HomeMy WebLinkAbout1737 The Mortgagor hereby covenants with the Mortgagee, that he is indefeaai~ seised of sai~~land in !es
ampple or such older estates J any as is stated herein; that he has toll power and Iti ul right to convey the same
as aforesaid; that the land id free from all eacumbraaces esoept as herein otherwise recited; that sadlviortgagor
will make such further aeauraaoes to prove the aforesaid title b said land is said Mortgagee as may be reason-
ab~y required, and that said Mo~g~gor does hereby full warrant the title to said land, and every part thereof,
and will defend the same against fibs lawful claims of s~ persons whomsoever.
PROVIDED ALNATa that it the I?iortgagor shall pay unto the Mortgages that certain promissory note, of
which the tollowiog is t? substantial copy, to wit:
= 39,000.00 Port St. Lucie • ~Oi1~•
October 23 •19 f30
Fos V~rvs RscsrvsD, the underai~ied promise(s) to pay b
SUBURBAN COASTAL CORP. , a corporation organised sad e>osting under the
bws of the State Of New Jersey , or order, the principal ~ qt
THIRTY NINE THOUSAND and no/100---------- DOuam 3§,000:00' with interest tram date at
the rate of THIRTEEN Imo` oer?tum ( 13 pce annum oa ties ii~biid' ~i+ance until paid.
The said principal and interest shall be payable at the office of at:~~- :•d ~
SUBURBAN COASTAL CORP , - P . O. ~ Box;13,~ '
in Passaic, New Jersey , or at such other pla~oe as the hdder may desi~iste in wriitin6
delivered or mailed to the debtor, in monthly installments of FOUR HUNDRED THIRTY-ONE&73/100--Dollars .
431.73 commencing on the fi'st' day of December , 19 $Q and continuing on the
first day of each month thereafter until this note is fully paid, except that, it not sooner paid, the final payment f
of principal sad u?ter+est shall be due and payable on the first day of November .2010 • ,
privilege is reserved to prepay at say time; without premium or fee. the entire indebtedness or any part
thereof not less than the amount of one ia:tallaiant, or one 6uadred doWcs (=100.00), whichever is less. Prepayment is full
shall be credited on the date received. Partial prepayment, older than on an installment due date, need not be credited unW
the next tollowln` installment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency is the pa eat of any installment under this note is not made good prior to the due date
of the nest such installment, the entire principal sum and accrued interest shell at once become due and Fsy-
able without notice at the option of the holder of this note. Failure to ezer+ciae this option shall not constitute
a waives of the right to ezerciae the same in the event of any subsequent default. In the event of default in the
payment of this note, and if the same is collected by an attorney at law, the undersigned hereby agree(s) to
pay all costa 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 end represents money actually used for the acquisition of said property or the improvements thereon. ~
Presentment, protest, and notids are hereby waived.
- Henry eorgg 0' Conor
HENRY GEORGE O'CONOR
. jt/ Flnra -M. (1!Cnnnr [ggAL]
FLORA M. O'CONOR
tom]
i - -
And shall duly, promptly, and fully perform, discharge, execute, eBect, complete, and comply with and abide
~ by each and ever~r 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 bortgagor further covenants as follows:
1. That he will pay the indebtedness, sa hereinbefore provided. Privilege is reserved to prepay at any time,
without premium or fee, the entire indebtedness or any part thereof not lees than the amount of one installment, 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 monthly payments 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 Mortgagee, as trustee, (under the terms of this trust as herein-
after stated) the following swrut: _
(a) A sum equal to the ground rents, ii any, neat 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 ~
next due an the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is
notified) leas 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 easessmenta will become delinquent,
such sums to be held by Mortgageeintruattopaysaidgroundrents,premiums,taxes,andspecialasaesaments.
(b) The aggregate of the amounts pa able pureuant to subparagraph (a) and those payable on the note secured ~ ~
h{e_reby, shall be paid in a single payment each month, to be applied to the Blowing items is the order s
8t8 4
m ground rents, taxes, aeeessmenta, fire, and other 6asard insurance premiums; i
(II) interest oa the note secured hereby; and
1 (IIn amortisation of the principal of acid note.
An deficien m the amount of such to monthl a ant shall unless made good by the Mortr ~
z y• cY ~ aggrega Y P yin
~ gagor poor to the due date o[ the next such payment, constitute an event of default under this mortgage.
~ At Mortgagee's option, Mori agcy will pay a "late charge" not exceeding four per centum (4°Jo) of any install-
ment when paid more than fi~Iteen (15) days after the due date thereof to cover the extra expense involved in o #
handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale ,°,~,°,o
made to satisfy the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire
indebtedness and all proper costa and expenses secured thereby.
3. If the total of the parinents made by the Mortgagor under (a) of paragraph 2 preceding shall exceed 1
the amount of payments actually made b~ the 1liortKaKer, sa trustee, for ground rents, taxes and assessments, i
and insurance preriiiuiiis, as the case iirar be, such excess shell Ix' credited on subsequent payments to be made 19 ;
by the Mortgagor for such items or, at Mortgagee's option, e_g trustee, shall be refunded to Mortgagor. It, "
however, sac montlJy payments shall not l,e sutfi,•ient to par such items when the same shall become due
and payable, then the Mortgagor shall pay to the Mortgagee fig trustee, any amount necessary to make rep
the deficiency. Such payment shall be merle within thirty days after written notice from the Mortgagee L1~
stating the amount of the deficiency, which notice tiiay be given by mail. If at any time the Mortgagor shall