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HomeMy WebLinkAbout1033 t' t The Mortgagor hereby covenants with the Mortgagee, that he d indeteu+ib seized of said land in !ee simple or such other estates J any ss is stated herein; that he has toll power and Is ul right to oonvev the same as aforesaid; that the land u iree ~rom all encumbrances ertcept as herein otherwise recited; that aaid~tortgagor will make such further assurances to prove the aforesaid title to said land is said Mortgagee as may be reason- ab requited, and that said Mortgagor does hereby full? warrant the title to said land, and every part thereof, will defend the same against the lawful claims of all persons whomsoever. Ps:oviasn ALNAYa that if the Mortgagor shall pay unto the Mortgages that certain promissory note, of which the following is a substantial copy, to wit: . i 37,700.00 Port St, lurtiiglorida, July 3 ~ 180 . Fos Vruvs Rscravso, the underrsigned proonise(s) to pay to SUBURBAN COASTAL CORP. laws of NEW JERSEY , a order, the principal sum of IRTY S VEN THOUSAND SEV~ENr ~ HUNDRED AND NO/100-----------------------gym (=37,700.00 with interest from date at the rate of Eleven & one half per centum (11.5%) per annum ou the unpaid balsnoe until paid. The said principal and interest shall be payable at the office of Suburban Coastal Corp. , P. 0. Box 1328, Passaic in New Jersey , or at such other place as the holder may deeigriste is writing delivered or mailed to the debtor, in monthly installments of Three hundred seventy three b 61 /~ra (i 373.61 commencing oa ~ first d'y °f September .1980 , asd ooatiauing oa the first dad of each month thereafter unW this note is fully Paid, except that, if not sooner paid, the Snal payment of principal and interest shall be due and payable on the first day of August , 2010 . privilege is reserved to prepay at any time, without premium or lee, the entire indebtedness or any part Wereot not leu than the amount of one instillment, or one hundred dollus (;100.00), whichever is kss. Prepayment In full ibaU be crMited on the date received. Partial prepayment, other Wan on an installment due date, need not be credited untU We nett idlowiti~ installment due date or thirty days after such prepayment, whichever is earlier. - If any deficiency in the payment of say installment under this note is not made good prior to the due date of the nest such instsllment,We 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 shell not oonsUtute 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 as 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 oartsia 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. s STEVffi~T W , IiARMON [ggay] t even N. Harmon s TBRSSA L . 13AIiMON Teresa L. Harmon ~i [~L] And shall duly, promptly, sad fully perform, discharge, execute, effect, complete, sad comply with and 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. E The Mortgagor further covenants as follows: 1. That he wiU 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 doUan: (x100.00), whichever is less. Prepayment in fuU shall be credited on We date received. Partial prepayment, other Wan on an instalment due date, need not be credited until the next following installment due date or thirty days after such prepayment, whichever is earlier. 2. In order more full~• to protect. the security of this mortgage, the Mortgagor, together with, and in addition to, the monthly pa~•ments under the terms of the note secured- hereby, on the first day of each month until the said note is fully paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- after stated) the following 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 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, sad assessments wiU become delinquent, such sumstobe held by Mortgageeintniattopayeaidgroundrents,premiums,taxes,andspecislasaessmenta. (b) The aggregate of the amounts payable pursuant to subparagraph (a) end those payable oa the note secured 6eretiy, sh~il be paid in a ~rngle payment each month, to be applied to the following items in the order stated m ground rests, taxes, assessments, 5re, and other hazard insurance premiums; (II) interest on the note secured hereby; and (IIn amortiution of the principal of said note. Any deficient} in the amount of such aggregate monthly payment shall, unless made good by the Mort- u, gagor prior to the due date o[ the next such payment, constitute an event of default under this mortgage. At Mortgagee's option, Mortgagor will pry a "late charge" not exceeding four per centum (4°Jo) of any install- x~o f meat when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in W handling delinquent payymenu, but such "late charge" shall not be payable out of the proceeds of any sale G~ made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire t~ indebtedness and all proper costs end expenses secured thereby. -o 3. If the total of the pa~-ments niadc hr the Mortgagor under (a) of paragraph 2 preceding shall exceed m the amount of pa~•ments actually nie~le br t(~e 1lfortgagec, as trustee, for ground rents, taxes and assessments, F,.i and insurance premiwns, as the case maybe, such excess shall he credited on subsequent, payments to be made by the Mortgagor for sucl? items or, nt b4ortgngeP's option, as trustee, shall be rffundet! to Mortgagor. If, however, such mont)d}• pa~•ments shall not iie sufficient to par such items vfrhPii•the at~itie shall become due F~ and pa -able, then the :Mortgagor shall pa~• to flit Mortgagee, as trustee, any amount necessary to make up the de~ciency. Sucli pa~nient shall be n?ade within tliirt~ (:i0) da~•s after written notice from the Mortgagee stating the amount of the deficiency, which notice rosy be given by mail. If at any time the Mortgagor shall - ~ .