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HomeMy WebLinkAbout0673- BORK ~7 fAf~Elj'~~I~ Fox YAI,U a RlocgtvID. the utudersigY~e. prott},~t ~ _) 'w paY to ; T, I li ~ i E C ~ U H 1 Y~ f l A. ,, - AMERICAN TITLE INSURANCE COMPANY . , a corporation organised and existing under the laws of the State of Floricds , or order, the principal rum of twenty thousand nine hundred rand No/100 ~ Doltats (~ 2Ot90O.00 ),With interest from date at t' : rate of fiVt ~i one quarter per centum ( 5-1/4 %) per annum on the unpaid balance until paid.' .The said principal axed interest shall be payable at tote office of Ainericsn Title Y>nsurance Company in Miami , Florida , or st such other p.aoe as the holder may designate in writing, in monthly installments of One hundred fifteen and 58/100 ~11~ ($115. S8 ), commencing on the t'trst day of December , 1962 .and on the first day of each month thereafter until the principal and interest ar$ fully paid, exceptthat the fuze] payment of the entire indebtedness evidenced hereby, if not etooner paid, shall be due, and payable on the first day of November , 1992 If default be made in the payment of any inatt.llment under this note, and if such dA.fatilt is not trade 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 def~iult. In the event of default in the payment of this note. sznd.if the same is collected by an attarn~y at 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. {$20.90 State Documentary Stamps s/ Norman C. Hanson {SEAL) affixed to original note and ~- Norman C. Hanson cancelled) •__ ____________~_ -____ ____ s~ Doreer_ J, Hanson_ (SEAL) - ^l~oreen J. Hanson And shall duly, promptly, and fully perform, di:ach :rge, execute, effect, complete. and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said pruznissory note and of this mortgage, then this mortgage and the carfare hereby created shall cease and be null and void. And the mortgagor further covenants as follows 1. That he will pay the indebtedness, fiS hereinbefore provided. Privilege is reberved 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 *tote, 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 Pryor 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 (i5v) of the original princtpal amount thereof, except Shat in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have bcen payable if the rrrort- 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, rite 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 mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured, or a monthly charge (?n lieu of a mortgage insurance premium) if they are held by the Federal Housing (',otntnissioner, a8 follows: (t) If and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the Rational Housing Aet, an amount sufficient do accumulate in t~Fte hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide ouch holder with funds to pa such premium to the Federal Hauaing Commissioner pursuan0 to the National Housing Act, 8a amended, and applicable lZe~ulationa thereunder; or (n) If and so long as said note of even date and this matrument are held by the Federal Housing Commis- sioner, a month]y char¢e (in lieu of a mortgage insurance premium) which shall be in an amount - equal to one-twelfth f ~s) of ane•half ('fi) per centum of the average outata»ding balance due on the note rnmputed yvithout taking into ac~~unt dslirquencies or prepayments; (b) A attm equal io the ground rents, if ><ny, next due, plus :he premiums that will next besot-:e due and payable on,policiea of firg and other hazard insurance covering tl'le mortgaged property, plus taxes and assessments next due on the mortgaged roperty (all as estima±ed by the mortgagee) less all sums already paid therefcr divided by the num~er 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 as$ess- menta;and _ (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the :tote secured hereby shall be added together and the aggregate amount thereof shall bt: paid by the mortgagor each month in a single payment to be applied by the mor->f- gagee to the ic)lowing items in the order set Borth: (t) premium charges under the contr3et of insurance with the Federal HouEing Commissioner, or monthly sharps (in lieu of mot}gage insurance premium), ea the case may Ix; (tt ~rsund rants, taJCSS, asments, fire, end other hasard .*'r-surance p*~emiums; (ttt tntereat on the note secured hereby; and (tv amortization of the principal of said note. Any deficien^.y in the aarlount of such frggrega+.e monthly ~ayn=gent shall, unless made Brood by the moatgager prior to the due date of the next such payment, constitute an event of default under this mort- gage. The mortgagee may collect a "laic charge' t-ot to exceed two cents (2¢) for each dollar (al) of each paymeta more than fifteen (16) days in arr~ara to cover the extra expense involved in handling delinquent payments. 8. 'That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shill exceed thr amount of payments actually made by the mortg~gee, for groun3 rents, taxes and assesstttents '~ .