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HomeMy WebLinkAbout1773 ; said mortgaga does he~eby fully war~ant the title to said land, and eve~~ part thereof, and wiU defend the sarne against the lawful claims o[ all pe~sons v?rhomsoever, z PROVIDED ALN'AYS. and these p~esents are executed and deli~ered upo~ the following conditions. to wit: s The mortgago~r a recs topsy ~the mort agee or order the rin ' 1sum of ' EIC,~IT 1HOUS~ FOUR HUNDRE~ FfFTY AND 1~0~~0-------------------------- ~ l~ollars (S 8 ~ 450.00 ~s evidenced by a note ot even date herewith. with inte~est fram date at the ~ate of Six per ceatum ( (j y6) pec annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of GFNFRAL QJARANTY MORTGAGE COI~ANY, INC. , in Winter Park, Florida oc at such other place as the holder of the note may designate in :vriting~ in monthly i~stallments of FIFTY AND 70/100--- ~ Dollars (s50.70 ) . . commencing o~ the first day of February . 19 68 . and on the first day of each month thereafter until the pri~cipal and interest ace fully paid. except that the final payment of principal a~d interes!. if not sooner paid. shall be due and payable on the first day of Jar:uaxy, 1998 : And shall duly. praaptly. and fully pedorm. discharge. execute. effect. c.,mplete. and comply with and abide by each and every the stipulations. agceements. conditions. a~d covenants of said promissory note and of this mortgage. then this mortgage and the estate her~by created shall cease and be null and void. . And the matgagor further covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more a.anthly payments on the principai that are next due 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 (30) days prior to prepayment; and. provided further. that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principel amount theceoE. except that in no event shall the adjusted premium exceed the aggregate amount oE premium charges which would ~ave been payable if the mortgage had coatinued to be insuced until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance. 2. That. in order more fully to protect ihe security of this modgage, the mortgagor. together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each u~onth until the said note is fully paid. will pay to the mortgagee the following sums: (R/ An amount_sufticient to preride the holder hereof with tuads to pay the next mortgage insurance premiwn if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) if they are held by the Secretary o[ Housing and Urban Development, as follows: (I) If and so long as said aote ot even date and this instrumeat are insured or are reinsured under the provisions of the National Housing Act, an amount sufticient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such hotder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended. and applicable Regu- latio~s lhereunder; or (II) i[ and so tong as said note ot even date and this inst~ument are held by the Secretary of Housing and Urban Develop- ~ ment, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) o( one-half (54) per centum of the average outstaadiag balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, i[ any, next due, plus the premiums that will ne:t become due and papable on policies ~I of (ire and other hazard insurance covering the mortgaged properly, plus taxes and assessa:eNs next due on tAe mort- i gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the number of months to elapse be[ore one month prior to the date ~vhen such ground rents, premiums, tazes, and assessments will become de- Iinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and (cJ All payments meniioned in the twro preceding subsections o( this paragraph and all payments to be nade under the note secured hereby shali be added together and lhe aggregate omount thereof shal! be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the tollowing items in the order set (orth: (n premium charges under the contract of insurance with the Secrelary o[ Housing and Urban Development, or monthly charge (in lieu ot mortgage insurance premium), as the case may be; (II) ground rents, tazes, assessments, [ire, and other hazard insurance premiums; (III) interest on the note secured hereby; and (IV) amort"uation o[ the ~incipal oi said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The modgagee may coIlect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. . 3. That if the totai oE the peyments made by the mortgagor under (b) of paragraph 2.preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes a~d assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case may be, arhen the same shall become due and peyable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or beEore the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the modgagor shall tender to the mongagee in accordance with the provisions of the note secured hereby, full payment of the entire indebteciness represented thereby, the mort- gagee shall, in compating the amount of such indebtedness, credit to the accoant of the mortga~or all payments made under the provisions of (a) oE paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (6J of sai~ paragraph 2. IE there shall be a default under any of the provisio~s of this moctgage. re- sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after default. the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is othecvnise acquired, the balance then remaining in the fun~s accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (oJ of said paragrap~.. 4. 'That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, Eor which provisio~ has r?ot been made hereinbefae, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official ceceipts therefor to the mortgagee. a~KZ~9 ~1758 -=~3