HomeMy WebLinkAbout0229 The Mortgagor hereby covenants with the Mortgagee, that Le is indefeasibly seised of said land in fee
simple or such other estates t1 any as is stated herein; that he hsa lull power and lawful right to convey the same
as aforesaid; that the land m free #rom all encumbrances except ss herein otherwise recited; that eaid~ufortgagor
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 said Mortgagor does herby fully warrant the title to said land, and every part thereof,
and. will defend the same against the lawful claims of all persons whomsoever.
Pxoviaac A1uweYS that if the bortgagor shall pay unto the Mortgages that certain promissory note, of
which the following is a substantial Dopy. to wit:
: 29 , 500.00 PORT ST . LUC I E , Florida.
June 30, ,1~ t30.
Fox Vwrvs RscsrvsD, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORP.
, a corporation organised and e~tisting under the
bws ~ THE STATE OF NEW JERSEIi or o~'~ ~ Principal sum of TWENTY-NINE THOUSAND, FIVE
HUNDRED AND NO/100------------------- 29,500.00 !rom date at
the rate of Eleven and one-half P~ oentum (11.5%) Pte' on ~ unpaid balance until paid.
The said principal and interest shall be payable at the oflioe of
SUBURBAN COASTAL CORP. Post~Office Box 1328
~ PASSAIC, NEW JERSEY , or at such other ppla~ce as the hdder ma donate in writing
delivered or mailed to the debtor, in monthly instaUmente of TWO NIAVDREO NINETY-TWb AND 35/1~]~
292.35 commencing on the first day of August , 19 ~ ,sad continuing on the
frrot day of each month thereafter until thisable onlihe first da p
i~tJul~t 0 0 pad, the final payment
of principal and uterest shall be due sad pay y Y
privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part
thereof not las than the amount of one installment, or one hundred dollars (1100.00), whichever is less. Prepayment in full
i6aU be credited oa the date received. Partial prepayment, other than on as installment due date, need not be credited until
the nett tollowin~ inatallmeat due date or thirty days alter such prepayment, whichever is earlier.
If any deficiency in the payment of any inatalUnent under this note is not made good prior to the due date
of the nezt such installment, , e 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 esercise this option shall not oonstatute
a waiver of the right to ezercise the same in the event of any subsequent default. In the event of default in the
payment of this note, and ii the same is collected by an attorney at law, the undersigned hereby agree(s) to
pay all scare 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 act_ua71y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
/s/GEORGE PROCTOR, JR.
/s/OPHELIA PROCTOR
Isl~rl
And shall duly, promptly, and fully perform, discharge, execute, effeet, complete, and'eomply with sad abide
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 cease and be null sad void.
i The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any 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 'lull shall be credited on the date received. Partial
prepayment, other than on an installment due date, need not be credited until We next following installment due date or
thirty days after such prepayment, whichever is earlier.
2. In order more fully to protect the security of t}iis mortgage, tl?e tiiortgagor, together with, and in
addition to, !hP monthly payments under the terms of flip note secured hereby, on the first day of each month
until tlic saici note is fully paid, will pay to the Mortgagee, as trustee, (under the terns of this trust as herein-
after stated) tl?e following sums:
(a) A sum equal to the ground yenta, if any, next due, plus the premiums that will next become due and payable {
on policies of fire sad 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 beheld by Mortgageeintrusttopaysaidgroundrenta,premiums,taxea,andspecislassessments.
(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;
(II) interest on the note secured hereby; and - ,
(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort- j
l gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. ,=,o
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding four per cerium (4°Jo) of any install- ~
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in C,,~
handling delinquent psymenu, but such "late charge" shall not be payable out of the proceeds of any sale ~y
'made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire -o
indebtedness and all proper costs and expenses secured thereby. c
3. If tl?e total of the payments made by the Mortgagor under (s) of paragraph 2 preceding shall exceed
the amount of payments actually madr by t(~e liortKagee, as trustee, for ground rents, taxes and assessments, ~
and insurance premiums, as the case ma~~ be, surh excess shall be credited on subsequent payments to be made
by the tilortgagor for surf items or, nt Ltortgag~P's option, ac trustee, shall be refunded to Mortgagor. If,
however, such monthl~• payments shall not i?c sufficient to pay surh items w~ea,the same shall become due
and payable, then the Mortgagor si?all pn.- to the ~4ortgagee, ac trustee; aey amount necessary to make up
the def=iciency. Such payment shall be• made within thin}- (a0) da~~s after written notice from the Mortgagee _
stating the amount o! the deficiency, which notice may be given by mail. If at any time the Mortgagor shall