HomeMy WebLinkAbout0040The :~iort,~x~;ur hereby coveuauts witl~ ll~e Mort~;a~;a~~ that~ lie is indeteesibly seized of said land in tee
aimple or suc6 other et;~ute, J any, us ia alatcd herein; that, i~o h~s I~ill power and lawiul riKl~t t,o coovev the seme
as atoresaid; that the laad ia iree trom all encumbrances except as ~ere~n oi,herwise recilaui; t6aL auid I~iortge~ur
will make such turt,her assurances to provo We aforesaid Litle 1,o said lund in said Mortgagee us may be rcason-
sbly rc~ui~ed~ and that said Mortgagoc Joes hereby tuUy warranb the title to said land, and every part tl~ereoi~
and will defend the same s~aiost the lawful claima of all persons whoinsoever.
Psovi~~u ALw~ve that it the ?~lortgagor shall psy unto We Mortgagee thst ce~tain promissory note~ oi
which the following is a sul~stsnl,ial oopf~ to ~vit:
= 36,000.00 Port St. Lucie, ~~rid~
December 12 .19 gp
FOIt VALUB RhCS1V8D~ the underai~ed promise(e) to puy to
SUBURBAN COASTAL CORP. ~ a oorporation orgsai~d and e~risting under the
~~e °E Lh@ State of New Jersey ~ or ordcr~ the principal sum of _______________________________
THIRTY SIX THOUSAND and no/100---------- DOu~ ~= 36,000.00 ). a-ith interesti from date at
the rate of THIRTEEN & ONE HA~.F Per centum ( ~ 3.5%) P~ ~um on the uapaid balance until paid.
The said principal and interest shal be payable at the o@'ice of -
SUBURBAN CMSTAL CORP. P. 0. Box 1328
in PdSSd1C, NEW Jersey . or at suc6 other plaoe as the holder may deaiqnate in writing
delivered or mailed to the debtor, in monthly install~nents of FOUR HUNORED TWELVE & 35/100---- Dollara
~= 412.35 ), commencing on the Srsl day of . Februdl^~ . 1981 , and continuing on the
Srst day oi each month thereafter until this aote ia fullp paid~ excep. that~ if not aooner paid, the 6na1 payment
of principal and interest shall be due and psyable on t6e first day oi ~anuary ~ 2011 •
Privilege is reserved tu prepay et say time~ without preinium or lee, the entire indebtedness or any patt
thereof not less than the amount of one installment, or one hundred doUus (5100.00), whichever is less. Prepayment in [ull
shall be credited on the date received. Putial prepayment. other than on an instaliment due date, need not be credited until
the next [oUowing installment due date or thirty days a[ter such ptepayment. whichevet is eulier.
If eny deficieucy in the payment of any instaillment under this note is not made good prior to t6e due date
of the next such instaWnent, the entire pr-ncipal sum and acerued interest shall at once become due and pay-
able without notice at the option of the holder of this note. Fnilure to exercise t6is option shall not oonstatute
a waiver of the right to eaerciso the same in the event of an~ subsequent default. In the event of default in the
payment of this note, and if the same ia coltected by an attomep at law~ the undersigned hereby agree(e) to
pay all coste ot collection, including a reasonable attome~'s fee.
This note is secured by mortga~e ot even date e~ecuted by t6e undersigned on certain property described
therein and represents money actuslly used for t6e acquesition of seid property or the improvemente thereon.
Presentment~ prot,est, and notice are hereby w aived.
__~.tIVIVt I f1 .lU~~~~~.~.Il__---------- ~SEAI']
~_'8RMi1R~S'0~`~Brien _---------------- [s~-L]
----- - - -- - [~]
'I ---------- - ---------- ---- [SEAL]
And shall duly~ promptly, and fuDy perform~ dixharge. execute, effFCt, complete, and compiy with and abide
i by each and every ttie stipiilations, aE-reements, conditions, and covenants of ~sid promissory note and of thie
~ mortga~;e, then this rnort~aqe and the estate hereby created shall cease and be null and void.
' The Mortgagor further covenants as follows: "
i 1. That he will pay the indebtedne.5s, as hereinbefore provided. Privileqe is re.serv~d to prcpay at any time,
~ a-itt~out premium or fee, the entire indebtednes~ or any part thereof not less than tne amount of one installment~ or
~ vnc• handn~d dollars (5200.00)~ whicherer ~s !e<s. Prepa~ment in it~il ahal! be credeted nn the dale rere~~•ed. Partia!
~ pre~a~~ment, other than on an installmcnt due date, nErd not be cred~ted until the neKt followina installment due date ~~r
th~rt}- days after surh prepayment, whiche~•er is earlier.
