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Home My WebLink About0455 ~ i v7 ~ • 1 The Mortgagor hereby covenants with the Mortgagee, that he » indefeasibly seized of said land in tee ~impb or such other estatet J any as is stated herein; that he has full power sad lawful right to ooo~ev the name as aforesaid; that the land Ls tree from all eaeumbranoes except as herein otherwise recited; that endMortgagos will make such further assurances to prove the aforesaid title to said land is said Mortgagee as may be reasoa- ab required, and that said Mortgagor does hereby i warrant the title to said land, and ever) part thereof, will defend the same against the lawful claiavs ot~ persona whomsoever. FieoviasD ALMATa that it the Mortgagor shall pay unto the Mortgages that cer'taia promissory sots, of which the following is a substantial coPJ, to.wtt: i 36, 000.00 Fort Pierce , I~faida. July. 18 ,19 80. FDA Vwrvs Rscsz.?sn, ~ ~ P~~(s) ~ pw? ~ SUBURBAN COASTAL CORP. 4ws of New Jersey ~ , a Wised sad eaoesting under the , or order, the principal sum of Thirty Six Thousand and no/ 100 -----------------------------------------Dollars (i 36',000.00 with interest from date at the rate otELEVEN AND ONE HALF per ceatum (11.5 per annum on the unpaid balance until paid. . The said principal and interest shall be payable at the office of Suburban Coastal Corp. P.O. Box 1328 is Passaic, New Jersey 07055 , or at such other pL1oe as the holder may designate in writing delivered or mailed to the debtor, in montlily inaWlments of Three Hundred Fifty Six ~ 76/ 100 Dollars 356.76 commencing on the first day of September , 19 80 ,sad continuing oa the first day of each month thereafter until this note is tally paid, acept that, ii not sooner paid, the final payment of principal and interest shell be due and payable on the first day of August, 2010 . Privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part thereof not less than the amount o[ Doe installment, or one hundred dollars (1100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial preps~yment, other than 0o an installment due date, need not be credited until the nett following installment due date or thirty days after sudr prepayment, whichever it earlier. _ - It any deficiency in the payment of any installment under this note is not made good prior to the due date of the nezt such installment, We entire princ?pal sum and accrued interest shell at once become due and pay- ' able without notice at the option of the holder of this note. Failure to exercise this option shall not oonetrtute 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 law, the undersigned hereby agree(s) to ' pay all poste of collection, including a reasonable attor~y's 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 notiws are hereby waived. /s~ Theodore W. Parker II ~[t~?L] THEODORE W. PARKER II - 1,~/ j.{,O.da L.. Parker (ggaL~ f LINDA L. PARKER [SEAL] I j [813AL] i And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with sad abide by each end ever)r the stipulations, agreements, eonditiona, and covenants of said promissory note and of this mortgage, then thrs mortgage sad the estate hereby created shall Deese and be null sad 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, j without premium or fee, the entire indebtedness or say part thereof not less than the amount of one installment, or one hundred dollars (6100.00), whichever 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 anti{ the next following instalment due date or thirty drysafter such prepayment, whichever is earlier. 2. In order more fully to protect the security of this mortgage, the Mortgagor, together with, and in addition to, the tnonthl~ payments under the terms of the note secured hereby, on the first der of each month until the said note is [ulIy paid, will pay to the Mortgagee, as trustee, (under the terms of this trust as herein- { after stated) tl?e following sums: (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due sad payable on poGciea of fire sad other hasard insurance covering the mortgaged property, plus taxes and assessments ~ next due on the mortgaged property (sU sa estimated by tLe Mortgagee and of which the Mortgagor is ~ notified) less aII sums already paid ther+dor divided by the number of months to elapse before one month prior to the date whey such ground rents, premiums, taxes, end assessanenta will become delinquent, ; such sums to be hdd by Mortgageeintruattopayeaidgroundrents,premiums,taxes,andspecialassessments. (b) The aggregate of the amounts pa able pursuant to subparagraph (a) and those payable on the note secured hereby, shall be paid in a eingiC payment each month, to be applied to the following items in the order elated (n ground rents,. taxes, assesanrente, fire, and other hasard insurance premiums; (In interest oa the note secured hereby; sad (IIn amortisation of the principal of said note. w Aay deficiency in the amount of such .aggregate monthly payment shall, unless made good by the Mort- = 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 pay a "late charge" not exceeding four per centum (4°Jo) of any install- . ment wheq paid more than fifteen (15) days after the due date thereof to Dover the extra expense involved in ~ # handling delinquent ~ayymenu, but such "late charge" shall not be payable out of the proceeds of any sale ~ ~msde to satisfy the tndebtedness secured hereby, udess such proceeds are sufficient to discharge the entire i indebtedness end all proper costs and expenses secured thereby. { 3. I( the total of the pa~-~uents made h~ the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of payments actually made b~• t ~e 1ltortKaKer, as trustee, for ground rents, taxes and assessments, 1Aa i and insurance premiwns, as the case maybe, such excess shall be credited on subsequent payments to be made Cj'1 by the Mori agcy for sucl~ items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. It, ?~ati # however, such ~nontldy payments shall not ix~ suffi~•ient to par such items when the same shall become due and pa •able, then the Mortgagor shall pay to the Mortgagee, os trustee, am• amount necessary to make up the de~ciency. Such payment shall be made within thirty (:i0) days 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 ~ i -h::