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HomeMy WebLinkAbout1906 . . ~ . ~ ~ . : . FOR VALUS RECSIVSD. the underaigned promise(s) to pay to FEDERAL NATIONAL MORTGAGE ASSOCIATION , s oorporation organized and existing under the lawa oi United States of Amer ica , or order~ the principal sum of SIXTEEN THOUSAND , NINE HUNDRED AND NO/100---------------------Dollara (=16,900.00 )~with interest frnm date at the rate of Five and th ree-four ths per centum ( 5 3/4 9h ) F~r annum on the unpaid balance until paid. The said principal and interest shall be payable at the of~ce of GENERAL C~IARANTY MQRTGAGE COMPANY, INC. in Wl a te r Pa rk , Flor ida ~ or at such other place as the holder may designate in ~vriting~ in monthly installmenta of N INETY- E I GHT AND 70/ 100- Dollars g8 , 70 commenc:ng on the flrst day of September .19 66 , and on the first day of each month thereafter until the principal and inter~t are fully paid, except that the Rnal pt~yment of the entire indebtednesa evidenced hereby, if not sooner paid, ahall be due ~nd payable on the fiist day of Augus t .199b • If default be made in the payment of any installment under this note. and if such default is not made good prior to the due date of the next such inst~llment, the entire principal sum and aocrued interest shall at once become due and payable without notice at the option of the holder of this note. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in thE event of any subsequent defaulk In the event c+f 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 all coats of collection, including. a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. ._~S,f j~ji77iam W_ Fair~ ~Tr_ --~s~---Betty Carol Fair And shall duly. promptly, and fully perform. discharge, execute~ effect, complete. and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. 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 da~ of any month prior to maturity : Provided. however, tha written notice of an intention to exercise such privilege is given at least thirty (30) days prior to pre ent; and, provided hat in the event the debt is 'd in full rior to maturity and at that t~t is insured under further. t P~ P the prnvisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (l~/o) of the original princ~pal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which 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 thc security of this mortgage, the mortgagor, together with, and in addition to. the monthly payments under the terms of the note secured hereby, on the first day of esch month until the said note is fully paid, will pay to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the neact mortgage ~ insurance premium if this instrument and the note secured hereby are insured, or a monthty charge (in lieu of a mortgage insurance premium) if they are held by the Federxl Housing Commissioner, as follows : (t) If and so long as said note of even date and this inatrament are insured or are rninsured under the provisions of the National Housing Act, an amount sufficient to aceumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium~ in order to provide such holder vrith funds to pap such premium to the Federal Housing Commissioner pursuant to the National Housing Act, as amended, and applicable Regulations thereunder; or (u) If and so long as said note of even date and thia instrument are held by the Federal Housing Commis- sioner, a monthly charge (in lien of a mortgage inaurance premium) which shall be in an amount equal to one-twelfth (~2) of one-half ('fs ) per centum of the average outstanding balance due on the note rnmputed veithout taking into account delinquencies er prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property~ plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) lesa all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and specisl assess- ments; and , (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the following items in the order set forth : (t) premium charytes under the rnntract of insurance with the Federal Aousing Conunissioner, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (n) ground rer?ts. taxes, assessments, fire, and other hazard insurance premiums; (~tt) interest on the note secnred hereby; and (tv) amortization of the principal of said ~ote. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such pa~ment, constitute an event of default under this mort~ gage. The mortgagee may cullect a"late charge' not to exceed two cents (2p) for each dollar (al) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~~ments actually made by the mortgagee, for Rround rents, taxes and asses.aments ~ ~ R 15~ 103 ; ~oo~ - - ~ : ~ ~~X ~ ~ `i3 . . S .