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The Mortgagor hereby covenants with the Mortgagee, that he ~ iadeieaa3bly seised d tMid land in fee
simple or such other estatet J any as is stated herein; that he has toll power and h ul right to ooovev the same
v alonsaid; that the land >a tree ~rom all encumbraaoes except as herein otherwise recited; that saidlvlortgagor
will make such further assurances to prove the aforesaid title to sod land in said Mortgagee as may be reason-
ab1y rrssqq~ired, and that said Mortgagor does herby fully warrant the tide to said land, and every part thereof,
and will defend the same against the lawful claims of au persons whomsoever.
Paovtatw Arw~irs that ii the Mortgagor shall pw unto the Mortgages that certain promissory note, of
which the following is a substantial Dopy, to wit: PORT ST . LUCI E , .
: -48,700.00 ~ JULY 18, • 1980
Foa Vaws Racsrvso, the imdereigoed pr+omise(s) to pay to
SUBURBAN COASTAL CORP. ~
a F RTY-EI •THO
SU~ANO SEVEN
HUNDRED
y,~, ~ the State of New Jersex or order, theprincipal sum of
and No/100 Dollars 48,700.00 with intetest iron date at
ym rate of ELEVEN and ONE-HALF per ceatum ( 11.50 per annum ao the unpaid baLnoe until paid.
The said principal and intered shall be payable st the office of ,
SUBURBAN COASTAL CORP. P.O. BOX 1328
in PASSAI C, NEW JERSEY , or it such other place as the hdder may designate in writing -
delivered or mailed to the debtor, in monthly installments of FOUR HUNDRED EIGHTY-TWO and 62/lf~ilars
482.62 commencing oa the first day of September , 19 80 ,sad continuing on the
first daj of each month thereafter until this note is fully paid, eacoept that, if not sooner paid, the final payment
of principal and interest shall be due and payable on the first day of August, 2010 i
privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part }
thereol not lent than the amount of one irntiJlmeat, or one hundred dollars (=100.00), vrhkberer h less. Prepayment in toll
shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited until
the next foDowing iadallment due date or thirty days after such prepayment, whichever is earlier.
Ii any deficiency in the pa t of any installment under this note is not made good prior to the due date
of the nest such installment, .the entire princrpal sum and accrued interest shall at ones become due and pay-
able without notice at the option of the holder of this note. Failure to ezerrSae this option shall not oonstttute
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 ell 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 end represents money actually used for the si;quisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
_J~,/ CHARLES FRANK SCHMIDT IV (ggw~
CHARLES FRANK SCHMTDT IV i
[mil
~
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with sad abide
by each and ever}r the stipulations, agreements, eonditiona, end covenants of sod promissory note and of this
mortgage, then th~a mortgage and the estate hereby created shall cease and be null and void.
The Mortgagor further covenants sa follows:
~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time,
without premium or fee, the satire indebtedness or say part thereof not leas than the amount of one installment, or
one hundred dollars (8100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial
prepayment, other than on an installment due date, need not be credited until the neat following installment due date or _
thirty days after 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 monthl~• pay n?ents 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 sums: ~
(a) A sum equal to the ground rents, if any, next due, plus the premiums that will pert 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 elapse before one month
prior to the date when such ground rents, premiums, taxes, and eesessmenta will become .delinquent,
such some to be hdd by Mortgageeintnrattopaysaidgroundrents,premiums,ta~ces,andspecialasseasmenta
t (b) The aggr+egste of the amounts pa ble pursuant to subparagraph (e) and those payable on the note secured
hereby, Shall be paid in a payment each month, to be applied to the following items in the order
stated
- (n ground rests, taxes, assessments, fire, and other hasard insurance premiums;
(In interest on.the note secured hereby; end
-(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mor•t^
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%) of any install-
s went when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in ~
handling delinquent paymeets, but such "late charge" shall not be payable out of the proceeds of any sale o~
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire
indebtedness end all proper costs and expenses secured thereby. ~ - s
3. If the total of the payments made b~• the Mortgagor under (a) of paragrnpl? 2 preceding shall exceed ~
the amount of paymentsg actually made b~• tfie !Mortgagee, as trustee, for ground rents, taxes and assessments,
and insurance premiums, as the case maybe, such excess shall tx• credited on subsequent payments to be made ~ ~
by the Mortgagor. for Such items or, at Mortgagee's option, a.4 trustee, shall be refunded to Mortgagor. If, T
however, such ~nontidy payments shall not l,e sufficient to pay such items when the same shall become due ;
and pa 'able, then the Mortgagor shall pay to the Mortl;agec, ns trustee, any amount necessary to make up ~ i
the deficiency. Such payment shall be made within thirty (:i0j"da}•s after written notice from the Mortgagee ~
stating the amount of the deficiency, which notice may be given by mail. Ii at any time the Mortgagor shall
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