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Home My WebLink About0766 .... -- ~ , < r ~, t J ._ , 58 ',r (~ I, ,', 'XJ FOR V ALlJt: RECEIVED, the undersigned promise(s) to vay to t , r 'T ~ f \t ) I I ll.lLi . '.... ._'l.... _~ .. - - - -"--- - ._-'. . (,u~~y,~u. Southeastern Mortgage Company, a Florida corporation , a corporation organized and t'xisting lindeI' the lawR of' ,or order, the principal sum of Nine Thousand !hree Hundred, Fifty & No/100- - - - ..; - - Dollars ($9,350,00 ), with mterest from date at the rat<, Jf Five & One Quarter per centum ( 5 -1/4 ',i) pl'r annllm on the unpaid balance until paid. The said principal and interest shall lie payable at the oflicp of , Southeastern Mortgage Company, a Florida ,corporation In Miami t F),orida " , or at such other plnce as till' holder may designate in writing, in monthly installments of Fifty Six & 10/100 Dullars ($56.10 ), commencing on the first day of April , HI63 , alld on the first day of each month thereafter until the principal and in~rest are fully paid, except that the Iinal payment of the entire indebtedness evidenced hereby, ~if not sooner paid, shall be due and payahle on till' first day of March ,,' 1988 . If default be made in the payment of any installment under this note, and if :mch default is not made good prior to the due date of the next :mch installment, the entire principal sum alld accnll'd inlPrt'st shall at once become due and payable without notice at the option of the holder of this note, Faillln' to l'xl'rcisl' this option shall not constitute a waiver of the right to exercise the same in the event of any suh~'l'qu{'nt default. In the event of default in the payment of this nofe, and if the SAme is colll'l,tl'd h~' an attol"lll'Y at law, the undersigned hereby agree(s) to pay all costs of collection, including, a reasonable attorney's fee. Presentment, protest, and notice arc hereby waived, ($9,30 State Documentary Stamps affixed to original note and cancelled. ) ./8:/_-:l~~n__~~y_~ John Love (SealX_ /s/ Odessa Love .- -.- --- .-._. -- Odessa Love (Seal) And shall duly, promptly, and fully J>erform, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory lIote and of this mortgage, then this mortgage and the estate hereby created shall cease and bl' null and void, And the mortgagor further covenants as follo.....s: 1. That he will pay the indebtedness, as hereinhefore provided. PrivileR'e is rl'served to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that an' !ll'xt due on the note, on the first day of any month prior to maturity: Provided, howev('I', that written !lot ice of an intention to exercise such privilege is given at least thirty (30) days prior to prl'paYlIIl'nt ; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insurl'd ullder the provisions of the National Hou..ing Act, he will pay to the mortgagee an adjusted premium chargp oi one per centum (1 %) of the original principal amount thereof, except that in no event shall t1w adjustpd premium ex~eni ~~,e aggregate amount of premium charges which would have l>Ct'n payahle if the mort- gage had continued to be insured until maturity; such payment to be applied hy the mortgag('e upon its oblii{ation to the Federal Housing Commissioner on account of mortgage insumnc(', 2, That, in order more fully to protect the security of this mortgage, the mortgagor, togethl'r 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 8ufficient to provide the holder hereof with funds to pay the next mortR'ag'l' insurance premium if this instrument and the note secured hereby are !nsureo, or a monthly charge (in lieu of a mortgage inaurance premium) if they are held by the Fedl'ral Housing Commissio!ler, as follows: (0 If and w long as said note c,f ..ven date and this instrument are insured or are n'in~~",'d IHH!l'r tiw provisions of thl' National Hou!:in~ Act, an amount sufficient to accumulatp ill th,' halll" "f thl' h"ldl'r one (1) month prior to its due date the annual mortl{age insurancE' premium, in ord,'r t" I'f(,vidl' ~lJch holder with funds to pay 8uch premium to the Federal Housing Commissioner pursuantt" th., Natior1l'I Hou8in~ Act, as amended, and applicable Regulations thereunder; or (II) If and'80 long as said note of even date and this instrum('nt are held by the Fedl'ral H(llI~lnK ('''lI1mIS' ~ioner, a monthlv charge (in lieu of a mortgal{e insurance premium) which shall 1)(' III an an;OlJllt equal to one-twelfth (lfIl) of one-half (th) per centum of the a\'el'8l((' olJtstandiw{ balanCl' du" 011 th., note computed without taking into account delinqut'ncies or prepayment,~; (b) A sum equal to the ground rents, if any, next due, plus the premiums that willllf'xt hecomC' due and payable on policies of fire and other hazard insurance covering the nlOrtgaged pn'ih'rty, plus taxes and assessments next due on the mortgaged property (all as estimated by till' nlOrtRagpP) less all sums already paid therefor divided by the number of munths to elapse before onp month prior to the date when such ground rents, premiums, taxes, and 83sessmcnts will become dl'linquent, 8uch sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and 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 aggre~ate amount thereof shall be paid by the mortgagor eJ1ch month in a single payment to be applied by the mort- gagee to the following items in the order set forth: (I) premium charKCJl under the contract of insurance W'tth the Federal HousinK Comrniss!()n.'r, or !ll(lllthiy charp:e (in Iil'U of mort~ap:e insurance premium). a.q the case may he; (II) ground rents, taxes, asseasments, fire, and other haurd ilUlUrl\nCe pn.,miums; (III) interest on the note secured hereby; and '~ (IV) amortiz.ation of the p,rincipal of said note. Any deficiency in the amount of such aggregate mOllthly payment shall, unless made good by the mortgagor prior to the due date of the next such parment, conlltitute an en'nt of default llfH;er this mort- gage, The mortgagee may collect a "late charge' not to exceed two cents (2~) for each dollar ($1) o{ each payment more than fifteen (15) days in arrears to cover the extra expense involved ill handling delinquent payments, 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 precpcting shall e"ceed the amount of payments "l,ctually made by the mortgagee. for Kround rents, taxes and ass('s~ments ~ .~ },. .~ . '~'i )