HomeMy WebLinkAbout0657BOOK 2. 40
Fos Vntvs li>~vsfl, the undersigned promise(s) to pay to $Y, LUCiE COUNTY, FIA.
AMERICAN TI?L~ INSURANCE OOMPANY '
, a corporation organized and existing under
the Lwa ad Florida ~. or order, the principal sum of TYelve thousand
eight hundred and NO/100 Dollars (= 12, 800.00 ), with interest from .
date at the r:te of Five d: three-fourths per centum ( 5--3/4 96) per annum on the unpaid
balance until paid. The said principal and interest shall be payable at the office of
American Titls Insurance Oompany
in Mi aai , Fl~ri da , or at such other place as the holder may designate in
writing, in monthly talhnenta o! Seventy-lour and ?5/100 Dollars (a 74.75 ),
commencing on the Brat day of >rebruarT ,19 61, and on the first day of each month there-
after until the principal and intermit are fully paid, except that the a„ ,al p:y:::.~t of the 2ntir indebte.;n~e
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It default be made in the payment of any installment under this note, and if ouch default is not mach
good prior to the due date o~ the next such installment, the entire principal sum and accrued interest shall
at once i~ecome due and payable without notice at the option of the holder of this note. Failure to exercise
this option shall not constitute a waiver of the risht to exerclRA the same in the event of any subsequent
default. 1n the event of default in the payment of this note, and if the same is collected by an attorney
st law, the undersigned hereby agree (a) to pay all coats of collection, including a reasonable attorney's fee,
Presentment, protest, snd notice ate hereby waived.
s/Robert Ii. Kirby (Seal
--~"~~~ o er r y "-
s/Norms M. Kirby (Seal)
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orma r y
And shall duly. promptly, and fully perform, diachara~e; execute; effprt, cmm~lptP: Ar_d comply with sad
pride 33 ;.a,h :.nd every the stipulations, agr2c'nleCits, couditiona, 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 oovenantx un follaww
1. That he will pay the indebtedness, 8a hereinbefore provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due
on the note, on the ftrat day of any month prior to maturity: Provided, however, that written notice of 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 adjusted premium charge of
one per centura (1 q6) of the original principal amount thereol, except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage insurance.
~. nat, in order more fully to protect the security of this mortgage, the mortgagor, together with,
and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of
each month until the said note is fully paid, will pay to the mortgagee the following sums:
(a) If this mortgage and the said note secured hereby are insured under the provisions of the
National Housing Act and ao long as they continue to be ao insured, one-twelfth (1;~) of the annual
mortgage insurance premium for t're purpose of putting the mortgagee in funds Rnt~ which to dis-
charge the Said mortgagee's obligation to the Federal Housing Commissioner for mort a e insurance
premiums pursuant to the applicable provisions of the National Housing Act, as amen~e~, and Itegu-
lationa thereunder; the mortgagee shall, on the termination of its obligation to pay mortgage insur_
ance prenuuma, credit to the account of the mortgagor all payments made under the~proviaions of this
subsection which the mortgagee has not beoo~ne obligated to pay to the Federal ilouaing Commi~-
sioner.
(b) A sum equal to the ground rents, if any, Wert dne, plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covering the Mortgaged property, plus
taxes and assessments next due on the mortgaged property (all sa estimated 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 ouch ground rents, premiums, taxes, and aaaesamentg will become delinquent, such
sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess-
ments.
~ ~) ~ 11 i.~.y ~~~a~ ~':~:.~ ~y «L c' ~ v ~$~_szaissg zui~s~zona Oi tris paragraph and all Day-
merta tc b~ made under the note si~cured hereby shall be added together and the aggregate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the following items in the order set forth:
z premium charges under the contract of insurance with the Federal Housing Com-
miaaioner;
>z. ground rents, taxes, $aaesaments, fin, and other hazard insurance premiums;
m. in+,ereat on the note secured hereby.; and
iv. amortization of the principal of said note.
Any deficiency in the amount of ouch aggregate monthly pl~yment shall, unless made good by the
mo prior to the due date of the next such pa en conatitu an event of default under this mort-
~~e mortgagee may collect a "late chargs'Ynot ~ ~~ ~wo cents (2~) for each dollar (al) of
geac~h•payment more than fifteen (16) days in artean to ~,~ ~ ~}~ ~~ involved in handling
delinquent payments.
S. Thst if the total of the payments made b the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of payments actually msdi ~y {~ mo for d rents, taxes and asaesamenb
and insurance prem.:utna, as the case may s eocras sl~~aer~nby the mortgagee on au
pamenb to be made by the mortpsor.~ how, ~,t~9P its made by the m
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