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MIDWEST MORTGAGE COMPANY . !-
FOIL VALUE R~m~• the undersigned promise (a) to pay to
Missouri corporation authorized to do business in the State of Florida,
~«~~ - - - - _or order, the principal sum of Bight thousand
- Dollars (= 8, 700.00 ). with interest from
seven hundred and 00/100 centum ( 5~ %) per ~~ on the unpaid
date at the rage of Five & one quarter 1~'
balance untij laid. The said Principal and interest shall be payable at the office of
MI>riIEST MORTGAGE COMPANY
in Miami, Florida . or at such other place as the holder may designate in
eight and 11/100 - -- Dollars (i 48.11 ),
writing, in monthly installments of Forty- ~ 19 62 . and on the first day of each month there-
commencing on the first day of February d eat of the entire indebtedness
after until the principal and interest are fully psi .except that the final paym 19 92.
evidenced hereby, if not sooner paid, shall be due and payable on the first day of January
If default be mad ate of thean~ext such~tallment, the en eretpri c~Pal a~t~dm~ana a~ruedli terest shall
good prior to the due d
at once become duII tan~~~~~ 8 ~~ver of the right tpo exercise theldsame~ nth he event of any ubse9uree t
thin option steal eat of this note, and if the same is collected by an attorney
defaulk In the event of default in the paym
at law, the undersigned hereby agree (s) to pay all costa of collection, including. a reasonable attorney's ee.
presentment, protest, and notice are hereby waived,
/s/ James W . Farmer (SEAT,)
James W. armer
/s~~- j;~ J . Farmer -__-- (SEAL)
Anr~~`-~- J . Farmer
And shall duly, promptly. and fully perfo ~' ~ t~sh conditionsu and covenants of said promissory ore
abide by each and every the stipulations, agree
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and voi .
And the mortgagor further covenants as follows: _
1. That he will pay the indebtedness. as hereinbefore provided. ts~ tihe principal that are next due
debt in whole, or in an amount equal to one or more monthlyP tv ded, however, that written notice of an
on the note, on the first day of any month en at least thirtq~(SO) days Prior to Prepayment; and, provided
intention to exercise such privilege is g ,
further, that in the event the debt is paid in full prior to maturity andce at~ta ~ s made premium charge of
the provisions of the National Housing Act, he wiU pay to the mortgag
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 ueadv bb the mortgagee upon its
ant to be app
gage had continued to be insured until maturity ; such paym
obligation to the Federal Housing Commissioner on account of mortgage i he ortgagor, together with,
2. That, in order more fully to protect the security of this mortgage,
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~proof the annu1al
National Housing Act and so long as they co ofn utt,ng the mortgagee in funds with which to dis-
mortgage insurance premium for the purpose P
charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage~a uRra~ce
remiums pursiant to the applicable provisions of the National Housing Act, sa amennde gage insur-
e ee shall, on the termination of its obligation to pay
lationa thereunder ; the mortgag r ~ payments made under the provisions of this
ante premiums credit to the account notheme ob~L'gated to pay ~ the Federal Housing Commis-
subsection which the mortgagee
sioner. lus the premiums that will next become
(b) A sum equal to the ground rents, if any, next due, p
due and pa~'able on policies of fire and other hazard insurance~c i rv~e estunated by ti a mortgagee) less
des and assessments next due on the mortgaged Property (
all sumx already paid therefor divided bYrenuthue~n ~~~ ~a ~~ments will become deli qua t such
to the date when such ground rents, p said ground rents, premiums, taxes, and special assess-
.,u~ to be held by mortgagee in trust to pay
ment8.
(c) All payments mentioned in the two preceding subsections of this paragraph antde amoun
meats to be made under the note securedeh~e h m~nthlm a~single payment to be applied by the mort-
thereof shall be paid by the mortgago
garee to the following items in the order set forth
i. premium charges under the contract of insurance with the Federal Housing Com-
m~ssioner;
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. eat shall, unless made g°Od by the
Any deficiency in the amount of such aggregate monthly paym
mo r prior to the due date of the next such pa~-mott~ceX~ two cents (2~) f rueach dollar (~1) of
gage.- The mortgagee may collect a "late charge' rise involved in handling
e~h payment more than fifteen (ib) days in arrears to cover the extra expe
delinquent payments. r under (b) of paragraph 2 preceding shall
3. That if the total of the payments made byy the mortgago for and rents, taxes and assessments
emceed the amount of payments actually made b the mortgagee. $rO
and insurance premiums. as the case ma=be~u~ ~~ th~monthlyl payments madeabY the mortgagor
payments to be made by the mortgago
t~
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