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The Mortgagor hereby covenants with the Mortgagee, that he is iAdate+iaibly e~aid Lad in fee
Crimpple or such other estates J any sa is stated herein; that he has full power and la, ul~irs'y~~ ooovev the same
as s?torosaid; that the land v~ tree from sU encumbrances except as herein oWerwise recited; that said~ulortgsgor
will mate wch ituWec aesuranees to provo the aforesaid title to said land in said Mortgagee ss may be reasoa-
sb required, and that said Mortgagor dose hereby iulll warnat the title to said land, and every part thereof,
twill defend the same against the 4wfu1 cLims of all persons whomsoever.
Paovrasa ArwA» that ii the Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which tine following is a substantial copy, to wit:
i 47,500.00 Port St. Lucia
May 22 ,1980 .
Fos Vvvs RscsrvsD, the uaderst~ed proaaise(s) to pay to
SUBURBAN COASTAL CORP.
, s corporation organised sad existing under the
laws of New Jersey - , or ~ p~ap~ sum ~ FORTY-SEVEN THOUSAND FIVE
HUNDRED AND NO/100---------------------~~ 47,500.00 witl? interest from date at
the rate of Eleven and one-half pa (11.5 1?ce on the unpaid balance until paid.
The said principal and interest shall be payable at the o8ice of SUBURBAN COASTAL CORD .
P.O. Box 1328, Passaic
in New Jersey , or at such other place as the kidder may deaigoate in writing
delivered or mailed to the debtor, in monthly installments of FOUR HUNDRED SEVENTY ~ 73/100 Do1Lrs
470.73 commencing on the Brat day of July , 19 80 ,sad .continuing on the
Brat dad of each month thereafter until this note is fuDy 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 irrstiillmeat, or one hundred dollars (1100.00), whichever is less. Prepayment in tu0
shall be credited on the date reosired. Partial prepayment. other than on an installment due date, need act be credited until
the next taalowia= instalment due date of thirty days after such prepayment, whichever is earlier.
If any deficiency in the pa tot any i~tallment under this note is not made good prior to the due date
of the nett such installment, the entire princspal sum and accrued interest shall at once become due and pay-
able without notice at the option of the holder of this note. Failure to exercise this optics 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 it the same is collected by an attorney at.law, the undersigned hereby agree(s) to
pay all coats of collection, including a reasonable attorney's fee.
This note is secured by mortgage of even date saecuted by the undersigned on certain property described
therein and represents money actually used for the acquisition of said property or the improvements thereon.
Presentment, protest, sad notice are hereby waived. -
/s1 NICOLA IANNONE III
NICOLA IANNONE III
/1 NANCY IANNONE
NANCY~IANNONE
[SEAL]
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
j by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
f mortgage, then this mortgage and the estate hereby crested shall cease and be null and void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at say time,
without premium or fee, the entire indebtedness or any part thereof not leas 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
E 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 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 day o[ 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) fire following sums:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
0o policaea of fire sad other hazard insurance covering the mortgaged property, plus taxes and assessments
I next due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor is ?
notified) less all soma already pard therefor divided by the number of months to elapse before one month
prior to the date when such ground rents, premiums, taxes, and seeessmenta will become delinquent, i
such soma to be held by Mortgageeintrusttopaysaidgroundrents,premiums,tazea,andspecialassessments.
~ (b) The aggregate of the amounts pa able pursuant to subpruagraph (a) and.thoee payable on the note secured
~ y, shall be paid in a single payment each month, to be applied to the following items in the order _
(I) ground rents, taxes, aaseasmeata, fire, sad other hasard insurance premiums;
~ (II) interest on the note secured hereby; and
~ (III) amortisation of the principal of said note. -
f 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, Mortggagor will pay a "late charge" not exceeding four per centum (4°Jo) of any install-
went when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in ~
handling delinquent Pa meats, 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 entiro
indebtedness and all proper costa and expenses secured thereby.
3. It the total of the pa}•ments merle by the Mortgagor under (a) of paragraph 2 preceding shall exceed t..i
fife amount of payments actually made b~• tl~e Mortgagee, as trustee, for ground rents, taxes and assessments,
and insurance prnmiwns, as the case inay~be, such excess shall be credited on subsequent payments to be made
' by the Mortgagor for such items or, at. Mortgagee's option, as trustee, shall be refunded to Mortgagor. If, r*'
however, such monthly payments shall not t,e sufficient to pay such items when the same shall become due
and payable, then the Mortgagor shall pay to the ;lrlortgagec, as trustee, any amount necessary to make up
the deficiency. Such payment shall be nrarle within thirty (:30) days after written notice from the Mortgagee
~ stating the amount of the deficiency, which notice may be given by mail' If at any time the Mortgagor shall