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HomeMy WebLinkAbout1391 i J , i The Mortgagoc hereby covenants with the Mortgagee, that'hd ~ tpdefeas~l ~ -sdsed of said land in fee simpple or such other estste~ tt any as is stated herein; that he has full power and law~ul right to ooovev the same v aforesaid; that the land u free ~rom all eneumbraaees except as herein otherwise recited; that saidlViortgsgor will make such further aasuranoes to prove the aforesaid title to said land is said Mortgagee as auy be reason- ab~j rreeqquired, and that said Mortgagor does herby full warrant the title to said land, and every part thereof, sad will defend the same against the bwful claims of all persona. whomsoever. Psoveasa ALwen that if the Mortgagor shall pay unto the-Mortgages that osetaia promissory note, of which the following is a substantial ropy, to =42,850,00 Julyor8 S 1t80ci~~ Fos Vsws Itscsevso, tbs undersigned promise(s) to pay to SUBURBAN COASTAL CORP. - , a oocporstioa organised and eaeting under tbs bwa of New Jersey , or ceder, the principal sum of FORTY TNO THOUSAND EIGHT HUNDRED FIFTY AND NO/100----------------------- Dd4rs (i 42,850.00 with interest from date at the rate of Eleven and one half per ceatum (11 , 5 °Jo) per annum on the unpaid balance until paid. Ths said principal and interest shall be payable at the o>Tue of Suburban Coastal Corp. , P. 0. Box 1328, Passaic in New Jersey , or st such other place as the holder may designate in writing delivered or mailed to the debtor, is monthly installments of Four hundred twenty four 3 64/1 ODollars 424.64 commencing on the first day of September , 19 80, and oontiauing an the first day of each month thereafter until this note ie fully paid, except that, if not sooner paad, the final payment of princrpal 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 thereof not las than the amount of one iwtiUssent, or one hundred dollaes (tjlo0.o0), w6ichemr b less. Prepayment in tuq shall be credited oa the date received. PatWd prepayment, other than on as installment due date, need not be credited until the Hatt following instalment due date or thirty days after such prepayment, whichever is earlier. If any deficiency is the payment of any installment under this note is not made good prior to the due date of the nest such installment, We entire pnnctpal 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 opption shall not constrtute a waiver of the right to exercue the same in the event of any subsequent default. In We 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 mort~aee of even date executed by the undersigned on certain property described therein and represents money act_ua11y used for the acquisition of said property or the improvements thereon. Presentment, protest, and notice ue hereby waived. - ' Raymond Frank Galasso ~ [~.l And shall -duly, Promptly, and fully perform, discharge, execute, eEect, complete, and comply with and abide by each end every the stipulations, agreements, conditions, sad covenants of said promissory note sad of Chia i mortgage, then this mortgage sad the estate hereby created shall cease sad be null and void. The Mortgagor further. oovenanta sa lollowa: 1. That he will pay the indebtedness, as hereinbefon provided. Privilege is nacrved to Prepay at say time. without premium or fee, the satin indebtedness or any part thereof not leas than the amount of one installment, or ~ one hundred dollar (:100.00), whicbever is less. Prepayment in full shall be credited on the date received. Partial ~ prepryment, other than on an installment due date, need not be credited until the next following installment due date or thirty. drys after such prepayment, w_ hichever is earlier. 2. In order more fully to protect the security 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 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) tl?e following awns: f (s) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable s on policuw of fin and other hassrd insurance covering the mortgaged property plus taxes and assessments nert due on the mortgaged property (all se estimated by the Mortgagee an~ of which the Mortgagor is E noti5ed) leas all sums alread~r paid therefor divided by the number of months to elapse before one month ! prior to the date whey such ground rents, premiums, taxes, and aeeeasments will become delinquent, i ouch sums to be hdd by Mortgageemtrusttopaysaidgroundrents,premiums,ta:ea,andspecialassessrnenta. (b) The aggregate of the amounts payable pursuant to aubparagrsph (a) and those hereby, shall be paid in a single payment each month, to be a lied to the ~ ogle or? the note secured stated PP wing items in the order (n ground rents, taus, aaeeasmente, fin, sad other 6asard insurance premiums; (II) inter+eat on the note secured herby; sad (IIn amortisation of the principal of erud note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort- ~ gagor pryor to the due date of the next such payment, constitute an event of default under this mortgage. At Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per centum (4%) of any install- ment when paid more than Sit~een (15) days after the due date thereof to Dover the extra expense involved in handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale t+~ made to satisfy the indebtedness secured hereby, unless such proceeds sn sufficient to discharge the entire indebtedness and all proper costa and expenses secured thereby. ~ ~ 3. I( the total of the pa~•ments made b,,• the Mortgagor under (e) of paragraph 2 preceding shall exceed~* the amount of ps~•ments actualh made by t11e Mortgagee, as trustee, for ground rents, taxes and assessments, ~ and insurance premiums, as the case maybe, such excess shall be credited on subsequent payments to be made by the Mortgagor for such items or, nt Mortgagee's option, as trustee, shall be refunded to Mortgagor. If, however, such monthly pa~•ments shell not iM suffi~•ient to pay such items when the same shall become due ~ ; and ps •sble, then the Mortgagor shall pad to the Mortgagee, os trustee, any amount necessary W make up the deficiency. Such pa~-ment shall be made within thirty (a0) da~•s after written notice from the Mortgagee stating the amount of the deficiency, which notice may be given by mail- If at any time the Mortgagor shall _ ~z-= - =4