HomeMy WebLinkAbout1642 The Mortgagor hereby oovenantr~rf tli the ~or'tgaget?, tLat he is indefew'b~'eeizeddi lsaid hand is fes
simple or ouch other estates t1 aqy as is stated hernia; that he has full power and lawtul.right to oonvev the same
as aforesaid; that the lead n tree from all eacumbranoes except as herein otherwise recited, that saidlVlortgagor
will make such further asauranoes to prove tbs aforesaid title to said land in said Mortgages as may bs reason
tab required, and that said Mortgagor does hereby icy warrant We tills to said laud, and every part thereof,
~wiU defend the same against the lawful claims of all persons whomsoever.
Psovrnsa Atwa~ra that i! the Mortgagor shall pay unto the Mortgages that csrtain pmmisaoq nets, of
which the following is a substantial copy, to wit:
= 52,000.00 Port St. Lucie
September j19 80
Fos Vatvs Rscsrvsn, tbs undersi®ned promise(s) to pay to
SUBURBAN COASTP.L CORP.
, a oorporalion organised and eaosting Hader the
bws of the State of New Jersey • or ~ P~~ s1°' of FIFTY TWO THOUSAND and no/100-
-Dollars (i 52,000.00 with interest from date st -
the rate of TWELVE per oentum ( 12 °Jo) Per annum an tbs unpaid balance until paid.
The said principal and interbeR shaD be payable at the office of
SUBURBAN COASTAL CORP. - P. 0. box 1328
in Passaic , New Jersey , or at such other place as the hdder may designate in writing
delivered or mailed to the debtor, in monthly inatallmeats of F I V E HUNDRED THIRTY F I V E ~ 08/ l OODollsra
535.08 ~~~g ~ ~ first ~?Y ~ November , 1980 ,and continuing oa the
first dad of each month thereafter until this note is fully paid, acept that, it not sooner paid, the f
~Ol payment
of principal and interest shall be due sad payable on the first day of October o
Privilege is r+eeerved to prepay at any time, without premium or fee. the entire indebtedness or any part
thereof not less than the amount of one instillment, or one hundred dollars (=100.00), whiche~rer is less. trepayment !n full
shall be credited on the date rroeived. Partial prepayment, other than on an intWlment due date, need not be coedited until
the nett toiiowiag instaltmeat due date or thirty days after sum prepayyment, whichever i< earlier. r
If any deficiency in the pa t of any installment under this note is not made good prior to the due date
of tLe next such installment, .the entire princ~psl sum and accrued interest shall at once become due and pay-
able without notice st the option of the holder of this note. Failure to exercise this option shall not oonstttute
s waiver of the right to esemise 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 sn 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 aortgage of even date executed by the undersigned on oe~rtain property described
therein and represents money actu y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
/s/~DonL,a~ld~ Ems.
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And ahaU duly, promptly, and fully perform, discharge, execute, effect, complete, sad comply with sad abide
by each and ever~? the stipulations, agreements, conditions, sad ooveaaats of said promissory note and of this
mortgage, they that mortgage and the estate hereby created shall cease and be null sad void.
The Mortgagor further ooveaanta as follows:
1. That he will pay the indebtedness, as her+eiabefore provided. Privilege is reserved to prepay st any time,
without premium or fee, the entire indebtedness or say part thereof not less than the amount of one installment, or
~ one hundred doUus (5100.00), 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 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 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) the following sums:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable
as policies ~ fire sad other hassrd insurance covering the mortgaged property, Plua taxes sad assessments
next due on the mortgaged property (all as estimated by the Mortgagee sad of which the Mortgagor is
notified) leas all sums alreaiy prod therefor divided by the number of months to before one month
prior to the data when such ground r+enta, premiums, taxes, and aeseeamenta will become delinquent,
such sums to be hdd by Mortgageeiatruattopayeaidgroundrenta,premiums,ta:es,aad~ecialassesamenta.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and these ppaa~yyable on the note secured
_ b~ereby, ehi~l be paid. is a single payment each month, to be appl'eed to the fallowing items is the order
~aatt~,eedd
~ (n ground rests, taxes, assessments, fire, and other 6asard insurance premiums;
(II) interest on the note secured hereby; and
(III) amortisation of the principal of acid note.
Any deficiency in-the amount of such aggregate monthly payment shall, unless made good by the Mort^
gager 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°Jo) of any install-
meet when paid more than Sheen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent pay meets, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to duscharge the entire
indebtedness and all proper costs and eapeasea secured thereby.
3. I[ the total of the payments madr by the Mortgagor under (s) of paragraph 2 preceding shall exceed
the amount of payments actunlly madr by tf~e MottgaKer, as truster, for Rround rents, taxes and assessments, ~
and insurance premiwns, as the case may be, such excess shall be creditrd on subsequent payments to be made
by the Mortgagor for surf items or, at Mortgogee's option, sa trustee, shall be rrfunded to Mortgagor. If, . ~
however, such ~nontl~ly paymeets shall not i~r suf6~•irnt to pay such items when the same shall become due
and pa -able, then the Mortgagor shall pay to thr Mortgagor, ns trustee, any amount necessary to make up
the deficiency. Such payment shall be made within thiriv (30) 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