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HomeMy WebLinkAbout0973 said mortgagor docs hereby fully rvacrant the title to said land, and evecy pirt t1?eceof, and will de[end the same agpinst the lawtul clairns of aq pecsoas wbomsoeve~. PROVIDEU AL1I~AYS. aad thesa pcasents are executed and delivered upori the following conditions, to wit: The morigagoc a~rees to pay the m~tgagee. ot otder. the prir.cipal sutn of TEN THAUSANA NINE HUNDRED AND NO/1p~.. Dollars (S 10 ~ 900.00 as evldertced by a note evea date heiewit'~i; wi~fi in~eres'f Tcom dafe'sT ZTi~ rate o[ Six pe~ :.entum ( 6 per aaaum o~ the uapaid balance untl! paid. The said principel a~d iatecest shall be payable et the oifice of GENERqL GUARANTY MORI~GAGE OQrIPA,'~?Y, INC. , in Winter Park, Florida or at such othe~ place as the holder of. the aote may d~ignate in wrlting. in monthly install~aents of Sixty five and 40/100----__~_____ Dollars (S 65~e4p commencing on the fitst dey of J2?tluary , 19 67 , aad oa the flrst day of each moath theceafter until the p~incipal and intecest are fuUy paid, except tliat the Einal payment of principal and interest, if not sooner paid. shall be due and peyable on the first day of ~cember ,"1996 ; ~ And shall duty. promptly. and fully pedorm. discharge, execute. effect. cam~;lete. and comply with and abide by each and every the stipulations. agreemertts. conditions, a?~d coveaants of said pcomissory reote and of this mortgage, thee this mortgage and the estate hereby created shall cease and be nvll sad void. And the mactgagor further covenants as foltows: ' 1. That he rvil! pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to oae oc moce monthly payments on the ptincipal that are next due on the note, o~ the first day of any moath prior to maturity: Provided. however, that w~itten notice oE aa iatention to exercise such p~ivilege is given at least thirty (30) days p~ior to prepayment; and; provided fadher. lhat i~ ihe event the debt is p~id in full prior to maturity and at that Lime it is insuced u~der the provisions oE the National Housing Act. he arill pay ta the mortgaqee an a.djusted premium charge of one per centum (1X) of the original principal amount theceof, except that in no eveat shall the adjusted premium exceed the aggcegate amount of pretaium charges which would have beea payable if the moctgage had continued to be insured until maturity; such pay~aent to be applied by the mort- - gagee upon its obligatioa to the Secretary of Hosising and Urban Devetopmeat on account of moetgage insurance. 2. That, in order more fully to protect the secucity oE this mortgage, the mortgagor, together with, and in addi- tion to, the monthly_ paymeats under the terms of the note secured heceby. on the fust day of each month untiI the said note is Eully peid, wiQ pay to the mortgagee the follaAiag sums: (oJ Aa amcuaL suiEic;eat to provide the holde~ hereot wlth tuads to pay the nest mortgaQe Insuraace premium if this iastrw - ment aad the note secured herebr arc insured. or a monthl~ chuge (in tieu of a atortgaQe insuraace premium) if they ~re held br the Secretarq of Housing and UrDaa Development, •s folloas; (I) II and so loag as satd note of evea date aad tdis instiument are iosured or arc reinsured under the proviaions of tl~e Natlonal Houaing Act, an amount sutCicieat to accumulate ln t6e bsads ~E the holder one (1) mooth prior to ita due date the aanual mort~a~e insnrmce ptemium~ uf order to proride such hotder with [unda to pay suchpremium to the Secretary ot Housing aad Urban Development pursuant to the N~ttonal HousinC Act. as amended, aad applicable Regu- latioes thereunde~; or . (In If and so IonQ as said aote of evea date and this instcumedt ue held br the Secretar~ of Housing aad Urbxn Develap- ment. a monthly charge (in lieu of a mortQage insunnce premium) w6ich shatl be in a? amount equat to oartwelfth (1/12) oE oae-half (y4) per ceatum ot the avenge outst~iedia~ b4lance due on the aote computed wit6out taktng into account delinquencies or