HomeMy WebLinkAbout0894 The Mortgagor hereby covenants with the Mortgagee. that hs is in~elea~iWW,,~~ seised ot'. `c~ land in fee
simple or such other estater J any as is stated herein; that he has toll power and 1w11Iul right ta.v the same
as Joresaid; that the lead >s fires from sU encumbrances except as herein otherwise recited; that sat ~iostgagor
will make such further asauranees to prove the aforesaid title to said land in said Mortgagee as may be reasoa-
ably ri~aqq~ired, and that said Mortgagor does hereby full warrant the title to said land, sad every part thereof,
sad wilt defend the same against the bwful claims of ~ persons whomsoever.
Psovinsa ALNAYa that it the Mortgagor shall py unto the Mortgages that certain promissory note, of
which the following is a substantial Dopy. to wit.
= 72, 675.00 Stuart • 1F7orida.
Septatber 3 •19 80 .
Fos Vwivs RscsivsD, the uaderai~ied promise(s) to P~4Y ~
StIQtJftBAN OQASR'AL cOIiP.
. a oorporatioa organised sad e~aietins under the
bws of me State of New Jer~.~y or order, ~ Principal sum of S>;VII~Ti'Y-'IWO 'IiiOUSAND SIX I~IUNDIt7~
SEVIIat'Y--FIVE AND NO/100 T"'~_ ~ (=72,675.00 with interest from date at
the rate of 'I'FN AND Qt>E HAi~ Pce (10.5 Pce annum cn the unpaid balaaoe until paid.
The said principal sad interest shall be payable at the office of
Suburbatn coastal corp. , P. O. 13c3x 1328,
is Passaic, .New Jersey 07055 , or at such other place as the hdder may deeiggate is writing
delivered or mailed to the debtor, m monthly installments of SIX llU~1DR>:U SIXTY-FOUR AND 98/100Dollars
664.98------~, commencing oa the brat day o[ i!b~nber - - - _ _ . _ . _ 19 80 . sad ooatisuina on the
first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment
of principal sad interest shall be due sad payable on the first day of October 2010 ,
privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part
thereof not las than the amount of one installment, or one hundred dollars (=100.00), whichever 41ess. Prepayment in full
shall be credlted on the date received. Partial prepayment, other than on as installment due date, need not be credited until
We next following instalment due date or thirty days after such prepayment, whichever is earlier.
H any deficiency in the payment of any installment under this note is not made good prior to the due date
of the next such inatsllment, the entire principal sum and accrued interest shall at once become due sad pay-
able without notice at the option of Wa holder of this note. Failure to exercise this option shall not constitute
a waiver of the right to exercise the same in the event of any subsequent default. In the e~eat of default in the
payment of this note, and it the same is collected by an attorney at law, the undersigned hereby agree(s) to
pay all costa 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 and represents money actually used for the acquisition of said property or the improvements thereon.
Presentment, protest, sad notices era hereby waived.
/s/ Colin Patrick Irntan
Z'orln`~a i
_ /s/ Caen S. Irgttan
• can S. irnren
- ~ _ [~.l
[mil
i And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and 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 sad be null and veil: '
The Mortgagor lurther covenants as follows:
1. That he will pay the indebtedness, a8 her+einbefore provided. Privilege is reserved to prepay at any time,
without premium or fee, the entire indebtedness or say part thereof not less than the amount of one installment, or
one hundred dopers (;100.00), whichever is less. Prepayment in [all chap 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 days after such prepayment, whichever is earlier.
2. In order morn fully to protect the security of this mortgage, the :ttortgagor, together with, and in
addition to, the uronthly payrreents under the terms of Ure nMe secured hereby, on the first day of each month
until the saicl 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 5r+e and other hazard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all sa estimated by the Mortgagee and of which the )Vtortgsgor is
notified) less all sums already paid therefor divided'by the number of months to elapse before one month
prior to the date when Ruch ground rents, premiums, taxes, and assessments will beC:ome delinquent,
such sums to be held by Mortgageemtruattopaysaidgroundrents,premiums,taxes,andspecislassessmenta.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the note t?ecured
hereby, shall be paid in a single payment each month, to be applred to the following items in the order
stated _
(I) ground rents, taxes, assessments, fire, sad other hazard insurance premiums;
(II) interest on the note secured hereby; and j
• (III) amortisation of the principal of said note.
Any defic"rency in the amount of such aggregate monthly payment shall, unless made good by the Mortr
gagor prior to the due date of the next such payment, constrtute 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- w
meat when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent payymenu, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the rndebtedness secured hereby, unless such proceeds are sufficient to drscharge the entire
indebtedness and all proper coats and expenses secured drereby.
3. If the total of the payments made b~•,the Mortgagor under (a) of paragraph 2 preceding shall exceed ~
the amount of payments actually made by file :Mortgagee, ss trustee, for ground rents, taxes and sasescments,
and insurance prnmiw~rs, as the case may be, such excess shall he credited on subsequent payments to be made
by the 4ortgagor for such items or, nt ltortgngpP's option, eg trustee, shall be refunded to Mortgagor. If,
however, such monthly payments shall not tsc• suHi~•ient to pay such items when the same shall become due
and psS•able, then the Mortgagor shall pay to the ytortRagee, ng trustee, any amount necessary to make up
the deficiency. tiuch payment shall be made within thirty (:i0) da~^s after written notice from the Mortgagee )
stating the amount of the deficiency, which notice map be given by mail. IL at any time the Mortgagor shall