HomeMy WebLinkAbout1690goon 3 4~.3
Foit Vuvs the ~ piou(s) ~ PAY ~ T tUCIE COIfNTY, FLA.
lf~0a~f~HA~ l[S C01[P~l, I~C.
a corporation organised and exiatias under
~ yws d State of llorlda , ar ceder, the principal sum of Ten
Thousand sad 00/100- - - - - - - - - -~~ (i 10 000.00 )~ with inureat from
dale at the rate of litre ~ three tolirth per eentmn ( S 3~4 96) >~ annum on the unpaid
balance until paid. TLs said prindpal and interest shall be py-abls at the ot~be of .
IiCCAII4BAA Y08TOA(i8 CCYpA~iY, IBTC.
is Coral sables . llorida , ar at wch other p1Qa as the holder may dedgm-te in
writins, in monthly inatallmee<b ad littJ-eight and 40/100- - -~ (i 58.40 ),
commencint on the urat day of April ,19 61, and on the flrat day of each month there-
ta~ ..._as, a\~ ..iw..Sw.i sw~i %~~wwi ~+r f~tiTv .,.i.i .~~..i that the anal n~vment of the entire illdebtedaeaa
aa.aa watt wo pa auwpw..... ~ ..... •...y r--~r -r - ---
evidenced hereby. ii not sooner paid, shall be due and payable on tae first day of Iiarch . iS 91
If default be made is the payment of an,Ir installment Hader this note and it such default is not made
good prior to the due date of the next such inataWnent, the entire principal sum sad accrued interest shall
at once become due and payable without notice at the optlon of the holder of this note. Failure to exercise
this option shall not oonatitute a waiver o! the right to eaterciae the acme in the event o! any subsequent
default. In the event of default in the payment o this note, and if the same is collected by an attorney
at Lw,the undersigned hereby agree(s) to pay all costs of collection. including.a resaonable attorney's fee.
presentment, protest, and notice are hereby waived.
Joseph P. Mahoney, 3r.
And shall duly, promptly, and tuIIy perform, discharge, execute, effect, complete, and comply with and
abide by each and eve then this mortgage and the estate herebycreated shall cease and be ull~and void.
and of this mortgage,
And the mortgagor further covenants as follows:
1. That he will pay the indebtedness, sa 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 first day of any month prior to maturity : Provided, however, that written notice of an
intention to exercise such privilege is given at least thirty (30) 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 centum (1%) of the original principal amount thereof, excepi that m 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.
2. That, in order more fully to protect ti-e security of this zuurtgage, i.[ie i~:fiii~.gagvr, ~a~: cr 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 so long as they continue to be so insured, one-twelfth (1;}2) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds with 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 Pay to the Federal Housing Commis-
Eioner.
(b) A sum equal to the ground rents, if any, next due, plea the premiums that will next become
sue 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 as 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 such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special saseas-
ments.
(c) All payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together and the aggregate amount
thereof shall be paid by the mortgagor each month is a single payment to be applied by the mort-
gagee to the following items in the order set forth
I. premium charges under the contract of insurance with the Federal Housing Com-
misaioner ;
II. ground rents, taxes, assessments, fire, and other hazard insurance premiums;
IIl. interest on the note secured hereby ;and
rv. 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~rrient, constitute an event of default under this mort-
The mortgagee may collect a "late charge' not to exceed two cents (2S) for each dollar (~1) of
e~ac~h~ payment more than fifteen (15) days in arrears to cover the extra expense involved in handling
delinquent payments.
3. That if 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, tales and assessments
sad insu~ to be made by the1mortga8or.be'If, howevceer~, the monthly payments made by the mortgagor
paymen
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