HomeMy WebLinkAbout1841 ~ ~
~ Fo1t Vni.us R~c~v~, the nnderaiQaed promiae(a) to p~,y to J. I. IaSI.AR 1~qR1~G~4GS
CORPORATION OF FLORIDA . :
~ a oorpontion organised and exiating under
the lswa oi F lorida , or order. the prtncipal aum oi
- NINS THOtiSAND THRBB HUNDRSD FIFTY and no/100tha - DoUaura 9,350.00 with
intereat from d~ts at the rate oi ~ FIVB ~ ONS-FOURTH per antum ( S 1/4 96) per
annum on the unpaid balanoe nntil psid. The aaid princip~l and intereat ahall be p~yable at the ot~oe of
. _ obligee ~
in Miami, Dade County, F lorida . or At auch other plaoe aa th3 ~
holder mny daignate in writing. ia : a,nth~r inatallmente of --FIFTY ON8 and 71/100ths-
. Dollara (a 51.71 ~~ommencing on the Brat d~y oi May ~ ,19 64 ~ snd ~
on the ftrst day of e~ch month ther~i ~~er nntil the principsl and inter~t m inlly psid, ezcept tbat the flnal
payment of the entire indebtednesa evidenced hereby~ if not aooner pAid, abaU be dne and payable on the
' flrst clay of April .18 94 ,
' I# default be made in the payment oi any inat~llment ~mder this no~e, aad if such default ia not made ~
good prior to the due dste of the next auch installmenk the entire princ~pal sum and accrued inter~t ahall ~
st once beoome due and p~yable without notice at the option oi the holder of thia note. Fsilure to euercise
thia option ahall not oonstitute a waiver of ther~
t to exercise the asme in the event of any aab~eqnent ~
~ defaulk In the event of default in the pe~?ment o~ thia note. and if the s~me is collected by an attorney ~
~ st law, the undersigned hereby agree (s) to p~y all ooata oi oollection, inctadin~ a reasonable attorney's fee.
Preaentment, prot~t, and notioe are hereby wsived. ,
. /s/ James W. Normand ~J
James W. Normand
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~ /s/ Lorraine A. Normand ' . '
. Lorraine A. Normand ' r
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And sl~ll dn~y. P~~y P~o~, ~~?sr8~e. esecute. effect, oomplete, and cumply with and ~
abide by each snd every t~e stipnlationa, agreementa, oonditiona, and covenanta of aaid pmmissory note
. . and of this mortgage, then t~ia mortg~ and the e~tate hereby created ahall eeaae and be nu~l and void. . j
And the mortgag~or fnrther coven~nta aa followa: ,
l. That he w~l p~? the indebtedneaa, as hereinbefore provided. Privilege is reaerved to pay the
debt in whole, or in an a~nount eqnai to one or more monthly paymente on the prIncip~al that are nest dne ~
on the note, on the tirst d~y of any month prior to maturity : Provided, however~ that written notice of an
intentioa to e~cer~ciae aach privileg~e ia given at lesst thirty (30) daya prior to pre~~yment; and, provided
further. that in the event the debt ia p~id in full prior to, maturity aad at that t~me it ia insnred nnder
the pmvisions of the National Honsing Act, he ~v~l p~y to the mortgagee an adjuated premium charge of
one per eentum (196) of the original principal amount thereof, except that in no event ahall the ad,justed
premium exeeed the aggregate amount of p~aemium chargea wluch would hsve been p~syable if the mor~
gage had oontinued to be insared nnt~ maturity; sach p~yment to be applied by the mortgagee npon its
oblig^ation to the Federal Housing Commiasioner on aaoount of mortgage insuranoe. ,
2 That, in order more fnlly to Prot~ect the aewrity of thia mortgage, the mortgagor, together wi{~,
and in addikon to, the menthly payments under the terma of the note secured •hereby. on the flrat day o~
each month until the said note is fullY Faid, w~1 Ps?Y to the mortgagee the following suma:
(a) An amount snfficient to provide the holder hereof with fnnds to pay the neat mortgag~e
insurance preminm if thia instrnment and the note aecured hereby are insured, or a monthly charge
~ (in lieu of a mortgag~e insurauce premium) if they are held by the Federal Houaiag Commisaioner.
~ - as follows:
' (z) Ii and so lona as said note of evar date and tbis inslrament srs inwred or are reinsnred onder the
~ prnvisions of the N:donal Honsina Aet, ~ smonnt samcie~?t to a~eamnLte in the haads oi tbe boldar
~ one (1) man~th prior to its dne date the annnai mortsags inwranoe preminm, in order to prwJde soeh
holder with innds to pay sneh preminm to the Federal Hoa~na Com~i~sioner pnrauaat to the Nstional
~ H~y~~ Act, as ammded, uid appllcsbls Re~ulation~ lhereuader• or
~ (u) Ii and s~long ss asid note o! eveu date and this instrama~t are be~d tbe Federal Houatng Co~mmis.
; sioner, s monthly~ ~(in li~ oi a mortgags insuranos pr~nim~nb
j whieh shall be in an amonnt
~ n~oora ntetd~'inth
nt ~ oi ono-half ( i~i ) per oeat~ oi tbe arerag~e onbt~ndiag belanee dne on the
P takin8 into aooo~nt delinqnendes or Pnp~tYa~nts:
` (b) A anm equal to the gronnd renta, ii aqj?, next du~: plna the preminms that wi'll neat bec~o~rae
~ ~ dne and payable on policies of flre and other hazard insurance eovering the mortgaged property, plua
~ taucea and assesamenta neat dne on the mortgaged property (all as eat~ated ~y the mortgag~ee) less
$ all sums already paid t6erefor divided by the numbet of months to elapae before one month prior '
~ to the date when snch ground rents, premiums, tax~, and assessments w~l became delinquent, such
amns to be held by mor~gagee in trast to pay said g?i ~und renta, Premiuma, taxea, and apecial asseas-
ments; sad
~ ~ (c) All payments mentioned in tl~e two preceding anbsectiona oi thia paragraph and all pay
~ menta to be made nnder t6e note secured hereby shall be added together and the te amount
~ thereof ahall be paid by the mortgag+or eacb month in s aingle p~yment to be appL~'~y the mor~
~ gagee to the iollowing it~ems in the order set forth:
~ (t)~ Prmiiam ebsrges nnder tbs ooatraet oi insnranoe with ths Federal H
€ c~ug~ (in liea of mo ~~E Conunisdoner~ ar monthly
~ . (u) ~ronnd reats, tazes. a~ts~,
IIx ~and
ot~ber~jhaia~i~d~insar~i~e
pr~ew'fmns;
~ t ~ seenred hereby; and
) P ' P~.of stid note. _
~ Any deliciency in the amount of such aggregate monthly payment ahall, miless made good by the
. mortgt~or prior to the dae date oi the next anch pa en~ aonatitute an event of defanlt nnder thia mort~
gagr. The mortgagee may collect a"late clharg~
not to exc~eed two cents (2~) for ench dollar (;1) v!
each payment more than ftfteen (15) daya in arreara to caver the extra e~cpense involved in handling
~ delinqnent p~aynnents.
3. T'hat if the totai of the paymenta made by themortgag~or under (b) oi paragraph 2 preoeding ahall
e;ceed the 8anount of payments actnally made by the mortgag~, !or gronnd rents. taues and asaese~ments
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