HomeMy WebLinkAbout1885 Y ~
Pttc?vtnEt~ r1i.~~'~1'S, a~id the~e pi•est~nts art, t~xecutc~ci atid delirered u~xni thr~ fullo~~•inK conciition,, te~
«~it :
The mortgagor agrees to pay the mortgagee, or oi•der, the principal sum uf NIttE TSOII5AND O.~tE
HIIN DRED P".~FTY and 00/100- - - - - - - - - - _ _ - - - - - - - - - - - - - - - -
~ Dallars g~15p~p~p as e~~i<~enced b~• a note of even date here~~•itr~, «•itt~ intei•est from ciatE~
! at the rate of M~ ~ ppe-to~t~th pec centum ( ~j} ~'c ) per annum on the un-
paid balance until paid. The said principal ancl interest shall be payablH at t.hN office of
! J. 1. ~I3IJL ~8 CO~P~O~TI~ 0~ PIARI~A in Miaai. Flarids
~ or at such other place as the holder of the note mayr designate in ~~~riting, in monthl~• installments of
Fiftyr and 60~100- - - - - - - - - - - - - Dollars 50.60 cornmencing on
the first day of Auguat , 1965 , and on the fii•st da~~ of
each month thereafter ufltil ihE,
principal and interest are fully p~id, except that the final pa~ ment of principal and intei•est, if not sooner
~ paid, sliall be due and pay~able on the first day of Ju~r ,1~ 95 ~
4 -
~ And shall duly, promptly, and fully perfc>rm, discharge, eYecute, effect, complete, a~~d comply w•ith and
abide }~y each and every the stipulations, .igreements, conditions, and co~•enants ~f said promissury note
and of t.his mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further co~•enants as follow~s:
1. That he will pay the indek~tednecs, as hereinlyefore provided. Pri~•ilege is reserved to pay the
debt in whule, or in an amount equal t~~ one ur mure rnunthly payments on the i~rincipal th~t are next du~
on the note, on the firsL da~• of an)~ month prioi• to maturity: Provided, ho~+•c~~ei-, that ~~'ritten notice of ari
intention to e~ercise such pri~~ilege is gi~•en at least thirty (30) days prior to prepaymer,t ; and, pro~~ided
- further, that in the event the debt is paid in full prior to maturity and at that time it is insured under
the provisions of the National Housing Act, he will pay to the rnortgagee an adjusted premium charge of
one per centum (1 ) of the original principal amount thereof, exce~t that in no e~~ent shall the adjusted
premiurn exceed the aggregate amount of pren~iurn charges whirh would have been payable if the mort-
gage had continued to be insured until maturit~~ ; sueh payment to be applied by the mortgagee u~n its
k obligation to the Federal Housing Commissioner on account of mortgage ~nsurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with,
and in addition to, the monthl,r• payments under the terms of the note secured hereby~, on the tirst day of
each month until the said note is fuliy paid, w~ill pxy to the mortgagee the following sums:
~ ;a) An amount sufficient to pt•o~•ide the holder hereof «~ith funds to pa~~ the ne~t moi•tgagk~
insurance premium if this in~trument and the note secured hereby~ are insu~'ed, or a monthiy~ charge
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commiscioncr,
as folio«•s :
~ (t) If and so lon~ as said note of e.•en date and this instrument are insured or are reinsured under thr
provisions of the tiational Housin~ Act, an amount sufficient to accumulate ir~ the hands of the hol~;er
i one (1) month prior to its due ciate the annual mortgage insurance premium, in order t:~ pr~,~•ide such
holder with funds to pay such premium to the Fe~leral Housinq Commissi~ner pursuant to thc~ \ational
Housin~ Act, as amended, and applicable HeAulatians ihei~eundr•z•; or
(i[) If xnd so lonR as said note of e~•en date and this instrument are helri by the Federal Huu~inK Ci~rmnis-
sionei•, a monthly char~e (in lieu af a moz•tf;a~'e insurance ~i•er.:i.im) u~hich ~hall be in an arrount
equal to one-twelfth of one-haif ('.a ) per centum of th~ avera~;e outstandin~ balarrce due on t~e
