HomeMy WebLinkAbout0579 The Mortgagor hereby, covenants with We Mortgagee, that he is indef ~~aeiaed oi~}~~d hand is fee
dimple or such other estates J any as is stated herein; that hs has f ull power an itrfm.right to i3a+f• the acme
as aforesaid; that the land u free from sU encumbrances except as herein otbecwiss recited; that acid Mortgagor
will make such further assuranoa to prove the atorasid title to said land is said Mortgages w array be reaaon-
ably rreeqquired, and that said Mortgagor does hereby full warrant the title to said land, and every part thereof,
sad will defend the same agsiast the lawful calms o! a~ persons whomsoever.
P1tOYlDSD ALwAYa that it the Mortgagor shall pay unto the Mortgages that csrtaia promiswry rate, of
which the following is • substaatiat copy, to wit:
i 48, 300.00 Port St . Lucie , Ftot:ids.
August 5 .10 80.
Foa `IALUti iiscsivm, the uaderri~?ed pranise(a) to pay to
SUBURBAN COASTAL CORP.
, a corporation orrgaanised sad sleeting Hader the
taws of e e or order, the principal sum of FORTY-EIGHT THOUSAND THREE
HUNDRED ~N~ f1~~~00_________ _____.,Do11aro (i 48,300.00 with iatermt iron date at
the rate of ELEYEN d~ ONE-HALF per oeatum (11.5go) per annum on the unpaid balance until paid.
The said principal and iatereet shall be payable at the o>~oe of SUBURBAN COASTAL CORP . , P .0 . Box 1328 ,
Passaic
~ New Jersey , or at such other place as the kidder may deei~ate in writing
delivered or mailed to the debtor, in monthly instaUmenta of FOUR HUNDRED SEVENTY-EIGNT~65/
(i 478.65 oommeacing on the Brat day of October . l0 80 . sad ooatinuit~ the
first day of each month thereafter until this note is fully paid, except that, it not sooner paid, the Ol payment
of principal and interest shall be due and payable on the fast day of September 0
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not las than the amount o[ one installtneat, or oat hundred dollars (1100.00), wbkherer is leas. irepayment in full
shall be credited on the date rteeired. Partial prepayment, other tbm on qn iostallnierit due date, need not be ertdited until
the nest following iaaWlmeat due date or thirty days attar web prepaymtnt, whichever it earlkr.
If any deficiency in the pa eat of any installment under this note is not made good prior to the due date
of the nest such installment, the entire principal sum and accrued int~erest shell at once become due and Pay-
able without notice at the option of We holder of this note. Failure to esereise this option shall awl constitute
a waiver of the right to exerrtse the same in the event of any subsequent default. In the event of default in the
payment of this note, and it the rime is collected by an attorney at Lw, the undersigned hereby agree(s) to
pay all coats of collection, including a reasonable attorney's fee.
This note is secured by mortgage of even date executed by the underrugried on certain property described
therein and represents money seta y used for the acquisition of said property or the improveaoent~ thereon.
Presentment, protest, and notice are hereby waived.
/s/ HERBERT LESLIE BRAGUE ~~L~
/s/ t7PfILIE L. V. BRAGUE ~~L~
[mil
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, sad comply with and abide
i 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 and void.
The Mortgagor further ooveaanta as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pt~epay 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 (x100.00), vrhichever 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 next 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 monthly payrr?enta under the terms of ilie note secured i?ereby, 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-
alter stated) tFre following sums:
, (s) A sum equal to the ground rents, if any, nert due, plus the premiums that will nezt become due and payable
on policies of fire and other hasard insurance covering the mortgaged property, plus taxes sad asseswrrenta
-next due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor is
i notiSed) 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 aumatobe held by Mortgageeintrusttopayeaidgroundrents,premiums,ta:ea,andspecialasaessrnenta.
s (b) The aggregate ~ the amounts payable pursuant to aubparagrapb (s) and those payable on the note secured
hereby, shall be paid in a_sin payment each month, to be applied to the following items in the order
s stated
(I) gramd rents, tease, assessments, fire, and other hasard insurance premiums;
4 (II) interest on the note secured hereby; sad
S (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-
gagor prior to the due date of 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-
went when paid more than fifteen (IS) days after the due date thereof to cover the extra expense involved in ~
handling delinquent palrmenta, but such "late charge" shall not be payable out of the proceeds of any sale
t made to satisfy the to ebtedness secured hereby, unless such proceeds are sufficient to dischrarge the entire
-indebtedness and all proper costs and expenses secured thereby.
3. 1f the total of the pa~-ments made b,,• the Mortgagor under (a) of paragraph 2 preceding shall exceed
g the amount of payments actually made by tl'e ~iort.Kai;ee, as trustee, for Kround rents, taxes and assessments,
i and insurance prrmiwris, as the case ma~~ be, such excess shall be credited on subsequent payments to be made
by the Mortgagor for such items or, at 1ortgagee's option, as trustee, shall be refunded to Mortgagor. If, r~i+
however, such monthly payments shall not i?c guf$rient to pa~• such items when the same shall become due
and pa~•able, then the Mortgagor shall pay to the MortRai;er, ac trustee, any an?ount necessary to make up
the de ciency. Such pa~•ment shall be made wjtlrSn•thitty (a0) da}•s after written notice from t)re Mortgagee
stating the amount of the deficiency, which notice may be given by mail. If at any time the tiiortgagor shall