Loading...
HomeMy WebLinkAbout1481A. R. ~~ FRtrE~~~ H~~K Fo>a VALUB It~vlsa, tine undersigfi~dptl~it~3~M~~ Mo0AUt3HA~T )ICORT(;rl3R COISPANY, INC . a corporation organised and existing tinder ,- the laws of State of F1oxlda , or order, the principal sum of Elev©n Thousand r~i~t3 K•~ndred Fifty and 00/100- --1Jollara (>~ 11,550.00 ),with interest from date at the rate of ~SVR and One-fourth per centum ( 5} ;~o) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of MaCAUrIiiAN MbRTaAaE COMPANY, INC in COT81 a6b].e@ F14Tida~ , or a~ such other place as the holder may designate in writing, in monthly insi~allmentii of Sixty-nine and 30/100 Dollars (j. 69.30 ). commencing on the first day of January , 1963 ,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 evidenced hereby, if not sooner paid, shall be due and payable on the first day of December , 19 87 . If default be made in the payment of any installmelit 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 shalt 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 exarciae 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 pa;~ all costa of collection, including.a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. 1sl__Johr._ T. _ Thomson ---------------____-- Johr. T. Thol:~son Gladys ?{. Thomson -------------------------------------------------------------------------------------- And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comt:ly with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage. then'chia mortgage and the estate hereby created shall cease and ba null and void. And the mortgagor further covenants as follows 1. 'That he will pay the indebtedness, as ltereinbefore provided. Privilege is reserved to nay the debt in whole, or in an 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 $uch privilege is given at least thirty (30) days prior 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 Ilousing 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 bean 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 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) tin amount sufficient to proviue 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 (t) If and so long as said nose of even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount auRlcient to accumulate in the hands of the holder one (1) month pprior to its due date the annual mortgage insurance premium, in order to provide such holder with turda tc pay such premium to the Federal Housing Commissioner pursuant to the National Housing Act, ss ames:ded, and applicable )~lationa thereunder; or (tt) If and tto long sa said note of even date and this instrument are held by the Federal Housing Commis- sioner, smonthly char~~g'ee (in lieu of a mortgage insurance premium) which shall be its an amount equal to one-twelfth (~s) of one-half ('~) per centum 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 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 ane 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- menta;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 mcnth in a single payment to be applied by the rnort- gagee to the following items in the order set forth (t) premium charges under the contract of insurance with the Federal Housing Commissioner, or monthly charge (in lien of mrrtg-age insurance premium), as the ease may be; (tt) ground rents, to:ea, astesarnents, fire, and other hazard insurance prem-ums; (Iti interest on the note secured hereby; and (tv amortisation of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such patyr~:ent, constitute an event of default under this mort- gage. The mortgagee may called a "late charge' not to exceed two cents (2¢) for each dollar ($1) of each payment more than fifteen (?6) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the tote) of the payments made b~ the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payms'nta actually made oy the~mortgagee, for ground rents, taxes and assessmerta l