HomeMy WebLinkAbout1394 The Mortgagor hereby covenants with the Mortgagee, that he is indefet~land in fee
simpple or such other estates t1 any as is ataced herein; that he has f all power acid • ' ng6 v the same
as sffaresaid; that the land >s free ~rom all encumbrances except as herein otherwrse recited; that said~ulortgagor
will make such further assurances to prove the taforesaid title to said land in said Mortgagee as may be reason-
sb1y rreeqquired, and that said Mortgagor does hereby fully warrant the title to said land, wd every part thereof,
and will defend the same against the lawful claims of all persons whomsoever.
Pxovraso ALwaYS that if the '\iortgagor shall pay unto the Mortgagee that oertsin promissory note, of
which the following is a substantial Dopy, to wit:
:11,100.00 Fort Pierce ,Florida. t
May 13 ,19 80.
Fox Vnuvs Rscstvsn, tbs uaderaiguod promise(s) to pay to VANTAGE MORTGAGE ASSOCIATES,
INC., A Florida Corpastion
a corporation organised and existing under the
laws of Florida . or ~ p~dp~.mm ~ Seventy-one thousand one
hundred and 00/100----------------~ollara 71,100.00--), from at
the rate of Thirteen--------------- Pce aentxim (--13 pce annum on the unpaid balance until paid.
The said principal and interest shall be payable at the office of Vantage Mortgage Associates,
Inc., 317 Minorca Avenue
in Coral Gables , Florida , or at ouch other place as the holder may designate in writing
delivered or mailed to the debtor, in monthly iastallmenta ofSeven hundred eighty-seven and 08~rs
787.08-------), commencing oa the first day of June , 19 80 ,and continuing on the
fast day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment
of principal and interest shall be due and payable on the first day of Ma 2010
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part -
thereot sot feat than the amount of one iastathnent, or one hundred dollars (=100.00), whichever h leas. 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 ne=t foitowin~ instaUmeat due date or thirty days after such prepayment, whichever it 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 prmcapal 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 opption shall not constatute
a waiver of the right to exercise the same in the event of any subsequent default. In We event of default in the
payment of this note, and.if the same ie collected by an attorney st 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 data executed by the undersigned on certain property described
therein and represents money actually used for the acquisition of surf property or the improvements thereon.
Presentment, protest, and noticrs are hereby waived.. ..~ss~ t,,..~.; tam C'°`'
.
/s/ Alton L. GiLbthi~~`~ ' '
ALTON L. GILBERT
/s/ Gladys R. Gilbert
GLADYS R. GILBERT
III [813AL]
And shall duly, promptly, and fully perform, discharge, execute, eSect, complete, and comply with sad 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 Deese and be null and void.
The Mortgagor further covenants sa follows:
~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time,
M 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 full shall be credited on the date received. Partial
prepayment, other Wan on an installment due date, need not- be credited until the neat following installment due date or
~ Wirty days after such prepayment, whichever i~~earlier.
2. In order more fully to protect the security of this mortgage, the Mortgagor, together with, and in
addition to, the monthl~• payments under the terms of the note secured hereby, on the first day of each month
until the said note is fully paid, will pay 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 pert become due and payable
on policies of fire and other hasard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (sU sa 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 soma to be held by Mortgageeintruattopaysaidgroundrents,premiums,taxea,andspeci8lasaeasmenta.
(b) The aggregate of the amounts papable pursuant to subparagraph (a) and those peysble on the note secured -
hereby, shall be paid in a siugie payment each month, to be applied to the fallowing items in the order
stated
~ (I) ground rents, taxes, assessments, fire, and other hasard insurance premiums;
(II) interest on the note secured hereby; and
(IIn amortisation of the principal of said note.
j 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, constiwte 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 eo
handling delinquent paymenu, but.such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire 's
indebtedness and all proper costs and expenses secured thereby.
3. 1f the total of the payments made b}}• the Mortgagor under (a) of paragraph 2 preceding shall exceed
~ the amount of payments actually nradc b~• tfre'~iorllcagee, as trustee, for ground rents, taxes and assessments,
and insurance premiwus, as thc• case ma.- be, such Pxcess shall be credited on subsequent payments to be made
by the Mortgagor for such items or, at MortgagPp's option, as trustee, shall be refunded to Mortgagor. If,
however, such monthly payments shall not he sufficient to pay such items when the same shall become due ~
and payable, then the Mortgagor shall pay to the :liortgagce, nc Iru3tee, an}• amount necessary to make up
~ the deficiency. Such payment shall be made will?in ~1>,~rtr_(i30) da~•s after written notice from the Mortgagee
stating the amount of the deficiency, which notitl~r~ity be en by mail. It at any time the Mortgagor shall t+~