HomeMy WebLinkAbout256528 P~E~34
~T, IuCIE C~ t~NTY. fll-.
Fmt VALUS RscEtv~, the undersigned pmmiae(s) to pay to MIDIISST MORTGAGE CQNPANY, A
Missouri corporation authorised to do business in the State of Florida,
or order, the principal sum of g ~ynt t-`t~u~ and
seven hundred and 00/100 - - - - - - ~~ (= 8, 700.00 )+ with mcerea rom
date at the rate of Five & one quarter per centum ( 51r 96) per annum on the unpaid
balance until paid. The said prindpal and interest shall be payable at the oflloe of
MIDiiEST MORTGAGE COI~ANY
in Miami, Florida . or at such other place as the holder may designate in
a-riting, in monthly installments o! gortyy eight and 11/100 - - ~~ (_ ~ • 11 ).
commencing on the 11rat day of FebruaYj- , lg 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, if not sooner paid, shall be due and payable on the first day of January ,19 92 .
If default 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. Failure to 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.
/s/ Richard C . Hough (SEAT.)
R1 oug ~~
/s/ Doris J . HoucLh __ _~SSAI.)
Doris J. Hough
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 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
one per centum (lq6) of the original principal amount thereof, except that m 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 terms of the note secured hereby, on the first day of
each month until the said note is fully paid, wiU 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 (3i) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds wit which to dis-
chargethe 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 ahaU, 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 obligated to pay to the Federal Housing Commis-
sioner.
(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 hazard insurance covering the mortgaged property, plus
taxes and assessments 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 delinquent, such
sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess-
ments.
(c) All payments mentioned 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 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-
muiaioner;
II. ground rents, taxes, assessments, fire. and other hazard insurance premiums;
iu. interest on the note secured hereby: and
Iv. amortization of the principal of said note.
Any deficiency in the amount of arch aggregate monthly ~syment shall, unless made good by the
mortgagor prior to the due date of the next such ps~rmeTt, conatrtute an event of default ender this more
gage. TT~he mortgagee may collect a "late charge' not to exceed two cents (?~) for each dollar (~1) of
each payment more than fifteen (lb) days in arrears to cover the extra expense involved in handling
delinquent payments.
8. That if the total of the payments made byy the mortgagor under (b) of paragraph 2 preceding shall
eo~oeed the amount of payments actually made b the mortgagee, for ground rents, taxes and assessments
and insurance premiums, as the case maybe, such excess shall be credited by the mortgagee on aubaequent
p~ymenta to be made by the mortgagor.~i,;however, the monthly paymeata made by the mortgagor
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