HomeMy WebLinkAbout0127 The Mortgagor hereby oovenaats with the Mortgagee, that he is indetesRib)y of said ' in fee
aica le or such other estates r1 any as is elated herein; that he has toll power and lawful ri t to coovev 1,he same
as aforesaid; that the land is ices from all eneumbraaoes axoept as herein otherwise rented; that aaidltiiortgagor
will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reasoa-
•b1,~ rreeqquired, and that acid Mortgagor does hereby i warrant the tide''to said land, and every part thereof,
and will defend the saaos against the lawful claims of~ parsons whomsoever.
PAOVtDSD ALwata that if the Mortgagor shall pay onto the Mortgages that oarlsia promissory note, of
which the folbwing is a subataatial copy, to wit:
i 36,300,00 ~ FT, PIERCE, Florida.
. ~ May 8 ,1980 .
Forr Vwtivs R>oesrvrw, the undersigned promise(s) to pay to SUBURBAN COASTAL CORP .
a oorporatioa organised sad existing under the
!•ws ~ NEW JERSEY , or order, the principal sum of THIRTY SIX THOUSAND THREE HUNDRED
AND NO/100------------------------------Ddlars (136,300.00 with interest feom date at
the rate at FOURTEEN per ceatum ( 14 Per annum oa the unpaid baLnoe until paid.
The said principal sad iater+est shall be payabb st the office of :Suburban Coastal Corp. , P . 0. box 1328,
Passaic, New Jersey
is NEW JERSEY , or at such other pLtoe as the holder may designate in writing
delivered or mailed to the debtor, in monthly installments of Four hundred thirty i 16/100---J7ollars
(=430.16 oommeacing on the Brat ~Y ~ JULY , 1980 ,and oontSnuiog on the
first day, of each month thereafter until this note is fully paid, except that, ii not sooner paid, the fiasl payment
of prinnpal and interest shall be due and payable on lha first day of June , 2010
Privilege is r~eeerved to prepay at any time, without premium or fee. the entire indebtedness or any put
thereo[ not lea than the amount of one imtaWaent, or one hundred dollars (=100.00), whicheve: is less. Trepayment to [ull
sball be credited on the date received. Partial prepayment, other than on an installment due date, aced not be credited until
the next [ollowiag installment due date or thirty days ails such prepayment, whichever is earlier.
If shy deficiency in the pa t of any installment under this note is not made good prior to the due date
of the nezt such installment, the entire prmcrpal sum and accrued interest shall at once become due and pay-
able without notice at the option of the holder of this Hole. Failure to exercise this option shall not oonstrtute
a waiver of the right to eserrrse the same in the avant of any subsequent default. Ia the event of default in the
payment of this note, and if the same is collected by an attorney at Lw, the undersigned hereby agree() to
pay all poste of collection, including a reasonable attorney's fee.
This note is second by mortgage of even date executed by the undersigned on certain property described
therein and represents money actually used for the acquisition of said property or the improvements ihanon.
Presentment, protest, and notice an hereby waived.
/s/ James G. Austin
James G. Austin
/sl Hung-Yunn Austin
Hung-Yunn Austin
[mil
[sue]
And shall duly, promptly, sad fully perform, discharge, execute, effect, complete, and comply with and abide
by each and every the stipulations, agreements, conditions, and covenants of acid promissgty note and of this
mortgage, rhea this mortgage and the estate hereby created shall cease and be null sad void.
The Mortgagor further covenants as follows:
1. That be will pay the indebtedness, ss hereinbefoce provided. Privilege is reserved to prepay at any time,
without premium or fee, the entire indebtedness or say 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
prepryment, other than on an instalment due date, need not be credited until the next following installment due date or
thirty days after such prepayment, whichever is eulier.
2. to order more fully to protect the security of this mortgage,-the Mortgagor, together with, and in
addition to, the monthly payments under the terms of the note secured hereby, on the first da}• of each month
until the said note is fully paid, will pay to the biortgagPe, as trustee, (under the terms of thug trust as herein-
s[ter stated) the following sums:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due sad payable
on policies of fire and other hasara insurance eovermg 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 eta before one month
prior to the date when such ground rents, pr+emiuma, taxes, and saseasmenta will become delinquent,
such sums to be hdd by Mortgageeintrusttopr?ysardgrouudrents,premiums,ta:ea,andspecialasaeesmenta.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and thaea payable on the note Recured
hereby, shall be paid is a single Payment each month, to be applied tb the following items in the order
stated
m ground rents, ts:ea, sssesamenta,.fin, and other hasard insurance premiums;
(II) interest ea 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 Mortr
gagor prjor 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 four per centum (4%) 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 payments, but such "late charge" shalt not be payable out of the proceeds of any sale ~ _
made to satisfy the rn ebtedness secured hereby, unless such proceeds are sufficient to discharge the entire
indebtRdneas and all proper costa and expenses secured thereby. .
3. If the total of the parn?Pnts nradc by the Mortgagor under (a) of paragraph 2 prPCedinq shall exceed
the amount of payments actually n?ade h.• tie Mortgagee, as trustee, for ground rents, taxes and assessments, ~
and insurance prenriurns, as the case rnay~M•, such excess shall tx~ credited on subsequent payments to be made .o
by the :Mortgagor for aurlr items or, at :~iortgngee's option, a.4 trustee, shall be refunded to Mortgagor. If, ~
however, such monthly payments shall not 1M suffi~•ient to pay such items when the carne shall become due
and pa~•able, then the Mortgagor shall prey to the ~orfg~ect, as trustee, am• amount necessary W make up ~
the de ciency. Such pa~-ment shall br• made within thirty (:;0) ~dn}-s after written notice from the Mortgagee ~
stating the amount of the deficiency, which notice may be given by mail. It at any time the Mortgagor shall ~