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Home My WebLink About0691 . • ' f ~ . ` ~r-~---~~t~' ~ „ h ~ ~ ~ I ~ ' • ~ PbR V/1LUB R~v~.. f~hR 11Qfkrii~acd ~omi~~a~ t+o P~? ~ . . . ' ' , " ~ ' JAM~S T. BARNBS 8~ t~O~MPANY, a Michigsn carporatioa suthorized ~ !o do business ~d~, ~ ~ ~s ~~i th e Stst ~g p~~=i . or order, the principsl aum oi 1WBNTY THREB , ~H~SAND SBVEN HUN~R$n AI~ N~100- - Dollara 23 790.0o with iuterest from dste at the rate o! Pive and one-f our th °~t'~° ` 5~ ~ ~ annum oa the ua id bslanoe unttl paid The said prIacip~l snd intereat shall be p~yable at the otlfce oi . ~am ea T. Barne s 8t Compan p ~ Por t Lau de~dal e, Pl a. , or ~t auch other pL?oe aa the • ~ holder nvy deaignate in writi~?g, in nwnthly inst~Uments of ONB HUNDRBD TIiIR1Y ONE AND 06~100 ~ Dollara 131.06 a~~nS ~ ~ ~ ~3? ~ Sep tember ,1864 ~ an on the firat dsy of each month there~fter unW the princip~l and interest ue fu11Y Ps?id. esoePt that the ftnal ~ payment oi the entire indebteda~s evidenced hereby. if not sooner Pe?id. stu~ll be due and PsYsble on the ; • tii~st day of pugust .19 94 - . ~ Ii def~ult be msde ia the pqyment oi any inat~liment under this note. aad ii such default ia not made _ F sood prior to the due date of the next such inataUment, the entire prlncipai aum ~d socrued intere~t ahall ~t once become due and p~ayable without aotice at t6e option oi the holder oi thia note. Faiture to exercise thia option ahall not constitute s w~ver oi the r~t to esercise the same in the event oi any sabsequent ; i defs~ulk In the event af default io the payment ot this note, and if tLe sama ia collected by an attorney . ~ ~ . ~?t law. the undersigned herebY aSree (S) to PaY all costa of oollection, includ~a~, a reasonable attorney'a fee. ; Preeentmenk pruteat, and notice ~u~e hereby v~r~ved. , . : ` S~s ~ . , ~/c - ~ ~s ~ . ; . ; ~ . . ' ~a ~n a~,i?. r~~i?. ~a ~ r~r~. a~~. ~~t~: ~r~t. ~~~t~. ~ ~?r?y ~t~ ~a sbide by earch xnd every e atap~lations. agreements~, conditions, snd covenants of said P~uasor~ note { and oi t6is mortgage, then this mortgage and the estAte hereby c,reated ahall cease and be null and void. t And the mort~agor further covenants as follows: 1. Thst he w~l pay the indebtedness. sa hereinbefore provided. Privilege ia reserved to pqy the ~ debt in whole, or in an ~nouat equal to one or more monthly p~ayments on the principal that are nezt due ~ on the note. on the ftrat day of any month~prior to inaturity: Provided, however, that wrltten notice oi an ~ i inteation to exercise auch privilege is givea at leaat thirty (30) dai?s prior to prep~, ent; and, provided ~ further. tliat in the event the debt ia paid in full prior to, maturity aad at that t~e it is insured under ~ the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium chatSe o! _ ~ one per centum (196) oi the originsl principal amount thereoi, e~ccept that in no event shall the adjusted premi~nn exceed the aggreeats amou,nt of premieun charg~ea which wou~ have been p~sysble ii the mort- - gsge had oontinued ta be insured until maturity; anch payment to be applied by the tnortgagee upon its ~ obligation to the Federal Housing'Commisaioner on e?ooount of mortgag+e inaurance. ~ i 2 That, ~n order more fuUy to protect the secucity of this mortgage, the mort8s?gor, together withs , and