Loading...
HomeMy WebLinkAbout2512 f\ n. A ,.. .....,.. . 8b~r. 16 PAtE 302 FOR VALUE RICCElVED, the undersigned promise (a) to pay to. -_' IICCAUGIlO 1I<1l'MAGB ~CllPAJIY, Del. LUCIE COUNTY. rlA. , a corporation o~ and exlatinc under thelawaof State of Ylorida ,orordel',theprincipahumof !hirteen Thousand !hr.., H~d:red anel 00/100- - Dcllara (11:5,'00.00 ), with interest from date at the rate of 'P 1 ve It three fourth per centum ( 5' 4 ~) per annum on the unpaid balance until paid. The uId principe! and Intereet ahaI1 be ~ at the office of IICCAUGBA.I IIC1lTGAGB COiIFA!lY, IBC. m.. Coral Gablea, Ploric1a ' ,orat.uchotherplaceaatheholdermaydeaipatein writiQ, in monthly lnataP1"'_ta of SeTent7-.eTen &!ld ~~OO- - DolIara ($ 77.67 ). commenciq on the ftrat dQ of ~ ,19 f>l, on the ftnt da.y of eKh month there- after until the princis-l and intereet are fully paid, except that the ftna1 p.ynu~nt of the entire indebtdneu evidenced hereby, if DOt IIOOneI' paid. ahall be due and payable on the ftrat day of April, 19 91 . If default be made in the payment of any inatallment UDder this note, anel if auch default la not made Iood prior to the due date of the next auch insta1lmeDt, the entire principal aum and accrued interest ahall at once become due and payable without notice at the option of the bolder of this note, Failure to exerclae this option abal1 not constitute a waiver of the riaht to exerciae the aame in the event of any 8ubsequent default. In the event of default in the payment of this note, and if the same ia collected by an attorney at law, the underaiped hereby aaree(a) to pay all coata of collection, iDclucUnc.a ~ahl. attorney's fee, Preeentment, protest, and notice are hereby waived. __,.'rankl:\J1 J. Jones ___.~y Leila Jones 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 shall cease and be null and void. And the mortgagor further covenants 88 follows: 1, That he will pay the indebtedness. 88 hereinbefore provided, Privilege is reserved to pay the debt in whole, or in all amount equal to one or more monthly payments on the principal that are next due on the note, on the first day of any monthprior to maturity: Provided, however, that written notice of an intention to exercise auch privilege is given at least thirty (RO) 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 adjuated 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 whieh would have beEn payable !f the mort- pge had continued to be insured until maturit)"; such payment to be applied by the mortgagee upon its obligation to the Federal Houaing Commis8ioner 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 mol\thly payments under the terms of the note secured hereby, on the first day of each month until the said no~ is fully paid. will pay to the mortgagee the following sums: (4) If this mortgage and the said note secured hereby are inaured under the provisions of the National Housing Act and 80 long 88 they continue to be 110 insured, one-twelfth (1f,~) of the annual mortgage insurance premium for the purpoee of putting the mortgagee in funda WIth which to dis- charge the said mortgagee's obligation to the Federal Houaing Commia8ioner for mortpge insurance premiuma pursuant to the applicable provisions of the National Housing Act, as amended, and Regu- lations thereunder; the mortgagee shall, 011 the termination of its obligation to pay mortgage instU'- ance prermums. credit to the account of the mor~r all ~nts made under the provisiona of this subsection which the mortppe baa not becoma - 061i.p&ed to' pay to the Federal Ho~ CoIIlDli&- aioner. ' , -' . (b) A sum eqUAl to the ground rents. if any. next due,plua the premiums that will next become due and payable on policies of ftre and other hazard insurance covering the mortgaged property, plua taxes and asseaamenta next due on the mortpged property (all as estimated by the mortgagee) less all suma already paid therefor divided by the number of months to elapse before one month prior to the date when 8uch ground rents, premiuma, taxes, and auesamenta will become delinquent. 8uch sums to be held by mortgagee in trust to pay said ground rents, premiuma, taxes, and special aaaeaa- menta. (e) All paymenta mentioned in the two preceding subeectiona of this paragraph and all pay- menta to be made UDder the note 8ecured hereby shall be added together and the aurerate amount thereof abaIl be paid by the mortppr uch month m a .. payment to be applied by the mort- ppe to the followiq itema in the order set forth: L pr8Ilium charae8 UDder the contract. of iDluraDee with the Federal llouaiq Com- lPi..icmer; JLlJl"OUIld reDta, tax.. .H~~nta, ftre, and other hazard iDaurance premiuma; _-m. in~ OIl the .. ncured hereby; and IV. ~ qfthe~vI~d~. .'. Any deficiency in the amount of .ueb aarepte monthlY ~t ~. unIeea made aood by the morqapr prior to the d~ date of the next euch PA.P!:'ent., conatitute an event of default under tbia mo~ ..... The mc;rtpaee IU.7 coUect a "late c:harp DOt to exceed two centa (f4) tor each dolLv, h~~I':~ eKh p&7JDIIlt,DaOft tbaD MteeD (1&) ,CIa7a iD.. arNan to cover the atra eq>eMe Involved tn- ck-_ ~t paymeIltL . S. That if tJle.totaI of the payment. macIe b1 the JDOI'tppr UDder (b) of parqraph 2 precediq aha1l exceed the amount of paymenta actually made D1 th. e mortppe, for IJ'OUnd rents. taxes and ulellF""enta aDd iDaurance premiUlDl, .. the cue may be. __ ~.... be eredited by the mortcaPe on aubeequet ~ to be made by the mortpaor. 'lI, bowefer, the monthi)' paymenta made by the IIlOJ'tCa8Or . . i ", r ~ ' f