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HomeMy WebLinkAbout2982 PROVI~ED ALWAYS that it the Mortgagor shall pay unto ihe Mortgagee that certain promissory note, of whEch the (ollowi.~g is a substanGal copy, to wil: S 72,393.00 PORT ST. LUCIE , Fbrida January 2~, ~s 90 . FOR YALUE RECEIVED, the undersigned promise(s) to pay to NATIONAL FIRST MORTGAGE CORP. OF PENNSYLVANIA . a corporation organized and existing under the lews ot PENNSYLVANIA , or orde~, the prinapal sum of Seventy Two Thousand Three Hundred Ninety Three and no/100 Dollars (S 72,393.00 with interest iram date at ihe rete ot Nine end 50/100 per centum ( 9.500 per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office nt NATIONAL FIRST MORTGAGE CORP. OF PENNSYLVANIA , or at such other p!ace as the holder may designate in writing delivered or mailed to the debtor, in monthly installments ot Six Hund~ed Eight and 72/100 Dollars (S 608.72 cor±mencing on the first day ot March , 19 90 , and continuing on !he f~rst day of each month thereafter until this note is fulty paid, excepl that, il not sooner paid, the final payment of princ;pal and interest interest shall be due and payabls on the first day of February 202Q . Privilege is reserved to prepay at any time, without premium or fee, the entire inciebtedness w any part thereof not less than the amou~t of one installment, or one hundred doflars (5100.00), whi~hever is less. Prepayme~l in tuN shaN be credited on the date received. Partial prepayment, other than on an i~stallment due date, need not be cred~ted until the next following instaUment due date or thirty days after such prepayment, whichever is earlier. It any deficiency in the prepayment oi any ~stallment under this note is not made good prior to the due date of the next such installment, the entire prinapal sume and accrued interest shaN at once become due and payable without notice at the option of the holder ot this note. Failure to exerpse this option shaY not constitute a waiver of ihe right to exerdse the same in the event ot any subsequent de(auR. In the event of defauR in the payment oi this note, and i( the same is collected by an ettomey et law, the undersigned hereby agree(s) to pay aY costs ot coAection, induding a reasonable attomey's lee. This note is secured by mortgage of even date executed by the undersigned on certain property described therein ard represents money actualty used for the acquisition of seid property w the improvements lhereon. ' Presentment, protest. and notice are hereby waived. ~ /s/Jerald J. Drabek ! (Seal) ~ JERALD J. DRABEK ~ {s/Lessie A. Drabek (Seal) ~ LESSIE A. DRA~EK ~ (Seal) I I s ~ (Seal) Md shall duly, promptfy, and tully perform, discharge, exec~te, efiect, complete, and comply with and abide by each and every t the stipulations, eg?eements, conditions, and covenants of said promissory note and oi this mortgage, then this mortgage ~nd the estate ~ hereby created shaU cease gnd be null and vo~d. ~ The Mortgagar further covenants as follows: ~ t. That he/she wiU pay the indebtedness, as hereinbefore provided. Priv~ege is reserved to prepay at any time, without premium cr tee, the entire indebtedness w any part thereoi not less than the amount ot one instaUment, or one hundred dollars (s100.00), which- ever is less. Prepayment in fuN shaN be cxedited on the date received. Parfial prepayme~t, other than on an insta!{ment due date, need not ~ be credited until the ne~ct foNowing insiaNment due date or tFi~ty days after such prepayment, whichever is ~riie~. g 2. In order more 1u1ty to protect the security of this mortgage, the Mortgagor, together with, and in addition to, the monthly pay- ments under the terms oi the note secured hereby, on the first day of eech month until the said note is fuUy paid, witl pay to the Mortgagee, ~ as ln~stee, (under the terms of this trust as hereinafter state~ ihe foNowing sums: tl ~ (a) A sum equal to the ground rents, if any, next due, ptus the premiums that wiN next become due and payable on F policies of fire and other hazard insurance covering the mortgaged prc+perty, plus taxes and assessments next due ~ on the mortgaged property (aq as estimated by the Mortgagee and ot which ihe Mortgagor is notifie~ less all sums ~ already paid therefor divided by the number of months to elapse beiwe one month prior to the date when such ground renis, premiums, taxes, and assessments w~l-become delinquent, such sums to be heid by MoRgagee in ~ trust to pay said ground re~nts, premiums, taxes, and spe~al assessments. ~ (b) The aggregate of the amounts payable pursuant to subparagraph !a) and those payable on the note secured hereby, ~ shall be paid ~ a single payment each month, to be appfied to the foUowing items in the arder stated: i ground rents, taxes, assessments, fire, and other hazard insurance premiums: (ii) interest on the note secured hereby; and (ii) amortization ofthe principal ot the said note. My deficiency in the amount ot such aggregate monthy paymerit shaR, unless made good by the Mortgag~r prior to the due date ot the next such payment, constitute an event of defauft under ihis mortgage. At Mortgagee's option, Mortgagor witl pay a'late charge' nat exceeding tour per centum (496) of an instaUment whe~ peid more ihan fifleen (15) days after the due date thereof to cover the extra ex- pense involved in handling detinquent payments, but such 'late charge' shaN not be payable out of the proceeds ot any sate mada to satisty the indebtedness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secureci thereby. 3. K the total oi the payments made by the Mortgagor under (a) of paragraph 2 preceding shail exceed the amount of paymQnts actually made by the Mortgagee, as trustee, tor ground rents, taxes and assessments, and ~surance premiums, as the case may be, such e~ccess shaN be credited on subsequent payments to be made by the Mortgagor !or such items or, at Mortgagee's option, as Vustee, sha4 : be refunded to Martgagor. fi, however, such monthly payments sha: not be sufficient to pay such items when the same shaM become due y and payable, then the MoRgagor shaN pay to the Mortgagee, as trustee, any amount necessary to make up the defide~cy. Such payme~t F she~ be made within thirty (30) days after wririen notice hom the Mortgagee stating the amount of the deficiency, which notice may be given by ma~. If at any time the Mortgaga shaY tender to the Mortgagee ~n accordance with the provisions of the note secured hereby, fufl payment oi the entKe indebtedness represented thereby, the Mortgagee, es vustee, shaM, in ccmputing the amount of such indebtedness, '.=MC.-630E1 (SiBb) 6~G~, 675 f;,~: 2~8~ ~ _~..~s : .