HomeMy WebLinkAbout0750 The Mortgagor hereby covenaata with the Mortgagee, that be is indafeaaibly spited of said ~aqd in fee
aimplo or such other estates J any as is stated herein; that he has lull power and lawful t?i~ht to twav v tLe same
as aforesaid; that the land rs free from sU encumbrances except as herein otherwise recited; that said~ortgagor
will make such further assurances to prove We aforesaid title to said land in said Mortgages as may be reason-
ab required, and that said Mortgagor does hereby fullyy warrant the title to said land, and every part thereof,
an will delend the same against the lawful claims o! all persona whomsoever.
PaOVJDED Ar.w~YS that if the ?Mortgagor shall pay unto We Mortgages Wet certain promissory note, of
which We following is a substantial Dopy, to wit:
i 40, 650.00 Stuart ,Florida,
October 2 ,19 80 .
Foa Vwra~s RscsrvsD, the uadecaigned promise(s) to pay to VANTAGE MORTGAGE ASSOCIATES,
i
INC., a Florida corporation
a corporation orgaaiaed and eastiaa under the
Vws ~ Florida , or order, the principal sum of FORTY THOUSAND SIX HUNDRED '
FIFTY AND 00/100----------- Dollars (i 40, 650.00- interest !rom date at z
the rate of thirteen--------- p~ oentum 13 per annum on the unpaid balance until paid. '
Tba said principal and interest shall be payable at the office of Vantage Mortgage Associates, °
Inc., 317 Minorca Avenue
in Coral Gables, Florida , or at such other place as the bolder may designate in writing
delivered or mailed to the debtor, in monthly installments ofFOUr HuDdred Fifty & 00/100~D~
(4 450.00----). eoenmencing on We first day of November , 1980 ,and continuing on the
fast day of each month thereafter until this note is fully paid, except that, if not sooner paid We final payment
of principal and interest shall be due and payable on the first day of October, 2014. .
Privilege is reserved to prepay at any time, without premium or fee. We entire indebtedness or any part
thereof not less Wan the amount of one installment, or one hundred dollars (=100.00), whichever is less. Prepayment in full
sha0 be credited on the date t+eceived. Partial prepayment, other Wan on an instaWnent due date, need not be credited until
We next toliowing installment due date or thirty days alter wch Prepayment, whichever is earlier.
Ii any deficiency in Wa pa ant of say installment under this note is not made good prior to the due date
of We nett such installment, We entire principal sum and accrued interest shall at once become due and ~ay-
able without notice at the option of the bolder of this note. Failure to ezeirise this option shall not constitute
a waiver of the right to ezercise We same in the event of any subsequent default. In a event of default in We
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 resaonable attorney's fee.
Tbia note is secured by more of even date executed by the undersigned on certain property described
Wereen and represents money act_ua11y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notices are hereby waived.
~s~arold D. Dickson
HAROLD D. DICRSON
1
_1s/ Joyce l~, Dickson _
JOYCE M. DICKSON
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, sad comply with and abide
by each and every the stipulations, agreements, conditions, and covenants of scud promissory note and of this
mortgage, then this mortgage and the estate hereby created shall cease sod be null and void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness, as bereinbefore provided. Privilege ie reserved to prepay st say time,
without premium or fee, the entire indebtedness or say part thereof not less than the amount of one installment, or
one hundred dollars (5100.00), whichever is less. Prepayment in fait shall be credited on the date received. Partial
prepryment, other than on an installment due date, need not be credited until the next tollowin` installment due date or
thirty days after such prepayment, whichever is earlier.
2. In order morn full~• to protect the securit~• of this mortgage, the Mortgagor, together with, and in
addition to, the monthly pa~•ments under the terms of the note secured hereb~•, on the first da}• of each month
until the said note is fully paid, will pa}- to the ~lortt;agee, as trustee, (under the ternes of this trust as herein-
after stated) the fullowieiR sums:
(a) A sum equal to the ground rents, if say, next due, plus the pr+emiuma that will next become due and payable
on policies of fire sad other hasard inzairance ooveriag the mortgaged property, plus taxes and assessments
next due on the mortgaged property (all sa estimated by the Mortgagee and of which the Mortgagor is
notified) lees all sums already paid therdor divided by the number of months to stapes before one month
prior to the date when such ground rents, premiums, taxes, and aeaeasments will become delinquent,
such sums to be held by Mortgageeintrusttopayeaidgrouadrenta,premiums,taxea,andapecialaasesernenta.
(b) The aggr+egaUt of the amounts payable pursuant to subparagraph (s) and those ps~yable on the note secured
hereby, shall be paid in a aiagle payment each month, to be applied to the following items in the order
stated
(n ground rents, to:ea, assessments, fire,. and other 6amrd insurance premiums; ;
(II) interest ~ the note secured hereby; sad
(IIn amortisation of the principal of said ante.
Any de6ciene}? 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, constitute an event of default under this mortgage.
At Mortgagee's option, Mortgagor will pay a "late charge" not exceeding !ow per centura (4%) of any install- j
went when paid more than fifteen (15) days after the due date thereof to cover the extra expense involved in
handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale
made to satisfy the enclebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~
indebtedness and all proper costs and expenses secured thereby.
3. If the total of the payments made by the Zfortgngor under (a) of paraQrnph 2 preceding shall exceed ~
the amount of payments actuaU~• ereacle by tf~e ~fort{tsKee, as trustee, for ground rents, taxes and assessments, ~
and insurance premiums, as the rase maybe, such excess shall tee credited on subsequent payments to be made ~ `3
by the Mortgagor for such items or, at• Mortgagee's option, a.4 trustee, shall be refunded to Mortgagor. It,
however, such monthly pa~•ments shall nit lee sufficient to pa}- such items when the same shall become due
and payable, there the Mortgagor shall pa~• Io the ~fortRagec, a.S trustee, any amount necessar • to make up
the def=iciency. tiuch pa~•mcnt shall be ?nacle within thirty (a0) da~•s after written notice from t~e Mortgagee
stating the amount of the deficiency, which notice tnay be given by mail. If at any time the Mortgagor shall .
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