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HomeMy WebLinkAbout2279 o. The Mortgagor hereby oovanaa4 with the Mortgagee, that he is inde[eaeubly seized of said land in fez , simple or such other estates J any as is stated lsereia; that ha h~ full power and lawful right to convthi the ai?mb as aforesaid; that the land w free ~rom all eneumbranoes except as herein oUrerwiae recited; that saidlVlortgagoe ~ ` will make such further assurances to prove the aforesaid titlr b said land is said Mortgagee as may be reason- tabl rr++eeqq~ired, and that said Mortgagor does hereby lollyy warrant the title to said land, and every part thereof, tin~will defend the same against the lawful claims of all persona whomsoever. PROVrDSD ALweYa that if the Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a substantial cops, to wit: i 44,000.00 5t. Lucie ~~o~~' January 24 ~ 19 80• FoR Vru.vs Rscsrvsa, the under,sig:red promise(s) to pay to SUBURBAN COASTAL CORP• a oorporatioa or6anited sad erdstiing under the Lwsof New Jersey ,or order, the principalaumof FORTY-FOUR THOUSAND AND NO/100 44 , 000.00 with interest from date d ~ rate of ELEVEN AND ONE H A L Fier oentum (11.5%) Per annum on the unpaid balance until paid. The said principal and interest shall be payable at the o&ce of Post Office Box 132$, Passaic, New Jersey, 07055 ~ , or at such other place as the holder may designate in writing delivered or mailed to the debtor, in monthly installments of Four Hundred Thirty -Six 4 / 1 D011ars (i 4 3 6.0 4 ~ commencing on the first day of March , 19 8 0 ,and oontinuiag on the first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment of principal and urterest shall be due and 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 less than the amount of one installment, or one hundred dollars (;100.00), whichever is less. Prepayment in [all shall be credited on We date received. PariW prepayment, other than on an installment due date, need act be credited until the ne:t followia~ installment due date or thirty days attar wc6 prepayment, whichever is earlier. If any deficiency in the pa ant of any installment under this note is not made good prior to the due date of the next such installment, the entire prurcrpal 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 oonatatute a waiver of the right to e:ercrse 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 collection, including a 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 seta y used for the acquisition of said property or the improvements thereon. Presentment, pmteat, and notics are 6ereb~? waived. • ~ ~g~,~ ne Elliott Keller ~eanene H. Keller _ [3SAL~ ~,,I [SEAL] And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide I by each and every the stipulations, agreements, conditions, and covenants of said promissory note sad of this € mortgage, then this mortgage and the estate hereby orated 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 inataWnent, or one hundred dollars (;100.00), whichever is less. Prepayment in fuU shall be credited on the date received. Partial prepryment, other than on an installment due date, need not be credited until the next [ollowing installment due date or thirty days after such prepayment, whichever is earlier. 2. In order more fully to protect the security of tl?is nortgage, the Mortgagor, together with, and in addition to, the monthl~• payurenta under the terms of the note secured hereby, on the first clay of each tnontlti until the said note is fully paid, will pay to the :tortgagee, as trustee, (under the terms of this trust as herein- attrr stated} the following sums: (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 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 soma to be held by Mortgageeintrusttopaysaidgroundrents,premiums,tsxes,andspecialassessments. ~ (b) The aggregate of the amounts payable pursuant to subparagraph (s) and those payable on the note secured ~ hereby, shall be paid in a e payment each month, to be applied to the following items in the order t~ . , tad ~ ~ ( ea (I) ground r+enta, to:es, assessme>ts, fire, and other hazard insurance premiums; ~ iV (II) interest on the note secured hereby; and (III) amortisation of the principal of said note. ~ y T I Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortr i gagor prior to the due date o[ the next such Payment, constitute an event o[ default under this mortgage. ~ ~ At Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per centum (4°fo) of any install- ~ ~ ~ went when paid more than 6(teen (15) days after the due date thereof to cover the extra expense involved in ~ ~ a handling delinquent pa menu, but such "late charge" shall not be payable out of the proceeds of any sale C"1 c made. to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire w-~1 rndebtedness and all proper costa and expenses secured thereby. 3. I[ the total of the payments nrndr by the Mortgagor under (e) of paragraph 2 preceding shall exceed ~ the amount o[ payments actually made b~• t(re :liortgaKer•, as trustee, for Kround rents, taxes and assessments, -v ; and insurance prrmiwns, as the case mav~ be, such excess shall be credited on subsequent pavirients to fie madt7 T 4 ~ ~ by the, :t'ioriggagor for such items or, at~ tiiortgaRee's option, ag trustee, shall be refunded to Mortgagor. If, ~.y however, such niontlrl~• payments shall nit 1M suffrr•ient to pay such items when the same shall become due and pa)•able, then the ~tortgago shall pa}~ to tht• Mortgagee, a.4 trustee, ap -amount necessary to make up the deficiency. Such payment be marls within thirty (:i0) days after,( ten notice from the Mortgagee I ~ statinrt the amount, of the drefici-....v_ which nnticp may he given by mail f....le .i_ - '