Loading...
HomeMy WebLinkAbout1049 7 ~ , • FoR'VaLUr R~c~1V~, the underaigned promise(s) to pay to ' J ~ . ~~aco ~Yru~czai. co~o~~rioN ~ . , a corporation organized and ox~sting under the lawa of I?~l+aware , or arder~ the prIncipal sum of Eightee~ thous~nd eight hundred and No/100 -----~-.___..___,._..__goliars 18,800.00 ),with interest from date at the rate of F~ve & One-Qtt~trter per centum ( S~ per annum on the un~~id ~~la~~N~i~p~id. CORPORA~IONpaI and interest shall be payable at the of~ice of I I AL ~n Mie~t~. 1~ Florida , or at euch other place as the holder may designate in writing, in monthly installments of 0~1e htutdred thxee attd 96~100 r.~wr~~~ Dollars 143.96 commencing on the firat day of Janue,~y , 19 6g ~ and on the first day of each month thereafter until the principal and interest are fully paid~ except that the final payment of ~he entire indebtedness evidenced hereby~ if not efloner paid~ ahali lae due and payable on the first day of December ~ 19 94. r If default be made in the pAyment of any installment under this note~ and if auch default is not made 1 good Prior to the due date of the next Auch instaliment, the entire principal sum and accrued interest shatl ~ at once become due and payable without notice at the option of the holder of this note. Failure to exercise this option shali not constitute a waiver of the right to exercise the same in the event of any subsequent ~ default. In the event of default in the payment.of this note, and if the aame is collected by an attorney at law, the e~ndersigned hereby agree (s) to pay all costs of collection, including, a reasonabie attorney's fee. ' presentment, protest, and notice are hereby waived. ~ (Sfiate Documentary S~amps , affixed to origina~ note Martin F. Schiller and cancelled.) ; ? a~/_.._Merger~l~i._..S.chil~.~.....~._.-.~.~.~I.~: ~ Margaret M. Schiller . ' ~ And shall duly~ pmmptly, and fulty periorm, discharge, execute, effect, complete, and comply with and k tsbide by each and every the stipulations, agreements, conditiona, and covenants of said promisaory nate and of this mortgage, then this morfgage and the estatP hereby created ahalt 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 - r debt in whole, or in an amount equal to one or more monthly payments on the principal that are next dua . ; 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 is given at least thirty (80) days prior ta prepayment; and, provided ~ further~ that in the event the debt is paid in full prior to, maturity and at that time it ia inaured under ~ the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1~'/0) of the original principal 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 insnred until maturit3•; 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 protec:t the security of this mortgage~ the mortgagor, together with, and in addit~on to, the monthly payments under the terms of the note secured hereby, on the first day of , each month untii the sstid note ia fully paid, will pay to the mortgagee the following sums: ~ (a) An amount sutficient to provide the holder hereof with funda to pay the next mortgsge insurance premium if thia instrument and the note secured hereby are inaured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Fedcral Housing Commissioner, as follows: ~ ~ (t) ~i and so long as said note of even date and this inetrument are insured or are reinaured under the provisions of the National Housing Aet, an amount sufficient to accumulate in the hands of the holder ' one (1j month preor to ita due date the annual mortgage inaurance premium, in order to provide auch holder with funda to paq such premium to the Federal Housing Commiasioner pursuant to the National Houaing Act~ as atnended~ and applicabte Re~ulations thereunder; or (tt) If and so long ss said note of even date and this instrument sre held by the Federal I~€ousing Commis- sioner~ a monthl~ char~~e (in lieu of a mortgage insurance premium) which shali be in an amount equal to one-twe fth (~/iz) of one-half ('~4 ) per ~entum oi the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum ec~ual 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, pius taxes and assessm.ents next due on the mortgaged property (all as estimated by the mortgagee) less 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, ta~ces, and apecial assess- _ ments; and (c) All payments mentioned in the two preceding subsectiona of this paragraph and att pay- . ments to be made under the note secured hereby shall be added together and tlie aggregate amount thereof ahail 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 : (1) premium chargea under the contract oi insurance with the Federal F~ousing Commiasioner~ or monthly charge (in lieu of mortgage inaurance premium) ~ as the ca~e may be; ~ . (it ground rents, taxea, assessmenta, fire, and other hazard in$urance pre~raiuma; ' (I[I~ Interest on the note secured hereby; and . - : (tv amortizAtion of the principal of said note. ' Any defkiency in the amount of ~uch aggregate monthiy payment ehall, 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- ! ~s,g~. The mortgagee may cullect a"late charge' not to excPed two cents (2~) for each dollar (~1) a[ ' ~acY? payment more than fifteen (ib) days in arreara to cover the extra expense_involved in handling , ~ delinqu~nt payments. 8. That if the totsl of the payments made by themortgagor under (b) of paragraph 2 preceding shali - exceed the amount of payments actually made by the mortgagee~ for grouna rents, tax~s and asaesaments 6~~K ~.Q~ F~GE~Y;J a ~ _ - - _ - - - - _ _ : .