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Home My WebLink About1038 The Mortgagor hereby covenants with the Mortgagee, that he is indei o din fee simple or sucb other estster J any as is stated herein; that he has toll power and ,a ul right to wnvev the same as aforesaid; that the land >s free from all encumbrances except as herein otherwise recited; that saidlvlortgagor will make such further assiirsrices to prove the aforesaid title to said land in said Mortgagee as may be reason- ah1,~ rreeqquired, and that said Mortgagor does hereby i warrant the title to said land, and every part thereof, sad will defend the same against the Lwtul claims of~ persons whomsoever. rAQ'v1DSD ALNATd that if the ~1~OTtgagor shall pay unto the MOrtgages that certain promissory note, ai which the following is a substantial Dopy, W wit: Fort Pierce ,Florida. = 44, 000.00 April , ifi80 . Fox V~rvs Rscstt?su, the undersigned promise(s) to pay to VANTAGE MORTGAGE ASSOCIATES, INC., a Florida Corporation, a corporation organised and eastirig under the bws of Florida . ~ ~ p~pp~ sum ~ Forty-four thousand and--- 00/100----------------------------I>~n 44,000.00--~, with interest from date st the rate of Fourteen------------~ oentum (--14 p~ annum on the unpaid balance until paid. The acid principal and interest shall be payable at the o8'ice of Vantage Mortgage Associates , Inc., 317 Minorca Avenue ~ Coral Gables , Florida ~ , or at such other place as the holder may designate in writing delivered or mailed to-the debtor, in monthly installmeata of FIVE htnxlred ~ttat~ty-ane and 40/l~rs (i 521.40----3, commencing on the first day of June .1980 ,and continuing on the first day of each month thereafter until this note is fully paid, except that, if not sooner paid, We final payment of principal and interest shall be due and payable on the Bret day of May 2010. Privilege is reserved to prepay at any tune, without premium or fee. the entire indebtedness or any part thereof sot less than the amount of one instillment; or one hundred dollars (:100.00), whichever k less. Prepayment in fuU shall be credited on the date received. Partial prepityment, other than on an installment due date, need not be credited until thr next iollowin= installment due date or thirty days after such prepayasent, whichever is earlier. If any deficiency in the pa ent of any inatalLnent under this note is not made good prior to the due date of the nest such installment, the entire principal sum and accrued interest shall at once become due and ~sy- able without notice at the option of the holder of this note. Failure to exercise Chia option shell not oonatitute a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in tba payment of this note, and ii the same is collected by an attorney at Lw, the undersigned hereby agree(s) to pay ell costs of collection, including a reasonable attorney's fee. This note is second by mortgage of even date executed by the underBigried on certain property described therBin and represent8 money actually used for the acquisition of said property or tJae improvements thereon. Presentment, protest, and notice are hereby waived. Ls/~amuel Mitc _ ell , Jr . SAMUEL MITCHELL, JR. mss/ S',a~ille Mitchel [ggAt,] CAMILLE MITCHELL [tom.] [$EAL] And 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: I. 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 (8100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepryment, 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 nrorc fully to protect the security of this n?origage, the :!~iortgagor, together with, and in addition to, the monthly payrrrents under the terms of the note secured hereby, on the first day of each month until the said note is fu71y paid, will pat• to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following sums: (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 sad 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 ela before one mont~r . prior to the date when such ground rents, premiums, taxes, and assessments will tiecwme delinquent, such soma to beheld by Mortgageeintrusttopaysaidgroundrents,premiums,ta:ea,andspecialassessmenta. (b) The aggregate of the amounts pa able ponniant to subparagraph (e) and those payable on the note secured hereby, shall be paid in s singe payment each month, to be applied to the following items in the order stated (I) ground rests, tsxea, assessments, fin, and other hasard insurance premiums; (II) inttreat oa the note secured hereby; sad (III) amortisation of the principal of said note. Any deficiency is the amount of sucb 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, Mortgagor will pay a "late charge" not exceeding tour per centum (4%) of any install- ment when paid more than fifteen (15) days alter the due date thereof to cover the extra expense involved in handling delinquent paymenu, but such "late charge" shall not be payable out of the proceeds of any sale p made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs end expenses secured thereby. 3. It the total of.the payments n?adr by the Mortgagor under (s) of paragrnph 2 precxding shall exceed the amount of pa}•ments actually made b~• fire A1ortKager, as trustee, for Kround rents, taxes and assessments, and insurance premiwris, as the case ma~•~bc, such excess shall he credited on subsequent payments to be made by the :Mortgagor for sucli items or, at~ ZfortgeRPP's option, ag trustee, shall be refunded to Mortgagor. If, however, sac nionthh• payments shall not lK. sufficient to pay sur•h items when the same shall become due and pa •able, then the LlortRagnr shall }>ny to the ~lortgagec, as.tr~s~ea, ,~t1~~ amount necessary to make up ~""'h' the deficiency. Such payment shall tx• mane within thirty (a0) dA~~+ afterwritten notice from the Mortgagee stating the amount of the deficiency, which notice may be given by mail. II at any time Lhe Mortgagor shall