HomeMy WebLinkAbout0871The Mortgagor heredy, oovenanta with t,6e Mortgugeh tbaL he is indeteaRibl eeized o! said laad in fee
aimplo or suc6 ot6er estatet tf ~ny aa is saced her~in; tbat, hs haa tull power aad la~ul righ~ to oouvev U-e asme
a+~ nfarn~aid; that We laod is irea ~mm all encumbranoes exuapt as herein otharwise recited; that saidlvlort~a~gor
will m~ke sucb furtber aasur~nces to pro~e tbe aforeeaid tiW~ to said land ia a~id Mortgagee Ma may be reusoa-
abl~~ ~~ ,a ~ d Mortgago~ Joes henb~ fully rrursa~ the tiUe to s~id laad, aad eveey part W~eteot,
and agains~ t~he lawiul c4ims oi all peraons whomsoever.
PROYlDED ALNAYS ~~L lI U1A A~0~1$igOl l~lill ~~ IlIILO L~ MOt~igeA Lbt` 0a~1~tiD p!'OM180017/ IIO~~ oi
wLich the tollowing is a substanVal oopJ~ b wit:
i 35,000.00 Fort Pierc~7orids.
January 7.19 81.
Foa Viu.vs Rccsivsn, tbe undereigned praniee(s) to psy b
Suburban Coastal Corp.
, s oorporation orpnised and eaatin~ under tbs
1~ws d the State of New Jersey . or order. the principal aum of Thirty-Five Thousand and
No/ 100 --------------------------------- Ddlars (= 35 , 000 . 00 ), with intierest from date at
the rst,e af Thirteen and One-Half per centum ( 13.5 %) pW ~-~ ~~~P+~d ~~~ ~w P~•
Tbe eaid principsl and interest ahaU be psyabk st the o~oe ot
Suburban Coastal Corp.
P.O. Box 1328
~ Passaic, New Jersey 07055 . or at auch other p1aoE as the holder may deaignate in writin~
detivered or mailed to the debtor, in monthly instaUments of Faur Hundred and 89/ 100 -------- ~m
(= 400.89 ), oommencing on the 5rat dsy of March , 1981 ,~d oontinu'~ on Lhe
fira~ day of eac6 month tbereafter until thia note is tully pud, escep~ Wat, if not eooner paid, the final psyment
oi princap~l and interest a6a11 be due and psyable on t6e first day oi February. 2011 . -
pri~il,eg~e is reeerved to prepay at any time, withont premium or iee, the entue indebtednees or any part
t6ereot not leas tban the amount ot one inctaUmeat, or oae hundred dollus (=100.00). whicberer ~ less. Yrepayment in full
ahaU be cndited on the date received. Partial prepaya~ent, otber Wan on aa installmeat due date, aeed aot be credited uatil
tbe ae~ct fdlowin= indallmeat due date or thirty days after wch prepayment, whicberer ic eulier.
li any deficiency in the paym ent of any inatallment under thia note ia not made good prior to tbe due dste
of tbe nezt sucL inate-llment, the entin principsl sum and accrued inte.rest ehall at once beoome due and p~y-
able v-itbout notice at t6e option of the holder of thia note. Failure to e:ercise this option shall not oonst~tute
s waiver of the rigLL to ezerc~se tLe same in the event ot aay subeequent default. In the event oi detault in the
payment of this note, and if t6e same is coUected by an sttorney at Is~v, the underaignsd hnreby agree(s) Lo
psy sll ooste of oollection, including s reasonable attorney'a fee.
This note is eecured by mortgage of evea date executed by t6e undersigned on oar4ia property described
therein and representa money actuaUy used tor t6e acquisiWon oi said property or the improvementa theteon.
Preeentmeni~ protest. and noLias are 6ereby waived.
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And ahall duly, promptly~ and fully pedorm. discharge, execute~ eHect, complete, and comply with and abide
by each and every the stipulations, agreements, conditions~ and covenants of said promissory note and of this
mortgage~ t6en tbis mortgsge aad the estate hereby created shall oease and be null aud void.