prepape~eats; (6J A sum equa! to the g~ouad ~ents. I! anr. nett due. plus ebe prca?iums t6at will aext become due ~nd payable on policies of fire and other hasa~l insurance covering the mortgnged propert~, plos tazes and assessments aext due oa the mort- ~ gaged property (:11 aa esttmated bp the mortgaeee) lesa all snma alreadr paid theretor divided by the nwnber of months to elapse before oae month prior to the date wr6en such g~ouad rents, premi~ms, ta:ea, aad assessmenta wili become de- linquent. such sums to be held b~ mortgaeee in trust to par said ground reAts, premiums. tozes, and special assessments; and (c) All paymeats meatioaed in the t~ro preceding subsections o[ this pan~raph and all parmenta to be made under the note secured hereby shall be added together and the aggregote amount therea[ shal! be paid by the mortgagor earh month in a single payment to be applied by the mortgagee to the following items in the order aet forth• (n premium charges under ihe contnct of insurance ~vith the Secretar~ of Housiag aad Urban Deveiopment. or moatl~ly ch~e (ia lieu of mottgage insurance p~emiamj~ as the case ma~ be; (In grouad rents, tozcs, ~ssessmeots. Cue. aad othet hozar~i iasuraace premiuma; (ID) iaterest on t6e note secured hereby; sad (IY) amortizatioa oE thc priaciprl ot said aote. Any deficieacy in the aawunt of such aggregate monthly paymer, ahall, unless saade good by the mortgagor : prior to the due date of the nezt suc6 paymeat, constitute an event d aefault under this mortgage. T6e modgagee msy collect a"late charge" not to exceed two cents (Zt) for each doltar (Sl) oE each payment more than fifteen (15) days in arrears to cover the extca expense involved i~ handling delinquent payments. 3. That if the total of t6e paymeats made by t6e ~atg,agor under (bJ of pereg,raph 2 prece~ing shall eaceed the amount of paymetets actually made-by the mwtgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess sball be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If. however, the monthly paymeats made by the matgagor under (6J of paragraph 2 pre- ceding shall not be sofficient to pay g~round rents. taxes and assessmaats and iaSUrance premiums, as the case may be, when the same shall become due ead peyable, then the mortgagor shall pay to the modgagee any amount necessary to make up the deficiency, on or befae the date when payment of sucb ground rents, taxes, assessmenis, oc insurance premiwos shall be due. If at aay time tbe mortgaga shallte~er to t}~e mortgagee in accord~ace witT~ the provisioos of the note secnred hereby, full payment of the eatire iadebtedness represented thereby, the mort- gagee shall~ ia computing the amount of such iadebtedriess. credit to the acconnt af tbe mortgagor all payments ' made under tbr pravisioas of (aJ c,.` parag~eph 2 heceof which the matgagee has not become obligated to pay to t the Secretary of Housing aad Urban Developmeat and any balauce remainiag ia the fnnds ac~umulated under the provisions of (bJ of said paragraph 2. If there shall be a default ander any of the provisioas of this mort~age, re- sulting in a public sale of the premises covered ~ereby, or if the matgagee acquires the property otherwise after ~ deisult, the mortgagee shall apply, at tbe time of the commencement of such proceedings or at the time the prop- edy is_othec~rise acquired,the balance then remaining ia the fnnds accumulated under (6) af paragraph 2 preceding as a credit ag,sinst the amount of principsi thea remainiag unpaid undec said aote and shall pcopertyadjust any paymeats whicb shall have been made under (aj ef said paregraph. ; 4. That he will pay ell taxes, assessments, water rates~ and oth~r governmen!al or munici~l cl~arges, fines, or impositions, for wbich Qrovision has not been made hereinbefoce, aad in default the?eof the moctgagee may pay the same; and that he aill praaptiy deliver the official receipts tberefot to the mortg~gee. . aooK159 ~~E 373 - ~l ~ ~ " =u~ - - ~ ~,e, ~ ~ .x- - ~ , : ~ - - ~ ~ ~ ~ - - - a ~ v. i; '