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FOB VALUE RECEIVED, the undersigned promi8e(s) to pay to
ST. LLlCiE CL;/FY, FLA,
BCX:lEY, :~n,G:G ~ :!IGHT, TIC.
. a corporation organized and ex;sting urlrier
the laws of 1,ia.ryla!1d , or oder, the principal sum of E1e'.-en r-l11C\J.:,l.U1U
One HUllrlrccl Fifty & No~ - - - - - D0llars ($ 11,1:>O.CG ), with int('rest from
date at the rate of Fh'e & One-Half per ('entum ( ')-1/'2 %) per annum on the unpaid
balance until paid. The said principal and interest shall be payable at the oftke of
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Begley, l-l.arting & liight, Ine., ::,ox 713 "
in Ea.u Gallie Florida . or at such other place as the holder n~ay deSIgnate In
writing, in monthly insWlmenu of Sixty-three &. 33/100 - -.- - - - Dollars ($ l3. 33 ),
commencing on the first day of June , 19 01 ,and on the first day of each month there-
a.fter until the princi~ are fully paid, except that the final payment of the entire indebtedness
evidenced hereby, if not sooner paid, shal1 be due and payable on the first day of April , 19)1 ,
If default be made in the payment of any installment under this note, and if such default is not made
good priOl'-to the due date of~enext such installment, the enti:-e principal sum and accrued interest shall
at once become due and payable without notice ~t thp. option of the holder of this note. Failure to -exercise
this optinn shall not const:t:.:t€ n .waiver of the right to exercise the sanle in the event of any subsequent
de!2.~!t. I!1 the event of default in tl-,p pa)'D1cnt of this note, and if the same is col1ected by an attorney
at law, the undersigned hereby agree(s) to pay all costs d collection, including. a reasonable attorney's fee.
Presentment, protest, and notice are hereby waived.
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And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each and every th~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. 'I'hat ~ will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the
.debt in whsle, crln 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 provi~ions of the National Housing Act, he will pay to the mOl'tgagee an adjusted premium charge of
one per centum (1 %) of the original principal amount thereof, ,",xcevt tilai. ill no e\ cnt 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 the security of this mortgage, the mortgagor, together with,
and in addition to, the monthly paymentP- under the terms of the note secured hereby, on the tJ.rst 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 (IL:) 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 F~de,31 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, 0n the termination of its obligation to pay mortgage insur-
ance premmms, credit to the account of the mortgagor all payments made under the provisions of this
subsection which the mortgage-d has not become obligated to pa~ to the Feder..l Housing Commis-
Eioner.
(~) A 3um equal to the JO"Ounrl rents. if any, next due, plus the premiums that will next become
due and payable on polICIes of fire and other hazard insurance covering the mortgaged property. plus
taxes nnd assessme~t~ next due ?n, the mortgaged property (all as estimated by the mortgagee) less
all sums already paId therefor diVided by t.he number of months to elapse before one month prior
to the date when such grol!nd rents, premIUms, taxes, and assessments will become delinquent. ::iuch
sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess-
ments.
(f;) An paymt'nts mentioned in the two prl::Ceding subsections of this paragraph and all pay-
ment~ to be made u!lder ttt.e note secured hereby gnal1 be adced together and tile aggregate amount
thereof shall be paId by the mortgager each month in a single payment to be applied by the mort-
gagee to the following items in the order set forth:
I. prP.lll.iu~ charges under the contract of insurance with the Federal Housing Com-
mJ.8810ner;
II. ground rents, taxes, assessments, fire, and other hazard insurance premiums;
III. interest on the note secured hereby; and
IV. amortization of the princi;>al of !Said note.
Any defi~ien~y in the arnounc ,of I'luch aggregate monthly payment shall, unless made good by the
mortgagor prlOr w the d~ate of the next such paFent. constitute an event of default under this mort-
~. The mortgagee may collect a "late c~large' not to exceed two cents (20 for each dollar ($1) of
each payment more than fifteen (15) Eia.y.a 1il urrears to cover the extra expense involved in handiing
delinquent ~yments. ..
3. That if the total of t.he payments made by themo~gagor under (b0,f paragraph 2 preceding shall
exceed the amount c:f payments actually made by the mortgagee, for ground rents, taxes and assessments
and iJUlur.:.nce premllllJ1S, as L'1p ~!!.!e may be, 8uch exeess shall be credited by the mortgagee on subsequent
payments to be made by the mortgagor. If, however, the month1y payments made by the mortgagor
e
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