HomeMy WebLinkAbout0426 Ths Mortgagor hereby covenants with the Mortgaged, that he is indefeasibly sgised of sofa, ~p=d is fee
simple or such other estates J any as is stated herein; that he has full power and li uI nght to ooovev the same
as aforesaid; that the land m free from all encumbrances except as herein otherwise recited; that said~tortgagor
will make such further assuraneee to prove the aforesaid title to said land in said Mortgagee as may be reason-
ab~y rra~qq~ired, and that said Mortgagor does hereby full warrant the title to said lead, and every part thereof,
sad will defend the same against the lawful claims of a~ persons whomsoever,
Pteovtosn ALwAYa that if the'?iortgagor aluU pay onto the Mortgagee that certain promissory note, of
which the following is a substantial copy, to wit: .
= 42,900.00 l Port St. Lu ie
October 3 .1980
FotR Vuvs Rsesnrsa, the undersigned promise(s) to pay to
SUBURBAN COASTAL CORP . , a ~ ~aed and existing trader the
laws ~ NEW JERSEY . ~ fir, ~ P~pP~ sum of FORTY TWO THOUSAND NINE HUNDRED
and NO/100-------------------------------Dollars (i 42, 900.00 with interest from date at
the rate of THIRTEEN Pei (13 °Jo) P~ annum on the unpaid balance unW paid.
The said principal and interest shall be payable at the once of Suburban Coastal Corp.
P. 0. Box 1328
in Passaic, New Jersey , or at such other place as t~ hdder may deaigaaLe is writing
delivered or mailed to the debtor, in monthly installments of FOUR HUNDRED SEVENTY-FOUR and 90/IAilars
(i 474.90 commencing on the first day of December , 1980 ,and ooatinuiog oa the
first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final pa -eat
of princtpal and interest shall be due and payable on the first day of November ~ 2010 ~Y
Privilege is reserved to prepay at any time, without premium or fee. the entire indebtedness or any part
Wereof sot leas than the amount of one iadaUment, of aru
e hundred dollars (=100.00), whichever is less. Prepayment in toll
shall bs credited on the date received. Partial prepayment, other Wan on an installment due date, need not be credited uatU
the nett following installment due date or thirty days alter such prepayment, whichever is earlier.
If any deficiency in the payment of any inatailment under this note is not made good prior to the due date
of the next such installment, the entire princrpal sum and accrued interest shall at once become due and ~sy-
able without notice at the option of the holder of this note. Failure to exercise this option shall not oonstttute
a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the
payment of this note, and i[ the same is collected by an attorney at law, the undersigned hereby agree(s) to
pay ell costs of collection, including s 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, and notice are hereby waived.
Albert Munsinger
- [~L]
_ [SEAL]
[88AL]
And shall duly, promptly, and fupy perform, discharge, execute, eReet, complete, and comply with and abide
by each and every We stipulations, agreements, conditions, and covenants of said promissory note sad of this
mortgage, then this mortgage and the estate hereby created shall Deese and be null sad void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, ea hereinbefore provided. Privilege is reserved to prepay at Bay time,
without premium or fee, the entire indebtedness or any part thereof not leas than the amount of one installment, or
one hundred dollars (;100.00), whichever is less. Prepayment in lull shall be credited on the date received. Partial
prepayment, other Wan on an installment due date, need not be credited until the next following instalment due date or
thirty days after such prepayment, whichever is earlier.
2. In order more fully- to protect the security of this morigaRe, the tiorigagor, together with, and in
addition to, the monthly payments under the terms of the note secured hereby-, on the first dad of each month
until the said note is fully paid, will pay- to the Mortgagee, as trustee, (under the terns 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 sad other hazard insurance covering the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
notified) less all sums already paid t6eretor divided by the number of months to elapse before one month
prior to the date when such ground rents, premiums, taxes, and assessments will Lecome delinquent,
such stuns to be held by Mortgsgeeintrusttopaysaidgroundrents,premiums,tax and
(b) The aggregate of the amounts able ~ specialassessmenta.
hereb shall be d in a pay pursuant to subparagraph (s) and those payable on the note c:ecured
pal single payment each month, to be applied to the following items in the order
eta
(I) ground r+~ts, taxes. assessments, fire, and other hazard insurance premiums;
(II) interest on the note secured hereby; and
(III) amortisation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Aiortr
gager pryer to the due date of the next such Payment, constitute an event of default under this mortgage.
At Mortgagee's option, Mortggagor will pay a "late charge" not exceeding four per centum (4%) of any install-
ment when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent ~avments, 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 io discharge the entire ~ '
indebtedness and all proper costs and expenses secured thereby. O
3. It the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed
the amount of payments aMunlly made by t[~e ~torlKaKee, as trustee, for ground rents, taxes and assessments,
and insurance prnmiums, as the case rnay~be, such excess shall Ix• credited on subsequent payments to be made
by the Mortgagor for such items or, at ~tortgngee's option, ag trustee, shall be refunded to Mortgagor, If,
however, such monody payments shall not tn• sufficient to pay- such items when the same shall become due
and payable, then the Mortgagor shall pay- to the i~(ortgagee, as truster, am amount necessary to make up
the deE~tciency. Such payercnt shall be rnade within thirty (a0) days after written notice from the Mortgagee
stating tliP amount of the deficiency, which notice may be given by mail. If at any time the Mortgagor shall