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HomeMy WebLinkAbout1486 ! N 7 j ),-' ,HI .~ FOR V AL'JE R:-:CElVfD, the t:nlersigncd promi;~ (s) to pa~' to 60U'iHEA8TE.~ HORTJAGE CCH?.A:IT " r. llj'-, l C ~Hi - Y, rt A. , a corporation organized and existing under the laW8 of the Bta te ot It'''lorlda ,or order, the prin,jp,al sum of Ij1~c tho'uend and ~:o/100 Dollars ($9,OOO.0C ). with interest from date at the rate of Five t: three C1uarter~r centum ( 5-314 yo) per annum on the unpaid balance until paid. The said principal and intereat shall be payable at the oflicE' of SO~ theaa tern Mortgage Comuar~, 1)40 West F1Alger Street, in M1.a:ni F1or1tb. ,or at such other place as the holder may designa~e in writing', in ~oDthly installments of Fl~ty-t~o and 56/100 Dol!ars ($ 52.56 ), (;ommendng' on the first daj' of May ,1961 ,and on the first day of each month there- after until the principal and interest are fully paid, except that the fmal p.wment of the entire indebtl'dness evidenced hereby, if not soouer paid, shall be due and paj'able on the first day of A~rl1 , 19 91 . If <.1efault be made in the payment of any installment under this note, and if ~mch default is not made good prior to the due date of the next such installment, the entire principal sum and accrued inkn'st shall at once become due and payable without notice at the option of the holder of this note. Failure to exercise this option shall not constitute a wah'er of the right to exercise the same in the en'nt of any subseqlll'nt default. In the event of default in thE' payment of this note, and if the same is collected by an attorney at law, the unde!'8igned hereby agree(s) to pay all costs of collection, including a reasonable attorney's fee. Preaentment, pro teat , and notice arc hereby waived. (.9.00 State Dooumentary Stamps affixed to oribi~al note and canoe lIed. ) 8/ Eern~rd A. 6~lth ---B-e-rr::ifa--j\ :'.. GT~tf.C---- ~--._. (Sl'c.l) ___13/__~f~~~___~. _,_ ~~I~.l~.~__,__ _____..' ;'!b.1J" E. 5::11 tl:.. (3tu.l) And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply \"ith and abide by each and every the stipulations, agreements, conditions, and covenants of gaid 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 debt in whole, or in all 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 charg-~ cf one per centum (1 %) of the origival 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- gage had continued to be insured until maturit)'; such payment to be applied by the mortgngee upon its ooligBtion to the Federal Housing Commissioner on account of mortgage insurance 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly payments un.ier the terms of the note secured hereby, on the first day of each mnnth until the said note ia fully paid, will pay to' th.:: mortgagee the following sums: (4) If this mortgage and the said note secured hereby are insured under the provisions of the NlltloruU Housing Act and so long as they continue to be so insured, oIll~-twelfth (%2) of the annual mortgage insurance premium for the pllI'])OSe of putting the mortgagee in funds with which to dis- charl!{e the said mortgagee's obligation to the Federal Housing Commissioner for mortgag-e insurance premiums pursuant to the applicable provisions of the National Housing Act, as amended, and J~egu- latioIU: 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- sioner. (b) A sum equal to the ground rents, if any, next due, plus the premiums that ".ill next become due and payable on policiea of fi!"e and other hazard insurance coveriny. the mortgaged property. plus taxes and asse88Illents next due on the m')rtgaged property (all as estimated by the mortgag('e) 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 delinrluent, such sums to be held by mortgage.e in trust to pay said ground rents, premiums, taxes, and special ao:sess- ments. (e) A sum equal to cne-twelfth of one-half af one per centum of the amount of the principal th('ll remaining unpaid undE-r said note a!i a service charge, to cover the expense ot handling the monthly payments on account of tax~, assessments, and fire and other hazard insurance as provided for herein, and the other servicing costs in connection with this mortgage and the note secured her('by. (d) All payments mentioned in the preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid each month in a single payment to be applied by the mortgagee to the following items in the ordet' set forth: (1) premium charges under contnct of insurance with the Federal Housing Comm!&3ioner; (11) g!'ound rents, taxCB, special aaseaaments, fire and other hazard insurance premiums; (III) senke charge &8 set forth above; (IV) interest on the Ol.te secured hereby: and (v) amortization of the principp,l of said notP.. , Any deficiency in the amount oi such aggrepte monthly payment shall, unless made good bv the mortgagor prior to the due. date of the next such Dayment, c(,n~titutc an event of default under this mort- pge. The mortgagee may coliect a "late c~arge" not to exceed two cents (2,) for each dollar ($1) of each payIDt'nt more than fifteen (Hi) day. 10 arraara to cover the extra expense involved in handling delinquent payments. 8. That if the totai or. the payments made by the mortgnsror under (b) of paragraph 2 preceding shall .xceed the amount of payment.. actually made by the mol'~~ee, for &Tound renta, taxes and '1.83easlllents 1.__..