HomeMy WebLinkAbout1665 The Mortgagor hereby covenants with the Mortgagee, that he is ~'r . ~ bly,~ 1' ~ ~'t~d land in fee
simple or such other estates J any as is stated herein; that he has full power and lawful right to ooovev the same
as afae+eaaid; that the land Is free ~rom all encumbrances except as herein otherwise recited; flat aaidlviortgagor
will make such further assurances to prow the aforesaid tilde to said Itad in said Mortgagee as may be reason-
abl rreeqquired, and that said Mortgagor does hereby f warrant the title to said land, and eveq part thereof,
aa~will defend the same against the lawful ctaiums oi~ persons whomsoever.
PROVtDSD At.waire that if the ?lortgagor shall pay unto the Mortgagee that certain promissory note, of
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which the following is a substantial Dopy, to wit:
i ,27,000.00 Fort Pierv~orida.
April 30.1fi 80•
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Foa VaLVS Rscstvsn, the undersigned promise(s) to pay to VANTAGE MORTGAGE ASSOCIATES,
INC., a Florida Corporation, ~ i
laws of , a corporation organised sad esieLio~g under the
Florida , ~ ~ p~pt~ ~m ~ Twenty-seven thousand and ;
00/100--------------------------- Dollars (127.000.00--), with interest ir+~m date at
the rate of Thirteen-----------der centum F--13%) per annum on the unpaid balance until paid.
The said principal sad interest shall be payable at the office of Vantage Mortgage Associates , :
Inc., 317 Minorca Avenue
in Coral Gables , Florida , or at such other place as the holder rosy designate in writing
delivered or mailed to the debtor, in monthly installments of'Iwlp hundred niIlety-eit~lt & 89/l0~otlars
(=298.89----?r commencing on the first day ~ June , I9 80 ,and continuing oa the
first dad 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, aiithout premium or fee. the entire indebtedness or any part
thereof not leas than the amount of one installment, of One hundred dollars (1100.00); whichever is kas. Prepayment in lull
shall be cied~tted on the date rscehred. Partial prepayment, other than on an hlstaWaent due date, need not be credited nntU
the Hatt following rndallnleat due date or thirty days after wdI p[epr~yment, whichever is earlier.
If aqy deficiency in the pa eat of any installment under this note is not made good prior to the due data
of the nest aucb inat~sllment, the entire principal sum and accrued interest shall at once beooma due and juy-
able without notice at the option of the holder of tdus note. Failure to exercise this option shall not oonstatute
a waiver of the right to ezerclae the same in the event of any subsequent default. In the event of default in the
payment of this note, and if the wane is collected by an attorney at law, the undersigned hereby agree(s) to
pay all ooate~oi collection, including a resaonable attorney's fee.
This note is secured by mortaa~e of even data exeeuted by tha undersigned on certain property described
therein and represents money seta y used for the acquisition of said property or the improvements (hereon.
Presentment, protest, and notice are hereby waived.
/s/ Maurice J. Tayior, Jr.
MAURICE J. TAYLOR, JR.
,(~~f ~ZQan R. Taylor _ [t~,l ~
JEAN R. TAYLOR
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And shall duly, promptly, and fully perform, discharge, execute, eAeet, 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 sad void.
The Mortgagor further covenants as follows:
1. That be wilt 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 thou the amount of one installment, or i
one hundred dollars (;100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial <
prepayment, 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 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 ?he Mortgagee, as trustee, (under the terms of this trust as herein-
after stated) ti?e 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 hasard insurance covering the mortgaged property, Plus taxes and assessments
next due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor is
notiSed) 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,
earth sums to be held by Mortgsgeeintnlattopayesidgroundreata,premiums,taxes,andspecialassessmenta.
(b) The aBBregste of the amounts pa able pursuant to subparagraph (a) and those ppss~yy~ble on the note secured
hereby, ehitll be paid in a payment each month, to be applied to the fallowing items is the order
(I) ground rents, taxes, assessments, fire, and other hasard insurance premiums;
(II) interest on the note secured hereby; sad
(IIn amortiu?tioa of the principal of said note.
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, constitute an event of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per eentum (4°Jo) of any install- a,
went when paid more than Sheen (15) days after 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
made to satisfy the Indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~ ~
indebtedness and all proper costs and expenses secured thereby.
3. If the total of the payuipnts made h,,• the Mortgagor under (a) of paragrapl? 2 preceding shall exceed
the amount of pavments actually made b~• tt'e'tiortgaKec•, as trustee, for ground rents, taxes and asaesamenta, 'O
and insurance prnmiwns, as the cast maybe, such excess shall be credited on subsequent payments to be made
by the '.Mortgagor for such iterrrs or, at htortgagPP's option, aR trustee, shall be. refunded to Mortgagor. Jt, t.i
howgver, such rilontfJ~ payments shall not Ix• suffic•ient to pay such items when the. same shall become due
and pay-able, then the Mortgagor shall pay to thr tilortgager, ns trustee, any an?ount necessary to make up
the deficiency. Such payment shall be niacle within tt?irty.(:~~dpyn~ier written notice from the Mortgagee ~i
stating the amount of the deficiency, which notice. rosy be ~i en y mail. Ii at any t)rrie the Mortgagor dull