''. !n nr~~e•r rnorv• fuli~- ~~~ ~,[~~t~~~•t tt~~• >~~~•unt~• ~,f tlii~ nu-rt~;r~k~~, ti!~ ~1~rI'I~;AQuI'. l0(.~~~thrr v~-ith. and in
a~t~lui~~n t~~. tiu• mot-thl~- ~-n~-iue~i~tq urul~~r th~~ t~~rins ~-f th~• not~~ s~~•ur~v1 h~•r~~,:•_ ~~n ti~~• fir;t ~la~- c-f ~~a~•i- m~~nth
~in+i! t:u•,aii~i ~i+~r~ r f~t!i~• ~~:i:•i. ~•,li ;;~~~~ ~~~ ti~~~ ~l~~rt~u~r~•. .i: tru.~~~•~. ~utut•: tt~~~ t~~n;~. nf thi, tru,t :-~ }~~•rc•ir~-
eft~•r ctat~•~1; tt~r tultuw•~~-}• sUir~~
~ ,'
(a~ A aum equal to the Rmund ren?~, if r,n~, next duc, plus the premiums th~t w~ll next t,ecome due and payable a
~ ~,n polici~ of Sre and other hazard insurance coverinR the mortq.~ed property, plus taxes and a~.~r.~.4rr,ents
next due un the mortRaR~d pmperty (all ag ~stimated by the ~tortqaRee and of which the :~4ortga~{or is
~
notificxl) less xll surns airNadv paid therefor divided by the numtxr of months to elapse hefore onc month
~ prior to the date wlier, such Rround rents, premiums, taxes, ar.d a.ssessments will become dclinquet-t, '
~ such sums to be held by Martga~eeintrusttopays~idqroundrents,premiums,taxes,andspc~cialasse.~ments.
i (b) The a~regate of t6e amounts payuble punquant to subparaqraph (a) and thc~se payable on the note secured
~ hereby, shall be paid in a single payme~t each month, to be applied to the fullowing itema in the order
~ atated :
~ (I) ground rents, trues, esses~ments, fise, and other hazard insurance premiuma;
V (II) interc~st on the aote secured hereby; and
~ (III) amortizatiop of the principal of said aote.
' Any dcficiency in the amoun( ~~f sur~h a~~n•~at~ m~nthl~~ pa}•rn~nt cha:!. unie~.s mad~ ~;u.~d in• the tlort-
~ gaf;or prjor to the due datr n( tl,e n~xt ~u~~h pa~~ment. ~•~-nstitute an e~•~ut ~,f d~•fault und~~r this mort~a~e.
' At ~iort~agee's opt~on,'~9ort~e~;nr w•~II pa~• n"latf~ c:~ar~;~•" not exce~din~ fu ,r ~rr ~eut~im !4°,0- of am~ install- o
~ mcnt w~6en paid more than fifte~•n (1:;) ~la}-s aft~r the ~fu~• ~late ther~o( to ~~r•rr the rxtra expense in~olved in
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made t~ satisfy the ~ndr•bte~ln~ss ~~•~ur+•d h~~reh~•, unless su~h proceeds are eufficient to dischar~e the entire ~,y
indebtednNS.g anJ all pmp~r co.ts arid c~xpe•ns^s secared Lhereby. ~
:i. I` ti;t~ t~~ta! ~f th~• ,~n~n~~•r+; r~uul~• i,~- ttu• ~tun~.~u~;~-r utul~v fni ~rl ~~nri~~r:~E~l~ 'L prr~~~din~ sl~all ~xcee•~i .~,
ti~~• ;iri-nt;:it ~f ~,H~-~~,~•r~~: art~s:-;I, i„u.i~~ h~- Ilu~ ~tort~;n~-~•~•. a.s trust~•~~. (~~r ~r~~ur.~i r:~ntc, tnxrc and asscw~rn~nts>
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f and in~icran~•e pri•~~~iuin•, ~. ~!~~• ~•r~:~• i~~:~,
1,~•. su~•h ~~x~~~•~s sh.ill I~r ~•r~~lit~•~t •~rs :~~t~~• ,t~~nt pa~mi~nts to tx~ mad~~ eT1
L~• th~~ ~1ortKuk~~~r f~rr ~u~ h;f~•sr:~ ~n•. ,.t \I~~rt~n;~~~~~':.,pU~~n, n~ tru~trr, sl~ull -~~ r~(und~~d to ~turtKeRor. If,
how•~~•er. su~h m~,nthlti- ,,t~~n,~~n~s .i~~,ll :~„t h~• .utfi~~i~~:~t ±~- pn~ ~~:,•h ii~•~~;~ a•t~Fi; th~ sen~~ st-ull become du~
and pn~•nblP.•th~n tli~ ~1~~rt~;o~_•,,r ;h:,U ;~:~~~ t~~ t,:~• \t~rt~;~~:~~~•. :i~ tru;t,~~•. un~ uinu~~nt n~r~•~.nr~ M makP up
~
~ th~ drfic~i~-~~~ tiu~•h ~nc-n~~r~i ~lu-Il !~r ~n:ul~• N•~thtin ttiirtt• ~.{U~ ~1uti-c aftFr wrttt~•n n~itu•t• froni th~• ~1ortRapee
~ I. ~t~tin~~ th~• xmn;~~,t nf tti~ rlefi~icn~~~~. w-I~u~h noti~~ rnny hc ~~~rn i~y ma~l 1f ~t any timP ti~~• ~1~~rr~•a~~r e~~all
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