie :~4ortgagec, as trustee, for ground rents, faxes and assessments, ~ -and insurance premiums, as the case mar be, such excess shall be credited on subsequent payrn'ents to be made rn ~ by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be-refunded to Mortgagor. If, ~,.y ~ however, such rrrontldy payments slisll not F,e~ suf'fi~ient to pay such items when the same shall become due and payable, then fife :~iortgago shall pay to fire Mortgagee, as trustee, ~arrrount necessary to make up -a the de cienc~-. Such pay-ment ~~1 be made within thirty (30) days after ten notice from the Mortgagee ~ ~ stating the amount of the defici ...:y, which notice may be given by mail. ~t any tirrie'the'I1~ortgagor shall '