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Home My WebLink About0883,i The Mortgsgur. bereby covenat~ts with the hiortgagee~ th~t he ia indefeavbf soized oi eaid land in fee u simple or such o~her estat,et J eny sa ia stst~d herein; tlia~ he hes f ull power and law ul right to coovev tlie same as uforesaid; ths6 the land ia iree ~rom a11 encumbrancee oxcept as 6erein otherwise recit,ed; thsb said~iortgagor will make such furLhor ~asutances to provo t6e aforess~id title to said Isad in ssid Mortgagee aa mey be reason- ablyrcq uired. ~nd that said Mortgagror does hereby fuUp wsrrsnL the ti~le to said 1~-nd, and every put W~e~eot, aud will defend Wse aame sgainst the lawiul claima oi all per8oaa whomsoever. PROVIDSD ALWAYB Li16~ !~ 1,I18 ~10l~8g0i S~IdU p8y 115~0 ~lA M0I~~66 ~N~ C8['1~8111 PTOIn1880t~i Q01~8~ O~ ~rhich the followiug is ~ aubstanLial coPS~ to wit,: = 38, 000. 00 Fort Pierce , Florids. January 8 ~ 1981 . FOR VALUS RBCEIVBD~ the undersigned promise(a) to pay to THE LOMAS ~ NETTLETON COI~'ANY ~ s oorporation organiisd and e~usting under t6e iswe ofThe State of Connecticut ~ or order~ the principal sum otTHIRTY EIGHT THOUSAND AIvD NO/ 100 ---..-------------------------------------Dollars (i 38, 000. 00 ), with interest fwm date at the rate of THIRTEEN AND ONE-HALF per oentum (13. 5%) Per anaum on the unpaid balance until paid. The said priacipa! and interest shall be psyable at t6e o@'ice of The Lomas 6 Nettleton Companv, 230 George Street, New Haveu ~ Connecticut 06510 , or at such other plaoe as Lhe holder may designate in writiag delivered or mailed to t6e deLtor~ in munthly installtnents ofFOIJR HUNDRED Tti~RTY FIVE b 26/ 100Dollare (i 435.26 ), commencing on the first day of March , 19 $1 , and continuing on the 6rat dsy of each month thereatter until this note is tully paid, eacept that, if not eooner paid, the final payment oi princapal aud interest shall be due and payable on the first day of February, 2011 ~ . privilege ia reserved to prepsy st any time~ without premium or fee, the entire indebtedness or any part thereof not less thm the amount of one installment, or one hnndred doUus (=100.00), whichever is IesS. Prepayment in tull shall be credited on the date receired. Pariial prepayment. other Wan on an installment due date, need not be credited until the next [oUowing installment due ctate or thirty days a[ter such pmpayment, wbichever is eulier. Ii any deficiency in the payment oi any instaillment under thia note is not made good prioc to the due date of the next such installment, the entire principal sum and accrued interest shall at once becwme due and ~ay- able without notice st the option of the holder of this note. Failure to ea~ercise thia opLion shall not constitute e waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the payment of thia note, and it the same ia collected by an attorney at law, the undersigned hereby agree(s) to pay all eosta of collection. including a reasoneble attorney's lee. This note is secured by mortga~e of even date eaecuted by t6e underaigned on certain property described therein and represents money actually used for t6e scyuisition ot said property or the impmvements thereon. Presentment~ protest, and aotice are hereby waived. ~ s1 _ Ov'en J_itabbi t t. J r. ---------- [~L] OWEN J. RABBITT, JR. LSl___Bx~1s~a A,. Rabbitt _ __---- I3SnLJ BRENDA A. RABBITT [s~l ~ ------- ---------- [s~-Ll And shall duly, promptly~ and tully 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. Privileqe is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part thereo( not less than the amount of one installment~ or one hundred dollars (i100.00), whichever ia less. 2. In orcl~r mor~ ftdl~- t~ prcNr~•t th~~ ~~•rurit~- of thi~ mort~-a~-~~, th~• ~tort~e~~r. to~~th~~r with, and in a~ldition to, th~ ~nonihl~- pa~-n~~•nts und~~r th~• t~•rn~s of th~~ nM~~ s~rur~~l h~•rnb~•, on th~• first dn~- of ~acl~ ~nonll~ until th~~ sui~l not~• is full~• ~-ui~l, w-ill pa~~ t~- ih~ ~1ort~a~.•re•, as trust~~c•. lun~l~•r th~~ i~•rn~s of this trust as h~rcin- a(t~•r stet~•d) th~~ f~-IloH-inK sun-s: . (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable oa policies of fire and other 6aaard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged pmperty (sll as estimated by the Mortgagee and of which the Mortgagor ia notiSed) less all aums already paid therefor divided by the number of months to elap~e betore one month prior W the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held b~ Mortgageeintrusttopaysaidgroundrents~premiums,ta~ces,andspecialessessments. (b) The aggregate of the amounts payuble pursuant to subparagraph (s) and thoee Psyable on the note secured hereby~ shall be paid in a single payment each month~ to be applied to the following items in the order atated: (I) ground rents, taxes, assessments, fire. and other hasard insurance premiuma; (II) interest on the note secured hereby; and (III) amortization of the principal of eaid note. Any deficiency in the amount of such a~~r~~ate monthly payment shall, unless made good by the biort- gagor pr~or to the due date of the next sucl~ pa}•ment, constitute an event of de(aul6 under this mortgaf;e. At Mortgagee's option, Mort sgor will pay a"late cl~arge" not exceeding four per centum (4°Jo) of any install- ment when paid more than ~tteen (15) days after the due date thereof to cover the extra expense involved in handling dclinquent payments, out such "late c.harge" shal) not be payable ovt of the proceeds ot any sale made to satisfy the ~ndebtedness secured hereby, uttlcss such proceeda are aufficient W d~scharge the entire indebtednesa and all proper costs and expenses secured thereby. 3. 1f tli~ total of th~ pa~•~u~nts ma~lr h~- th~ '~1ort~a~-or un~l~~r (n) ~f pnra~-raph 2 pre~edinR sLall exceed the amount of pa~•m~nts a~tuall~- n~ad~ t,~• Ilu~ ~tort~;tt~~~•, as truste~..f~-r Kroun~l r~~nts, tnxc~s and as.ses.cments, and insuran~e pr~miuius, ac tlu• ~•asc~ mn~~tx~, such exc~s shall tx~ ~redit~~l on sul-s~yu~nt pa~•~nents to bP made b~ the LtortgaK~~r for sa~~h it~ms or, at~ ~lortgn~~~'s option, x.g trustee, sliall b~ r~funded to Mortgsgor. 1f, however, su~h monthl~• pa}•ments ~hall not I,c~ sufTi~•i~nt to pa~- s~u•h it~ins wh~n the same shall tx~come due end pu~•able, th~n the '~lortKa~or ~hall pn~• to th~ ~1ort~a~:~~~, ns trustr~, nn~- amount necessan to make up the de~ieienc~-. 4urh pa~•m~ni sliaU t-r nia~l~ v-ithin thirt}- (:;0) da~•z ufter Hritten notice from the Mortgagee stating t6e amount of the deficienc}, which noticP may be given by msil. lf at anp time the Mortgagor s6all a• =' a ~ ~ -o c~ R. ~ !'~'