The Mortgagor further oovenants as tollowa:
1. That he will psy t6e indebtedness, sa hereinbefore provided. Privilege ia reserved to prepay at any time,
without prnmium or tee, tbe entire indebtedneas or any part t6ertiof not less than the a~sount oi one installment, or
one hundred doUus (a100.00), vv6ichever is less. Prepayment in full shaU be credited on the date received. Partial
prepayment, other than on an installment due date, need not be credited until the next [ollowing installment due date or
thirty days a[ter such prepayment, w6icherer is eulier.
2_ In order ~nor~ full~- to protect the securit~- of this niort~a~e, t}ie ~tortRa~or, tngether witt-, an~l in
addition to, the rnonthlr pa~~n~ents undc•r th~.terrns of tlic• notP sc~~ured }-erebr, on ihe first de~ of each rnontl-
until Ihc said not~ is lull~ paid, wili pa~- to the ~tonRag~e, as tru.ctPe, (undPr the tPrr-s of this trost a.g hcrein-
a(tec steted) the followin~ swns:
(s) A eum equsl to the ground rent~, if any, next due. plus the premiums tbat will aext become due and payable
oe pc,iiciea~ of 6~ ~d ott,er hr.~~ in~~~.n~e eovering the rr,~rt~;+sgrd P~~Y. Plus taxES r-nd ~n~eni,s
nest due on the mortgaged property (all sa estimated by the biortgagee and of which the Mortgagor is
noti5ed) lesa aU sums already p~d thecelor divided by the number of months to elapee before one month
prior to the dste when suc6 ground renta, premiums, ta~ces, and assessments will become delinquent,
euch auma to be hdd by Mortgageeintruattopaysaidgroundrents, premiums,ta:es,andspecialasses.wnenta.
(b) Tbe aB6regste of the amcwnta psyable pureuant to subparsgraph (a) and thaee payable on the note xecured
bereby, ahall be psid in a single psymeat each moath, to be applied to the following items in the order
stated
(I) ~+ound rents, ta:ea, as~ssmtnta, 6re~ and ot6er hazard insurance pr~emiume;
(II) intereat on the note eecured hereby; aad
(IIn amortiu-tion of the principal of aaid note.
Any deficiency in t6e.amount ot such a~re~ate monthly payment shall, unless made good by the 11Tort
gagor pryor to the due date of the next such psymene, const~tute sn event of detault under tt~is mortgage.
At Tiortgagee's option~ MorLgagor will pay s"lste cl~arge" not eaceeding lour per cent,um (4%) of an~ install-
ment when psid more than Sfteen (15) da} s after the due date thereof to cover the extra expense involved in
handling delinquent Pay ments, but such "late charge" shstl not be paysble out ot the proceeds of any sale
made to satisty the mdebtedness secured hereby, unless such proceeds are sufficient to d~scharge the entire
indebtedness and all proper costs and expensea secured thereby.
3. If thP total ~f the pe~-n~ents n~n~1~ b~- the Mort~uE;or under (a) of para~raph 2 prPCedinR shall exceed
tl~e omount o( parments aMuull~- n~a~i~ M- t~ie 41oriKa~e~•, as truste~, for ~round r~•nts, taxes end as.4es.aments,
and insurance pr~n~iunis, as th~• case n~e~ ~b~, such pxcPSS shall ix~ credit~d on subsequeni pa~•ments to be made
b~ the ~'IortgaE;or for su~h itemc or, nt ~tortgr-~PP's option, as truste~, shall be refunded to Mortgagor. tt,
however, su~h monthi~• pa~-ments shall nM tw• suffi~•iPnt to par su~h it~m~ wh~n the same sha11 become due
and pa~•able, then tl~e `iortRa~or shall pa~• to thr ~tort~a~e~•, us trusteF•, nm• amount necessan to make up
'the de~icien~~. tiurh pe~•n~~nt shull t~ in:-~1~ v-i(hin thirt~ 130) da~-~ aRPr w-ritten notice from the ~+lortge~;ee
staLin~ the amount of the deficiency, which noticP may be giren by mail. If et any time the itort~a~or ehall
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