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HomeMy WebLinkAbout2762 fI- " :1' , k iti PAcEtjl~ ..'~ VA('l'E RE<'EIVED, the undersigm.>d promise(s) to pay to " T. i liCIt" :::'UNTT. Hl. A;.:ERICAH TITLE D1SURANCS: COl,i?ANY , a corporation organized and existing uJl(lt!r UIe law!\ of F lor1ClR ,or order, the principal sum of Elgh teen thousand three hundred' and No/100 - - - - Dollars ($ 18,300.00 ), ",iUl intl'rcsl from date at the rate of Fl ve and one-fourth per centum ( 5i ~".) per annum on the unpaid balance until paid. The said principal and interest shall be r.ayable at the office of American Title Insurance Coapany in M1am1, Florida ' or at such other place as the holll('r may dl'signate in writing, in monthly installments of One hundred one and 20/100 Ol'lIars ($ 101. 20 ). commencing on the first day of september , 19 61, and on the first day of each month thereafter 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 August ,19 91. If defauit' 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. Failun' to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsl.quent default, In the event of dl'fault in the payment of this note, and if the same 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. (~ld ~O 5th te D0cwnentury Sta;;1~)S ar(lxed to ori~:nul note and c:..ncelled. ) ,S!.,J)!!:Y id_~_...ni e~JeL David G. Friedley J?e~}J - --~ ---- ---- - - - - - - ~ -.. ~ - ------ - - -- . - - - - ,tlL..!.t,~;r:'_~.~n,e... R,!.. .l')~i edlc.~' ~nrcenn R. Fr1edley '.,-,,' ) ,\':' ,~,~....!.. 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 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 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 .:;ne per centum (1 ,/e) 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 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 so long as they continue to be so insured, 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 mortgagee'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 tennination of its obligation to pay mortgage insur- ance premIUms, cr('dit to the account of the mortgagor all payments made under the provisions of this s~hsection which the mortgagee has not become obligated to pay to the Federal Housing Commis- l;lUner. (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 haiard insurance covering the mortgaged property, plus taxes and assessmen18 next due on the mortgaged property (all as estimated by the mortgagee) 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 deliP.quent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments. (c) All payments mentioq.ed in the two preceding subsections of this paragraph and 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 mortpgor each month in a single payment to be applied by the mort- pgee to the following items in the order set forth: I. premium charges under the contract of insurance with the Federal Housing Com- miaaioner ; n. ground rents. wea, aaaeasments, fire, and other hazard insurance premiuma; m. interest on the note secured hereby; and IV. amortization of the principal of said note. Any de6eiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such pa~ent, cotlstitute an eve!)t of default under this mort- pare: 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 expeDAe involved in handling delinquent payments. S. That if the total of the payments made by the mortpgor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and asse88lDents r )