HomeMy WebLinkAbout0260 The Mortgagor hereby covenants with the Mortgt~get?, that 44 is •i~defea.Qibly seized of said land in fee
ttumple or such other estate, J any as is stated herein; that he has full power and lawful right to convey the same
as aforesaid; that the land is free ~rom all encumbrances except as herein otherwise recited; that saad~dortgagor
will make such further assurances to Provo the aforesaid title to said land in said Mortgagee as may be reason-
ably required, and that said Mortgagor does hereby fully warrant the title to said land, and every part tltereoi,
and will defend the same against the lawful claims of all persona whomsoever.
PROVIUSO ALWAYS that if the '\lortgagor shall pay unto the M ee that Certain promissory note, Of
which the following is a substantial Dopy, to wit:
= 4 5, 9 0 0. 0 0 r t S t. Lucie , Flotrida.
Apr i 1 4 , 1~0 ,
Fos VALUE Rscatvtao, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORP.
, s corporation organised and euisting under the
laws of New Jersey , or order, the principal sum of F O R T Y -FIVE T li O U S A N D N I N E
IiUNDRED AND NO/ 100----------------Dollars (i4 S , 900.00 with interest from date at
the rate of FOURTEEN per eentum ( 14 °Jo) per annum on the unpat ce until paid.
The said principal and interest shall be payable at the office of SUBURBAN COASTAL C(
P. O. Box 1328, Passaic, :Jew Jersey 07755
~ , or at such other place as the holder may designate in writing~'•
delivered or mailed to the debtor, in monthly installments of FIVE H U 2J D R E D FORTY - T li R l: E t>< 9 2 ~
5 4 3 . 9 2 commencing on the first day of June , 19 8 0 ,and 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 May 2 O 1 Q
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 (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 is earlier.
If any deficiency in the pa ment of any installment under this note is not made good prior to the due date
of the next such itastsllment, the entire principal 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 option shall not oonstttute
s 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 undersigned on certain property described
therein and represents money actually used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
. ~ ~ ~
Hiltoa• J to Wri ht III
Shay, Jay W gh
• (SEAL]
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
t mortgage, then this mortgage and fife estate hereby created 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 any time,
E 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), whrchever is less. Prepaymenl in full shall be credited on the date received. Partial
prepayment, other than on :ui installment due date, need not he credited until the next following installment due date or
~ thirty days after such prepayment, whichever is earlier. -
t In order nu,rt~ full~• to 4~rotrt•t the •e•r•unt~• of tl?is mortgage, the. ~fottkagor, together with, and in
+srl?litu:t, tn, the nu?nthl~• pa~•nu•nts under th?• terms of tl?c• nme set•un•d hereby, t?n thl• first dar of each month
~ until ttu• sa?d note is full~• pai?i, will p:~~~ tt? the \lortgager, as trustt•r•, hinder tiu• tc•nns of thiti trust as iierc•in-
t aft?•r stated ~ the fnllc?winl? swn..
(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 hazard 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 sums to be Geld by :~lortgageeintrusttopaysaidgroundrents,premiums, taxes, andspecialassessments.
(b) The aggregate of the amounts payable 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 hazard insurance premiums; a
_ (II) interest on the note secured hereby; and _
- (III) amortization of the principal of said note.
r Any deficiency in the amount of sut•h aL~gregate monthly pa}-ment shall, unless made good b~• the ;~iort-
s gagor prior to the due date e~f the next such ,a~-ment, t•on~trlute an scent of default under this mortgage. o W
At Mortgagee's option, ~iortgagur will papa "ate cl?arge" not exceeding four per centum (4%I of an}• install- ~ '
~ ment. when paid more than fifteen (I S) days after the due date thereof to cover the extra expense inyoh•ed in
handling delinquent parme•nts, Lot su<•h "late charge" shall not l,e pat•able out :,f the proceeds of any sale
made to satisfy the tnc}t•btedne ~s secured hercL~•, utiless such proceeds arc sufficient to discharge the entire
indebtedness and all proper costs and expenses secured thereby. ~ -o }
:3. if the total -?f the pn~riir•nr; rnudr• Ly tLe Mortgagor under ta; .?f 1?aragrupi~ 'l pna•c•ding shell exceed T
tht• iin?nunt r?f paynu•nt~ nrtucelly n+a~lr• by ttu• \1ortKrrl.•t•?•. ns trustc•c. for ground rents, taxes and assessments, }
and insurance prenuwus, u, th?• ~•nse rn:,y•be•, snch c•xt•?•s~ shall Lt• credited on wl>SC•yucnt pa~•rnents to t,e made ~ a
lt~• t'i?e Mortggagor for sut•h itcnrs r?r. at ~tortgugt•t''c c?ption, as tnistee, shall he refµncied to ~~iorigagor. If,
however, suc)i monthly pn~-mt•nts shall nt?t 1?c sufli~•ient *c? pa~• cut•h itcnis whets the same sl?all become due
and payable, then the ~iortgn~•t?r ~jwll pn~• to thr' ~lortgngr•t•, as trustc•~, nn~-,y.~lount neresser~• to make up
the deficiency. tiurh pa.-nlent sha nr:ulc wrtlun thirty (a0/ du~•s after wr S r uutice from t}ie Vtorigagee
stating the amount of the deficiency, which notice may Le given by mail. If at any time the Mortgagor shall