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F(?R VALU$ RECEIVED, the underaigt~ed promise(a) fio pay to i.
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S`rOCKTONf WHATLEYi ~AYIN & COMPANY~ ~
, a corporation organi~ed and exiating ur?der
the taws of State oS Florida , or order, the princi~al aum of `
TEN THOIISAND Ec 00~100 - - • ~ ~ _ = - _ _ _ _ Dollar$ ($10,000.00 )~with ;
interest from date at the rate of five & one-fourth per centum ( 5-4 per ~
annum on the unpaid balance until paid. The said principal and intereat shall be payable at the ofl~ce of
, ~ STOCKT4N~ WHATI.~'Y~ T~YIN & COI~u'L~NY
in Jackaonville, Florida ~ or at such ather place as the
holder may designAte in writing, in monthly installments of FIFTY-FIYE & 30,100 '
Dollars 55•3~ commencing on the first day of J~~1~Y ~ 19^65 , and
on the first day af each month thereafter until the principat and interest are fuliy paid, except that the final
payment of the entire indebtedness evidenced hereby~ if not sooner paid, ahall be due and payable on the "
' first day of DECr'I~IBER •,19 94. :
If defauit be made in the payment of any instaliment under this note~ and if such d~efault is not made
good prior to the due date of the next s~ech installment, the entire principal sum and accrued interest shall
~ at once become due and payable without notice at the option of the holder of thia note. Failure ta exerciba ~
this option shall not constitute a waiver af the right to exercise the ~ame in the event of any subsequent
default. In the event af default in the payment of ~his note~ and if the same ia collected by an attorney
at law~ the undersigned hereby agree (s) to pay al! costs of collection, including. a reasonable attorney's fee.
Pr~sentment, protest, and notice are hereby waived.
._.~s~ Charles W. McKa
Char e s . ric y
. ' ~s Eliza`bath M. rlcKay .
- za e Fic~ay~-~
And ahall duly, ps~omptly, and fuUp perform, discharg~;, exeCUte, effect, zomplete, and comply with and
, e~bide by each and every the atipulationa~ agre~menta~ conditione~ and covenanta of said promiaac»ry note •
and of this mortgage~ then this mortgage and the eatate hereby created shall cease and be null and void. ,
And the mortgagor further covenants as followa: '
1. That he will pay the indebtedness, as hereinbefore provided. Privilege ia reserved to pay the
debt in whole, or in an amount equat to one or more monthly payments on the principal th~at are next duo
on the note, on the first day of any month prior to maturity : Provided, however, that written notice of an
' ~ intention to exercise such privilege ia given at least thirty (30) days prior to prepsyment; and~ provicled
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 mortgagee an adjusted premium charge of
one per centum (1%) of the originai principal amonnt thereof, excspt that in no event shall the adjusted '
prem:um exceed the aggregate amount of premium charge$ which would have been pay?able if the mort-
• gage had coniinued to be insured until maturitl~; such payment to be applied by the mortgagee upon its ~
~ obligation to the Federal Housing Commissipner on account of mortgage insurance.
~ ~ 2. That, in order more fully to protect the security of this mortgage~ the mortgagor, together with,
~ and in addition to~ the monthty paymenta under the terms of the note secureci hereby~ on the first day of
e~?ch month until the ~aid note is fully paid~ will pxy to the mortgagee the followitag sums:
(a) An amount suflecient to provide the holder hereof with funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are inaured, or a monthiy charge
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner~
aa follawa : "
(t) If and so long as said note oi even date and this inetrument are insured or are rei~sured under the
prnvisions of the National Housing Act, an amount eufAcient to accumulate in the handa of the holder
one (1) month prior to its due date the annual mortgaga insuranoe premium, in order to provide such
, holder wikh funde to pay auch premium to the Federal Houaing Commissioner pursuant to the National
Housing Act, es amended, and applicable Re~utationa ther~under; or
(tc) If and so long as said note oi even date and this instrument are held by the Federal Houging Commis- ~
sioner, a monthly cha (in lieu of a mortgage inauranes premium) w}iich ahali be in an amount
equal to one-twelfth of one-half ('~fe ) per centum oi the averag~e outatanding balance due on the
note computed without taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, ne~ct due; plvs the premiuma that will next become
i due and payable on policies of fire and other hazard insurarzce 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 months to elapse before one month prior
tq the date when such ground rents~ premiums, taxes, and assessmenta will become delinquent, such
aums to be held by mortgagee in trust to pay said ground rents, premiums, taJCes, and apecial assess-
~ menta; and
~ (c) All payments mentioned in the two preceding subsectiona of this para~raph and all pay~
menta to be made under the note secured hereby ahall be added together aud the aggre ate amount
tfiereoi shall be paid by the mort~a~or each month in a~in~le payment to be applied ~y the morb-
~ gagee to the follawing items in the order set forth :
~ (t) prc:mium chargea under the contract ot insurance with the Federal Housing Cominissjoner~ or monthly
( ~ charge (in lieu ot mortgage iasurance premium), as the c~.se msy be;
(tt ground renta, tsxes, saaessments~ Sre, and other hazard inaurance p?~amiums;
' (III; interesi on the note secur~d 6ereby; ~nd ~
~ (tv) ~etnortizstion oi the principal of said note. '
~ Any deficIency in the amount of such aggregate monthly payment shall, unlesa made good by the -
mortga
~or prior to the due date of tlie next such pa~vment, conatitute an event of defauit under thie mort~
~ge. The mortgagee may culiect a"late charge' not to exceed tw~ centa (2¢) for each doltar (~1) o! :
e~?ch paymeAt more than fifteen {lb) daya in arrears to cover the extra expense involvsd in handling
delinquent payments. ,
3. Ths~t if the total af the payments made by themortgagor under (b) af paragraph 2 preceding ahall
exceed the amount of t~ayments actually made by the mor#gagee. for Rround rents, taxe$ and asaesKmenta .
. ~ p .
~ ~ Ba~x 104 f~A~~3~
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