HomeMy WebLinkAbout0946BUSK 2s PACE246
FOa Vr-ivs Racatvsa, the underatgned promise (s) to pay to
. I[OCrII(iNAX Y~SA~AA~i O~~'Ys IAC. ~T. i I1CIf. COUNTT~ FIA:
, a corporation organised and existing under
}~ ~~ ~ State Oi llOridw , or order, the principal sum o! Ten
Thousand !i Hun ed and 00/ 00- - - DollaYS 1 500 • QO ), `~~' fr-tiereat irom
date at the rate ad Tim ~~~ i01a<r~ pec oentum ( ~ 3/~ 96) per annum on the unpaid
balance yntil paid. Ths said QA~`R ~ ~~[~TaA~ QA~~s ~~ of
~ Ooral . 0abls• ~ llgrida . or at arch other place as the holder may designate in
writing, in monthgr fnstalmnents of 81~cty-one and 3.2/100- - - -~~ (i 61.32 ).
commencing on the prat day of aebruary ,19 62 ,and on the ilrst day of each month there-
after until the prlncipal and interest are fuib paid. except that the ltnal payment of the entire indebtedness
evidenced hereby. it not sooner paidtshaU be due and payable on the prat dstiy of January ,19 92
Tt deianlt be made in the payment of any inataUment under thin note and if such default is not made
good prior to the dne date of the nert such installaaent, the entire priacipa~ sum sad accrued intercet shall
st once becwme dne and payable without notice at the option of the holder of thin note. Failure to exercise
thin option shall not constitute a waiver of the right to ezerciae the same in the event of any subsequent
st Lw, theunderaigned hereby lagree () to pa,Y sllofoosts of o~ollection, inclndin~ a celreaaonabie attorney's ewe.
Presentauent, protest, and notice arp hereby waived.
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~T PAtterson
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• Patte_r~onJ_
And shall duly. promptly, and lu11Y perform, discharge. execute, etiect, 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 Brat day of any month prior to maturity: Provided, however, that wntten notice of an
intention to exercise such privilege is given at least thirty (80) days Prior to pre~syment; and, Provided
further, that in the event the debt is paid in full prior to maturity and at that tune it is maured under
the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (196) of the original principal amount thereof, except that u- no event shall the adjusted
premium exceed the aggregate • amount of premium charges which would have been payable if the morb•
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.thia mortgage, the mortgagor, together with
sad in addition to, the monthly paym enta•under the terms of the note secured hereby, on the lust day o~
each month until the said note is fully paid, will pay to the mortgagee the following soma:
• (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 (~;,) of the annual
mortgage insurance premium for the purpose of putting the wort in funds t~ which to dis-
charge the scud wortgag~e'a obligation to the Federal Housing Con saioner for wortgage inaurat-ce
'ums pursuant to the applicable provisions of the National Housing Act„ as amended, and Regn-
tiona thereunder; the mortgagee ahaU; on the ~na~o~ oL its obligation to pay mortgage insur-
ance prenuums, credit to the account of the mor#g~o~ alt psYin'ants fie. un~er the provisions of this
subsection which the mortsageg ~+- not beco~me o't~ated to ~paY to ~e Federal Housing Commia-
aioner. ; .. ;
(b) A sum equal to the Qe+onnd rents, it any. next dne. plus the Premiums that will next become
sae and payable on poUcies of lire and other hazard inanrance ooverhig the mortgaged property. Plus
taxes and asaesamenta next due on the'mortgaged pproperty (all as estimated by the mortgagee) less
all soma already paid therefer divided ~by the namber of months to elapse before one month prior
to the date when such ground rents, pr~uma, taxes. and asaeaamenta will become delinquent, such
sums to be held by mortgagee in treat to pay acid ground rents, premiums, taxes, and special asaesa-
ments.
(e) All payments mentioned in•the two preceding subsections of this paragraph and all pay-
ment to be made under the note ses:nrai hereby shall be added together and the to amount
thereo! shall be 1~ b it~ema in torder set forth ~ a ~ p~ymeat to be s~~ the mort-
gages to the following
y premium charges under the oontrad of insurance with the Federal Housing Com-
_ misaion~:
ly ~+pynd rents, taxes, asseisments, llre, sad other hazard insurance premiums;
~' ~ ~ ` ; rig. interest can the note sec~ned hereby: aid
rt3~4tipr! n~a.
in the amount of such ~s~r`e~ate~m~ant~Y ~p'ay, .m, eat shall, salsas made good by the
~7 p~ths dne date of the next such eat. ooastitate an event of defaalt ender this mort*
na~e mortiagee~ lliteea (1~) dasd~~ ~ ~ ~tt'a (~penie~invalved is (~1 • of
PP~~ .
>!. That fi the toil of the p~U-ooneabms~ the , at~r (b) of paragraph 8 preceding shall
ea~~osed the amount of payments actnslb- ~ for rent, taxes and assesameab
s; the cane s~ eaccess , be one ted by the mortgagee on anbaequent
coed insusaooroe pretnimns„ ~ ~ b made by the mortiag'oz
psgmeata be be made by the morrtgagor. ,however, ~' nand~b •