HomeMy WebLinkAbout1196 The Mortgagor hereby covenants with We Mortgagees that he is indeteasibl~j? seised of din fes
simple or such other eatate~ ti any as is stated herein; that he has full power and la alright to ooo~ev the same
as aforesaid; that the land >a free ~rom all eacumbranoea except as herein otherwise recited; that aa~d~iortgagor
will make such further aaauraaoec to prove the doresaid title to said land in acid Mortgages as may be reasoa-
aef~en'a ths~same
d Mortgagor does herby fully warrant the title to said land, and every part thereof,
an against the lawful claims of all persona whomsoever.
PaOY1DtiD ALwasa that if the !4ortgagor shall pay unto the Mortgages that certain pmmiasory note, of
which the following is a substantial copy. to wit.
= 33,500.00 Port St l.uci~°'naa°
June 19 .Y980 •
FoR Vww~s Rscstvso, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORP. , a corporation orgaaiaed sad exislin~ under the
laws of the State of New Jersey . ~ fir. ~ P~al~ sum ~ THIRTY THREE THOUSAND FIVE
HUNDRED and no/100-----------------------Dollars 33,500.00 ~ from date at
the rate at ELEVEN b ONE HALF P~ (11.5%) Pce the unpaid balance until paid.
The said principal and interact shall be payable at the office of
SUBURBAN COASTAL CORP. - P, 0. Box 1328
in Passaic , New Jersey , or at such other place as the holder may deaigaate in writing
delivered or mailed to the debtor, in monthly instsllmeatc of THREE HUNDRED THIRTY ONE A 99/100~m
331.99 commencing on the SrsR day of August , 19~ ,sad oontinuiag 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 July 2010 .
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof sot ter than the amount of one installment, or one hundred doUaa (;100.00), whichever is less. Prepayment in full
diaU be credited oa the date received. Partial prepayment, other than on an instaUsoent due date, need not be credited until
the nest toUowins iadallmeat due date or thirty. days alts: such prepayment, whichever is earUer.
TZ any deficiency in the pa t of any installment under this note is not made good prior to the due date
of the ne=t such installment, the entire principal sum and accrued interest shall at once become due sad pay-
able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstttute
a waiver of the right to exercise the same in the event of any subsequent default. Ia 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 undersigned 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/ James Edward Mangrum
~FIES-EI~IARD~D{19t;
/s Kathr n Sue MaMngrum
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[t38AI.]
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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
mortgage, then thiia mortgage sad the estate hereby created shall cease end be null and void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Pri~n7ege is reserved to prepay sx 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 (;lOb.00), whichever is less. Prepayment in lull s6aU be credited on the date received. Partial
prepayment, other than on as installment due date, need not be credited until the neat following installment due date or
thirty drys after such prepayment, whichever is 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 monhl?
~ until the said note is fully paid, will pay to the :Mortgagee, as trustee, (under the terms of this trust as herein-
after stated) t}?e following sums: t
(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 sad assessments
next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
notified) leas all sums already paid therefor divided by the number of months to before one month
prior to the date when such ground r+eats, premiums, taxes, sad assessments become delinquent,
g such sums to be held by Mortgageemtrusttopaysaidgmundr+eats,premiums,tazea,andspecisiassessmenta.
(b) The aggregate of the amountsable pursuant to subparagraph (a) and those ppaasable on the note secured
hereby, shidl be paid is s payment each month, to be applied to the fellowiag items in the order
stated
(n ground r+ente, taxes, assessments, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby; sad
(IIn amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the More-
; 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 cerium (4°Jo) of any install-
; went when paid more than Sateen (15) days after the due date thereof to cover the extra expense involved in
~ handling delinquent pa meats, but such "late charge" shat! not be payable out of the proceeds of any sate
u 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 payments made by the 11'Iortgagor under (a) of paragraph 2 preceding shall exceed ~
~ the amount of payments actually male by the !~iortgaKee, as trustee, for ground rents, taxes and assessments, .o
and insurance premiums, as the case may 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,
however, such mont}dy payments st~atl not ix~ suffi.•ient to pay sash items when tl~e same shall become due
and pa3•able, then the Mortgagor shall pay to the Mort~~ec, as trustee, any amount necessary to make up
the deficiency. Such payment shall be made within thirty (:30) days after written notice from the Mortgagee FOP
stating the amount of the deficiency, which notice may be given by mail. Ii at say time the Mortgagor shall
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