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Home My WebLink About0524 . . ~ ~ . , ~ r ~ r< < '+i saiJ :~.ib:,gor does heceby fully warrant the title to said land. and every part Ih~ieot. end wiU defend the samt again~t the lawful cleims oE all persons whomscever. 1'izU\'IDED ALWAYS. and these pcesents are eYecuted and delivered upoa the following conditioas, to wit: "Ti.~ n:ortgagor ag~ees to pay 1he mortgagee. a order. the prirtcipal sum oi ~ ~ ~ ~ ~ ~/~~~~~~N~~~~~~~~~~N~~~~~~~~~~~~~~~~~~~~~~~~ pollarti ~$~7~T00.00 as evidenced by a note of even date herewith. with i~tetest fcom date at the cate o( ~Ld T~$B F~R~P$ per centum ( 6 3~4 96) Pe~ annum oa the ~apaid balance until j..~~d. The said principal a~d interest shall be paysble at the oftice of J. T. $t,@y8tt ~p~g~g~Y Compa~y, Iac. , Suite 300 - 100 Miraale ~ile, Co~re~l Qablsa, Florida or at ~ucl~ other place as the holdec of the note may desigaate in writing, in monthly installments of ~pg e'(~~pp~~~NNM Dollars (S 11e~.8'l commencing on the [i~at day of 1~0~I6mber . 19 , and on th~ ficst day of each month thereafter untiltheprincipal and in:~rest ace fully paid, except that the final payment of principal and interest. if not sooner paid, shall be due and payable on the first day of QptOb@r~ 1998. ~ And shall duly. praaptly. and fully pedorm. discharge, execute, effect, complete, and comply with and abide by each and every the stipulations. ag~eements, conditions. and covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null a~d void. And the mortgagor further covenants es follows: 1. That he will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole. or in an amount equal to one or mae mo~thly paya?epts on the principal that are next due on the note. o~ the Eirst day of any month prior to maturity: Provided. however, that written notice of an intention to exercise such pcivilege is given at least thidy (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 1-lousing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principal amouat thereof, except that in no event shall the adjusted premiwn exceed the aggregate amount oE premium cherges which would have beea payable if the modgage had coatinued to be iasured uatil matucity; such payment to be applied by the mort- gagee upon its obligation to We Secretary of Housing end Urban Development on account of mortgage insuraace. 2. That, in order moce fully to protect the security of this modgage, the moKgagor, together with, and in addi- tion to, the monthly payments under the terms of the notp secured hereby, on the first day of each moath until the said note is fully paid, will pay to the mortgagee the follawing sums: (a) An amount su[ficient to provide the holder hereo[ with tunds to pay the ae:t mortgage insurance premium if WIs insW- ment and the aote secured hereby are insured, or a monWly charge (in lleu of a mortgage insurance premium) if they are held by the SeCretaryr of Housing aad Urbaa Development, as foliows: (1) if end so long as soid note ot even date and this instrument are insnred or are reinaured ~mder the provisions of the Nationol Houaing Act. an amoaat suf[icient to acc~mulatc ia the hands of the holder oae (1) month prior to its due date the wmual mortQaQe insurance premium. ia ocder to _provide such holder wit6 [unds to pay suchpremium to the Secretary of Housing and Urban Developmeat pwsuaat to the National Housing Act, as amended, and applicable Regu- latioas thereunder. or (II) If ond so long aa sud aote of even date ond this instn~ment ue held bp the Secretary? of Housing ond Urbaa Develop- meat, o monthly charge (in lieu of a mortgage insurance premiam) ~rhich shall be ia aa ame+unt equal to ooe-twel[th (1/12) of ono-half (yS) per centum oi the average outstanding balonce due on the note computed ~vithont t~king into account deliaquencies or prepayments; (6) A sum equ~l to the gronnd rents. If any, next due, plas the premiums that will ne:t become due aad payable oa policies of Cue and other hazacd insuraace coveriag the mortgeged pwperty. plns tazes and assessmeats aezt due oa the mort- I gaged property (~ll os estimated by the mortgagee) less aU sums already paid theretor divided by tl~e number of moat6s f to elopse before oae month prior to the date arhen such g~ouad rents, premiums. tases, and ossessments wiU become de- ~ Ilnquent, such sums to be held by mortgpeee ia trust to pay said ground rents, premiums. ta:es, and speciol assessmeats; and (c) All payments meationed in tbe two preceding subsections of t6is parogcap6 Qad all payments to be made under the aote secured hereby shall be added together and the agg~egate omount thereof ahall be paid by the mortgagor eac6 moath in a single p4ymeat to be applied by the mortgagee to the [ollo~ring items in the order set forth: premium charges under We controct ot insuraace ~vith the Secretary of Hausiag ead Urban Development, or monthly charge (ia lieu ot mortgage iasurance p~emium). as the casc may be; (In Qrouad rents, ta:es, ossessmeata, fire, aad otl~er hozard Insuraace premiuma; (IIl) interest on the note secured hereby; and (1~ amortisatioa of the principal of said note. Any deficie~cy in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next sach paymeat, coastitute an event of default under this mortgage. The mortgagee may collect a"late charge" aot to exceed two cents (2~) for each dollar (;1) of each payment moce than fifteen (15) days in acrears to cover the extra ezpense involved in handling deliaqueat payments. 3. That if the total of t6e payments made by the mortgagor undec (b) of paragraph 2 preceding shall eaceed the amount oE payments actually made by the mortgagee. for gROUad ceats, texes and assessments and insurance , premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be a~ade by the modgagor. If, however, the monthly payments made by the matgagor under (b) of paragraph 2 pre- ceding shall not be safficieat to pay g~a?nd rents, taxes and assessm~nts and insarance premiums, as the case may be, when the same shall become due aad peyable, t6en the martgagot shall pay to the modgagee any amount necessary to make up the deficiency, on or befae the date when paymeat of such ground rents, taxes, assessments, or insucance pcemiums shall be due. If at enq time the mortgagor shalltender to the modgagee in accadance with the provisioas of the nde secured hereby, full peyment of the eatire iadebtedness represented thereby, the mort- gagee shall, in compnting the amouat d such indebtedness, credit to the account of the mortgagor ell paymeats made under the pravisions of (a) of paragtaph 2 here~ which tbe matgagee has not become obligated to pay to the Secretary of Housing and Urban Developmeat and any balance remaiaing in the funds accumulated uader the provisions ~f (b) ~ said paragreph 2`.~ If there shall be a default nnder any of the provlsions of this mortgage, re- sulting in e public sale of the pcemises covered :?ereby. tx if the mortgagee acquires the propecty otherwise after default, the matgagee shall apply, at the time of the commencemeat of such proceeding,s oc at the time the pcop- erty is othenrise acquired, the belance thea remaining ia the fnnds accumulated uader (6) of paragxaph 2 preceding ' as a credit agaiast the amount of principol then remainiag uupeid under said note sad shall properlyadjust any • payments which shall have been made wder (a) of said pacag~rap6. 4. Thst he will pay all tases, assessmeats, water rates~ and other goverameatal oc municipel charges, fines, ' or impositioas. for ahich pravision hes not beea made hereinbeface, and in defeult thereof the mortgegee may pay , the same; and thet he will promptiy deliver tl~e 'official receipts tbereEor to the mortg,agee. ~ ~ ; . ~c1~'~ ~ 5~ ~ ~ ~