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HomeMy WebLinkAbout2577P~~j( ~:7 D~r~~46 1 1wbB VsI.UB &~CBIVBLI, the undersigned promise(s) to pay to MIDUISST MORTGAGE COMPANY. A Missouri corporation authorized to do business in the State of Florida ~~x , or order, the principal sum of S i~ht th~~s and - Dollars (i 8, 700.00 ). wit interes rom seven hundred and 00/100 - - - - - r ~~ on the unpaid date st the rs-te of Five & one quarter per centum ( 5~ 96) Pe balance until paid. The said principal snd interest shall be payable at the office of MlDiiiSST MORTC~GS COMPANY ~ Miami, Florida , or at such other place as the holder may designate writing, in monthly installments of Forty eight and 11/100 - -Dom (_ ~ • 11 commencing on the first day of February. ,18 62 . and on the first day of each month there- afteruntil 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 tent of this note~aad ifethe samehs collected byyan attorney default. In the event of default in the paym st law, the undersigned hereby agree (s) to pay all coats of collection, including. a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. /s/ Howard S . Lohr (SEAI+) go r /s/ Frances H. Lohr ______________~,~) Ifrarice""~~ s ~.~o-Tir And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and every the at~pulations, 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. ~Pri ti egprincipal that are next due debt in whole, or in an amount equal to one or more monthly paym on the note, on the first day of any month prior to maturity : Provided, however, that wants and tp~~ deed intention to exercise such privilege is given at least thirty (30) days prior to prepaym 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 (1 °Jo) 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. the mortgagor, together with, 2. That, in order more fully to Pent~s under the teryms of the note scared hereby, on the first day of and in addition to, the monthly paym will Pay ~ the mortgagee the following sums each month until the said note is fully paid, ' (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 co ofn utting tthe mortgagee~n funds (witl- wh ch to dis- mortgage insurance premium for the purpose p charge the said mortgagee's obligation to the Federal Housing Commissioner for mortga a insurance premiums pursuant to the applicable provisions of the National Housing Act, as amende~, and Regu- shall on the termination of its obligation to pay mortgage insur- lations thereunder; the mortgagee r ~ payments made under the provisions of this ance premiums, credit to the account of the mortgago subsection which the mortgagee has not become obligated to pay to the Federal Housing Commis- Fioner. (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 takes 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- mu~aioner ; II. ground rents, taxce, assessments, fire, and other hazard insurance premiums; ut. interest on the note secured hereby; and m. amortization of the principal of acid note. Any deficiency in the amount of ouch aggregate monthly payment shall, .unless made good by the mo~gagor prior to the due da~ off tae~~ ~ su~~,~o to exceeed two cents (2t) forueach dollarl(~1) of gage,- The mortgagee may nae involved in handling sash payment more than fifteen (16) days in arrears to cover the extra exile delinquent payments. a h 2 receding shall 3. That i! the total of the payments made byy themortgagor uni ~r (band r~enta~taxes and assessments a~coeed the amount of payments actually made b the mortgagee. ~ and insurance premiums, as the case may be, such excess shall be credited b ants cnadeaby the mortgagor paynnenta to be made by the mortgagor. If, .however the monthly paym '.: ~ - - • - ,.