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HomeMy WebLinkAbout0375 -3 Fott VnLVB Rscstva~~ the undersi~ned ptnmise(a) to pa,y to JAMBS T. B~ARNBS 8~ OO~MPANY, . a Michigan corporation authorized to do business under .~caorpoaa~OO~c a~p~eai~~caeoi~tinCat~l~' the laws of Flor ida . or order~ the principal aum of Nine ty-Five H~:n~r~:~ ~rt~ nt~~2~Qth~ ~ = i ~ - - - - - - - Ik,li~ ~,~a~.(3f3 ).wifrh interest from date at the rate oi Five and one f our th per centum ( 5-1/4 g6) per . i annum oa the unpaid balance until paid. The aaid principal and interest ahall be payable at the oflice of JAMES T. B~ARNES & OOMPANY ~n Ft . Lauderdale , Florid a , or at auch other place ae the holder may designate in writing, in monthly installmenta of Fif ty-two and 54/100ths - Dollara (~52.54 oommencing on the Rrst day of August ,18 63 . and • on the Srst day of each month theresfter until the principal and intereat are fully paid. except that the flnal payment of the entire indebtedness evidenoed hereby. if not sooner paid. ahall be due and payable ~n the fii~t day of July ~ ig 93 , ~ If default be made ia the payment of an~r installment under this note, and if guch default ~±~~e ` 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 thia 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 af 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 aU coats of collection, includin& a reasonable attorney's fee. , Presentment, protest, ai~d notice are hereby waived. ' . ~WILLIAM J. MOORE : ~ ~ ' . .M ILDRED M . MOORE , h~ ~ And shall dul3?. Pz'omPt1Y. and fnDy pertorm. diechsrge. execute, etfect, complete, and eomply with snd ~ abide by each aad every the stipulations, agreements. conditiona, snd covenanta of said promissory note • snd of this mortgage. t6en this mortgage and the eatate hereby created shall cease and be null and void. j ~ And the mortgagor further oovenants as follov~~s : ~ , 1. That be will pay the indebtednesa. as hereinbefore pmvided. 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 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 fult prior to maturity and at that time it is insured under • t he provisions o f t he Na tion a t Housing Act. he will pay to the mortgagee an adjusted premium charge of : one per centum (1~'0) of the original principal amount thereof, except that in no event shall the adjusted ~ premium exceed the aggregate amount of premium charges w~iich would have been payable if the mort- ~ gage had continued to be insured until maturit~~; 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 addit~on to, the monthly payments under the terms of the note secured hereby. on the first day oi ± esch month until the said note is fully gaid. wiU pay to the mortgagee the following sums: a` ! (a) An amount suf~'icient to provide the holder hereof with funda to pay the next mortgag~e ~ ~ insurance premium if this instrument and the note secured hereby are inaured~ or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commisaioner, as followa : (t) If snd so long ss said note of even date and this instrument are insured or are ninsured nnder the ~ pmvisiona oi the National Aousing Aek an smount auf6cient to accumulate in the hands oi the holder r one (1) month prior to its due date the snnual mortgag~e insarance premium, in order to pmvide s~ch ' holder with funds to pay aud~ premium to the Federal Housing Commissioner pursuant to the Nstional i. Housing Act, aa amended, snd spplicable Re~ulationa thereunder; or j (n) Ii and so long as said note of even dste snd t}ua instrament sre held by tbe Fedenl Honsing Commis- sioner. s monthly eha (in lien oi s mortgage insursnoe premium) ~vhich ahall be in an amount equal to one-twelfth oi one-hali ('~!e j per centum of the sverage outaianding bslance due on the , note eomputed without taking into aeeount delinquencies or prEgsyments; ; (b) A aum equal to the ground rents, if any. next due, plua the premiums that wiil next become ~ dne and payable on policies of fire and other hazard insurance covering the mortgaged property. plua ~ t~ ta~ces and assessments next due on the mortgaged property (all as estimated by the mortgagee) lesa i all sums already paid therefor divided by the number of muntha to elapse before one month prior ~ to the date when such ground rents, premiums. taxes, and assessments wiU become delinquent. such ~ sums to be held by mortgagee in trust to pay said ground rents. premiuma, taxes, and special assesa- ments; and All payments mentioned in the two preceding subsections oi this paragraph and all pay- menta co be made under the note secured hereby shall be added together and the aggregate amount . thereof ahaU be paid by the mortgag?or each month in a single gayment to be applied by the mort- ~ gagee to the following items in the order set forth: ~ (t) praainm ehsrges under the eontract ot inauranee with the Fedenl Housing Commissioner, or monthly chsrg~ (in lien of mortgag~e insarance premium). as the e.aae msy be; ~ ' (n ground rents„ taxes, sssessments, Sre, snd other haurd insurance premiums; ' (ttt; interest on the note seeured hereby; and a i ([v) amortizstion of the principal oi aaid note. ~ ~ Any delkiency in the amount of such aggregate monthly payment shall. unlesa made grood by the mortga~or prior to the due date of the next such pa~rmenk constitute an event of default under this mort- ~ ~ Tbe mortgagee may collect a"late charge' not to exceed two cents (2~) for each dollar (;1) af ~ a~ch psyment more than fiiteen (ib) daya in arrears to cover the extra expen$e involved in handling ' deliaquent payiaenta. , 3. That if the total of the payments made by the mortgagor under (b) oi paragraph 2 preceding shall • ezoeed the amount of payments actualiy made by the mortgagee, for q~round renta. taxea and asses.~ment~ ~ . . . . ~~~R~ 7~ ~.~f37~ ~ . j - - ~ - . v . - - _ _ _ _ . - - - - - - - - - - - - a,~~. - ":<d i '