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HomeMy WebLinkAbout0593 · ~;." '~?':~""..- ,''c ' -:. ,:' "',: :. '...... ' . '; ~',' ":. Ib~l' 13 PACE593 -- ' . FoR V ALUB RBcmvm, the UDderail1led promlle (a), to pay to AMERIOAN TITLE IN8~Ci1 OOMPiblUCIE COUNTY~ flA. . , a eorporstion orpnized and exiatiq UDder the1a..~ Florida . or order, the prbicl.-J swn of Sixteen thousaQ4..-and No/100, '. DoUara <$16 000.00 ), with inw....t from date at the rate cd Five & thretlt-to1.lrtha per centum ( '5-3/4 ,,) per annum on the unpaid balance until pales. The aald principal and IntereIt DhaU be payable at the otBc:e of Amer.1oan Title Insuranoe Oomp&n1 In Miami t Florida ,-or at auch other place.. the holder may deeipate in wri~, in mon~inataUmenta cd . Ninety-three and 44/100 DoI1an ($ 93.44 ), commencing on the ftrat day of August ,19 61, and on the ftrat day of each month there- after until tne principal an~ interest are fuUy paid, exeept that the f\nal payment of the entire indebtedneaa evidenced hereby, if not IOOner paid,lhall be due and pay&ble on the ftrat day of July ,1991 , If default be made in the payment of any inatallment under this note, and if luch default ia not made iood prior to the due date of the next IUch inatallment, the entire principal sum and accrued intereat Iha1l at once become due and ?aYable without notice at the option of the holder of thia note. Failure to f".xerciae thia optiOft ,.hall not constitute a waiver of the n.ht to exercise the aame in the event of any sub&!quent default. hi the event of default in the payment of this note, and if the aame il collected by an attorney at law, the unde1'8igned hereby aJT8e(!) to psly all costa of collection, inclu~a reasonable attorney's fee. Preaentmentn>roteat. and notice are hereby waived. ($16.00 state Dooumentary Stamps affixed to original note and oanoelled. ) 8/ John B. Hallam ..._m John B. Hallam (Seal) ,_____~l peggy Jean Hallam (Seal) Peggy Jean Hallaiii-----'--'----- --..-------------------------------------- ..------------- And shall duly, promptly, and fully perlonn, discharge, 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. Anrl the mortgaror 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 .ue uext due on the note, on the fi1'8t day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege i,s 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 Naiional Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 %) of the original 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 maturity; such payment to be applied by the mortgagee upon its obligation to the }o'ederal Housing Commissioner on account of mortgage insurance. 2, That, in order more fully to protect the security of this mortgage, the mortKagor, t.ogether with, and in add!tion to, the monthly paymenta under the tenns of the note secured hereby, on the first day of each mon~h until the said note is fully paid, will pay to the mortgagee the following sums: (4) If this mortgage and the said note Becured hereby are insured under the provisions of the National Housing Act and so long as they continue to be so insured, one-twelfth (Ii..) 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 applieable provisions of the National Housing Act, as amended, and Regu- lations thereunder.; the mortgagee shall, on the tennination of its obligation to pay mortgage insur- ance premlUms, 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 Federalllousing Comrnis- Eiuner. . (b) A sum equal to the ground ren!."" if any, next due, plus the premiums that will next become due and payable on poli<<;ies of fi!e and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all an estimated by the mortgagee) less all sums already paid therefor Hivided by the number of months. to elapse before one month prif\r to the date when such ground rents, premiums, taxes, and assessment!. will become delinquent, such !Sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- menta, (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments tQbe made under the note secured hereby shall be added together and the aggregate Mlount thereof shall be paid by the mortgagor each month in 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- missioner; II, ground rents, taxes, 883Cssments, fire, and other hazard insuran~e premiums; III, interest on the note secured hereby; and IV. amortization of the principal of said note, Any deficiency in the amount o'f such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such parment. constitute an event of default under this mort- rage, The mortgagee may collect a "late charge' not to exceed two cents (~) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent pay menta, ' 3. That if the total of the paymenta made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ~nd rent8, taxes and 838e88J1lenta and inaurance premiums, as the case. may be, such excess shall be credited by the mortgagee on subsequent ~enta to be made by the mortraaror. If, however, the monthly 'payments made by the mortgagor ( '.