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HomeMy WebLinkAbout0762_ BU~I( 2U PACE 62 FO>s Vni.Va Itacstv~, the undersigned promise (s) to pay to xoCADa~ xatTa~aE COxPA1~Y, I1~C. ST' lUClf. COUNTY. FL.A, a corporation organised and existing under the Lws e[ Stets o! Florida , or order, the principal sum of 3lzteen Thousand Ti ht Hundred and 00/lOC- - -~~ (i 16,800.00 )= with interest from date at the rate ailivO d~ oae-lourth Imo' centum ( 5} %) per' annum on the unpaid balance until paid. The said prIndpal and interest shall be payable a the oRloe of xocsva~r xaxTOAOS- aoxpA~nr Ixc ~ Coral aftbles Florldt , oar at anch other pace as tie holder may designate in writing, in monthly ina~allment of Ninety-two and 90/100-' -• - ~~ (= 92.90 ). commencing on the first day of February ,19 62 ,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, H not sooner paid, shall be due sad payable on the Rrst day of January , 19 92 . It default be made in the payment of any installment under thin note and ~ such default is not made good prior to the due date of the next such installment, the entire prlncipa~ sum and socrued interest shall at once beeoare due and payable without notice at the option of the holder of this note. Failure tQ exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. In the event of default 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 costa of collection, including a reasonable attorney's fee. presentment, protest, and notice are hereby waived. David A. Niebuhr. Jennie M. Niebuhr - _ ___. --- -• -- And shaII 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 sad of this mortgage, then this mortgage and the eat~te 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 Rrst day of any month prior to maturity : Provided, however, that written notice of an intention to exercise ouch 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 said 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 (ly6) 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, is order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly paym ents.under the terms of the note secured hereby, on the first day of each month until the said note is Cully 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 ao insured, one-twelfth (1;!) of the annual mortgage insurance premium for the purpose of putting the mortgagee in funds wit which to dis- charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance premiums ~urauant to the applicable provisions of the National Housing Act. as amended. and Itegn- 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 ~aymenta made under the provisions of this subsection which the mortgagee has not become obUgated to P~-,Y to the Federal Housing Commi~- sioner. (b) A sum equal to the ground rents, it any, next due, plus the premiums that will next become Que and payable on policies of Rre and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged pproperty (ail as* ati~nated by the mortgagee) less all soma already paid therefor divided by the number of :no.=.hx --- ~•'.-"° before one month prior sum stoats he d byumort~gagee in t u'at to paYmaaia grour_d tens pmi'eemiumautaxea~and slpec~ tasaesa- menta. - - (e) All eats mentioned in the two preceding aubaectiona of this paragraph and all pay- ment ~ be under the note secured hereby shall 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 more gages to the following items is the order set forth: L premium charges under the contract o! insurance with the Federal Housing Com- missioner - II. ground rents, taxes, sar~eaaraent, Rte, and other hazard insurance premiums; s IIt. interest oaz the note secured hereby; and iv. amort>~ctiaaa of the priutdWa of tttid note, ' • • ~y deficiency in the amount of such aggregate monthly payment shall, unless made good by the aKieprior to the due date of the next such pa~nnent, eonstatute an event of default under this mort+• gam. mortgagee may collect a "late icharge~not ~ oo~v~the eztra expense rove o ved in (~1 . of each payment more than llften (16) days ddingneat payments. 3. That it the total of the payments made bar the mortgagor' under (b) of paragraph 2 preceding shall exosed the amount of payment actually made c~ the mortgagee, for ground rents, taxes and assessments sad insurance pr'emiamas, as the cane my- sn ea<ceas shall be credited by th~mo~rtg bathe mortgagor pyrtnent do ba made by the mo.~, howavet, the monthly p -- ~_ .