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HomeMy WebLinkAbout0399 The Mortgagor hereby, covenants with the Mortgagety that he is inded seised o~r~ lead in fez simple or such other estates tf any as is stated herein; that he has toll power and~ul,right to oogvev the same as aforesaid; that the land >s free ~rom all encumbrances except as herein otherwise recited; that said 74tortgagor will make such further aaauranoea to prove the aforesaid title to said land in said Mortgagee as may be reaaon- ably rreeqquired, and that acid Mortgagor does hereby full?7 warrant the title to said land, and every part thereof, and will defend We eaa?e against the lawful claims of W persons whomsoever. PROVIDED ALNAIfa that it the Mortgagor shall pay unto the Mortgagee Wet oectnin promissory note, of which the following is a substantial ooPJ, to wit: . i 82,000.00 ~ Port St. LucieMorida~ ctober 3 .1980 Fog YwLUS RscuvsD, the underai®ned promise(s) tq pay to SUBURBAN COASTAL CORP. , a corporation organised and e~dsting under the Iawe of NEW JERSEY . or order, the principal sum of BIGHTY TWO THOUSAND AND NO/100- ---------------------~--~~_---------dollars (i 82,000.00 with interest from date at the rate of THIRTEEN per oeatum ( 13 per annum on the unpaid balance until paid. The said principal sad interest shall be payable at the o8ioe of Suburban Coastal Corp. , P. 0. Box 1328 _ is Passaic, New Jersey , or at such other pL?ce sa the holder may designate in writing delivered or mailed to the debtor, in monthly installments otNINE HUNDRED SEVEN and 74100----Dollars (i 907.74 commencing on the first dry of December , 1980 ,and oontinuina oa the brat day, of each month tbereatter until this note is fully paid, except that, if not sooner paid, the final payment of principal and interest shall be due and payable on the first day of November , 2010 . privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part thereof act less Waa the amount o[ one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in full shall be credited on the date received. Partial prepayment, other Wan on an instaUnnent due date, need not be credited until the next tollowia~ installment due date or thirty days after such prepayment, whichever ~ earlier. If any deficiency in the pa eat of any installment under this note is not made good prior to the due date of We nett such installment, the entire principal sum and accrued interest shall at once become due and pay- able without notice at the option of the holder of this note. Failure to exercise this option shall not oonatatute a waiver of the right to exercise We same in the event of any subsequent default. In the event of default in the payment of this note, and if the strama is collected by an attorney at law, the undersigned hereby agree(s) to pay all 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 and represents money actually used for the acquisition of said property or the improvements thereon. pc+eeentment, protest. and notic~i are hereby waived. ~ _ ~ Cha lea G~or e S _ ~.~y-~s~~.~ , [mil Theresa Gloria Sadler - ~~L~ And shall duly, promptly, and fogy 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 morigage, then this mortgage and the estate hereby created shall cease and be null and void. The Mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or one hundred dollars (5100.00), whichever ~ 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 securit}• of this mortgage, the ~tortgaRor, together with, and in addition to, the monttil~- paruienta 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 ~4ortgngee, as trustee, (under the terms of this trust as herein- after stated) the following scans: . (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable ~ on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments i 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 ~ l prior to the date when such ground rents, premiums, taxes, and assessments wig become delinquent, 9 such eumato be held by Mortgageeintrusttopsysaidgroundrents,premiums,ta:ea,andspecialassessments. ~ (b) The aggregate of the amouata~able pursuant to subparagraph (a) and those payable on the note secured hereby, shall be paid in a e payment each month, to be applied to the following items in the order stated (I) ground nmte, taxes, assessments, fire, and other hazard insurance premiums; (II) interest on the note secured hereby; and ! (III) amortisation a[ the principal of said note. ' Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mort^ gagor prjor to the due date of the next such payment, constitute an event of de[ault under this mortgage. At Mortgagee's option, Mort agcy will pay a "late charge" not exceeding four per centum (4°Jo) of any install- ~ meat when paid more than f~(teen (15) days after the due date thereof to cover the extra expense involved in QQ handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale 3~a°o made to satisfy the rn ebtedness secured hereby, unless such proceeds are sufficient to discharge the entire C.r7 indebtedness and all proper costs and expenses secured thereby. t~ 3. If the total of the parnients nindc h. the Mortgagor under (a) of paragrapl? 2 preceding shall exceed Q the amount of payments actually niacle h~• t(re AlortKaKee, as trustee. for Kround rents, taxes and assessments, s = and insurance premiwus, as tl?e case mar~be. such excess shall l,P credited on subsequent payments to be made m by the Mortgagor for such iterns or, zzt :~tortgngPe's option, as trustee, shall be rrtunded to Mortgagor. Ii, however, such montlil~ payments shall not t,e suf6~•ient to par such items when the same shall become due and payable, then the 1~1ortRaRor shall pa~• to the ltortKal;ce, nc trustee, am amount necessary to make up the def`iciener. Such parnrent shall be made within thirty (a0) da~•s after K•ritten notice from the Mortgagee stating the remount of the deficiency, which notice rosy be given by mail I[ at any dme the :~tor•tgagor shall