in addition to. the-menthly paymenta.under the tenas of the note secured hereby, on the firat day o~ Z each month untl tiie said note ia fully pa~d, will pay to the martgagee the iollowing sums: ~ (a) An amount su~cient to provide the holder hereof with fnnds to pqy the next ma~tgage insurance premium if this instrument and the note se~ured hereby are inaured. or ~i monthiy charge ~ (in lieu oi a mortgag~e inaurance premium) if they are held by the Federal Housi~g Commiasioner. ~ as follows : . - ' ~ - (t) Ii ~nd ~o bng as said note oi even date and t1?is instrom~nt are insnred or ars reinsnred nnder tbs prnvisions oi the Nstional Housing Aek ~~At inlfieient to a~oeumul+?te it? tbe hand~ oi t6e bolder oae (i) month prior to its dne date We aanual mortgag~s i~aau~anoe pracatum, in order to pr~vlde weh . . Lolder wIth innds to p~i s~w:}~ premium to the Federe?l Housins CommLdoner pnrw~?ut to tbe Nat~iOnal Housin Aet, as am~, snd sPplieabls B~gnLtions tDenunder• os € (u) If snd ~o~oaa as sdd note of even date ond tlw iaatrament are hefd by tbe Federal Hondng Commir r aioner, s monthlye~ar~e (in lien oi a mottgag~e ininranos premium) wh~eh alull be in an anannt ° eqnal.to one=t~P~~ith l~s) oi ~e-hsli ('b ) P~r oeatmn oi the ~verage ontdandins bslanoe dns on tbe - ~ ~ ~ noRe oompnted witiwnt taldng into aoeount ddinqneneies or P~Y~~: " ; ~ (b) A aum equal to the ground rents. ii anq. next due, plns the premiums that will next beooRne E ~ dae and pa,yable on policies of flre ~nd .ot6er hszard insuranoe oovering the mortgaged praperty. plus t { ts~cces stnd assesamenta nei~t due on the' mortga8ed ProPerty~ (all as estimated by the naortgagee) tess g ~ a11 sums alr+eady p~id therefor dlvided by the number. of months to elap~e before one month prlor - to the dste when such ground renta, premiums. taxes, and asseasmeata will ~eoome delinquenk a~h ~ aums to be held by mortgagee in trust to pay said gmound renta, premia~ms, taxes, and apecial assess- ments; sad ~ (c) Ail paymenta mentioned in the two preceding subsections oi this paragraph and all p~y- ` ments to be made under the note secured hereby ahall bei added tog~ether and the~ggregste anwunt ~ thereoi ahall be p~aid by the mortgag^or each month in s sia~le p~yment to be ~tppli'ed by the mort- ~ ga~ee to the following itcros in the order set forth: . j ~ (t) Preminm chas~es nnder the eontraet of insnranes with the Federal8aodns Co~nmiisioa~er, or mo~thl7 ( (u ~t+~u~nt+ents, tazes. aak.~~aeata.llre. sud other~~baaard inwrance premiwiss; ~ + (M~ iuterest oa the twts ~eenred l~ereby; and - ~ a (n? amorti~tion of tLs pzineipal oi said note. Ar~y deRciency in the ~unonnt ei such aggregAte nionthly ~yment shall. nnless made g~ood by the ` ` mortga~or prior to the due date of the next anch pa~?menk const~tute an event oi default nnder this mort- • r ~ gs~e. Tt1e mortgagee maY cullect a"late charg~e' not to exceed two cents for eaeh dollar (;1 0! ~ each p~yment more thsn flt'teen (15) days in srrears to oaver the eutra e~cpense involved in lu~n~- ; delinqnent paya~ents. ~ ~ ~ 8. That it the tAtal of the paymenta ma~le by the niortg~or nnder (b) oi paragrap6 2 pr~oedin~ shall ~ ~ ~eeed the amount of p~ymenta actusliy m~?de by the mortga6~e, ior Rround reuts. tsxea and ssseae~ment~ ~ i ~bR' ~ ~ . ~ ~ s4 P~ ~o . : ~ .