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Home My WebLink About0927 1 'R~e Mortgagor hereby covenants with the Mortgagee, ti~at he;she is indeteasibly seized of said land in [ee simple or j such other estate, i[ any, as is stated herein; that he~she hsu full puwer and lawful right to convey the same as aforesaid; that ' the tand is [ree from s11 pncumnrancea except as hernin otherwise recited; that said Mortgagor will make such turther ~ assurances to prove the afomsaid tide to said tand in said Mortgagee as may be reasonably required, an8 that said Mortgagor ~ does hereby [ully w~arrant the tide to said land, and every part ti~ereof, and w~iU defead the same against the Iawtul claims of all pe~sona whomsoever. ~ PsovtDan ALwwYe thst if the ~iortgagor shaU psy etuto the Mortgagee thst csrtain promiesory note~ ot which the iollowing is s aubetantial copf~ to wit: =44, 500.00 Port St. Lucie , ~orida. June 13 .1986 . Fos V~?i.ua Racs[vsn~ tbe underei,gned procnise(s) to pay to FIRST ATLANTIC MORTGAGE CORPORATION , A oorporation or~aaised and e~uatina under tha lans of THE STATE OF FLORIDA ~ or o?der~ the principa o~ORTY FOUR THOUSAND FIVE HllvDRED ~ ANll NO/ 100-------------------~--------~ 44, 500.00 with intereat irom dste st ; the rste ot NINE AND ONE HALF per centum (9.50 ~Jo~ per annum on the unpaid balance until p~id. The said principal and interest shalI be payeble at the oBce of FIRST ATI.A::TZC '~:^QTGAGE CORP~RATION 14350 SW 119th Avenue in Miami, Florida 33186 , or at such other p1aoE se the holder may denignete in writiag delivered or miai)ed to the debtor, in monthly installcr.enta ofTHREE HUNDRED SEVENTY FOUR 6 19 / 1~ara (f 374.19 commencing on the 5rat dsy of August , 19 86 , and oantinuing on the ?I firat dsy oi each month thereafter until thia note is fully paid, eucept tdist, ii not eooner psid, the Snal payment ' of princapal ~?nd interest shaU be due and payabla on the first day of July ,2016 . privilege is reserved to prepay st sny time, without premium or fee, the entire indebtedneea or any psK ~ ther8of not leas than the unount of oae instillment~ or one hundied doUars (a100.00), ~vhic6evet is less. Prepayment in fuU ~ s6all be cre~iited oe the date received. Partial prepayment, othet thm on an installment due date~ need not be credited untit - the ae~ct following installment due date or thirty days after wch prepaymeat, whichever is eutier. If sny deficisncy in the paym ent of any inatallmeat under this note ie not made good prior to the due date of the neat auch installment, the entirc prinrapal sum and accrued intx.rest ahall at once beoome due wd Fsy- sble without notice at the option of the holder of this note. Failure to eaercise this option ehall not oonstitute s waiver of the right to eaerciae tha same in the event of anq subsequent default. Ia the evenL of default in the payment of this note, and if Lhe anme is coilected by an sttomey at lsw, the undersigned hereby agree(s) to ; pay sll c~osLe ot collection, including s reasonable attomey's fee. ~ This note ia secured by mort~s~e of even dute executed by tbe undersigned on certain property described ; therein and repreaents money actually used for the acquisition of said propertp or the improvemente theareon. , Pr~esentment, prot,est, and notice are hereby wnived. ~ 3 1 /S/ _JOHN__C. PAXTON ~gg~L~ ~ - JOHN C. PAXTON j ..~"'~~.r" t~Lf?Ll r.~ _ [3EAL] ~ - ~~I'] And shall duly, promptly, and fully perform, discharge, execute, effect, compiete~ and comply with and abide by each and every the stiputations~ agreemenis, conditions, snd covenants of said promisaory aote and oi this mortgsge, then this mortgsge and the estate hereby created shaU cea.9e and be null and void. ; The Mortgagor further covenants as follows: 1. 'Ihat heJshe will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at ! any time, wifihout premium or fee, the entire indebtedness or any pazt thereof not less than the amount of one installment, or one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited ~ on the date received. Partial prepayment, other than 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. ln order inore fultv to protect the securit~- of t}?is niortgage, the :Yiortgsgor, together with,~and in addition to, 1he monthl~• pa~•n~ents under thc~ terrt~s of the noie sPrured h~reb~•, on the first da}• of each mont.h until tlie said note is tullti• paid, will pa~• to the :~iort~a~~e, as trustee, (un~ler the t~rnis of this trust as herein- after statecl) the following sums: ~ (e) A sum equal to the ground rents, if any, next due, plus the premiums that wiil next become due and payable ~ on policies of fire and other hazard ineurance covering the mortqaged property, plus taxes and agse.gsments ~ next due an the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is noti6ed) less all sums already paid therefor divided by the number of montha to elapse before one month r prior to the date when such ground rents, premiums, ta~ces, and a€~sessments wiU become delinquenL, ~ such sume to be h~ld by Mortgageeintrusttopayeaidgroundrents,premiums,ta~ces,andapecialassessments. ~ (b) The aggregase oi tDe smounte payable pursuant to subparagraph (a) and those payable on the note secured ~ hereby, ahaU be paid in a single payment each month, to be applied to the following itema in the order stated t (I) ground rents, taxe.s, assessmente, fire. and other hasard insurance premiuma; (II) interest on the note eecured hereby; aad ; (III} amortisation oi the principal of said note. o` ~ Any deficiency iB the amount ot auch a~;re~ate monthly payment shall, uniess made good by the Mortr ~,t, gagor pryor to the due date of the next such payment, constitute sn event of defeult under this mortgage. At Mortgagee's option, Mortgagor will pay a"lete cl~arge" not exceeding four per centum (4%) of any install- CTt ~ ment when paid more thsn fifteen (15) da}s after the due date thereof to cover Lhe extrs expense involved in ~ , handling delinquent ~$yments, but such "late charge" shell not be payable out of the proceeda of any sale M~' ~ made ta satisfy the indebt,edness secured hereby, unless such proceeda are sufficient to discharge the entire indebtednesa and all proper costs and expenses secured thereby. ~ ~ ~ 3. I[ the total ~f the ps~-~~ients ~uad~ b~• ihe Mortgngor und~r (a) of pura~raph 2 prer.edin~ s}?a11 exceed the amount of pa~•ments actunll}- n~a~l~ h~• t~re 1'tortKs{;ee, as truste~, for Rrouncl rents, taxes and ~sessments, and insurance pren~iums, as the case ~na~•~be, such excess sl?all Ue credited on subsequent payments to be mede ~ by .he !1riQrtgagor tor such items or, nt 1lortgn~ee's option, as trustee, shall be rPfunded to Moct,gsgot. If, .~j ; however, such monthly pa~•ments shall not 1?e suffi~•ient to pa}- su~h I~P.itlS when the sarne shall become due ~ and pa~~able, then tt~e :~tortga~or sl~all pu~• to the MortRn~ee, us trustee, an~- amount necessery to make up ` Lhe de~icienc~. Such pa~-ment s~ be nia~le within thiriy (30) da}•s after ten notice from the Mortgagee = atating the amount of the deficie~y, which notice msq be given by mail. 1l~t any time the Mor~~or s6olt ~ _ ' ' , . . L . ' ' . ' _ . _ _ " ' _'f