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HomeMy WebLinkAbout1391 Fe;<t VAt,UB R~cslVa~, tlla untleraig.?~ promise(s) to paY to iucCati~vHAt, ~OP.TGAaE CL'~:i-'Al~;Y, I2;C . , a corporation organized and existing under thalawsof State of Florida ,or order, the principal sum of Nineteen Thousand Eit,ht Hundred and 00/100- - - " -1?ollars ($ 18,800.00 ),with interest from date at the rate of five tend one--fourth per oentum ( 5 ~ %) per annum on the unpaid balance until paid. The said principal and interest shall be payable at, the office of ;uoCAUGliAN ~?ORTGAGi:, CC1FA„Y, I::C . in Coral Gables, Florida ,or at such other place as the holder may designate in writing, in monthly installments of One Hund_~ad Nine alld ~}9~100 Dol lara ($ 10 9.4 4 ) , commencing on the first day of J ~t r: a a r y , 19 6 3 ,and on the first day of each month thereafter until the principal and interest are fully paid, except that the ftnal payment of the entire indebtedness evidenced hereby, if not sooner raid, shall be due and payable on the firatdayof December , 19 92 . If default be made is the payment of any installment under this note, and if such default is not made good prior to the due date of the next su^_h 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 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 reasonable attorney's fee. Presentment, protest, and >i:otice are hereby waived. St~:te docurnetltary sta~:i~s 1s~ .~:t~rvir. ~i-_~:ed to tr.e oribir~al nets i~'~rvin ~ii~d cancelled. ~~1---`~~='-'~P Jessi e eoR~ ~'~. Fnc~ ~~ CY, ; ~ir;E ~~'!'~iTY. ALA. V. iiin8:;:~;r, Jr. V. .:irisi:~,v, Jr. ~t ._ H i l: s~ :~ w-_-- ------ R. ui':S:i3W And shall duly, promptly, and fully perform, 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 void. And the mortgagor further covenants as follows: 1. That h$ will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in rrt amount equal to one or more monthly payments on the principal that are next due on the note, 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 prior to prepayment; and, provided further, that in the event the debt is paid in full pr" .r 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 (lryo) 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. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with. and in addition te, 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 mor*_gagee 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 {in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follows (I) If and ao long as said note pf even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder one (I) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pa ouch premium to the Federai Kousing Commissioner pursuant to the National Housing Act, sa amended, and applicable Ite~ulatione thereunder; or (II) If and so long as said note of even date and this instrument nre held by the Federal Housing Commis- evoner, amonthly charrggee (in lieu of a mortgage insurance yremium) which shall be in an amount equal t7 one-twelfth (yt2) of one-half ('r4) per centum of the average outstanding balance due on the note ~romputed without taking into account delinquencies or prepayments; (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 taxes 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 grot.~nd rents, premiums, taxes, Rnd special assess- ments ;and ~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- gageP to the following items in the order set forth: (I) premium charges under the contract of insurance with the Federal Hoaxing Commissioner, or monthly charge (in lieu of mortgage insurance premium), ~ the case may be; (II ground rents, lazes, asaesamerta, fire, and other hazard insurance premiums; (III interest on the note secured hereby; and (Iv amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, uliless made good by the mortgagor prior to the due date of the nExt such payment, constitute an event of default under this mort- gage. The mortgagee mry collect a "late charge' not to exceed two cents (2¢) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made byy the mortgagor under b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments ~I , .