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HomeMy WebLinkAbout1896 ~.H" ~ v', ... I I J , ~ ' . ~.. '\ , }o'OR VALUE RECEIVED, the undersigned promise (s) to pay to SOU~STERii :.~OR.TGAQE c: o:r ANY , ~T, Ll;C,E C~l~-', =-l.A. , a corporation organized and ex;sting under the laws o! the Sta to of F10rlc.R , or order, the principal sum of :Unc t:~'~ot..:.oar,(l~ five hund~~od ~nd No/10C Dollars ($ 9,500. GC ), Wit:l interest from dBte at the rate of Five & three-fourths per centum ( 5-3/4 ~I,-) per annum on the unpaid balance until paid, The said principal and interest~hall be payabll' at the otlice of southeastern Mortg&ge Com0~ny, 1340-W€~t F:ag1cr Street, in Mi WIll, Fl')l'lc..a , or at such other place as the holder may designate in writing, in monthly installments of Fl fty anc.. t4/100 Dollars ($ 50. -54 ), commencing on the first uay of May , 19 61, and on the first day of each month there- after until the principal and interest are fully paid, except that the final payment of the entire indebtt'dness evidenced hereby, if not sooner paid, shall be due and payable on the first day of A)1'11 ~ 200::'. If default be made in the paYalent of say installment under this note, and if such default is not made good prior to the due date of tiH' next su<:h installment, the entire principal sum and accrued 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 not constitute a waiver of the right to exercise the Shllle in the event of any subsequent default. In the eve:lt of ddault in the payment nf this nete, and if the same is collected by an attorney at law, the undersigned r.ereby agree(s) to pay all costs of collection, including. a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. (:;P9.50 ~t'J.te Docune::.tary 5';:l~PtJ o.ffi::sa. ~o orlg~:-,cl r.otc 1',:~:::' C ;J."!:e; e 1 ~ ed. ) . ...___sL'~.<i;,e:. ~. _ :r:::.~p_r~8 ~S[t LP "--- ~~~,~~--ei;.tb (SC[ll) .,..._ el.J,!.~.1E::J. U c ::c..':) '8E'l'tS DaiBY Lee Roccr:r, (S "' . \ ,..~~~:':_I And shall duly, promptly, and fully perform, discharge. execute, effect, compll'le, and comply with and abide by each and every the stipulations, agreements, conditions, and CO\'l'nants of said promissory note and 6f this mortgage, then this mortgage and the estate hereby created shall cease and he 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 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, howewr, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to pn'paynwnt; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insurt'd under the provisions of the National Housing Act, he will pay to the mortgagee :.n adjusted pn'mium charge of one per centum (1 ~'i) of the original principal amount thereof, except that in no e\'cnt shall the adjusted premium exceed the aggregatE: a:nount of premium charges which would !lave heen payahle if tne mort- gage had continued to L'€ insured until maturity; such payment to be applied by the mortgagee uplJn its obligation to the Federal Housing Commissioner on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, ill(' 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 sr.id note IS fuiiy paid, wiii vay tv Uic li.0.tb~b~~ th~ fa!h~u'i~g ,,-lHllS' (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 (11 ~) of thL' annual mortgage in~urance 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 temlination of its uhligation to pay mortgage insur- ance premIUms, credit to the account of the mortgagor all payments made under the pro\isions of this subsection which the mortgagee has not become obligated to pay to the Federal Huusing Commis- ElOner, (b) A sum equal to the ground rentR, if any, next due, plus the premiumR that will n('xt become due and payable on policies of fire and other hazard im:urance covering the mortgag-ed propl'rty, plus taxes and assessments next due on the mortgaged property (all as estimatpd by the mortg-aged less all sums already paid therefor divided by the number of munths to <:lapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become dplinqllpnt, such sums to be held by mortgugee in trust to pay said ground rents, premiums, taxes, and spel:ial assess- 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 in 8 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- missioner; n, ground rents, taxes, assessments, fire, and other hazard insurance premiums; III, 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 payment, constitute an event of default under this mort- sage, The mortgagee may collect a "late charge" not to exceed two cents (2\') fOJ each dol1ar ($1) of each payment more than fifteen (16) days in arrears to cover the extra expense involved in handling delinquent payments, 3, 'That if the loth1 of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, tax('s and ass('sRments and iIl8urance premiums, as tlie cas~ ma)' be, ~uch excess shall be credited by the mortgagee on subsequent paymentll to be made by the mortgagor. If, however, the mont..hly payment.'l made by the mortgagor - e.