HomeMy WebLinkAbout2160 Y ~
1'r.~,~ Int:u at.~~':»': , cuui th~~:~~ ~,r~~,~~nts ~u~~~ t~x~~cutc~~l .i?ui ~irli~~r~rt~~1 ux,~n thf~ ft~llc~~~•in~ ccm~litio?~s, to
i t :
Th~~ m~i•t~~i~;ur ~i~r~~t~, tc~ ~~a~• thr mortga~;c~E~, or urclrr, th~~ principal ,um of TMT~Yg TH(XTS~D
TwoHmrna~~naoo/1o0------~---------------------- -
C)~~ll<u•s (?12~200.00 ~is c~~~iclenceci h~• <n n~tc~ c,f e~~eti d~?te hc~rr~~•it}i. ~~•ith int~i~t~st frum ciatf~
ut thE~ r~itr~ ~~f g~~~ i q11e~f0llr~h per centum ( ~ ) pf~r annum c~n thr~ un-
~~aicl h;~lanc~~ until I~aicl. The ~aici I~rincipal ii11(~ llltt'rt,st sh~ll be pa~•able at the offiec of
J. T. 9T~?ART ~~GE CC!lPf~iY, IPiC. in Coxsl C~bler, Flortda
c~r at such otht~r ~~lace a; th~~ holdc~r of thc~ »ot~~ m~i~' d~~~ignate in ~~~riting, in m~~nthl~• it?st~llme~its of
3izt~jr-eo~ea rtnd ~7~1t?Q- - _ _ _ _ _ _ Dollars 67. ~7 ) , cornmc~ncin~ ~n
thf~ first cia~• of JaYiyas'~? , 1~)(6 , and ~»i the fi~•st da~• of eacii tmotitii thereafter until th~~
~~?•inci~~al anci interest <ti•e full}~ ~riic~, except that the final ~~~a~~nlent of princi~zal ~snd intei•est, if not su~iier
p~ii~i, shall b~~ ~luc~ and pR~'able on the tirst cia~• of Dsce=b~ , 1~5 ;
And sh<ill duly, promptiy, and full.v perform, discharge, execute, effect, complete, .ind compl~• witti and
abide hy each an~i e~•er~' tllE: ~t1~lUlation,, agr~~~ments, cunditiuns, and CO\'t'i11I1tJ of s~~id }~romi,s~~ry note
and uI thi~; mort~age, ihen thi5 rnt~rtgage and thk~ e~tut~ hert~t,y~ created tihalt CE'i1SE' illl(~ t)f null and ~~oid.
and the mortga~or further co~•enauts as full~~~~s:
1. That he wili pa~' the iiidt~t>tf~diie~s, as her~~inl~ef~~re {~ro~•icied. 1'ri~•ile~e is reser~~ed to p:iy the
deht in ~~~hule, or i?i ~tn amuu??t eyual t~~ un~~ ~n~~i'~~ ??i~~nthly Zr?~'ment, u~? tht~ l~rinc•i~~al th~;t are t~e~t due
on th~~ ~iotr, on tt~e tii•st da~~ uf All\' Illl)I1tIl ~11'lO1' t(1 illatt~rit~' : I'ro~'idec~, h~~~~~~~~~f~?•, that ~~~rittcn [lUtlCE' i)t~ ~111
intention to eseri•ise such {~ri~~il~~~~~ is gi~'~~n at least thirty' (30) da}'s ~~riur tu ~~repa~•ment; and, ~~rosicled
furtht~r, that in the E'~'Eilt tlll' de~t is p~iid in full ~n•ior to maturit~• and at that time it is inse~red uncier
the pro~•isions of the Nati~~nal Iluusin~ Act, he w•i!1 I~ay to the mort~agee an adjusted 13remium charge of
one per centum (1'~ ) of th~ ori~i»ai prin~•ipal amc~unt thereuf, t~xce~~t that in nc1 e~•ent shall the adjusted
premium e~ceed the ug~'Y•egaitE: am~~unt of }~remium char~es w•hich w•ould htis~e heer2 pa~•af~le if the m~~rt-
ga~'e had cuntinued tu hE~ in~ured until maturit~~; stlch payment to be aE~}~lied t~;~ the murtgagee upon its
ob;igation to the ~'r~ieral }ic~l~sii~g C~~rt~missioner on account of mortgage ~t~sur~:nce.
That, in order murE~ fully to ~~rotert t1~e security of this mortga~e, the mort~a~c~i•, logether µ~ith,
and in addit~on to, the m~mthlti' ~lil~'i11E'I1~S UI1lIE~r the terms of the nt>te securc:d heret~~•, un the first dxy of
each month until the said n~~te is full~• ~riid, w~ill ~~<<~~ to the mortga~ee the follu~+~ing tiillTlti:
{a) An amt~iTiit suf~ic~ieiit ta pi•o~•icie the holc~er here~f «~it.h funcls to pa~- tht~ next mo?•tgage
;r~suraiicE~ ~~r~~mium if t}iis i~isti•ume~it .ind th~~ note st~cureci hc~reb}~ are insurf~d, t)1' ~ Il10llt~lj~' Ctl~ll'ge
1 in lit~u ~~f .i murtgagc, insuranee premium) if the~~ are helci b~~ the Fecler<il I~ousing Commissioner,
as fc~llu~~~s :
It) If :tn~i ~o lni~~; as :ui~i ~~ntr~ oI ~•~•cu ~late at~d *.his instriunent arr insurcri or arc r~~incurrrl un~?er the
~~rm~i~i~~ns ~~f thc~ \atiuna! Housin~ Act, an amount sufiici~~nt to arcunn~late in tht~ han~ls ~~f thc• linl~ic•r
nnE• I 11 in~~tith E~~ inr tu iL ilu~~ ~latt~ tht~ :innual nu~rtgaKe in~iirarrF• prf~n~ium. in ~~rd~•r t~~ ~,rncide• such
hul~lE•r ith fwuls to ~ri~~ such ~~rc•niiuni t~~ thr Federal Hmi~in~ ('~~mmis:inn~•r ~iur;uant tn thE~ \atinnal
H~~«;iny~ _~ct, us an~rnde~9, anil a~,E~licablc, R~qulaii~~tis thf•~eund~~r; rir
It~l lf an~l sc~ ianK as :ai~l n~~t~• ~f c•~•c•n +late an~l this in..trumrnt arf• tu~l~l hy thc~ F'c~rlrral f(ousir.{; ('ommis-
si~,n~•r. a nu~ntt~~~' C}llll'~P (111 licu ~~f a mort~ake insurance ~~r~•rnium) ~chich :hall he~ in an atii~unt
cv~ua! te~ c,ue-t~ti•elf[h (~~;1 of ~ne~-half ~~c•~• c~~~~tum ~~f th~~ a~•eray;r ~~utstanilin~; balance du~~ on thi•
nc~t•~ computed ~~~iti~out takin}; i~ito ac~ount delinq:~c~ncies or ~~rei~a}~mc•nts;
(h) A sum equal to the gmund rents, if an~~, next due, pius the premiums that ~~ill ne~t become
due ~ind ~~a~-~ihle un ~>olicies ~~f fire and uther hazard insurance co~'erin~ the m~~rt~;ag~~d ;~ru~~rrt~•, ~~l~ss
t<<~e~ and ~i"t~~`ments next due on tlie rn~~rtg~ged pro}~erty (all as estimated I>~• the murthagce) less
all ~ums alread~- }~~tid therefur di~~ided the number ~~f nu,nths to F~i~~}~st~ bef~ire one month prior
to the date ~ti~hen such gruund rents, premiums, taxes, and a~se>sments w~ili l~ecc~rne dt:linc~uent, suc;~
sums to be tield i~~• murt~a~~E~e in trust to pay' S~1C~ gi'Ollllij !'l'IltS, ~~reri~ium;, taxes, and special as~ecs-
ments ; and
(c) ~11 ~~a}•mtnts mentic,nE~d in the t~-o preceding st~bsf~ctions of this par~,graph and all pay-
ments to he made uncier t}ie nute secured hereby sh~ll be added to~ether and tlie a~gregate amount
thereof shall be }~aid l~y the moi•tgagor eacti m~,nth in a single payment to I>e appl;ed l~y~ tlie mort-
gagee t.o the foll~~~+~in~ items in the order set furth :
(t1 ~~remi~,~m chary~es iin~lt~r tht• contract of insurance ~~~ith th~~ F'~~1~•r.il fi~u.;n~ ('~mmi~si;~r,~•~. ~~r tr~~nthl~•
char{;c• 1!n licu ~~f mnit~a~~ incui•ancc ilr~miu~~i1, t?.: th~• ca;e~ ma~~ h~~:
i tt ~,~rutn;~l r<•nt:, tasE~., a>:t~s,m~•nt.. fir~•. an~l uth~~r hara~~l in~ur.u~cc• ~~rfvtiitnns;
~ III ) i~;t~•t ~~::t i,r~ th~• nr~t~~ ~i~cure•~l h~r~~hv: ancl
(?t~) an~orti-r.ati~~n r~f thc j~rinci~~al of ~ai~l nute.
~n~' defieiene~• in the amount ~f .uch a~grc~~at~~ mc~nthl~• pa}•ment shall, unless macle ~oud b~' the
mortga~or prior to the due ~iatE~ ~~f tht~ nE~xt such pa}~mE~nt, constitute an e~'~nt of clE~fault u:~cier this mort-
ga~e. The mortgagee ma~- cullert "]ate charge" r~ut tu ~~xeeed t~~~~~ cents for each c~ollar ($1) af
each pa~•ment more than rift~~en da~~s in arrears to cc~~~er the e~tra expense ii:~~ol~~eci i?i handlin~
delinquent pa}~ments.
3. That if the tot~l c~f the pa~~ments made bt• the mort~agor un~~er (b) of p~ir~tgraph ~receding shall
excc~f~d the amc~~~nt of Pa}~mt~nts actu~ili~• macle i~~- th~~ n~c}i•t~aKee. fl}I• ~1'(~1111(~ 1'E'lltti. takes anr~ ~~s~c~s~ments
~ and insurance premiurns, as the case ma~• be, such excess shall be credited b~• the mortgagee on subs~uent
payments to be made by the mortgagor. If, ho~ti'e~•er, the monthl~~ pay~ments made h~~ the mortgagor
under (b~ of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assess~iients
' and insurance premiums, as the case may~ be, when the same shall becomQ due and pa~•able, then the
mortgagor shall pay to ti?e mortgagee any amount necessary to make up the deficiency~, on or befoi~e t}ie
date ~shen pay~ment of such ground rents, taxes, assessmen~s, or insurance premiums shall be due. If
at an~• time the murtgagor shall tender to the mortgagee in accordance w•ith the ~rovisions of th~ nute
secured hereby, full pay~ment of the enLire indebtedness represented thereby, the mortgagee shall, ~n com-
puting the amount of such indebtedness, credit to the account of the mortgagor ali payments made u~~dc~r
the pro~~isions of (a) of paragraph 2 hereof which the mortgagee has not become ot~ligated to pa}- to the
~'ederal Housing Cornmissioner and any balance remaining in the funds accumulated under the pru~ isiu?~s
of (b) of said paragraph G. If thei•e shall be a default under any of the provisions of this martgage, re-
sulting in a public sale of the premises co~•ered hereby, or if the m~rtgagee acquires the propert~- otiler-
wise after default, the mortgagee shali appl~•, at the time of the commencem~nt of such proceedinKs ur at
the time the property~ is otherH~ise acquired, the balance then remaining in the funds accumulateci under
(b) of paragraph 2 preceding as a credit against the amount af p:-incipal then remaining unpaid un~lti•
said note and shall properly adjust any~ payments u~hich shall ha~•e been made under ~a) of said paragraph.
4. That he µ•ili pay all taxes, assessm~ents, water rates, and other go~•ernmental or mur~icipal char~es,
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