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HomeMy WebLinkAbout0292 • t • i t ~ . I'OR VALUx RFC~IV~:D~ the_Un~lersi~t~ promise(a) to pay to JAl~lE3 T: BA~N~B. & Ct1N~PA~1Y; a Michigan corporation au~thori$~d ta do bus~n~ss ~ ' ~ ~ ~ under ~ the 1aw$ af ~ the S'tat of Florida or order, the principal sum of TEN THOUSAND FOUR HUND~ED F~F~'Y AAJD NO~l.00M w - ~ - ~ - - - - Dallara 10~~~j0.00 ),wit~ ~ intereat from date at the rate of five anci one fourth per centum ( 5} per ' annum on the un~aid balance until paid. The satd principal and interest ahatl be payable at tho of~ice of ~ JAMES T. BARNES & COMPANY ~ in F~. ~auderdale, FZorida , or at such other place as the ~ holder may designate in writing, in monthly instatlments of FIFTY~SEVEN AND 79~1t?0- Dollars 5? ~ 7~ commencing on the firat day of Januaary , ~ 19b5 , and ~ on the first day of each month thereafter until the principal and interest are fuily patd, ea~cept that the ftnal ' payment of the entire indebtednesa evidenced hereby, if not sooner pa~d, shall be due and payable on the ~ first day of December ~ 19 91~. ~ i If defa~alt be made in the payment of any inst~allment under thia note and if such default is not made ? ~aod prior to the due date of the next suci~ installment, the entire principa~ sum and a~~rued interest shall at once become due and payable withoat notice at the option of the holder of this note. Failure to exercise ~ th4s option shall not constitute a w~iver of the right to exercise the same in the event of any subsequent default. In the event of defaul~ in the payment of this note, and if the same ia coltected by an attorney • at lavy~ the undersigned hereby agree (s) to pay all costa of collection, including, a xeasonable attorney's fee. Presentment, pmtest, and notice are hereby waived. ~ (State Dacua~entarq Stomis s/~--~•-•J1~d'r'-i ~S~Z-- aff ixed to ori inal note . pttd concelled)g 8~-----•Ro~eAM.E~lark~ (SF~Y~)_-- : ROS~E M. CLARK And ahal! duly~ promptly~ and fully perform, dtscharge, execute. effect~ complete~ and comply with and sbide by each and every the atipulation$, agreements~ conditions~ and covenanta of said promiasory note a awd of thia mortgage, then this mortgage and the eatate hereby created ahatl cease and be null and void. ~ And the mortgagor further covenants as followa: _ 1. That he will pay the indebtedness~ as hereinbefo: e provided. Privilege ~a reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next duo - on the note, on the first day of any month prior to maturity: Prnvided, however, that written notice of an intention to exercise such privilege is given at leaat thirty (30) days prior to prepayment; and, provided ~ further, that in the event ~he debt is paid in full prior to, maturity and at that time it ia insured under ~ the provisiona of the National Housing Acty he will pay to the martgagee an adjusted prernium charge of one per cenkim {i%) of the ariginal pr~ncipal amount thereaf, except that in no event shall the adjusi,ed premium exceed the aggregate amount of premium chargea which would have been payable if the murt- ' gage had continued to be insured until maturit~•; such payment to be applied by the mortgagee upon its obligatian to the Federal Housing Cornmissioi~er on account of mortgage insurance. ~ 2. That, in order more fully to protec:t the 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 o# . each month untit the said note is fully ~aid~ will pay to the mortgagee the fo]lowing sums: ~ _ ~ {a) An amount sufficient to provide the holder hereof wit,h funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured~ or a monthly charge ' . (in lieu of a mortgage insurance premium) if they are held by the Federal Houaing Commisaioner, ~ as follows : (t) If and so long as said isote oi even date and this inetrument are insured or are reinsured under the pravisions of the National Houaing Act, an amount su83cient to accumulate in the hands of the holder one (1) manth prior to its due dats the annual m~rtgage insuranoe premIum, in order to provide sueh holder with funds to pay auch premium to the Federal Housing Commissioner pursuant to the National . Houaing Act, sa smended, and applicable Regulations thereunder; or • . (tt) If and eo long as said note of even date and thia instrument are held by the Federal Housing Commis- aioner~ a monthly char~ge (in lieu"of s mortgage insnrance premium) wKich shall be in an amount . . egual to one-twelith (~fiz} of one-halt (-1,4 ) per cent~m of ~he,sverage outstanding batance due on the ' note computed without taking into account delinqueneies nr prepaymente; (b) A gum equal ta the ground rents~ if any~ next dtae, plua the premiuma that w~l~ next become ~ ~3 due and payabie on policiea of fipe and other hazard insurance eovering ttte mortgaged property, plu~ . . . taxes and assessments next due on the mortgaged property {all as estimated by the mortgagee) tes~ all sums already paid therefor divided by the number of munths to elapse before one month prior ' ~ to ~he date when such ground rents, premiuma, taxes, and assessments wi(I become delinquent, such `3 aums to Ue heid by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ~ ' ments; and . _ ~ (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- - ` ments to he made under the note secured hereby ahall be added together and the a~gregate amount . thAreoi sha11 be paid by the mortgagor each month in a eingle payment to be applied by the mort- - - gagee to'the following items in the order set forth : ~ ' (t) premium charqes under the contract of inaurance with the Federal Rousing Commiaeioner~ o'r monthl~r . chArge (in lieu of mortgage insurance premium), aa the case may be; v C~ -([i ~ro~ind-reqts, taxes; easessments~ ftre, and other hazard insurance premiutna; ~ (iII ~nterest on the note secured hereby; and - . ~ . ' . _ ttv xr~wrtization oi the principal of said note. ~ ~ ~ • llny deficiency in the amount of such aggregAte monthly payment' ahall, unless made goo~d by the ~ . mortgagor priar to the due date of the next such pa~?ment, conatitute an event of default under this mort~ ~ Qage. The mortgagee may culleet a"l~te charge' not ta exceed two cents (Z~) for each doliar (~lj oi . . each psyment more than fifteen (ibj days in arrears ta cover the extra exgense involved in handling ' detinquent paymenta. _ ~ ~ . ~ 3. Tha~t if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee~ for qround renta, taxes and nsaea~nents ~ 0. R: ~ ~ C~ . - ~J ~f~E2~~ : ~ _ .