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HomeMy WebLinkAbout0294 The Mortgagor hereby covenants with the Mortgagee, i,hct he is indateatublyy •seized'oi said land in fee eianple or such other estatet tf any as is stated herein; that he has f till power and lawful right to eouvev the same as aforesaid; that the land m free ~rom all encumbrances except as herein otherwise recited; that said~fortgagor wilt make such further assurances to provo the aforesaid title to said land in said Mortgagee as may be reason- ably raq~ired, and that said Mortgagor does hereby fully warrant the title to said land, and every part thereof, and will defend the same against the lawful claims of all persons whomsoever. Paovtoan AtvwA7e that it the Mortgagor shall pay unto the Mortgagee that certain promissory note, of which the following is a substantial copy, to wit: = 42,250,00 Port St, Lucie ,)F7orida. May 13 , 19 80 . Foa Vwtve R$CtuvsD, the undersigned promise(s) to pay to SUBURBAN COASTAL CORP. a corporation organised sad eiusting under the laws of NEW JERSEY , or order, the principal sum of FORTY TWO THOUSAND TWO HUNDRED Dollars (i 42,250.00 with interest from date at FIFTY and no/100------------------- the rate of TWELVE per oentum (12 Per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of SUBURBAN COASTAL CORP . P . 0 . Box 1328 , . PASS_AIC, ~ NEW JERSEY , or at such other plaoE as the holder may designate in writing delivered or melded to the debtor, in monthly installments o! FOUR HUNDRED THIRTY FOUR & 75/00~~ 434.75 commencing on the first day of JULY , 19 80, sad continuing on the first day of esc6 month thereafter until this note is fully paid, except that, if not soorNE paid, the final payment of principal and interest shall be due and payable on the first day of 2010 privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part thereof not teat than the amount of one instillment, or one hundred dollars (1100.00), whichever it 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 nett following installment due date or tldrty days alter wch prepayment, whichever is earlier. If any deficiency in the payment of any installment under this note is not made good prior to the due date of the neat such installment, the entire principal sum and accrued interest shall at once become due and pay- able without notice at the option of the holder of thrs note. Failure to exercise this option shall not oonstrtute 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 lea, the undersigned hereby agree(s) to pay all costs of collection, including a reasonable attorney a 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. . t~~/S,~MICHAEL J, MATAKAETIS [sEAI.] _ MICHAEL J. MATAKAETIS ~c~ /SL$.H~RRY LYNNE MATAKAETI~___~------- [s8~1,] . SHERRY LYNNE MATAKAETIS - - [sue] [SEAL'] And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide i 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 cP,ase 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, a-ithout premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or i one hundred dollars 0100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial j 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. 1 `t. In order morn fully to protect the scc•urit}- of Uri<~ nortgage•, the Mortgagor, together with, and in addition to, the monthly payments under the terms of thc• note sccumd hcrrby, on thr first day of each mont r until the said note is fully paid, will pay to the `lortgage•s', as trustee, (under the terms of this trust as hcrein- ~ after stated) the (oliowing awns: (s) 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 held by Mortgageemtrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. , 1 The ate of the amounts able ursuant to sub a rah a) and those a able on the note secured t (b) aggreg PaY P P reB P( P Y m hereby, shall be paid in a single payment each month, to be applied to the following items in the order stated: c, j (I) ground rents, lases, assessments, fire, and other hazard insurance premiums; ~ Q. (II) interest on the note secured hereby; and (III) amortisation of the principal of said note. y`sO i Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the ?1'fort 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 centum (4%) of any install- ~ ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved incr ~ ~ handling delinquent ~avments, 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 ell proper costs and expenses secured thereby. ~ 3. If the total of the pacnu•nt~ made h~- the ~lortgugor under (a) of paragrupli `l preceding shall exceed the anrount of pe}•nients actually- made h~- the Zlortgage~•, as trustee, fc?r Kround rents, tnxcs and a•sessments, 1~' ~ and insurance pren?iwus, as the case nuiv•be, such excess shall he credited on sutsey?ient payrncnts to be made by the Mortgagor for such items or, at ~tc?rtKngee's optior?, as trustee, shall 6;?- rr-~~;r~ded to t'Iortgagor. If, m s however, such monthly pavn?ents shall nc?t ire suffi?•i;•nt to pad- such items where the same shall become due }y and payahle, thwi the Mortgagor shall pad- to the ~tortgugee, us tnistec, nn~- umc?unt nece•ssarv to make up ~ the deficiency. tiuc•h payment stall l,c• made within tl?irt}• (a0) days after written notice from the Mortgagee ~ stating the amount of the deficiency, which notice may be given by mail. It at any time the 'Mortgagor shall ~ _