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Home My WebLink About0929 Tha Mortgagor 6ereby covenants vvith the Mortgagee, tb~~, he is indefeasibl seized of said land in tee ~imple or aucb other estatet tf sny as is stated barain; Lhat, he h~s~l wer and!* ui right to convev the same •s atoresaid; th~t tha land is free ~rom all encumbrances axcept as'h~~ otherv~ 'i~ed; th~?t said~iortgagor will make tuch turiLer asaurancee b provo the ~foresaid tiUe to said land in said Mortgsgee as ma be re.asoa- ab~yreq uired~ i?nd tha~ said Mortgagor does hereby fuU wruranti the title to said land~ and e~ery part Wtiereoi~ ~ad ~ril1 defead the same against the lawful cl~ims oi ~ persons ~vLomsoever. PROVID~D AL~NAYS tLat if We biortgagor shall pa~ unto tbe Mortgagee fh~6 oert~ain promissory note~ oi whicb the iollowing is a substan4al ooPp~ to wi~: i 56, 300. 00 y~~ ~ Floridi I~1Y 23 , 19 g5. Foa Vwi.us Rscsivsn~ the uadera~gued promi~(s) to pay to PHC~iIX MJKPC~ GR~UP ~ Il~ . , s oorporstion organised and e~ting under t6e Lws o[ the Stafie of Florida ~ or order~ the principal sum of F~ SIX ZIiQ~SAI~ID ~ HUDID~ . ArID I~/10 Doilars (i 56, 300. 00 with intereat from date at the nte c~f Z~,VE per centum ( 12. 0%) Per annum on the unpsid bal8ace until paid. The said principai snd intee+est e,ball be payable at thE office of Phoenix M~rtgage C~+oup. InC. P.O. Box 596 in Stuart, Florida 33495 , or at such other p1aoE as the holder msy deaigaate ' ting delivered or mailed to the debtor, in monthly installmenta of Five Hundred Se~vienty Nine & 33/~~ (i 579. 33 oommencing on the first day of JL1LY , 19 85 , aad ooatinuing on the firet dsy oi each month thereafter until thia note is fully paid, except that, ii not aooner paid, the finsl payment of princapal and interest shall be due and pay~ble on the firet day of J~ , 2015. pisvilt+~g~e is reserved to prepay et any time, without pramium or fee, the entire indebtednees or aay psr6 t~~eof not less t6an We amount of one 'i:~tillment, or one 6undred doUus (5100.00), ~vhichrver ia less. Prepayment in full s6aU be credited on the date received. Putial prep~ymept, other than on an inatapment due date, need eot be credited until the next idlowia~ iastaUment due date or thuty days atter wch prepayaaeot, whichever ic eadier. If~sny deficiency in the paym ent of anq installment under this note is not msde good prior to the due date of ths nezt such inatallment, the entire principal sum and accrued int~reat ahall st once beoome due and pay- sble witLout notice at the option of the holder of thia note. Fsilure to eaercise this option shall not oonstatute a waiver of the right to eaercise the same in the event of sny subsequent deisult. In the event of default in the papment of thia note, and if the ssme is oollected by an sttorney at law, the undersigned hereby agree(s) to psy all eoste of ~ollection, including s ressonsble attorney's fee. Thia note is eecured by mortgage of even date executed by the underaigned on oertain property described therein and represents money actuallp used for the acquisition of said property or the improvemente the~reon. Presentment, protest, and notic,~s are hereby waived. s/Rabert W. B~i ~~,1 slAc~Lbe.e.rt w. Brvwn [s~l s/Joan E. Brown _ [s~l s oan [s~L) ; And ahall dulq, promptly, and fully 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 ahall cease and be null and void. The Mortgagor further coveaaats as follows: 1. That he will pay the indebtedness, as h~reinbefore provided. Privilege is reserved to prepay at any time, without premium or fee, the ~tire indebtedness or any part thereof not lesa than the amount of one installment, or one 6undred dollats (~100.00), whichever is less. Prepayment in full shalt be credited on the date received. Partial prepayment, other t6an 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 full~- to protect the securit}~ of this mortga~e, the :~fortgegor, together with, and in addition to, the monthl~• pa~•ments under the terms of thP notP se~ured }?ereb~~, on the first da}~ of ~ach month until the said note is full~• paid, will ps~• to the Mortga~Pe, as trustee, (under the terms of this trust as herein- j after stated) the following swns: f (a) A sum equsi to the-ground rents, if any, next due, plus the premiums that will neut become due and payable ~ on policiea of Sre and other hasard it~urance covering the mortgaged property, plus taues and assessments ~ next due on the mortgaged property (aU as estimated by the Mortgagee and of which the Mortgagor ia , ` notified) less all eums atresdy pa?d therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, ' ~ euch sum,e to be held by Mortgsgeeintrusttopsysaidgroundrents,premiums,taxes,andspecialasse,~ments. ! ~ (b) The ag~egate of the amounts payuble pureuant to sub~aragraph (a) and thoee pay able on the note secured ~ ~reby, ~ha11 be paid in a single payment each month, to be applied to the following items in the order ~ed (I} ground renta, taxes, asaeasmenta, fire~ and other hazard insurance premiuma; ' (II) interest on the note eecured hereby; and s (III) amortizatian of the principal of said note. ~ Any deficiency in the amount of such a{;gre~ate monthly payment shall, unless made good by the Mort- ~ gagor pr~or to Lhe due date of the next such~~payment, const~tute an evenG oi detauit under this mortgage. At Mortgagee s option, Morigagor will pay a late cl~arge not exceeding four per centum (4%) of any instal!- ~ ment when paid more t6sn fifteen (15) days after the due date thereof to cover the extr~ expense involved in ~ handling delinquent ~syments, but such "lsce charge" shall not be payable out of the prceeeds of any sale made to satisfy the tndebt,edness secured hereby, unless such prceeeds are sufficient to discharge the entire indebtedness and all proper costs snd expenses secured thereby. ~ 3. 1f the total ~f the pa~-~~tents n~uc~~ hr the '.4lortgugor und~r (a) of pura~rnph 2 precedin~ shall exceed the amount of pa~•ments actuull~- ina~l~ h~• t~ie ~'Iort~s~e~•, as troste~, for gro~n~l rents, taxes and asse~cments, and insurance prerniun~s, as t}~e case i~~a~•~~,e, such Fxcess s~~all be credit~d on subsequent pa~ments to be made by the :Viortgagor for such ite~ns or, nt Mortgn~eP's option, a.g trustee, shall be f~e~unded" t1~ Mortgagor. If, however, such ~nontl~ly pn~•ments s}~nll not i?c~ suffiri~nt to pa~• sur~h ite~?~s when the sa~ne shall become due - and pe ~able, t}ien tl?c Mortgagor shall pn}• to th~ :~1ort~Q~;ee, as trustee, nn~- an?sunt necessary to make up the de~ciene~-. Such pa~•ntent shnll be ~na~e within thirt~ (:i0} da~~s after written notice irom the Mortgagee stating t6e amount of the deficiency, wl~ich notice msy be given by mei1. If at $ny tame the Mortgsgor ehall t~~