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HomeMy WebLinkAbout1082 . . ~ 'lM.~ ~ ~ y~.~~~ ' ' . . ~ 2 . • ~ ~ ' ~ . ~ , Fou VnLUS R~cs1v~~ the uadersi~ned promiee(s) to W~Y ~ JAMBS T. BARNBS. 8c (70i~lPANY ~ . a Michigan corporatioA authorized to do buaineas . • ~ uader ` IX WHUNDREDeANDaNO/100Piorid=_•__~Yor o~rd»r~the prtncipal aum of TBN7HOUSAND~ DoUus (i10 ~ 600.00 N?i~ intereat from date at the rate oi f ive and one-f our th Per oe~tu~? ( 5.~ 96 ) Per ~ annum on the unpaid balanoe until psid. The eaid princip~l and intereat shalt be psyable at tRe odice of JAMfiS T. BARNBS 8~ OOMPANY . in . Pt. Lauderdale ~ Plorida - ~ or at~uch other pla~e as the ~ ` holder msy designate in writing. in monthly inat~Uments of FIPTY~BIGHT AAID 62~100•••••--.•M•••• ~ Dollara 58.62 coaunencing on the firat dsy oi March . lg 65 ~ on the first day of each month thereafter nntil the principal sad interest are fuUy psid, except th~~t the Rnal ~ payment of the entire indebtedneas evidenoed hereby. if not aooner p~tid. shaU be due and psy~ble on the fi~~t day of February ,19 95. . If default be made in the payment oi any installment under thia note. and ii such default is not made good prior to the due date of the next such instaUment, the entire principal sum and a?ocrued interest shall , at once become due and payable without notice at the option of the holder of this not~ Failure to exercise I this option shatl not constitute a waiver oi the right to exer+ciee the esme in the event of any subeequent defaulk In the event af default in the payment oi this note. and if the same is collected by an attorney at law, the undersigned hereby agree (s) to pay aU co~ts of collection. inctudiag a reasonable attorney's fee. : . Presentment, protest, and notice are hereby waived. ~ _ _e/ Ja~keon S• Mepel • (9ea1) ~ (State Documentary Staar~s ~~ACxSON B IN$,PBL : affixed to ori inal note e Lilliam~+I. Mapel (3eal) s and cancellea.~ '~~'LZLLIAN M. I~IAPBL ~ ~ , . And ahall duly, P~Pt1Y. ~d ~ periorm: diechsr~e~ execute, effectti oomplete. and o~mpty with and ~bide by each and every the atipulationa. agreementa. oonditions, and covenattta oi said promissory note e~nd of thig mortgage, then this mortgaQe and the eatate hereby created ahall cease aad be null a~d void. And the mortgagor further covenants ss iollows: ~ ' 1. That he will pay the indebtedness. sa hereiabefor~ pmvided. Privilege ia reserved to pay the t . debt in whole. or in an amount equal to one or more monttily pa~yments 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 prrvilege is given at leaat tl?irty (30j days prior to pregayment; and, pravided _ further. that in the event the debt is paid ia fuA prior to maturity and at that time it ia inaured under the provisions of the National Housing Act. he will pay to the mortgagee un adjusted premium charge of one per centum (1~6) of the original principal amount thereof, except that in ao event ahall the adjusted ,s' premium exceed the aggregate amount of premiura charges which would have been p~yable ii the mort gage had continued to be insured until maturit3•; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commisaioner on sceount 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 terma of the note secured hereby. on the first day of each month until the said note is fuUy paid, will puy to the mortgagee the tollowing sums: ~ (a) An amount sutBcient to provide the holder hereof with funds to pay the next mortgage insurance premiam if this instrume,pt aad the note secured hereby ar~e insured. or a monthly charge (in lieu of a mortgage inaurance premium) if they are held by ttie Federal Housing Commiasioner, as follows : ; If and so long as said note oi even dste and this instrament are it?iured oz are rrinaured nnder the prnvisions uf the National Housing Ac~ sn aawnnt su~cient to uccumnlste in the handa oi the Mlder - one (1) month prior to its due date the sanusl mortgage inwranoe premium, in order to provide such hotder with funds to pay ~~uch premium to the Fed~ral Housina Commi~sioner pnrauant to tbe Natiohal Houaing Aet, as aa~a~ded, and appUubls Re~ul~tions therew~der; or (it) If and so bng as ssid tate o! eve~n date and t~us insttument ue beld by Lbe Federal Howing Commis- , sioner, s monthly ehasg~e (in liw oi a nartgage insnranos pr~nin~) wWch ahall be in an amonnt ~ , equtl to one-twelith (~s) oi onchalf (~J~4 )~er oentnm of the sverage ontstanding balance due on the note oompute~ rvithout takin~ into saount ddiaqnei?cies or Pr~Ymeata: ~ (b) A aum equal to the groand rents. if any, next due, plua the premiums that will next become ~ due and payable on policies o! fire and other hazard insurance eovering the mortgaged property, plua taxes and assessments next due on the mortgaged property (all sa eatimated by the mortgagee) lese all sums already paid therefor divided by the number of m~ntha Lo elapee before one month prior to the date when such ground rents. premiums, taxes, and assesarnents will beoo~me delinquenk auch . suma to be held by mortgagee in truat to p~y said gmound renta, premiums, taxea, and apecial assese- . - menta; and ~ (c) All paymen4 mentioned in the two precedir?Q subsections of this paragraph and ull pay- ments to be made under the note secut~ed hereby shall be ~ded together and the a~gregate amount . thereof shall be paid by the mortgagor each month in s aingle payment to be applied Ly the mort~ - gagee to the iollowing items in the order set iorth : (t) premium ehsrsea under t6e oontr~et oi insnsanee with the Federsl Hondnr Conunia~foner. or monthly : charge (in lien of mortsare insnr,anoe prem~wn). a~ the we a~sy be;. (n) ~round rent~, tases, as~easma?ts. Are. aad otber hwrd insuranoe premium~; - (w) ~nterest on ti~e nots ~eeured herebY: ~ud ~ ' ([v) amortization ot tbs prjneipsl oi iaid note. Any defkiency in the amount of such aggregate monthly pa~?ment ah~ll, nnlesa made g~ood by the ; mortgagor prior to the due date of the ne~ct such pa}rment, conatitute an event of def~utt under thia mart- : gage. The mortgagee may collect a"late charg~e' not to execed two cents (2~) ior eACh dollar (=l) o~ ~ each payment more than fifteen (16) days in urears to cover the extn expense involved in h~wdling • ; delinquetit psymenta. . t_ 3. That if the total of the psymenb msde by the mortgagar under (b) o! pu~raph 2 preceding shaA ; exceed the amount of payments uctually made by the mortgsgee, for ground rents. taxea and aaaesamenb : ~ . o. R~ scs - _ C~ . B,l, p .