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The Mortgagor hereby covenants with the Mortgagee, that he is indete~u)~ly _seise~ p~ j~ Lad in fee
simple or such other estates if any as is stated herein; that he has full power and thtvlW nght Lo'o3n~ev the same
ar aforesaid; that the land is rise ~rom all encumbrances except as herein otherwise re«ted; that saidMortgagor
will make such further assurances to prove the aforesaid title to said land in said Mortgagee as may be reason-
ab~y required, and that acid Mortgagor does hereby full) warrant the title to said Lad, and every part thereof,
sad will defend the same against the Lwful claims of all persons whomsoever.
Paov1DED ALavAYa that if the >4loctgagor shall pay unto the Mortgages that cettain promissory note, of
which the following is a substantial Dopy, to wit:
i 45,500.00 Port St. Lucie
May 21 ,19 80.
Foa Vruvs Rscsrvso, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORP. , s corporation organised sad e><iatinS under the
laws of the State of New Jersey , or order, the prim«pal sum of FORTY FIVE THOUSAND FIVE HUNDRED
AND no/100------------------------------DolLrs 45,500.00 with interest from date at
~ ir?tQ ~ THIRTEEN Pei centum ( 13 per annum on the unpaid balance until paid.
The said principal and intere~ shall be payable at the ofFoe of
" SUBURBAN COASTAL CORP. - P. 0. Box 1328
in Passaic , New Jersey , or at such other pkoe as the hdder may designate in writing
delivered or mailed to the debtor, in monthly installmeate of FIVE HUNDREO THREE & 69/100------Aare
503.69 commencing on the first day of J u 1 , 1980 ,sad continuing on the
first 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 June ~ 2010
Privilege is reserved to prepay at any time, without premium or. fee. the entire indebtedneea or any path
thereof not lens than We amount o[ one in:tipment, or one hundred dollies (x100.00), whichever b less. Prepayment in full
shall be credited on the date received. Partial prepayment, other than on as instaUnient due date, need not be ccediled until
the next following instaltmeat due date or thirty days after such prepstiyment, whichever is earlier.
If say deficiency in the paymens of any installment under thin note is not made good prior to the due date
of the nest such installment, the entire principal sum and accrued interest stall at once become due and pay-
able without notice at the option of the holder of this note. Failure to exercise this option shall not co~tatute
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 Lw, 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 undersi{,med on certain property described
therein and represents money actu y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
/s/ Dennis Paul Hoctor
DENNIS PAUL HOCTOR
~ •
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And shall duly, promptly, sad fully perform, discharge, execute, e8ect, complete, and comply with sad abide
II by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
mortgage, then this mortgage sad the estate hereby created shall cease and be null and void.
j The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, 8s hereinbefon provided. Privilege is reserved to prepay st any time,
without premium or fee, the entire indebtedness or any part thereof not leas than the amount of one installment, or
E one hundred dollars (x100.00), whichever is less. 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 h earlier.
2. In order more fully to protect the securit}' 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 of each month
until the said note is (ugly paid, will pay to the Mortgagee, as trustee, (under the ternis of this trust as herein-
a[lerstated) the following sums:
(s) A sum ual to the if any, next due, plus the pnmiuais that will next become due and
eq ground rents, payable
on policies of fire sad 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 ela before one month
prior to the date when such ground rents, premiums, taxes, and asseasmeata will become delinquent,
such some to be held by Mortgageeintruattopayssidgroundr~erits,pniniuma,taxee,and
specialaasessmenta.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and thaee payable on the note secured
t hereby, shill be paid is a eingie Payment each maaath, to be applied to the fallowing items in the order
stated
(I) ground rents, taxes, aseessmeata, fin, and other hssard insurance premiums;
(II) interest a~n the note secured herby; sad
(III) amortisation of the principal of said note.
My deficiency in the amount of such aggregate monthly payment shall, unless made good by the Moi•t-
gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. o
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 menu, but such "late charge" shall not be payable out of the proceeds of any sale
made to satiety the indebtedness secured hereby, unless such proceeds are autficient to discharge the entire
indebtedness and all proper costs and expenses secured thereby. ~
3. If the total of the payments made b,• the Mortgagor under (e) of paragraph 2 preceding shall exceed ~
the amount of payments actually male hr file Mortgagee, as trustee, for ground rents, taxes and assessments, ~r+
and insurance prnmiunis, as the case ma.' be, such excess shall be credited on subsequent payments to be xisde
by the •Mortgagor for such iten?s or, at Mortgagee's option, ag trustee, shall be refunded to Mortgagor. If, ~
however, such montlil~ payments shall not 1?c suffi~•ient to pay such items when the same shall become due
and payable, then the Mortgagor shall par to the :~fortgager, ~ trus~~, tinf•etinount necessary W make up
the deficiency. Such payment shall be made within thirty (a0) davis fterwriften notice from t}ie Mortgagee
s stating the amount of the deficiency, which notice may be given by mail. If at any time the ~'Iortgagor shall