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HomeMy WebLinkAbout2456 Fos Vows Rscmv~ the u proanise(s) to par to ' IWCAIIaBA~ ~ ~~• I~Q. . . - ~ , ~ ~ . ~ ~ • ooepse+aMsw ~oe~aaiapd and sxlstios nndse ~ ~~ ~ Stag o! llosida , or cider, the paindpal sum of Twelve Thousand and 00/100- - - :. - - - - ~ .14oikn ( 12 000.00). with inca•wt ~ date at the rats od ?iii ~ tb=d~. i0~trtb ~ oeetam ( ~ 3I~96) psr annum on the unpaid balance until paid. 'l~s said ~i ~ciA ~~'~A~ ~~~'t)-~oQ a a~' in Coral Oablep • ?loslda . ae st swd< other phea as the holder aaiU- desisaate in wrItint, in monthly instal>menb a[ Seventy and .08/100- - - - -~ ti ?0.08 ). commencing on the Arst dart of Zebruary .19 62 . and on the llrst day of each month thare- atter until the principal and interest are lblb paid. ezeept that the lfnal p•~ment o~I the entire indebtedness evidenced hereby. it not sooner paid. shall be dne and payable oa the iirat day ai J8i'luary .1992 • It default be made in the payment of aw- installment render this note and if snob deianlt is not made good prior tQ the dne date of the Wert such installment, the entire principts~ sum and accrued interest shall at once become due and payable without notice at the opption of the holder of thb note. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent defaulk In the event of default in the payment o this note snd if the same is collected by an attorney d Lw, the undersigned hereby agree (a) to pay all coats o! oo)iection, iaclnding: a reasonable attorney's fee. Presentment. protest. and notice are hereby waived. Dorothy H. Patterson And shall 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 and of this mortgage, then this mortgage and the estate hereby created shall cease'snd 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 poy the debt in whole, or in an amount equal to one or more monthly paymenta~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 ~(8D)"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 (lqb) 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 moth 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 a«wunt 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 terms 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 (~;~) 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 mortga~e insurance premiums pursuant to the applicable provisions of the National Housing Act, as amendd ,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 payments made under the provisions of this subsection which the mortgagee has not become-obUgated to day to the Federal Housing Commis- sioner. (b) A sum equal to the ground rents, if any,, text due, plus the premiums that will next become sue and payable on policies of ftre and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less ell 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 delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments. (c) AU payments mentioned in the two preceding aubaections 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 mortgagor each month in a single payment to be applied by the mort- gagee to the following items in the order set forth L premium charges under the contract of insurance with the Federal Housing Com- missioner ; u. ground rents, taxes, asse8amenta, fire, and other hazard insurance premiums; ui. interest on the note secured hereby; and rv. amortization of the principal of said note. Ahy deftciency 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~-ment, constitute an event of default under this mort- gage. The mortgagee may collect a "late charge' not to exceed two cents (2S) for each dollar (~1) of each payment more than fifteen (1b) days in arrears to cover the extra expense involved in handling delinquent payments. S. That if the total of the payments made b the mortgagor render (b) of paragraph 2 preceding shall exceed the amount of payments actually made ~ the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, au excess shall be credited by the mortgagee on aubsequeat payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor .. ~ '