HomeMy WebLinkAbout1167 The Mortgagor hereby, covenants with the Mortgagee, that he is indeteaai seised bi said bad in fee
simple or such other estates ri any a8 is stated herein; that he has f all power and la~ul right to convey the same
as aforesaid; that the land m free from all encumbrances except as henm otherwise recited; that aaid~Viortgagor
will make such further assurances to prove the aforesaid title b said land in said Mortgagee as may be reason-
ab1y rreeqquited, and that acid Mortgagor does hereby full) warrant the title to said land, and every part thereof,
and will defend the same against the lawful claims of au persons whomsoever.
Psovrtaso At.ww~ra that it the !Mortgagor shall pay unto the Mortgagee that certain promissory note, of
which the iollowing is a substantial Dopy, to wit:
i 78,000.00 Fort Pierce .
September 19 , 19 80 .
Foa Vwrvs Rsettuvsn, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORD.
, a eorpon?tioa organised sad enistina under the
laws oI New Jersey , or order, ~ P~~Pv sum ~ Seventy Eight Thousand and no/ 100
_~_____________~___~__~~~~~~~_~y~ 78,000.00 with interest from date at
~ rate ~ _ Ten and One-Half per ceatum (10. S per annum oa the unpaid bah?noe until-paid.
The said principal and interest shall be payable at the o8ice of Suburban Coastal Corp. , P.O. Box 1328,
~ Passaic, New Jersey 07055 , or at such other ph?ee as the hdder may designate in writing
delivered or mailed to the debtor, in monthly installments of Seven Hundred Thirteen and 70/1O~m
713.70 commencing on the Brat day of November , 19 80 ,and oontinuiog on the
first dad of each month thereafter until this note is tally paid, except that, if not sooner pa_
id, the Snal payment
of princtpal and interest shall be due and 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 la~as than the amount of one installment, or one hundred dollars (=100.00), whichever is kss. Prepayment W full
shall be credited on the date received. Partial prepayment, other Wan on ur irutillment due date, need not be credited untU
the next [opowing instillment due date or thirty days silts such prepayment, whichever- is earlkr.
Ii any deficiency in the pa ant of any inataAment~rnder this note is not made good prior to the due date
of the nett such installment, We entire grincrpal sum and accrued iut~ereat shall at once become due end Pay-
able without notice st the option of the holder of this note. Failure to exercise this option shall not oonstttute
s1 waiver of the right to exercise the same in the event of any subsequent default. In the event of default in tha
payment of this note, and it the same is collected by an attorney at law, 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 data executed by the undersigned on certain property described
therein and represents money seta y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
/s/ G~ J. Steele [ggaL]
GARY J. STEELE
Ls Nancy E. Steele [ggAL]
NANCY E. STEELE
- [~L]
[SEAL]
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 Chia
mortgage, then this mortgage and the estate hereby created shall cease and be null sad void.
The Mortgagor further covenants as follows:
1. That be will pay the indebtedness, sa bereinbefore provided. Privilege is reserved to prepay at any time,
withotrt premium or fee, the satire indebtedness or any part thereof not leas than the amount of one installment, or
one hundred dollars (=100.00), whichever is less. Prepayment in . tall shall 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 more fully to protect the sPCUrity.of this mortgage, the Mortgagor, together with, and in
addition to, the nronthl~• payments under thr• terms of Urr note ser•urerl hereby, on thr first day of each month
until the said note is fully paid, will pay to thr Mongag~t•, as tru4te~, (undc~r_the terms of this trust as herein-
after stated) fire 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 at fire sad other hazard insurance covering the mortgaged property, plus taxes and sssessmenta
next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
notified) less all sums already pard therefor divided by the number of months to ela before one month
prior to the date when such ground rents, premiums, taxes, and assessments will recome delinquent,
such sums to be hdd by Mortgageeintrusttopaysaidgroundrents, premiums, taxes, andapecial assessments.
(b) The sggcegate of the amounts pa able pursuant to subparagraph (a) and those payable on the note secured
~ beretiy, shall be paid in a single Payment each month, to be applied to the following items in the order
stated
m ground Heats, taxes, easessmente, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby; and
(IIn amortization of the principal of said note. t
f Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort-
6 gagor prtor 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 tour per centum (4°Jo) of any install- -
went when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in ~ x
handling delinquent paymeats, 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 drschsrge the entire
indebtedness and all proper costs and expenses secured thereby.
3. If the total of the pa}-meats nrarh b~• the Mortgagor under (e) of paragraph 2 preceding shall exceed
the amount of payments actually made br file ~tortKaKee, as ttust~e, forgrounrl rs'nts, taxes and assessments,
and insurancecee prnmiunrs, as tht' case ma~~ br, such extras shall Ire credited on subsequent payments to be made
by the'.Nortgagur for such items or, nt MortgngFP's option, ag trustee, shall be~refutr`cfed to Mortgagor. If,
however, such monUdy payments shall nM I?c suffir•iPnt to pay such items when the same? shall t,ecome due ~r t
I and payable, then the Mortgagor shall pay to the ~tortgager•, a.4 trustee, any amount necessary to make up ~r
the rlef`iciency. Such paymt•nt shall be mark within thirty (aO) days after written-notice from the Mortgagee ~ a
stating the amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall `
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