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HomeMy WebLinkAbout1778 'J. R. d~.'~ 15 PAcr328 -Foa VALUE RBc1Qvm, the unc:leniped promiIe(S) to pay to AMERIOAN TITLE IN8UP.AlICE COMPANY .:-, , '{If CjUHTT. fLA. , a corporation orpnbed and existing under . the lawl of the State of Florida lor order, the prineipalaum of '!'wen ty-two thousand f1 ve hundred and No/100 Dollara (, 22,500.00 ), with intereetfrom date at the rate of f1ve and onll)-ba1f per centum (51 %) per annum on the unpaid ~I.nre until pai~ The lAid principal and intereet ahall be payable at the oftlce of Amer10an T1tle Insuranoe Oompany in M1ami, F1or1da .. , or at such other place as the holder may designate in writina. in monthly 'in8tallmenta of One hundred twen ty seven 4: 80/100 DoU&nl (, 127.80 ), commencina on the ftnJt day of 8eptember , 19 61, and on the first day of each month thereafter until the principal and intereet are fully paid. except that the final -payment of the entire indebtedneu evidenced he...reby, if not 800ner paid, shall be due and payable on the first day of Auguet ,1991.. If default be made in the payment of any installment under thil note, and if IUch default is not made aood prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and pr.yable without notice at the option of the holder of this note. Failure to exercise this option shall not constitute a waiver of the rint to exercise the same in the event of any subsequent default. In the event of default in the payment of this note, and if tlle same is collected by an attorney at la~ the undersigned hereby agree(s) tb pay all costa of collection, inclu~a reasonable attorney's fee. - Presentment, protest, and notice are hereby waived. (~22.50 State Documentary Stamps affixed to original note and cancelled. ) 8/ Harry M1del1s (Seal) .__._m Harry l-ildells sL Ca ther1ne Midel1s (Seal) ..__uu Ca therlne M1dells ---------- ._m_ s/ Nicholas H. l1i~~_h~_~u___~~~l) N1cholas H. Kidells,co-slgner And shall duly, promptly, and fully penonn, discharge, execute, effect, complete, and comply with and abide hy 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 (SO) 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 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 maturit)": such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commiasioner on account of mortgage insuranee. 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 tenns 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: (a) If this mortgage and the said note secured hereby are insured under the provisions of the National Housing Act and 80 long as they continue to be 80 insured, one-twelfth n.:{) 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 insuran~ premiums pursuant to the applicable provisions of the National HOWling Aet, 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 paymen~ made under the provisions of this subsection which the mortpgee baa not become ob~ to pay to the Federal Housing Commis- sioner. . (b) A Bum equal to the giound renta, if any, next due, plus the premiums that will next . become due and payable on policies of ftre and other hazard insurance covering the mortgaged property, plus taxes and aase"m~ts next due C?n. the mortgaged property (all as estimated by the mortgagee) less . all sums already pald therefor diVided by the number of months to elapse before one month prior to the date when lIuch ground n;nta, premiuma, taxes, and as8~nm.enta will become delinquent, such BUms to be held by mortpgee in trust to pay aaid ~und rent&, premiums, taxes, and specia1aaaess- menta. (e) All paymenta mentioned in the two preceding subsections of this paragraph and all pay_ menta to be made under the noUl secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgqor each month in a aiqIe payment to be applied by the mort.- ppe to the followiq itema in the order set forth: L premium duarpa under the contract of inlurance with the Federal Housing Com- miMioner ; D. IrfOUDd reata, tufA, ..~enta, fire, and other hazard insurance premiuma; w. inten.t OIl the note aecured herebJ; and IV. amortization of the principal of said note. A:ny deficiency in the amount of auch aaregate monthly ~ent alall, unleu made good by the rnortDaor prior to the due date of the next such ~ent, couptute a event .of default under this mort.- pp.- The mortppe may colleet a "late dwp net to exceed two eenta (z,) for each dollar ('1r of eedl p&7IDeIlt more thaa ftftee (p> clap in arrean to cover the extra expense involved in. hanci1iq deUDquent p&11M1lta. ' S. That if the total at the payment. made by the mortcalor under (b) of parqrapb 2 preceding ahall exceed the amount of payment. actually made by the IDOr't:pcee, for pound NIlta. taxea and ..~~ta ,. c. )