HomeMy WebLinkAbout0277~~ ~ 335 •.
FOt Vows Rscscvsn, the underaisned promiie t.~~olp~ .. ,
• ~o~stovt ~~ I~l$vR~las oospi-~c .
_ - ~ . a coarpoi'ation or*anised and existias under
~ ~~ ~ ~'loridw , or order, tha prindpal sum of '1'kslvo thousand
and No/100 Dollars (i 314,000.00), with interest iroan
date at theiate a~ Fiv b throe-lourtlyMe oentwaa ( 5-3/~ 96) lip' annum on the unpaid
balance until paid. Tlee said principal and ~ shall be psJrabls at the oBoe of
ynsriosa Titlo Insaranoe Ooapasy
in ldi sal , !'1 orlda . or at sash other pLos as the holda~r my- designate in
.riNnS~ in maathly instaltments c2' Bsvwnt~ aad 08/100 ~~ (i ?0.08 ).
ootnmeacing oa the first day of F~b~arg ,18 61, aaa on fire i3rat day of each mcini~i ~u~io-
and interest are fully paid, except taai ~ ijr.:: peym~t ~; '~~ ~.,~a ~.~zb`=~=
after until the prindpsl
evidenced hereby, i! not sooner paid, shall be due and payable on the first day of JaIIVlar~ .1891
If default be made in the payment of day inaiauweni uliu~r .~..+- a~uw .r:.u :..,4..~. ~.~...~~.~ w ~.~•~ ~~~
good prior to the due date of the next such installment, the entire prlncipaf sum and aocived interest shall
at once become due and payable without notice at the option of the holder of this note. Failure to exercise
this option shall *_u>t oonatitute s waiver of the right to exercise the same in the event of ~-y subsequent
default. In the event of default in the payment of this note, and if the same is collected by an attorney
at Lw, the undersigned hereby -.gree (s) to PaY all costs of collection, including. s reasonable attorney's fen
Presentmenk protest, sad notice are hereby waived.
_--__-_s~ Robert J. Rlol~ard (Beal)
Ro er ~-
s/ xaroia ~. Riots°~•rd (Beal)
------ i(,arola b. Riohar~~
And alisil dull, prv~pily, ~,d ~++~ ~~o~ d~s~a.~x "Y°-'""l~j ef:~%, c+~r-p1rtE, and comply with and
abide by each and every the ahpulationa, agreements. conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the
a_~.a :., e.ti.,~e ..r ;., an Ar.3ount equal to one or more monthly_psvynaenta on the principal that are next due
YcV Y lY ~ •.vv, w ... ~-
on the note, on the ftrat day of any month prior to maturity : Provided, however, That w-ntten notice o an
intention to exercise ouch privilege is given at least thirty (80) days Prior to prepayment; and, provided
further, that in the event the debt is paid in full prior to maturity and at that time it is insured under
the provisions of the National Housing Act, he will pay to the mortgagee an t-djuated premium charge of
one per centum (1 y6) of the original principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
~oe har_i continued to be insured until maturity; Ruch payment to be applied by the mortgagee upon its
obligation to the Federal Housing (;ommieaioner on account of mortgage insurance.
to ther with
2. That, in order more fully to protect the security of this mortgage, the mortgagor, ge ,
and in addition to, the monthly pa cuts under the terms of the note secured hereby, on the ftrat day of
each month until the a;,:d note is uAy paid, will pay to the mortgagee the following soma:
(a) If this mortgage and the said note secured hereby are insured under the provisions of the
National Housing Act and so long as they continue to be so insured, one-twelfth (1;1) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds wit which to dis-
charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance
premiums pursuant to the applicable provisions of the National Housing Act, as amended, and Regu-
lations thereunder; the mortgagee shall, on the termination of its obligation to pay mortgage insur-
ance premiums, credit to the account of the mortgagor all payments made under the provisions of this
subsection which the mortgagee has not become obligated to ps~Y to the Federal Housing Commis-
, ~ioner.
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
nue and payable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgap .d property (all as eatimatecl by the mortgagee) less
all sums already paid 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, such
same to ~ held by mort~ree in trust to pay said ground rents, premiums, taxes, and special asaess-
menta.
(e) All payments mentioned in the two preceding aubsectiona of this paragraph ggaud ail Ppf
ments to be made under the note secured hereby shall be added toget ent to be appU~ by thee moort-
thereof shall be paid by the mortgagor each month in a single paym
gages to the following items in the order set forth:
z. premium charges under the contract of insurance with the Federal Housing Com-
missioner ;
II, ground rants, taxes, assessments, fire, and other hazard insurance premiums;
iu. interest on the note secured hereby; and
iV. amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
mortgagor prior to the due date of the next such pa~tnent, constitute an event of default ur-der this mort-
gage. The mortgagee may collect a "late charge' not tv exceed two Dents, (2.f) for each dollar (il) of
each payment more than fifteen (16) days in arrears to cover the extra expense involved in handling
delinquent paytnenta.
3. That it the total of the payments made byy the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of payments actually made b the mortgagee, for ground rents, taxes and asaeaamente
and insurance premiums, as the case may be ouch excess shall be credited by the mortgagee on subsequent
payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor