HomeMy WebLinkAbout1488 PKavtnEt~ A~.~~~:~~'~, an~i thc~se prr~s~~nts are~e~ecuted and del~t~erc~d upc~n the fol;m~~ing conc~itions, to
it : ~ -
The mortgagor a~•ees to pay the martgagee, or order, the principa] sum of
i SI7LTE~I THOIIS,1lTD SIIaDSSD and 00~100- - - _ _ - - - - - - - - - - - - - -
' Dollars 1b,100. W as evidenced b~~ a note of even dat here~~•ith, ~~~ith interest from date
' at the rate of M~e & aae-fovrth per centum ) per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the office of
' J. T. 9TBM~RT l1QHT(~t(iE Cp~11rY, II1C. in Cor~l t~?b1N, F1ori~a
~ or at such other place as the holder of the note may designate in writing, in monthly instattments of
; &ighty-niae wtd Q3~100- - - - - - - - - -~Dollars 89.03 commencing on
~ the first day of Jttly , 1965 , and on the first day of each month thereafter until the
prittcipal and interest xre fully paid, e~ccept that the finml payrnent of principal and interest, if not. sooner
paid, shall be due an~~l payable on the first day of Juwe , 19 95 ;
And shall duly, promptly, and fully perfo!-m, discharge, exc~ute, effect, complete, and comply w~ith and
abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this murtgage and the estate hereby created shall cease and k~ nuit and ~~oid.
And the mortgagor further covenants as fo1loH~s:
1. That he will pay the indeUtedr.ess, as hereinbefore provided. Pri~~ilege is i•esQrved to pay the
debt in whole, or in an amount equa! to one or mor•e monthly payments on the princip~l that are next due
on the note, on the first ua~~ of anS• month prior to maturity : Provided, ho~~•e~•er, that ~~~rittcn notice of an
intention to exercise such prie•ilege is given at le~.st thirty (30) days prior to prepayment ; and, pro~~icled
further, that in the event the debt is paid in ful! prior to maturity and at that time it is insured undei•
the provisions of the Natior.:~l Iiousing Act, he will pay to the mortgagee an adjusteci premium charge uf
one per r.errtum (1 ~r ) of the origina3 principal amount thereof, except that in no e~~ent shall the adjusted
~remium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturit.ti~ ; such payment to be applied by the r~~ortgagee upon its
obiigation to the Fecieral Housing Commissioner on account of mortgage ~nsurance.
2. That, i:. order more fully to protect the secprity of this mortgage, the mort~agor, to~ether with,
and in addit~on to, the m~~nthly payments under tlle terms of the note seeured hereby, on tl~e tit•st day of
each month until the said note is full~• ~aaid, w~ill pxy to the mortgagee the follow•ing sums:
(a) An amount sufficient to pra~•ide t}?e holder hereof K•ith funds to pa~~ the next mortgage
insurance ~~remium if this instrurneni ~ind the note secured hereby are insured, ar a monthl~~ ci~arge
(in lieu of a mortgage insui•ance premium) if they are helc~ b~~ the Fecier<~1 Housing Commissionei•,
as follotiti•s :
f I) If an~j so lon~; a~ said note of e~•en dake and this instrument are insurecl oi• are reinsured under the
i~ror-isions of the \ational Ho~~sin~ Act, an smount sufficient to accumutate in the hands of the holdei•
ane (1) R20rit}7 (1PIUi' t0 its duc date the cinnual rnortgage insurance premium, in order to pru~•ide such
hol~ler ~ti~ith funds to ~~ay such premium to the Fec?eral Housing Commiss+~nar nursuant to the :v'ationai
fiou~in},* Act, as amended, and appticahle Regulations thereundet ; w•
1 t~ ) If ~m1 so lon~ as said note of e~•en date and this instrument are held 6y th~ Federal HousinR Commis-
sioner, a monthiv charKe (in iieu of a mortRa(~e insurance p~•emium) which shall be in an amot~nt
e~ryual to one-twelfth ) of one-half { 1~~ ) pei• centum of the acera~;e oi~tstandin~ balance due on the
note computed k•ithout takin~ into account delinqu~ncies or prepapments;
(b) A sum equai to the groiind rents, if any, next due, plus the premiums that wi11 next become
due and ~~a~•able on policies of fire and c3ther hazar~i insurar.ce coc•ering the moi•tg~iged ~>ro~~et•t~•, nlus
taxes and assessments next due on the mortgaged property~ (all as estimated b~~ the mortgagee) less
all sums alreacl~• ~faid therefo?• di~•ided the number of munths to elapse before o?~e month prior
to 'the date K~hen such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held by~ mortgagee in trusL to pay said ground c•ents, premiuriis, taxes, and special assess-
ments; and
~ (c) t~t1 pa~•ments mentioned in the tu~o preceding subsections of this paragraph and all pay-
ments to be rriade under the note secured hereby shall be added togetliei• and tlie aggregate amount
~ thereof shall be paid by the mortgagor each m~nth in a single payment to be applied by the mort-
g~gee to the follow•ing items in the order set forth:
(r) ~iremium charRes under the contract of incurance w-ith the Feclrral Housin~ Commiasione;•, ~r monthlc
charRe (in lieu of mort~{aKe insin~ance premium), as the cace ma~- be; ~
1 grm.~n~l rent:, taxes, assessments, fire, and uther hazar~i it~surance premiums;
~ f~rt) inte~•est ori the note secuz•ed hereby; and
(t~') amortization of the principal of said note.
~ Any deficiency~ in the amount of such ag~regate monthly pa~•ment siiall, unless mad~ good by the
~ mortgagor prior #,o tlie due date of ti~e next such pai•ment, constitute art e~•ent of default under this mort-
gage. The mortgagee ma~• cullect a"late charge" not to exceed t~t~o cetits (2c) for each dollar ($1) of
o edch payment =.nore than fif±Nen t 1~) days in arreai•s to co~•er the extra expense invol~•ed in handling
l delinquent payments.
3. That if the total of the pa~•ments made bti• the mortgagor ur~der (6) of paragraph 2 preceding shall
exceed the amount of na~•ments actuall~• made bt~ the mortga~ee. f~r Qround r•ents, ta?ces and as~essments
and insurance ~reminms, as the case may be, such excess shall be credited by the mortgagee on s~ibsequent -
payments to be made by the mortgagor. If, ho~'e~~er, the monthly pati~ments made by the mortgagor
under (b) of paragraph 2 preceding shall not be suflicient to pay ground rents, taxes and assessments
and insurance premiums, as the case may~ be, w•hen the same shall become dae and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the
date when pa~ment of such ground rents, taxes, assessments, or insurance premiums shall be due. if
at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the n~~te
secured hereby, ful] payment of the entire indebtedness represented theret~y, the mortgagee shall, iIl COIii-
puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under
the pror•isions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the
Federal Housing Commissiuner and any balance remaining in the funds accumulated under the pi•o~~isic~ris
of (b) of said paragraph 2. If thei•e shalt be a defautt under any of the pravisians of this mai•tgage, re-
sutting in a public sale of Lhe premises covered hereby, or if the mortgagee acquires the propert~• other-
wise after defauit, the rnortgagee shall apply, at the time of the commencement of such proceedings or at
the time the property is otherwise acquired, the balance then remaining in the f~nds accumulated uncler
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said note and shall properly ac~just any pati~ments which sha11 have been made under (a) of said paragi~aph.
4. That he wiii pay al1 taxes, assessments, water rates, and other go~~ernmental or municipal charges,
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