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The Mortgagor hereby covenants with the Iliortgageo, that he is mdefeacibly sewed of said land in !ee
simple or such other estate; t1 any as is stated herein; that he has full power and lawful right to coavev the same
as aforesaid; that the land m free ~mm all encumbrances except as herein otherwise recited; that saidlviortgagor
will make such further assurances to prove the aforesaid title to said lend in said Mortgagee a8 may be reason-
ably rrccqq~ired, and that said Mortgagor does hereby !ally wartsnt the title to said land, and every pert thereof,
sad wiA defend the same against the lawful claims of all persotas whomsoever.
PROVID$D ALNAYa that if the'•iortgagor shall pay onto the Mortgagee that certain promissory note, of
which the following is a substantial copy, to wit:
= 45,900.00 St. Lucie
April 4 ,11180 ,
FOR VALUIi ilili~vsD, the undersignned promise(s) 10 pay t0
SUBURBAN COASTAL CORP.
a corporation organised sad existing under the
lam of New Jersey , or order, the principal sum of FO RT Y -FIVE T 11 OU S AN D N I N E
HUyDREp AND NO / 100----------------I,~~ (=4 5 , 900.00 with interest from date st
the rate of FOURTEEN per centum ( 14 ofo) per annum on the unpaid balance until paid.
The said principal and interest shall be payable st the office of
P. 0. Box 1328, Passaic, New Jersey 07055
in , or at such other place as the holder may designate in writing
delivered or mai)ed to the debtor, in monthly installments ~ of F I t' E HUNDRED FORTY - T H R E E l~ 9 2 ~ar8
S 4 3.9 2 commencing on the first day of June , 19 8 0 ,and continuing on the
first day of each month thereafter until this note is fully paid, except that, ii not sooner paid, the final payment
of princtpsl and interest shall be due and payable on the first day of May 2 O 10.
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not leas than the amount of one installment, or one hundred doUaes (;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 nest toDowing installment 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 price to the dos date
of the next such installment, the entire prutcapal sum and accrued interest shall at once become due and ~sy-
able wiWout notice at the option of the holder of this note. Failure to exercise this option shall not constitute
s 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 costa of coIlection, including a reasonable attorney's fee.
This note is secured by mor a of even date executed by the undersigned on certain property described
therein and represents money actua y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
_
Hilto J n Wr ht IIZ
Sher Jay W gh
- ~~L~
[SEAL]
Arid 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 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 insta(Iment, 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 ordt•r mort• full- to protect the security- of this mortgagt•, the Mortgagor, together with, and in
addition tom, the nrt?nthly pa~•ments undt•r tht• terms of tht• note secured 1?r•rein•, on the first day of each rnont}r
until tht• said note is fully paid, wal p:n• to the ~fortgagt•c, as trusts<•, (under tht• tt•rnts of this trust as herein-
aftcrstatrd) the~follouing.swn -
(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 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 Mortgagor is
notified) less all sums already pard 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 sums to be held by Mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note secured
,shall be paid in a single payment each month, to be applied to the following items in the order
(I) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby; and
(III) amortization 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, constitute an event of default under Lhis mortgage, o
- AL :liortgagee's option, Mortgagor will pay a "late charge" pot exceeding four per centum (4°Jo) 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 ~avments, but such "late charge" shall not be payable out of the pra;eeds of any sale
made to satisfy the tntiebtedness secured hereby, mtless such proceeds are sufficient to discharge the entire
indebtedness and ell proper costs and expenses secured thereby.
a. (f the total of the' pa~-nit•nts Windt' by-the Mortgagor under (s) of paragraph 2 preceding shall exceed
the amount of pa~-mentc ectunllr made h.• file ~1ortKnt?c•r•, 8~c trustee, for !;round rents, taxes and assessments,
and insurance prt•iniunis, as tht• .•ast• nuivbt•. such rxct•s.5 shall ht~ credited nn subscyucnt pa~•ments to be made ~
by the :Mortgagor for such itrnis r,r.~nt Jlnrtgngt•r•'s option, as truster, shall bt• rt•funded to ~'I•ortgagor. If,
however, surd mont}d}• pn~•mt•nts shall not 1?c suffi~•it•nt to pa~• such items when the same shall become due
and payable, then the :Mortgagor shall pn~• to the Mortgnget•, as trustee, an.- srnount necessary to make up
the deficiene~•. Such pa~•nient shall b~ made within thirty- {:;0) da}•s after K•ritt~n notice from the Mortgaeee