Loading...
HomeMy WebLinkAbout1994~~~K .51 -h~=63U Fort VALUE Rstistv,cn, the undersigned promise(s) to pay to C Y, L UCIE C^UNTY• ~l A. MvCA'JG1iA~ ~I[Oit:tTaAG$ COMPAl~Y~ INC. - , a corporation organized and existing under the laws of Ste to oY Floridet , or order, the principal sum of Twelve Thousazid Fifty and 00/100- - - - - - Dollars ($ 121050.00 ~ ~ ),with interest from date at the rate of . ~ f 1V@ Srid Ol't@-f Our th per centum ( ~~ `Io) per a~inum on the unpaid balance until paid. The said principal and interest shall be payable at the office of MoCA~GHAN MORTGAGE C@MPANY, aNati such other place as the in Cowl G~bl+De ~ Florldl3 holder may designate in writing, in mo~i ly installments of _ Sixty-siX and 64/100 Dollars ($ 66.64 ), commencing on the first day of January , 19 63 ,and on the first day of each mont,ltthereafter until the principal and interest are fully paid, except that the final payment of the entire inciebtednesa evidancec: hereby, if not sooner paid, shall be due and payable on the fitstdayof December ,1992. If default be made in the payment of any installment under this note, and if such default is not made good prior to the dtte date of the next such instalment, the entire principal sum and accrued interest shall at once become due and payable without notice at the option of tlt_e holder of this note. Failure to exercise this option shall not constitute a waiver of the right to exerrase the same in the event of any subsequent default. In the event of defauk,in the payment of t}tis 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. Present*nent, protest, and notice are hereby waived. /s/_ Walter J. ~Yarner _________--___~ -~ -~S7a3~r~. '~ a r n e r LIarjorie A. iYarner ---------------------------------------------------------- ------------------------ And shall duly, promptly, and fullp 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 cerise and. be null and void. 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 principal that are next dtte on the note, on the first day of any month prior to maturity : Provided, however, that writt2r, notice of an intention to exercise such privilege is given at least thihty (3G) 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 prernium charge of one per~centtun (1g6) 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 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 (in lieu of a mortgage insurance premium) if they are held by the Federal housing Commissioner, as follows ([) If and so long as said note of even date and thin inatnment aze insured or are reinsured under the provisions of t; ~ National Housing Alt, an amount sufl9eient to accumulate in the hands of the hgider one (1) nonth prior to its due date the anneal mortgage insurance premium, in order to provide such holder with funds to psgg s~~Uch premium W the I: aderal Housing Commissioner pursuant to the Nafional Housing Act, as amended, arld applicable Bc~ulations therenader; or {n) If and no long as said note of even date and this instrument are held by the Federal Hosing Commis- sioner, s monthly charge (in lien of a mortgage insurance prtmium) which shall be in an amount eq~ial to one-twelfth (~z) of one-half ('~4) per centum of the average outstanding balance due on the note computed wit>r~ut taking into aoeount 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 coy Bring the mortgaged property, plus taxes a.*id assessments next due on the mortgaged propert; (rll ao asti,..at~d b, t::2 mcrtawge°) '•°ss all sums already paid thzrefor 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 to trust to pay said grotmd rents, premiums, taxes, and special assess- ments;and ~- (c) All payments mentioned in the two preceding SubAections of phis paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggreggate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the foIlowing items in the order set forth: (t) premium charges under the contract of insurance with the Federal Housing Commissioner, or monthly charge (in lieu of mortgage insurance Qremium), as the case may be; (tt ground rents, tarter,` ante, 31F~~Ma ctt~ier ha~afdynaa.r~nct prsltntuina; (tu; rnterest on the note secured hereby; and_ - (iv) amortisation of the pr~.ncipal of acid 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 pa~-rrient, constitute an event of default under this mort- gage, The mortgagee raay 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 gaymeats, 3. That if the total of the payments made by the mortgagor under (b j of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments r i ~~ _ {~ ...