Loading...
HomeMy WebLinkAbout1275 . , The Mortgagor hereby covenants with the Mortgagee, that he is indeteasihW~yy Qeit.ed of said laµtd is fes simple or such other estatst J any as is stated herein; that he has full power and lawful.right to ooovev the same as aforesaid; that the land >s free ~rom all encumbrances except as herein otherwise reeitsd; that said~Vlortgagor will make such further aeeuranoes to prove the aforesaid title to said land in said Mortgagee as may be reasaa- ab~y required, and flat said Mortgagor does hereby fullyy warrant the tilde to said land, and every part thereof, and will defend the anise against the lawful daima of all persons whomsoever. PaOVrDED ALNAYa that it the 141ortgagor shall pay unto the Mortgages that certain promissory note, of which flu toIIowing is • t<ubetantial copy. to wit: :43,500.00 Port St. Lucie , p7orid+. October 7, ,19 80 . Foa Vwr.us ftsetuvau, the undersigned promise(s) to pay to SUBURBAN COASTAL CORP. , a oorpontioa organised sad existing under the 4ws of the State of New Jersey , a order, the principal sum of FORTY THREE THOUSAND FIVE HUN- OREO and no/100-------------------------- 43,500.00 ~ from date at the rats of THIRTEEN per oeatum ( 1 Per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of SUBURBAN COASTAL CORP. P. 0. Box 1328 ~ Passaic , New Jersey . or at such other phroe as the holder may designate in writing delivered or mailed to the debtor, in monthly installments of FOUR HUNDRED EIGHTY ONE & 55/100-~~ 481.55 commencing oa the first day of December , 1980 ,sad continuing on the first dad of each month thereafter until this note is fully paid, except that, ii not sooner paid, the final ~e?yment of princrpal 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 not less than the amount o[ one installment, or one hundred doUaa (=100.00), whkhever is less, Repayment in toll shall be credited on the date received. Partial prepayment, other than on an installment due date, need not be credited untU the next following installment due date or thirty days after such prepayment, whichever is earlier. If any deficiency in the pa ant of any installment under this note is not made good prior to the due date of the nest such instsliment, the entire pancrpal sum and accrued interest shall at once become due and ~ay- able without notice at the option of the holder of this note. Failure to esercise this option shall not oonatttute • waiver of the right to esercase the same in the event of sny subsequent default. ~ In the event of default in the payment of this note, and ii the same is collected by an attorney at law, the undersigned hereby agree(s) to pay all costs of collection, including s 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 actuallly used for the acquisition of said property or the improvements thereon. . Presentment, protest, and notice are hereby waived. ___.._.1~L__IslfiSley D. Cox. [sue,] WESLEY 0. COX --.~-I~L...~.~" ~ [SEAL]. - [~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 this mortgage, then this mortgage and the estate hereby created shall cease sad be null and void. The Mortgagor further covenants as follows: 1, Tbat 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 lei than the amount of one installment, or one hundred ~ dollars (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 assured hereby, on the first da}• of each rnontl? until the said rota is fully paid, will pay to tt?r Lfortgaged, as trustee, (under the terns 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 on policies of fire sad other haae?rd 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 therefor divided by the number of months to elapse before one month - prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, • such sums to be held by Mortgageemtrusttopaysaidgroundrents,premiums,taxea,andspecialassessments. ~ (b) The aggregate of the amounts payable pursuant to subparagraph Ea) and those payable on the note Recured hereby, shall be paid is a single payment each month, to be applied to the following items in the order stated ) (I) ground reate,~taxes, assessments, Ere, and other hazard insurance premiums; ) (II) interest ~ the note secured hereby; and 3 (III) amortisation of the principal of said note. 7 Any deficiency 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, Mort agor will pay a "fate charge" not exceeding tour per centum (4%) of any install- went when paid more than fifteen (15) days after the due date thereof tq cover the extra expense involved in ~ handling delinquent pay meets, but such "late charge" shall not be payable out of the proceeds of sny sale made W satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~ indebtedness and sit proper costs and expenses secured thereby. t~ - 3. It the total of the parn?ents +nadd b~- the '~lortgngor under (e) of paragraph 2 preceding shall exceed Q the amount of payments actually made b~- the :lfortKngec•, as trustee, for Kround rnnts, taxes and assessments, -v and insurance premiums, as the c•ese mad= be, such dxcess shall he c•reditdd on sul?seyuent payments to be made by the Mortgagor for sucl? items or, ai ~inrtgagee's option, ag trusted, shall be refunded to Mortgagor. If, however, such +iionthlti payments shall nc?t he sufl'i~•ient to pay such iten?s when the same shall become due ~"'i and pa?able, then the :41ortRagor shall pay to the ~lortt;ager, o4~trusted, an~• amount necdssarv to make up ~ the de cieney, Such payment shall t?e made within thirty (:i0) days after written notice from t)ie Mortgagee ~ stating the amount of the deficiency, which notice may be given by mail. If at any time the :1-iorrgagor shat!