HomeMy WebLinkAbout2989 I'KO\ Il)EL) AI ~1'.A1'S that il the \turt~;agur .hc?11 pay unt~~ the 1lurtgagee that ~ertain prumi..~~ry note, of ~~hi~h
thr I~iU~~~~ing i, .t ~uh,ta~~tial rop}. to ~~it:
S 69,948.00
Port St. Lucie , t~luriJa.
January 30 . 1y 90 .
I()R ~'ALUE R~C'L IYEU, ti~e under~igned prom+~e1~) to pa}~ to
FIRST ATLANTIC MORTGAGE CORPORATION
, a rorporation organi~eci and existing under the laµ5 of THE STATE OF FLORIDA
. ar order, ~he principal sum of SIXTY NINE THOUSAND NINE HUNDRED FORTY EIGHT AND NO/1Q0----
Dollars
fS 69,948.00 with interest from date at the rate ot' NINE AND ONE HALF per
~entum ( 9. S00 ~'o} p~r annum on the unpaid balanre until paid. The ~aid rrincipal and interest ~hall be pa~~able
at the off'ice oi FIRST ATI.MITIC MORTGAGE CORPORATION
12515 N. Kendall Drive, Suite 124
Miami, Florida 33186
i~ , or at ~uch uther ptace a~ the holder ma}~
de,ignate in writing deli~ered or mailed to the oebtor, in monthlp installments of
FIVE HUNDRED EIGHTY EIGHT AND 17/100__________________________________________ Dollars
5gg, 17 commencing on the first dap of Mareh , 1990 , and ron[inuing on
~he first day of each month thereafter until this note is fully paid, except that, if not sooner paid, the final payment of principal
and interest shall be due and payab{e on tfie first day oF Februaiy , 2020 .
Pri~ itege is reserved to prepay~ at an}• time, without premium or fee, the entire indcbtedness or any part thereof not
fe~s than the amount of one installment, or one hundred dollars (SIOO.tlO), vvhichever is less. Prepayment in fult shali be
~redired on the date received. Partial prepayment, other than on an installment due date, need nat be credited until the
ne~t follow•ing installment due date or ihirty days after such prepayment, whichever is earlier.
If any deficiency in the payment of any installment under this note is not made good prior to the due date of the next
such installment, the entire principa! sum and accrued interest shall at once become due and payable w~ithout notice at the
ontion of the holder of this note. Failure to exercise this option shall not constitute a µaiver of the right to exercise the
same in the event of any subsequent defauft. tn the e~ent of default in the payment of ehis note, and if the sam~ is coUected
b~~ an attorney at law~, the uridersigned hereby agreet~) to ~ay all costs of collection, including a reasonable attorney's fee.
This note is secured 'vy~ ~iwtigage of even date executed by the undersigned on certain property described therein and
represents money actuall}~ used for the acquistion of said property or the impro~~ements thereon.
Presentment, protest, and notice are hereby~ ~~~aived.
/S/ CHARLES T. WELCH _ [SEALJ
CHARLES T. WEL~H
[SI BARBARA L. WELCH [SEAL]
BARBARA L. WELCH
f [SEAL]
~
~ [SEAL]
;
I
; :1nd shall duly, prompth~, and fullp perform, discharge, execute, effect, complete, and romply ~cith and abide b~~ each
E and e~er}~ the stipulations, agreements, conditions, and co~enantti uf said promissory note and of this mortgage, then this
~ mortgage and the estate hereb~- created shall cease and be nuil and ~oid.
The Mortgagor further co~~enants as follo~ss:
; 1. That he; she ~ill pay the indebtednes~, as hereinbefore pro~ided. Pri~•ile¢e is reser~ed to prepa}~ at an~~ time, s~ithout
~ ~remium ur fee, the entire indebtedness or a~~}~ part thereoi not tess than the amount ol one installment, or one hund:ed
~ clullars (5100.00), w•hiche~~er is less. Prepa~~ment in full shatl be credited on the date recei~~ed. Partial prepay~mrnt, other
~ than on an installme~t due date, need not be credited until the neYt following installment due date or thirty da~~s after such ptepa~~-
~ ment, whichever is earlier.
; 2. In order more full}~ to protect the security of this mortgage, the 1lortgagor, together ~ith, and in addition to, the
? monthl~ payments under the terms oi the note serured herebp, on the first da}• of each month until the said note is full~•
~
( paici, ~rill pay to the tifortgagee, as trustee, (under the terms of this [rust as hereinafter statedl the follo~~ing sums:
~ la) A sum equal to the ground rents, it~ any, next due, ~lus thc premiums that w~ill ne~t bcrome due and pa~~able on
~ ~olicies of fise and other hazard inwranc~ ro~ering the mortgaged propert~~, plus ta~es and as~e~sments next due
' on the mortgaged property~ lall as euimated by the tilongagee and of which the ~tortgagor i~ notified) less all sum~
~ alread aid theref~or di~~ided by the number of months to e!a se before one month rior to the date when suLh
€ ~ P P' F
~ ~-~<-1 ground renis, premiumti, tares, and assessmen[s ~.ill hecome delinquent, ~+uch tiumti to bc held b~ `iortgaeee :n
trust to pa~ said gro~nd rents, premiums, ta~e., and 5, ecial atisessments.
1h) 7 hc ageregate of the amountti pa~~able pursuant to subparagraph (a) and thotie pa}able on the note te~~ired hereh~,
~t:all be paid in a single pay~ment each month, to be applied to the follo~.ing items in the order ~tated:
` (1) ground rents, tares, assessments, fire, and other hazard insurance premiums:
F r~~ 111) inter2st on the note secured hereby; and
f ~ ~a
(It[) amortizatiosi of the principal of said note.
~ An}~ deticiency in the ainouat of such aggregate monthi}~ payment ~hali, unless made good b}~ the ;~lortgagor prior
' co the due date of the next such pay~ment, cor.stitute an erent of default under this mortgage. At Mort¢agee's option, ~10~ -
t~agcr will pay a"lare charge" not exceeding four per centum (4~'0) of an installment a~hen paid more than fifteen (fS)
days a(ter the due date thereof to co~~er the extra expense invol~•ed in handling delinquent pay~cnents, but such "late charge"
; `hall not be pa~•able out of tne proceeds of any sate made to satisfy the indebtedness secured hereby~, unless such proceeds
arr tiufi'ic~ent to discharge the entire indebtedness and al) proper costs and expenses secured thereb•;.
3. If the total of the pa}~ments made by~ the 11ortgagor under (a) of paragraph 2 preceding shall exceed the amcrunt
of na~ments actualf~~ made b~~ the Mor~gagee, as trustee, fo~ ground rents, taxec and assessments, and insurance premiwr.s,
a~ the ca:e rra~~ be, ,uch excess shall be credited on subseyuent payments to be made by the tilortgagor for such items or,
at i1~~rt~agee'~ option, as trustee, tiha{I be refunded to !~1ortgagor. if~, howe~er, wch monthly payments shall not be tiuffi-
~ient to pa~ surh itenu ~hen the same thall become due and payabie, then thc ~tortgagor shall pa~ to the'~tortgagee. a~
trusiee, an~~ amount neceti~an• to make up the deficiency~. Such payment chall be madr ~
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