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15 PACE 65
}I'OIl V A.LUE REcEIVED, the underatped promiae (.) to pay to \ T, L uc IE C ~UN TY, r lA,
1I00AUGHAB MORTGAGE COKPAJIY.. DlO.
, a corporation organized and exi8tiq under
the 1&.. at State of P1ori4a ,or order, the principal sum of neven
!houaand One Buncl"".d Pitt7 and 00/100- Dollan ($ 11,150.00 ), with intereat from
date at the rate of 1'1 ve & three' t ourth per centum ( 5'/4") per annum on the unpaid
balance until paid. The wd principal and Interest ahaIl be payab!e at the office of
. IIOCAUGIWI IIC1l1'GAGI O<JIPABY. 110.
10 Oora1 Gables, Plori4a ,or at IUch other place as the holder may designate in
writinl', In monthly installments of 81xty-t1 ve and 12/100-' -;0 - Dollars ($ 65.12 ),
commenciDl' on the first day of AuguS t , 19 61 , and on the first day of each month there-
after until the principal and intereat are fully paid, except that the final payment of the entire indebtednesa
evidenced hereby, if not sooner paid, shall be due and payable on the first day of lul1' ' 1991 .
If ~efault be made'in the paymen't of any installment under this note, and if such default is not made
good prIOr to the due date of the n~xt such installment, L'le entire princiPal 8um 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 in the event of allY subsequent
default. In the e.vent of default in the payment of this note, and if the same is collected by an attorney
at law, the undersigned hereby agr€e(s) to pay all coata of collection, including. a reasonable attorney's fee.
Presentment, proteat, and notice are hereby waived.
___.rack S " Lance
Suzanne Jo Lance
And shall duly, promptly, and fully perfonn, 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 sha1\ 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 maturit.y: Provided, howewr, that written notice of an
intention to exercise such privilege is given at least thirty (30) days prilll' tu prepayment; and, proviued
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 NationallIousiag Act, he will pay to the mortgagee an adjusted pn'mium charge of
one per centum (1 'It.) of the original principal amount thereof. except that in no event !'tha1\ the adjusted
premium exceed the aggregate amount of premium charges whi('h would have bepn payable if the mort-
gage had continued to he insured until maturity; sucQ payment to be appli..d by the murtgagee upon ~ts
obligation to the }o'eueral Housing Commissioner on account of mortgage insurance.
2. That, in order more fully to protect the securi~y of this mortgage, the mortgaglll', togetlwr with,
and in addition to, the monthly payments under the tenns of the note sel'ured h('r('by, on the fin,t day of
each month until the said note is fu1\y paid, will pay to the mortgagee the following sums:
(a) If this mortgage and the said note secured hereby are insured under the pl"o\'isiollM of the
National Housing Act and so long as they continue to be so insured, one-twelfth (I.::) of the annual
mortgage insul"ance premium for the purpose of putting the mortgagee in funds with whi('h to dis-
charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insumnce
premiums pursuant to the applicable provisions of the National Housing Ad, as amended, and Regu-
lations thereunder; the mo. tgagee shall, on the termination of its obligation to pay mortgage insllr-
ance premIUms, credit to the aCl'ount of the mortgagor all payments made under the provisions of this
s!-lhsection which the mortgagee has not become ~bligated to pay to the Fcdeml Huusing Cunullis-
Honer.
(b) A sum equal to the ground r('nts, if any, next due, plus the premjums that will Ilf'Xt become
c:!ue and payahle on policies of fire and other hazard insurance covering: the mortgag('d pro\l('rty, plus
taxes and assessments next due on the mortgaged property (all as estimated by th(' mortg-a~l'(' i It'ss
all sums already paid therefor divided by the numher of munths to elaps.e bdore one. lllonth prior
to the date when such ground rents, premiums, taxes, and assessments wIll become dehnqm'nt, 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 anci 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 mnnth 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, assessments, tire, and other hazard insurance premiums;
m. 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 th\:! due date of the next such payment, constitute an event of default under thiS mort-
gage. The mortgagee may collect a "late charge" not to exceed two cents (2t) for each dollar ($1) of
each payment more than fifteen (16) days in arrears to cover the extra expense involved in handling
delinquent paymenta. .
3. That if the total 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, taxes and ass('s.~mepls
and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subs('(}uent
payment8 to be made by the mortgagor. If, however, the monthly payments made by the mortgagor
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