HomeMy WebLinkAbout0408 The Mortgagor hereby covenants with the Mortgagee, that he is indefesaiWy seized of said land in fee
Sianpple or such other estates if any as is stated herein; that he has full power and li dl fright to couvs~ the same
as aforesaid; that the lead u free from all encumbrances except as herein oWerwise recited; that saidlulortgagor
will make such further aasuranoes to grove Wa aforesaid title to said land in said Mortgagee as may be reason-
ab1y rreeqquired, and that said Mortgagor does hereby full warrant We title to said land, and every part thereof,
and will defend the same against the lawful e4ims of a~ persons whomsoever.
PteOVtDSD ALMAYS that if the Mortgagor shall pq tunto the Mortgages that certain promissory acts, of
which the following is a substantial Dopy, to wit: Fort Pierce F)~da,
= 63,000.00 October 17 ,lg 80,
Fore VwLVS Rscsrvso, the uadersig~ed promise(s) to pay to
SUBURBAN COASTAL CORP.
, a corporation organised and under the
laws of New Jersey ~ ~ ~ p~ppv ~qr ~ SIXTY TH E THOUSAND NO/ 100
63 000.00
-----Ddlara ~ wiW interest from date at
the rate of THIRTEEN per oentum (13 per annum on the unpaid balance until paid.
The said principal and interest shall be payable at the oboe of Suburban Coastal Corp. , P.O. Box 1328
~ Passaic, New Jersey 07055 , or at such other phtioe sa the hdder may designate in writing
delivered or mailed b the debtor, in monthly installments of Six Hundred Ninety Seven 6 41/ l0~lars
697.41 commencing on the first day of December , 19 80 ,and continuing on the'
first day, of each month thereafter until this note is fully paid, ezoept that ii not sooner paid, the final~ayment
of principal and interest shall be due and payable on the first day of - {November ~ 201-0.
privilege is reserved to .prepay at any time, without premieim or fee. the entire indebtedness or any part
thereof not leaf than the amount of one in:talln~ent, or one hundred dollars (1100.00), whichever is leas. trepayment in full
shall be credited on the date received. Partial prepayment, other than oa an iostaWnent due date. need not be credited until
the nerd fopowing installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the pstymens of any installment under this note is not made good prior to the due date
of the next such installment,. the entire prmcapsl sum and accrued interest shall at once become due and pay- _
able without notice at the option of the holder o! this note. Failure to exercise this option shall not oonatttute
a waiver of the right to exercise the same is the event of any subsequent default. In a event of default in the
payment of this note, and if the same is collected by an attorney at Lw, the undetBig~ued hereby agree(s) to
pay all costs of collection, including a reasonable attorney's fee.
Thin note is secured by mortgage of even date executed by the undersigned on certain property described
therein and represents money actu y used for the acquisition of said property or the improvements thereon.
Presentment, protest, and notice are hereby waived.
/s/ William Roger Smith [~L]
iT1~LL~'ROGER SMITH t
/s/ Elizabeth Ann Smith [~L]
ELIZABETH ANN SMITH ~
- [~?L]
[SBJ1L]
~ 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 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 st_ any time,
~ without premium or fee, the satire indebtedness of nay part thereof not less thaw the amount of one inatalknent, or
one hundred dollars (:100.00), 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 monthl~• payments under the terms of the note secured hereby, on the first day of each rnonth
until the said note is fu]Iv paid, will pay to the 1Nortitagee, as trustee, (under the terms of this trust as herein-
after staled) the (~llowirig awns:
(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 hasard insurance covering the mortgaged property, plus taxes and assessments '
pert due on the mortgaged property (sU as estimated by the Mortgagee and of which the Mortgagor is
notified) less all sums alreaiy 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 earns to be Geld by Mortgageeintrusttopayesidgroundr+er?ts,premiums,taxea,andspecialassessments.
(b) The aggregate of the amounts pa able pursuant to aubpsragraph (a) and those payable on the note secured
~ y, shall be paid in a single payment each month, to be applied to the Blowing items in the order
(n ground rents, tares, aaeeasments, fire, sad other 6asard insurance premiums;
E (In interest on the note secured hereby; and
(IIn amortisation of the principal of said note.
~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortr
~ gagor prWr to the due date of the next such payment, constetute an event of default under this mortgage.
At Mortgagee's option, Mortgagor wilt 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 t
~ handling delinquent paq menu, but such "late charge" shall not be payable out of the proceeds of any sale ~ I
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire ~s°o
indebtedness and all proper costs and expenses secured thereby.
3. If the total of the payments made b~• the Mortgagor under (a) of paragraph 2 preceding shall exceed
.the amount of payments actually made by-tfie :1'(ortgaKee, as truslec, for ground rents, fasces and assessments,
and insurance prnmiwus, as the case rosy be, such excess shall be credited on subsequent payments to be made .o
by the Mortgagor for such items or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If,
however, such montl~~ payments shall not lx. suffi~•ient to pay such iteu~s when the same shall become due
and ps3•able, then the Mortgagor shall pay to the Mortgagee, ns trustee, any amount necessary to make up
' the deficiency. Such payment shall he made within thirty (:i0) days after written notice from the Mortgagee
stating the amount of the deficiency, which notice may be given by mail. It at any time the Mortgagor shall j
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