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Home My WebLink About1223 - ~ ! ~ ~ ~ ~ . ~ said mortgagoc does hereby fully warrant the title to said land. and every pe~t thereof~ and aill defend the same agai~st the lawful claims of all persons whorascevec. PROVIDED ALWAYS. and these presents are executed and delivered upon the following coaditioas. to wit: The matgagor agrees to pay the moctgagee, oc order. the principal sum of El~~~n l'i~o~asn~ Six Ha~dr~~ Fiity aad l~/100-------------------- Dollars (S 11~6~~~ as evidenced by a ~ote of evea date herewith. with interest from date at the rate of ------------81][-~----------~er centum per annum on the u.~paid balance until paid. The said principal and interest shall be payable at the office of J. I. 1Cialalc 11ort~age Corp~ration o! ~'lorida 1101 Hric~~ll ~roane, llia~i, Florida 33131 a at such other plece as the holder of the aote may designate in writing, in monthly installments of 81xty-N1ae aIId 90/104---------Dollacs (S 69~90 commencing on the first day of Jtt~l6 . 19 and on the first day of each aionth thereafter untilthepcincipal and intecest are fully paid, except that the final paysneat of principal end iaterest, if not sooner paid, shall be due and payable on the first dey of tiB~/ Is98 ; And shall duly, promptly. and fully pedorm~ discharge~ execute, effect, complete. and comply with aad abide by each and every the stipulations. agreeme~ts. conditio~s, and covenaats of said pcanissory note and of this mortgage, then this modgage and the estate hereby created shall cease and be null and void. And the matgagor f~er covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pay the debt ia whole. or i~ an emount equal to one or moce monthly payments on the principal that are next due oa the aote~ on the first day oE any month prior to maturity: Prouided, honvever~ that writtea notice of an intention to exercise such privilege i.s given at least thidy (30) days prior to prepayment; and. provided further, that in the eveat the debt is paid in full prior to maturity and at that time it is insured under the provisions a the National Honsing Act, he aill pay to the modgagee an adjusted premium charge of one per centum (19L) of the original principal amount theceof. e:cept that in no event shall We adjusted premium exceed the aggregate amount of premium chatges which would have been payable if the matgage had continued to be insured until maturity; such payment to be applied by the mod- gagee upon its obligation to the Secretary of Housing and Urban Development oa account of modgage insurance. 2. That, in order more fnlly to protect the security of this mortgege, 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 month until the said note is fully paid, will pay to the modgagee the follaving sums: (a) An amount su[[icieat to provide the holder hereof wiith tunds to pay the ne:t mortgage insurance premium if this insw- ment and the note secured hereby are insured. or a moathly charge (ia lieu of a mortgage iasurance premium) if they are held by the Secretarp of Hoasing aad Urbaa Development, as follows: (I) If and so long aa s~id note of even date aad this iastrumeat are inaured or are reinsured onder the pwvieions of the National Housing Act, an amouat sufticieat to accumul~te in the 6ands of the holder oae (1) month prior to ita due date the annual mortgage insnrance premiom, ia order to provide such holder aritd fuads to poy such premium to the Secretary oi Housing ond Urboa Development pursuoat to the N~tional Housiag Act, as amended. ond applicable Regu- lations thereunder, or (I~ If and so long as s~id note oE even dote and this instrument are held bq the Secretary of Housi4g and Urban Develop- ment. a monthly charge (in lieu ot o mortQage insunnce premium) whlch sball be in an ~mount equal to onrtaelft6 (1/12) of one-halt (y4) per centum ot tbe average outataading balance dae on the note compated ~vithout tating iato accouat delinqueocies or prepayments; (6) A sum equal to the ground rents, if aay, nezt due. plas the premiums that will ne:t become due and payable on policies I of fue and other hazard insuraace covering t6e mortgoged property, plns taxes and assessmenta aezt due oa the mort- ~ gaQed property (all as eatimated by the mortgagee) less all sums alread~ paid Werefor divided by t6e number of months ~ to elapse before one moath prios to the date when such ground reate, premiums, tates, ~nd assesaments ~rill become de- ~ linque4t, such sums to be heid by mortgagee ia trust to pay said ground rents, premiums, tazes. and speciol assessments; E and ~ (c) All payments meationed in the twro preceding subsections of this paragraph and all payments to be made under the aote secured hereby shall be added together ond the aggregate amouat thereot ahall be pa3d by the mortgagor each month in a , single payment to be applied by the mortgagee to the follo~riag iteas ia the order set tort6: $ (n premium charges under the contract of insuraace with the Secret~r~ of Housing aad Urban Developmeat, or monthly ~ charge (in lieu of mortgage insaraace premium), as the case may be; (II) ground rents, tazes, assessments, flrc, and other hozard insurance premiuma; (III) interest oa the note aecured heroby; and (I~ amortisation of t6e princlprl of said aote. Any deficiency in the amount of such aggregate monthty 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 collect a"late charge" not to e:ceed two ceats,(2~) for each dollar (Sl) of each paym~nt mare than fifteen (15) days in arrears to cover the extra expense involved ia h~ndling delinquent payments. . 3. Thet if the total of the peyments mede by the mortgeg~ under (b) of paregcaph 2 ptecediag shall exceed the amount of paymeats actually made by tLe mortgagee. for ground cents, ta~ces aad assessments aad insurance premiums, as the case may be, such excess shall be credited by the modgagee on subsequent payments to be made by the mortgagor. If, hoavever, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficieat to pay g,cound reats, taxes and assessmants aad insurance premiums, as the case may ~e, when the same shall become due and paysble, tben the moctgaga shall pay to the modgagee any amount necessary to eoake up the deficiency, on a befae the date when payment of such ground rents, taxes, assessments, = or insarance premiums shall be due. If st any time the mortgagor shall tendec to the mortgagee in accordaace with ~ the provisions of the note secured hereby, full paymeat of the eutire indebtedness repcesented tbereby, the mort- ~ gagee shall, ia computiag the amount of such indebtedness, credit to the acco~nt of the mortgagor all paymeats ~ made under the pravisioas of (a) of paragraph 2 hereof which t6e mortgagee has not become obligated to payto ~ the Secretary of Housiag and Urban Development and any balance cemaining in the funds accumulated under the ~ provisions of (6J of said paragcaph 2. If there shall be a default under s~ny of the pcovisions of this mortgage, re- sulting in a public sele of the premises covered hereby, or if the matgegee acquires the property othecwise after default, the matgagee shall apply, at the time of the commencement of such proceeding,s oc at the time the prop- ~ erty is otherwise acquired, the belaace then cemaining in the fiutds accnmulated uader (b) of pacag~aph 2 preceding ~ as a credit agaiast the emount of prlacipel then remeiaiag unpaid uader said note and shall properlyadjust any payments which shall have be~a made under (a) of said paregraph. - 4. That he wil! pay all taxes, assessments, water rates, and other govemmental or municipal charges, fines, " or impositions, for which provision has not been made hereinbefoce, ead in deEault thered the mortgagee may pay the same; and that he will promptly deliver the official receipts thecefor to the modgagee. ~ ~~7i ~i~i ~ ~ , : _ ~'~-~:'s~~ . _ J,~~ _