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The Mortgagor hereby covenants with tha Mortgagee, that he is indefeap )zed of ~d'l~itd in fee f
dimple or such other estate d as as is stated herein; that he has f all case and lain
R y po right to convey the same ;
as sfareeaid; that the land >s free ~rom all encumbrances except as herein otherwise recited; that said~iortgagor
will make such furWer assurances to provo the afore8aid title to said land in staid Mbrtgagee as may be reason-
ably required, and that said Mortgagor does hereby fullyy wrsrrwlt the title to said land, and every part thereof,
and will defend the same against the lawful claims of all persons whomsoever, i
PaOYIDi;D ALMAYa that it the'tiortgagor shall py unto the Mortgages that oertaia promissory note, of
which the following is • substantial copy, to wit:
i 35, 000.00 Fort Pierce ,1:lorida.
March 31,19 80.
Fox VnLUS RrxstvsD, the undersigned promise(s) to pay to VANTAGE MORTGAGE ASSOCIATES ,
INC., a Florida Corporation
s oorpontion organised and ezistilig under the
bwa ~ Florida , nr order, the principal sum otThirty-five thous and and
00/100----------------------------Ddlsrs (i35, 000.00--), with iatereest from date u
the rate of Thirteen------------per centum (--13%) Pce annum on the unpaid balance until paid.
The said FrinciprJ and iateo+eat shall be payable at We office of Vantage Mortgage Associates , Inc . ,
317 Minorca Avenue ~
in Coral 'Gables , Florida , or at such other place ae the hdder rosy designate in writing #
delivered or mailed to the debtor, in monthly installments of Three ht>ndred eighty-seven&45/l0~ollars
387.45 commencing on the first day of May , 19 80 ,and continuing on the
first day of each month thereafter until this note is tally paid, except that, it not sooner paid, the final paymen6
of princrpal and Interest shall be due and payable on the first day of p~ ,
Privilege is reserved to prepay at any tune, without premium or fee, the eneire;indebtedness or
wy part
thereof not lest than the amount o[ one installment, or one hundred dollars (=100.00), whichever is teat.. Prepayment in full
thaU be credited on the date received. Partial prepayment, other than on ad installment due date, need not be coedited until
the next foUowins installment due date of thirty days after wdi prepayment, whichever is earlier.
Ii any deficiency in the pa ant of any installment under this note is not made good prior to the due date
of the nett 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 ezer+cise this option shall not constitute
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 mort~~e of even date executed by the undersigned on certain property described
therein and represents money actually used for the acquisition of .said R,r~p~ti~,..i~r+ovements thereon.
Presentment, protest, and notice are hereby waived. ~k~ t~ s!~ 2
s
'y~.
/s/ Robert S.~.it,Ymour-,~ ~F-a:_~~
ROBERT J . ARMOU);t a . , ~ ;
/s1 Jacqueline J. Armour
JACQUELINE J. ARMOUR r
[aSAL]
And shall duly, promptly, and fully perform, discharge, execute, eBect, 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 hereiabefore 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 (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 order more fully to protect the security of this mortgage, the 4lorlgagor, together with, and in
addition to, the monthly payuienta under the terms of the note secured hereby, on the first day of each rnonth €
until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein-
after stated) the f~~lloW ing scans:
(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 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 rents, premiums, taxes, and assessments will become delinquent,
such soma tote held by Mortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialsasessrnents.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured
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
(IIn amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
g~gor prior to the due date of the next such payment, constitute an event of default under this mortgage.
At Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per centum (4°Jo) of any install-
went when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent payments, but such "lace charge" shall not be payable out of the proceeds of any sale o
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire y°eio {
indebtedness and all proper costs and expenses secured thereby. '
k
3. If the total of the payments made h~ the Mortgagor under (a) of paragraph 2 preceding shall exceed )
the amount of payments actually made by t ie'~1orlKager, as trustee, for ground rents, taxes and assessments,
and insurance prnmiunis, as the case maybe, sucl? excess shall be credited on subsequent payments to be made -
bv the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Moitgagor. ~ It;
however, such monthly payments shell not tie suf6rient to pay such items when the same shall become due ~
and payable, then the Mortgagor shall pay to the . or~~pgee trustee. any amount necessary to make up
the deficiency. Such payment shall be niacle within~ltti•ttt (80~~a}•s after written notice from the Mortgagee
stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall N