HomeMy WebLinkAbout1087
O.R.
BOO~
FoIl ":ALUB ~Vim. the underai&'D~ pl'Olllik(.) to pa,f~. LUCIE COUNn, rlA.
AlWUCAN TITLE ,INSURANCE O'JKPAL'Y
,a eorpol"&tlon orpD!Ied and ex1IDa' undft'
the Iswa uf Florida ',or order, the prindpal awn of B1Sh~.eu
thousand e1ght hundred and NO/loa Dol1&ra <, 18 800.00 ), with bl..-t from
dIaUl at the rate of 11 ve &c three-tourths per centum < S-'3/4,,) per annum OIl the UDpald
balance until paid. Thi aald principal and Intereat Ihall be payable at the omc. of
,Arller1oan T.1 tl, Insuranoe OOJllPliUY .
In M1am1, flnrlda ,or&t.-ucl1otherplueutlwboiderm&1'deUpatebl
writing, In monthly in.ta1lmeal+.a of One hundred nino and 79/1.00 DoUan (, 109.79 ),
commencing on the first day of April ,1961 ,and on the ftnt day of each month there-
aftt.r until tht principal and interest are fully pajd, except thtt the 1\nal paymu.t of the entire indebtedneu
evidenced hereby, if not IOOner paid, shall be due and payable on the ftrat ~ of Karoh ,1891 .
If default be made in the payment of any installment under this note and If lIUeh default b not made
good prior to the due date of the next such installment, the entire princiJ;;i sum &Dei acerued intf'reat 8haU
at cnce become due and payable without notice at the option of the holder of thJs r.nte. Failure to exercile
this option shall not constitute a waiver of the rirht to exercise the same in the event of any subsequent
default. In the event of detault in the payment of this noUl, and if the same ia collectetl by an attol11i!Y
at law, the undersigned hereby EloOTe~(S) to pa;' ~l coat. of collection, Inclu~a reaaonable attorney's fee.
Presentment, protest, and notice are hereby waive:L
6
337
(~18.80 State D0C'umentJry Stamps
affi~ed to or1~lnal note and
cancelled. )
u_____~ Dav1d C. Sorensen
David O. Sorensen
(6eal)
e/ Frances H. _~Q.rJ~naen
Frances H. Sorensen
(Beal)
And shaH duly, promptly, and fully perfonn, di~harge, execute, effect, complete, and comply with and
abide by each and every the stipulations, 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 provid~. 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 duc
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 (80) days prior to pre~yment; 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 'it>) of the original principal amount the~eof. 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 Commissiont>r on account of mortgage iIu>urance.
2. That. 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, ou the first clay 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 tfl be so insured, one-twelfth nl~) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds with which to dis-
char~e the said mortgagee's obligation to the Federal Housing Commi3sioner for mortpge 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-
:mce prenuums, credit to the account of the mortgagor all payments made under the provisions of this
suhsection which the mortgag~e has not beCome obligated to pay to the Federal Housing Commis-
~ luner.
(b) A sum equal to the groulld reds. if any, next due, pius the premiums that will next become
Que and payable on poli~ies of fire and other hazard insurance covering the mortgaged property, plus
tax('s and assessments next due on the mortgaged prope!"ty (all as estimated by the mortgagee) IPSB
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 wi\1 become delinquent, such
sums to he held by mort6agee in trust to pay sa1d ground rents, premiums, taxes, and special 888ess-
menta.
(c) AIl payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the noUl gecured hereby shall be added together and the aggreJate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort-
g/lgee to the following items in the order set forth:
I. prem,iuf!1 charges under the contract of insurance with the Federal Housing Com-
.mSSlOner;
II. ground rents, taxes, a.!J8essments, fire. and other hazard insurance premiuma;
III. interest on the noUl secured hereby; alld
IV. amortizstion of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by th(!
mortgagor prior to the due date of the next such payment, constitute an event of default under this mort-
gaKe. The mortgagee may colleCt a "late charge,f not to exceed two cents (~) for each dollar ($1) of
each J:aymt!nt more than fLft2en (15) days in arrears to cover the extra expense involv~ in h3ndli~
delinquent payments.
3. That if the total of the payments made by themoTt.gagor under (b) of p&ragraph 2 preceding shall
l'xceed the amount of payments actually mad'!! by Ule mortgngc-e, for ground rentB. taxes end a.saeaar.1enu
and jnsurance premlUmli, &8 the case may be, such eXCeM shllll be credite-:l by the mortgagee on aubseQue!1t
payments to be made by the mortgagor. If, however, the mOllthly paymenta made by the mortg~t
...'---~4;<1
.&11!! ~-