HomeMy WebLinkAbout0223BORt ~~.1 1'rGE~~,,
l~n't VALL;E 1\ECEIYEll, the undersigned promise(s) to pay to '
SOUTHEASTEt2iJ MORTGAGE COM1?t1N~T' -• `"C;E ; .: ~!•.T :" ~ ~' ~,.
a corporation organized and existing under
the laws of the State of Florida , or order, the principal sum of Nine thousand
five hundred and No/L00 Dollars (~ 9, 500.00 ),with
interest from date at the rate of Five & one quarter per centum ( 5 ~l /4 ~/,) per
annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of
Southeastern Mortgage Company, 1340 1Jost F'ia'ler street
in 1`tiami ~ F1 orida , or at such other place as the
holder may designate in writing, in monthly installments of Eorty-seven :c -41/100
llollars ($ 47 ,41 ), commencing on the first day of December , 1962 ,and
on the first day of each month thereafter until the principal and interest are fully paid, except that the final
payment of the entire indebtedness evideuceu hereby, if not sooner paid, shall be due and payable on the
fi-•st day of November , z3C 2002.
If default )tie 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 princilal sum and accrued interest shalt
at once become due and payable without notice at the option of the holder of this note. Failure ttr exercise
this option shall not constitute a waiver of the right to exercise the saute 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 costs of collection, including.a rea>iortable attorney's fee.
Presentment, protest, and notice are hi~reby waived. -
s ~ Haven Lec-,n Fenn (~c~al )
;j9.50 State Documentary St~1,~,ps - ~--- ----------
affix~d to original note and Havert Leon Fenn
cancelled,)
s1 -Lola ll._.F_etm____ (Sc~:l )
Iola ~~. Fenn
And shall duly, promptly, and fully perfornt, discharge, execute, effect, complet-e, 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 follotcs:
1. That he will pay the indebtedness, as hereinhefare provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or more muttthly payments on the principal that are next due
on the note, on the first day of any month prior to mahtrit;-: Provided, however, that written notice of an
intet~~~m to exercise such privilege is given at least thirty (30) days prior t~; 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
on•: per centum (l~jn) of the original principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate amount of premiumcharges which would have treen payable if the mort-
gage had continued to be insured until maturity ;such payment t~ 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, will pay to the portgagee the following sums:
(a) An amount sufTicient to~ provide the holder hereof K'Ith funds to pay the next mortgage
insurance premium if thin instrument and the note secured hereby arc insured, or a monthly chargr
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner,
as follows
(r) If and so long as said note of even date and this instrument arc insured or are reinsured under the
provisions of the national Housing Act, an amount sufficient to accum~,lste in the hands of the holder
one (1) month prior to its due date the annual mortgage insurance premiu,n, in order to provide such
holder with funds to pay, such premium to the Federal Housing Commissioner pursuant to the National
Housing Act, as amended, and applicablo Regulations thereunder; or
(u) If and so long as said note of even date and this instn,ment are held by the Federal Housing Commis-
sioner, a month)y charge (in lieu of a mortgage insurance premium) which shall t,e in an amount
equal to one-twelfth (~.'~ .) of one-halt ('.5) per centutn of the average outstanding balance due on the
note computed without taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if wny, next due, plus the-premiums that •*~ill next become
due and payable on policies of fire and other hazard insurance covering the mortgaged prol><~rty, plus
t<-txes and assessments next due on the mortgaged property (a11 as estimated by the mortgagee) leas
all sums already paid therefor divided by the number of ntuntlts 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 asseag-
rnents;and
(c) All payments mentioned in tite tK•o preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together ant the aggregate amount
thereof shall be paid by the mortgagor ea.h month in a single payment to 1;e applied by the mort-
gagee to the following items in the order set forth : _
(t) premium charges under the contract of insurance with the Federal flousinp Commissioner, or monthly
charge (in lieu of mortgage insurance premium), as the case may Lam;
{n) ground rents, taxes, assessments, fire, ar.d other }:azard insurance premiums;
(nt) interest on the note secured };erehy; a-~d
(tv) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthl;r payment shall, unless made gaud by the
mortgagor prior to the due date of the next such pa}•ment, constitute an event of default under tFiis mort-
gage. The mortgagee may collect a "late charge' not to ex: eed t«•o rents (2fi) fur each dollar i$1) of
each payment more thar. fifteen (15) days in ar.•ears to cover the extra expense involved in handling
delingtlet~t payments.
3. That if the total of the payments made by themortgagur under (b) of paragraph `L prxeding shall
exceed the amount of payments actually, mule by the i11G1't),'a~'ee, for Rrcund rents, taxes and assessments