note computed without taking into account deiinquencies or prer~aymFnts;
' (b) A sum equal to the ground rents, if any, next due, plus the premiums t}~at «•ill next become
' due and ~>ay'«ble on policies af fire and other hazard insurance covet•ing the mortgaged property~, ~lus
taxes and assessments next due on the mortgaged property (all as estimated t~~~ the n~ortgagee) less
~ al! sums alread~~ paid therefor di~•ided by the number of munths to elapse before one month prior
E to the date w~hen such ground rents, premiums, taxes, and assessmenfs w~ill become delinquent, such
~ sums to be held by mortgagee in trust to pay said ground i•ents, premiums, taxes, and spec~al assess-
E ments ; and
~ (c) All ~ayments mentioned in the two preceding subsections of thi~ paragraph and ail pay~-
ments to be made under the note se~ured hereby sliall be added together and the aggregate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied b}~ the mort-
gagee Lo the fotlowing items in the order set furth:
(i) ~remium ehar~es under the eoritraet of insuranee with the Fc~era! Hou~in~ Commis;ir,ner, c~r monthi~•
charae (in lieu of mortKaqe insurance premis~m), as the case ma}~ he;
~round rents, taxes, assessments, fire, and other hazard insurance pramiums;
~iu) intcrrest on the note SPCU1'C(~ }tE~reby; and
(n') amortization of the princijral of said note.
Any deficiency in the amount of ~uch aggregate monthly pa~~ment s}iall, unless made good b~• the
mortgagor prior to the due date of the next such pa~-ment, constitute an e~~ent of defauit under thi~ n:ort-
gage. The marCgagee may iullect a"late charge" not to exceed t«~o cents (2c) for• each doliar (~1) of
each paynlent mor~ than fifteen ( l:i) days in arrears to co~•er the exte•a expense inti•ol~•e~i in handling
delinquent payments.
3. That if the tota~ of the pa~~ments made by the mortgagor• under (b) of paragrap}i preceding shall
excee~ the amount of pa~~ments actually macie b~~ the mort~a~ee, for ~i•ound rents, ta~es ar.c~ as~c~s~ments
and ~nsurance premiums, as the case may be, such excess sh~311 be credited by the mortgagee ori subsequent
paytr.ents to be made by the mortgagor. If, how•F~er, the monthly paymerts ma~e by~ ~he mortgago.r
under (b) of paragraph 2 prececiing shall not be sufficient to pay qround rents, taxes and assessrnents
and insurance premiums, as the case may be, w•hen the sam~ shall become due and pa~•able, then the
mortgagor shall pay to the mortgagee any amount necessary ta make up the deficiency, on or hefore the
- date when pay~ment of such ground, rents, taxes, assessments, or insurance premiums shall be due. If
at any tirne the mortgagor shall tender to the mortgagee in accordance with the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n corn-
puting the amount of such indebtednesa, credit to the account of the mortg~gor all payments made utider
the provisians of (a) of paragraph 2 hereof which the mortgagee has not become obligated tc, pa~• to the
Federal Housing Commissioner and any balance remaining in the funds accumufated under the pro~~isions
of (b) of said paragraph 2. If there shall be a defaudt under any qf the provisians of this mortgage, re-
sulting in a public sale of the premises covered hereby, ar if the m~rtgagee acquires the propert~• other-
wise ~fter default, the mortgagee shall apply, at the tiane of the commencement of such proceedings or at
the time the progerty is otherw~ise acquired, the balance then rerr~aining in the fund5 accumulated under
(b) of paragraph 2 preceding as a credit a$ainst the amount of principal then remaining unpaid under
said note and shall properly adaust any payments which shall have been made under (a) of said paragi•aph.
4. That he will pay al] taxes, assessments, w•ater rates, and other governmental or municipal charges;
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