HomeMy WebLinkAbout1142 The Mortgagor hereby covenants with the Mortgagee, that he is indeteaaibly ~seizedbf said land in fes
simple or such other estates tf any as is stated herein; that he has f all power and law~[ul right to ooavev U?e same
as aforesaid; that the land u free ~rom all eacumbranoes except as herein otherwise recited; that said~ortgagor
will make such further assurances to pso~e the aforesaid title to said land is said Mortgagee as may be reason-
ab~y required, and that said Mortgagor does hereby cull warrant the title to acid land, and every part thereof,
and will defend the same against the lawful claims of ~ persons whomsoever.
PreOYIDED ALw~TS that if the Mortgagor shall pay unto the Mortgages that certain pmmiasory note, of
which the following is • substantial Dopy, to wit: Port St. Lucie ,Florida.
= 42,250.00 ~y 13 ,19 80 .
Fos V~rvs Rzestvsn, the underaiganed promise(s) to Pay to
SUBURBAN COASTAL CORP.
- , a corporation organised sad ezieting under the
laws of NEW JERSEY . or ~ Principal sum of FORTY TWO THOUSAND TWO HUNDRED
FIFTY and no/100--------------- (f 42,250.00 interest from date ~
the rate of TNELYE per ceatum (12 per annum oa the unpaid balance until paid.
The said principal sad interest shall be payable at the once of SUBURBAN COASTAL CORP. P. 0. -Box 1328,
PASSAIC,
~ NEW JERSEY , 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 FOUR & 75/OO~m
434.75 eommeacing on the first day of JULY , 19 80, sad ooatinuing oa the
first day of each month thereafter until this note is sully paid, except that, if not sooner paid, the final payment
of principal and interest shall be due and payable on the first day of JUNE 2010
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). whkhever is less. Prepayment in [all
dull be credited on the date received. Partial prepayment, other than on an installment due date, need cot be credited untU
the next following indaUment due date or thirty days attar wch prepayment, whichever i< 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 priactpal sum and accrued. interest shall at once become due sad pay-
able without notice at the option of the holder of this note. Future to exercise this oplion 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 a reasonable attorney's fee.
This note is secured by mortgage of even date executed by the undersigred on certain property described
therein and represents money seta y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
~~/SjMICHA~L J. MATAKAETIS
~~1%S1~Ej3RYLLYNNEAMATAKAETI S
SHERRY LYNNE MATAKAETIS
•
[SEAL]
~I
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 eovenanta of said promissory note and of this
j mortgage, then this mortgage and the estate hereby created shall oesse and be null and void.
The Mortgagor further covenants as follows:
6 1. -That be will psy the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time,
without premium or fee, the satire indebtedness or say part thereof not less than the amount of one installment, or
one hundred dollars (5100.00), whichever is lest. 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 fuih• to protect the security of this mortgage, the Mortgagor, together with, and in
addition to, the monthly payments under the terms of tl?e note secured hereby, on the first day of each month
until tl~e said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust ss herein-
after stated) the following awns:
(s) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
an 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 sumatobe held by Mortgageemtrusttopaysaidgroundrents,premiums,taxes,andspecialassessmenta.
(b) The aggregate of the amounts pa able 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 hasard insurance premiums;
(II) interest on the note secured hereby; and
(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mores
' gagor 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 four per centum (4%) of any install-
s, went when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved ins
E .handling delinquent paymenu, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the mdebtednesa secured hereby, unless such proceeds are sufficient to discharge the entiro "'Q
indebtedness and all proper costs and expenses secured thereby.
3. If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed ~,y
the amount of payments actually made h.• t(~e Mortgagee, as trustee, for ground rents, taxes and assessments,
and insurance pren~iwns, as the case ma.' be, such excess shall be credited on subsequent payments to be made 'O
by the 1~Iortgagor for such items or, nt Mortgagee's option, as trustee, shall be refunded to Mortgagor. If,
however, such monthy payments shall not IM sufficient to pay such items when the same shall become due
and payable, then the Mortgagor steal! pny to the Mortgagor, as trustee, anj- amount necessary to make up
y the deficiency. Such payment shall be made within thirty _(30~ days after written notice from the Mortgagee
stating the amount of the deficiency, which notice may Ke given by mail. If at any time the Mortgagor shall