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ISD::~ -14 PACE 4 ~........ }o'OK V ALUE R~VED, the underSigned promise (8) to pay to Ai-I::-'F~CAN TITLE INtiURANCE Cm-l?ANY , a corporation organized Rnd existing under the laws Of 'Florida . or order, the principal sum of Fourteen thousand four hur.dred and No/lOD Dollars ($ 14 J 400 'I 00). with interest from date at the rate of F1 ve & one-half per centum ( 51 %) per annum on the unpaid balance until paid. ~e said principal and interest shall be payable at the office of ~ American Ti tle Ineurance Company in M1 ami, Florida f or at 8uch other place as the holder may designate in writing, in monthly installments of Eig:lty-one and 79/100 Dollars ($ 81. 79 ), commencing on tlm"firat day of August . 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 indebtedness evidenced hereby, if not sooner paid, shall be due and payable on the first day of July ,19 91, If default be made in the payment of any installment under this note, and if such default is not made good prior to the due date of the next such 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 same jn the event of any subsequent default. In the event of default in the payment of this note, and if the tame is collected by an attorney at law, the undersigned hereby agree(s) to pay all costs of collection, including, a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. '''. l~ICI[ C2UN~Y, ru. . ....__~L_ph.:...rle.!.._A. ~~~o~!~~.:__.tSe~l) Ohnrles A. Ba~~ouJ Jr. (~14.40 ::;tf.te Uocu..'1lcntary Sta.iJ:)S a~fixed to ~r1b1nnl note ~nd canee::'lea. ) .-------- --.----.-.--------.-------------- ~---- ---.--------------.------- .h____~J.__I>.h~~1.:P:,~___Q:_.h__~c.ll,Q~._. ,_ h______~~~!::.l ) Phyllis C. Ballou - - -- - ---- ---.--- - -----. _._--~------~.. ----- -------.-- - --- -- -- ---- ---- - ----- And shall duly, promptly, and fully perform, 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. 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, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prep.'\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 %) 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 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 under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: (4) 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 insuroo, one-twelfth (11~) of the annual mortgage insurance premium for the purpose of putting the mortgagee in funds with which to dis- charge the said mortgp.gee'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 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- E ioner. (b) A sum equal to the ground 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 and assessments next due on the mortgaged property (all as estimated by the mortgagt.>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 delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special 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 l>hall be added together and the aggregate amount 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. prem}~ charges un~er the contract of insurance with the Federal Housing Com- mwnoner; D. ground rents, taxe8, BSOessments, fire, and other hazard insurance premiums; - ill. 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 parment, constitute an event of default under this mort- pge.- The mortgagee may ~ollect a "late charge' not to exceed tw~ cents (~) for each dollar ($1) of each payment more than ftfteen (16) days in arrears to cover the extra expense involved in handling delinquent payment.. - 8. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding "hall exceed the amount-of payments actually made by the mortgagee, for ground rents, taxes and assessment. and insurance premiuma, as the case may be, such excess shall be credited by the mortgagee on subsequent payment. to be made by the mortgagor. It, however, the monthly payments made by the mortgagor n )