HomeMy WebLinkAbout1805The Mortgagor hereby covenants with the Mortgagee, that he is indefeasibl seized of said land is fes
sia-pla or such other estates J any as is stated herein; that he has IuU poMrer sad lav~ul right to convey the same
as aforesaid; that the land m free ~rom all encumbrances esgpt sa hereidot,barwise recited; that sard~iortgagor
will make sucb further assurances to provo the aforesaid title to said lead in said Mortgsgee as may be rcason-
abl~y required, and that said Mortgagor does hereby full warrant the title b said lsnd, sad eveq part thereoi,
andd will defend the same against the lawful claims of a~ persons whomsoever.
Paovtosn ALNAVe that if tho Mortgagor shall pay unto the Mottgagee that certain promissory torota, of
which the following is a substantial copy, to wit:
s 42,000.00
err sr. u1crE,, >~lar;a.,
l~c~ ,1>a eo.
FOR VALUi Rsestvsn, the underoaped promise(s) to pay to
S118lktBA1!i CQA3TAL CORP.
a oorporatiaa organised sad e~ostiog wader the bws aI Tf~ ~'~ ~' l~f J>~1.SEf
of order, the principal sum of ply ~0 ~ AND NO/1 DO
Dollars
(i 42,000.00 ), with interest !coca date at the rate of THIR'1ffiN ApD OKF-RA7F Per
eentum ( ~ 3.5 %) Per annum on the unpaid balance until paid. The said principal and iatereat shall be
payable at the oBioe of
SUBlfi2BAN CQASTAL CORP. P. 0. B01C 1328
in PA9SAIC, 1~1 J .Y 055 . or at sucb other piaoe as the bdder may
deAsiNg~aat~eTi[n~writiaa delivered or mailed to the debtor, in monthly installments of Pmt ~,-0gg
(i 4~ • tI(~ ). oomanenciag on flu 5rst day of FgBRUARY , lp 81 ,and eontinuios on
the first day of each month thereafter until this Hots is !ally paid, eoept that. ii not soonerr paid, ~ final Pal
meat of principal and interest shall be due and payable on the fiat daj of ,jp~Y ,2011 .
Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part
thereof not Tess than the amount of one installment. or Doe 6uadred dopers (1100.00), whicbrrer is less. Ptepayma-t in full
shall be credited on the date received. Partial prepayment, other than oa an iostallmeot dne date, need cot be erected until
the next following instaflment due date or thirty days after such prepayment, whichever is earlier.
If any deficiency in the Pay meat of any installment under this note is not made good prior to the due date
of the next such installment, the entire prrnctpal sum and ucrued interest shall at once become due and pay-
able without notice at the option of the bolder of this note. Failure to a:errise this option shall not oonstatute
a waiver of the right to exercrse the same in the event of any subsequent default. In the e~eat of default in the
payment of this note, and if the same is collected by an attorney at law, the undersigned hereby agr+ee(s) to
psy all costa of collection, including a reasonable attorney's ice.
This note is secured by mortgage of even data rarecuted by the nndersigned oa certain property described
therein and represeata money actually used for the acquisition of sand pn~pertj or the imp~eovementa thereon.
Presentment, protest, and notice are hereby waived.
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/S/ J~A11 C.YI~BAY~tL [t~-1.)
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~ And shall duly, Promptly, and fully perform, discharge, execute, effect, tompkte, and comply with and abide
~ by each and every the stipulations, agreements, oonditiona, and covenants at acid promieaory note sad of this
mortgage, then this mortgage and the estate hereby created sherU cease and be nuIl and void.
The Mortgagor further ooveaanta as follows:
! 1. That he will psy 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 leas than the amount of ace iaatallmmt, a
~ one hundred dollars (;100.00), whichever is less. Prepayment in futi shall be crefiited on the date receixd. Partial
prepayment, other than on an installment due date, need not be credited until the next tdbwin= installment due date or
f thirty days after such prepayment, whichever is earlier.
2. In order more fully to protect the security of this mortgage, the titortgagor, 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 Siortgagre, as trustee, (under the ternrs of this trust as herein-
' attar stated) the following sums:
(a) A sum equal to the ground rents, if any, next due, phra the premiums that will next become due and payable
on policies of fire and other 6asard inaursnoe covering the mortgaged property, plus tares and aseeasmenta
next due on the mortgaged property (all m estimated by the Mortgagee and of which the 1V'a~rtgagor is
notified) less aD sums already paid tberdor drvided by the number aE months to elapse before sae maatb
~ prior to the date when ouch ground rents, premiums, taxes, and eta will bccane delinquent,
€ ouch soma to be held by Mortaageemtrusttopaysaidgroundrtinta,premiums,taus,andapecialaser~eata.
(b) The aggregate of the amounts pa able pursuant to subpar:grapb (a) and tboee ppaa oa the note rearred
hereb3 , shill be paid in a P.yment each month, to be applied to the f~ items in the order
I stated
F (1) ground rents, tares, asseasrrreats, fire, and other basard insurance premiums;
(II) iattrest oa the note secured hereby; sad
(IIn amortiution of the principal of said note. '
Any deficiency in the amount of such ag~re~ato monthly payment shall, unless made good by the I-iortr
' 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 four per centum (4%) of any install- ~a'i
went when paid more than fifteen (15) days after the duc date thereof to Dover the extra expense involved in ~
handling delinquent paymeats, but such "late charge" shall not be payable out of the proceeds of any axle Apr
l made to satiety the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire f~ •
indebtedness and all proper costa and expenses secured thereby.
3. If the total of the payir-enta made by the Mortgagor under (a) of paragraph 2 preceding shall exceed
the amount of payments actually madr by fire ;1lortgagec•, as truster, for ground rents, fazes and assessirunts,
and insurance prnmiunrs, as thr case may be, such excess shall be credited on subsequent pay~rrients to be made ~ `
by the Mortgagor for sari! itrrris or, at Mortgagee's option, as trustee, shall be refunded to Mortgagor. If,
however, such iuontlily payments shall not trr sufficient to pay such items when the same shall become due
t. and pa~•able, then thr Mortgagor shall pay to tlrr Mortgagor, nc truster. any unount necessary to make up
thr ~lef~it•icnr~- tiur•h payment shall be made within thirty (a0) da~•s after written notice fmm the ~iort~a~ce
statue tl,~~ ,:r~ -,~.,:t .,r ±t,~• ~IPficiencv. w~iich notice may be given by mail. If at ano ~_ -
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