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HomeMy WebLinkAbout2897 'f . . , ~ • FOR VALU£ RECBIVED~ the undersigned promise(s) to pay to ~ ~ ~ ~ . , J. x, KISLAK MORTGAGE CORl'OKATxON OF FLORYDA i # , a corporation organized and existing undQr i' tho la~vs of the State o£ Rlorida , or order, the principal sum of NIt~ TtlOUSMiD s FOUR t1UNDRED and no/~DOthe ~ - - _ - - - _ _ - - Dollnrs 9,k00.00 with ; interest from date at the rate of FIVE & ON~ FOURTH per centum ( 5 1/4 ~/o ) per ` anin~m un ttie u~i~~aid bAlance until paid. The said principal and interest shall be pt~yable at tite ofiice of ' J. I. Kislak Mortgage CorporaCion o£ Flor~da ~n Minmi, Dade Countiy, Floridn , or at such other ptace as the ' holdermay designate in writing~ in mo~ithly installments of FIFTY ONE and 98/100ths • ' Dollars 51. 98 commencing on the first day of FebruAry , 29 GS , and on the first day af each montii thereafter until the principal and interest are fully paid, except that the final ~ payment of the entir~ indebtedness evidenced hereby~ if nat sooner paid, sl~all be due and payable on the ~ first day of January , 19 95 . If default be made in the payment uf any instnltn~ent under tl~is note~ and if such default is not made i . good prior to the due datc of the next such instzllment, the entire principal sum and accrued interest shall at once become due and pflynble ~vithout notice at the option of the holder of this note. Failure to exerci~e i~ this option shall not constitute a w~iver of the right to exercise the same in the event of any subseqttent default, In the event of default in the pttyment of this note, and if the same is collected by an attorney J: at law~ the undersigned liereby ngree (s) to pay ali costs of collection, including, a reasonable a±torney's fee. ~ presentment~ protest, and notice tire hereby waived. ' oh 1 h Preata e ~ .....1 ~1__~.~~ ~ ' John Ralph Prestage. ~ . , ' _....1_~1__.KaxhrXn_8....Pr~~age---_ . Kathryn R. Prestage ~ And shall duly, promptly, and fully perform, diseharge, executet effect~ complete. and comply with and abide by each and every the stipuiations, agreements, conditions, and :.ovenants of said promissory note . r; and of thig mortgage, then this mortgage and the est~ate hereby created shall cease and be nult and void, j; And the mortgagor further covenants as follows ; ~ = 1, That he will pay the indebtedness~ as liereinbefore pravided, Privitege is reserved to pay the ~ debt iri wliole, or in an amount equal to one or moi•e monthly payments on the principal that are next duo ~ on the note, on the first da3~ of any month prior to maturity: Provided, however, that written notice of an ; = intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided § further~ that in the event tlie deUt is paid in full prior. to maturity. and at tttat time it is insured under ~ = the provisions of the Nationat Iiousing Act, he wilt pAy to the mortgagee an adjusted premii~m charge of ; ane per centum (2%) 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 insured until maturit~~ ; such payment to be applied by the mortgagee upon its ~ _ obligation to the Fe~deral Housi~ig Gommissioner on account of mortgage insurance. ' 2, That, in order more fully to protect the security of this mortgage, the mortgagor, together with, ~nd in addit~on to, the monthly gaynients under tlte terms of the note secured hereUy. on the first day of ~ eac2i month until the said note is fully paid, will p~~y to the mortgagee the following sums: ~ (a) An amount suff'icient to provide the holder hereof with funds to pay the next mortgage ; insurance premium if this insti•ument and the note secured hereby are insured, or a monthly charge ~ _ (in lieu of a mortgage insurance premium) if they are held by the Federfll Housing Commissioner, ~ ; - as follows : • ~ (t) If and so long as said note of even date and this instrument are insured or arQ i•einsured under the ; provisions of the National Housing Aet, an amount sufficient to accumulate in the hands of the holder ~ one (1) month prior to its due dale the unnuul mortgage insurance premium, in order to provide such ~ holder with funda to pay such pi•emium~to the Federal Housing Commissioner pursusnt to the National Housing Act, as amended, and applicablo Regulations thereunder; or (II~ If and so long as said note of even date aild this instrument are held by the ~ederal Housing Commis- t sioner~ a monthly charge (in lieu of a mortgagQ insurance premium) w}iieh shall be in an amount equel to one-twelfth (~/12) of one-hulf (1,4 ) per centum of th,e average outstanding balance due on the ' • ± note computed without tuking into account detinquencies or prepayments; - , . ~ , , (b) A aum 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, plua , ; taxes and assessments next due an the mortgaged property (all as estimated by the mortgagee) tesa ; t. 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 assessmenfs will become detinquent, such . ~ . ; sums to be held by mortgagee in trust to pay said ground rents, premiums, tnxes, and speciai assess- - " . . ments; And ; " ~ (c) Atl paytnents mentioned in the two preceding subsections of this paragraph and all pay- f ' ments to be made under the note secured hereUy shall ba added together and tlie aggregate amount ~ f { thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- : g~gee to the following items in the order set forth: premium char~es under the contract of insurance with the Federal Housing Commissioner~ ar monthly . ~ charge (in lieu of mortgage insurance premium), as the case may be; ~ (ti) "grodnd rents~ taxes, asses.smenfs, fire, and oiher hazard inaurance premium~; . - (u~) ~nterest on the note securecl hereby; and (iv) amortization of the ptrincipal of said note. ~ Any deficie~icy in the amount of such aggregate monthly payment shall~ unless made good by the ~ mortgagor prior to the due date of ti~e next such pa~yment, constitute an event of default under this mort- ( gage. The mortgagee may cullect a"late ci~arge' nat ta exceed two cents (2¢) for eaeh dollar ($1) af ~ each payment more than fifteen (15j days in arrears to cover the extra expense involved in handling ~ delinquent payments. ' ~ ~ That if the totn~ of the payments made by the mortgagor under {b) of paragraph 2 preceding shall ~ ~Xceed the amount of payments actually made by the mortgagee, for ~round rents, taxes and asses.Gments ~ F e s 1 £ ~ r ' . ~ r:'~ i't~.; :,t: - . . ~ . . ~ . ~ ~ i > - - - :gh+~!~'~6trjiK~'°.ar_f~-.~s..;-,a.n~~xi~.,..,,~.-~s-..~.c,.,..... _ r .-r .~~~~~~.:.,.s,.,,.,.~..~ ~ . - r.