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HomeMy WebLinkAbout2583P~~~452 ~T, ~UCIE C~I~NTY. Fll-, FOa V~,~ ReC8iv8D, the underaigaed promise (s) to pav}- to MIDifSBT 1?IpRTGAGL COMPANY . A Missouri corporation authorized to do business in the Btate of Florida, or order, the principal sum of Bight thousand ~ _ _ _ _ _ ~~ (= 8, 700.00 ), with interest from seven hundred and 00/100 arter per centum ( 5~ 96) per annum on the unpaid date at the rate of Five & one qu _ balance until paid. The said principa~~$BteT ~R~G$c~~ °~ of -! Miami, Florida , or at such other pLce sa the holder may designate iL in _ 52.20 ), writing. in monthly installments of Fifty tiro X19 62/and on the first day o (each month there- commencing on the first day of February 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 87. If default be made in the payment of any installment under this note, and ii such default is not made good Prior mte due and payable without notice atmthe option of the h der~of this not Failure to exerrcise at once beco this option shall not constitute a waiver of the ht to exercise the same in the event of any subsequen default. In the event of default in t se ~ ~ ~ t~ of °ce~ll'ec~t1on, ~ ud~inge. asreaso~leba torney's fee. at law, the undersngned hereby agree ( ) Presentment, protest, and notice are hereby waived. (SI~AI•) /s/ R.D. Smith -- R: (SEAL) /s/ gdna D. Smith Edna D. Smith And shall duly, promptly, and fully pert°rm, 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 vond. 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 prnncipal that are next due month prior to maturity : Provided, however, that written notice of an on the note, on the first day of any ent; and, provided intention to exercise such privilege is given at least thirty (30) days prior to prepaym further, that in the event the debt is pand in full prior to maturity and at that time it is insured under the provisions of the Na° f ~ o ~n81 priri~ hpal am~nt thereof, excgep~ at i~no evn t hs a111 the adjusted one per centum (96) ~ amount oft premium charges which would have been payable if the mort- premnum exceed the aggrega ent to be applied by the mortgagee upon its gage had continued to be insured until maturity ;such paym 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 ~ addition to, the monthly pa ents under the terms of the note secured hereby, on the first day of each month until the said note is Iu°Y pad, 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 co of utting the mortgagee~in funds w~itli which to dis- mortgage insurance premium for the purpose p charge the said mortggagee's obligation to the Federal Housing Commissioner for mortgage insurance premiums pursuant to the applicable provisions of the National Housing Act, as am mortgage insur- lationa thereunder ; the mortgagee shall, on the termination of its obligation to pay ante premlums, 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 Housng Commis- sioner. (b) A sum equal to the ground rents, if any, next due, Plus the premiums that wi;l next me due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes ~ ~re~d therefor divided by the number of months to elaapse before one month plrior all sums Y pm remiume, ~eS~ and assessments will become delinquent, such to the date when such ground rents, p said ground rents, premiums. taxes, and special assess- suma to be held by mortgagee m trust to pay menta. (c) All payments mentioned in the two preceding subsections of thin paragraph and all pay- ments to be made under the note secured heath mY thnn a singlethpayment to be applies by the mort- thereof shall be paid by the mortgago gages to the following items in the order set forth: L premium chargce under the contract of insurance with the Federal Housing Com- missioner; II. ground rents, taxes, assesamenta, fine. and other hazard insurance premiums; ~, interest on the cote secured hereby;and m. amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the mo Prior to the due date of the next such ps~rmo ~ exceed two cents (?.f) forueach dollar (#1) of fie.- Time mortgagge may collect a "late charge use involved in handling each payment more than fifteen (lb) days in arrears to cover the extra exile delinquent payments. a h 2 receding shall S. That if the total of the payments made byy the mortgagor u for (bund ent~taxea and asaesaments eateeed the amount of payments actually made by the mortgagee, fro and insurance premiums, as the case may be,~sn excess shall be credited by ntammadrte bcethe mortgagor payments tD be made by the mortgagor. , however, rthe monthly paym . ' ~ . ~^ ~ I - - ~ ~.