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Home My WebLink About2092 ~ . ; ~ . . , ~ « f ~f ? said moctgagor does hereby fully wanant the tltle to seid laad. and every part thereoE, and will defend the same against the lawful cleims of all persons whomscever. PROVIDED ALWAYS, and these presents are executed aad deltvered upon the following condltions. to wit: The mortgagoc eg,cee to pay the matgagrc. or ocder. the principal sum of j~~1'EFI~1 TI~U$ApD FIFTY AND N0~100 DOI.I.ARS Dollars (S 14, 050.00 as evidenced by e aote of even date herewith. with interest from date at the rate of S ix 8c Thr~a FourthB per centum ( 6 3~4 96) Pe~ annum on the unpaid balance until paid. The said priacipal and intereat shalt be payable at the office of PT~~Bo~x 3131~Lam3 -Ftor~da oc at suc6 other place as the holder of the note may designa~e in writing~ in monthly installments of NII~jETY O~ !Y\Y ~v/~oo ~~~~~~~~~~~~w~~~~~~~~VVllB~. 7~ ~~v C.~QI~~~Ag ~ the first day oE Jany~Yy . 19C9 . and on the first day oE each month thereafter untilt6eprincipal aad interest are fully paid. except that the final paym~t of principal and interest, iE not sooner paid, shall be due and payable on the first day of Decea~ber : 1998 And shall duly. promptly. and fully perform, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements. conditions, and covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby cceated shall cease and be null and void. And the matgagor further covenants es folloas: - 1. That he aill pay the indebtedness, as hereinbefore pcovided. Privilege is reserved to pay the debt in whole, or ia an aawunt equal to one a mae monthly payments on the principai that are next due on the note. on the Eirst day of any moath prior to maturity: Provided, hovvever, that written notice of an inteAtion to exercise such privilege is given at least thidy (30) days prior to prepayment; and. pcovided further, that in the event the debt is paid in full prior to a?aturity and at that time it is insured under the provisions of the Nationel Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof, except that in no event shall the adjusted premium eaceed the aggregate amonnt of premium charges vvhich would have been payable if the ~ortgage had coetinued to be insured until matnrity; such payment to be applied by the moct- gagee upoa its obligation to the Secretary of Housing and Urban Development on account of mortgage insuraace. 2. That, in order more fully to protect the security of this mortgage, 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 follo~wiag sums: (aJ Aa amount auf[icient to provide the holder hereot with [unds to pay the ne:t mortgage insuraace premium if this iastru- meat oad the note secured hereby are insured. or a monthly chuge (in lieu of a mortgage insurance premium) If they are 6eld by the Secretary of Housing and Urbaa Developmeat, aa follows: (I) It aad so long as said aote of even date and this instrumeat ore Insured or src rcinswed uader the pwvisioas of the National Housing Act. aa amount sufCicient to accumulate in the htnds of t6e holder one (1) month prior to its due date the eanuai mortgage insurance premium, ie order to provide such holder writh [unds to pay such premium to the Secretary of Housing and Urban Development pursuant to the Nationrl Houaiag Act, as amended. aad applicable Regu- lationa thereunder; or , (II) If and so loog as said aote of even date and this instrument are held by the Secretary o[ Housing aad Urbsn Develop- ; ment. a monthly charge (in lieu of a mortgage insurance premium) which sha11 be in an amount equal to one-twelfth (1/12) of one-half (y4) per centum of the averege outstanding balance due on the note computed without taking into account delinquencies or prepayments; i (b) A sum equal to the ground reots, it any, next due. plus the premiums that will aext become due and payable on policies i o[ fire aad other hazard iasurance covering the mortgaged pwperty, plus ta:es and assessments ne:t due on the mort- ~ gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number o[ montha ~ to elapse before one mont6 prior to the date when such ground rents, premiums, taxes, and assessments will become de- linquent, such sums to be held by mortgagee in trust to pey said ground rents, premiums, tazes, aad special assessments; and (cJ All payments mentioned in the two preceding subsections of this paregraph and all payments to be made under the aote secured hereby shall be added together and the aggregate amount thereof shall be peid by lhe mortgagor each month in a single payment to be applied by t6e mortgagee to the following items in the order set forth: (n premium charges under the contract ot insuraace with the Secretary of Housing and Urban Development. or mo~thly charge (i~ lieu of mortgage instuaace premiwn), as the case may be; (II) Qround rents. taxes, asseasme~ts, [ire, and other hazard insurance premiums; (III) interost on ihe note secured hercbq; and (1~ amortizotion of the princlpal of said note. Any deficiency in the amount of such aggregate monthly payment shall. nnless made good by the mortgagor prior to the due date of the next such payment. constitute ae event d defautt under this mortgage. The modgagee may collect a"tate eharge" not to execeil two cents (2t) for each dollar (Sl) of each payment moce than Eifteen (15) days in arrears to cover the extre expense involved in handling delinquent payrments. 3. Thet if the total of the payments made by the modgagor under (b) of paragra~h 2 preceding shall exceed the amount of payments ectually made by the~ mortgagee. fa g~tonnd rents, taxes and'assessments and insurance premiums, as the case may be. such excess shall be credited by the mortgegee on subsequent payments to be made by the mortgagor. If, however, the monthly peyments made by the mortgagor under (b) of pa~agraph 2 pre- ceding shall not be sufEicient to pay g,round rents, taxes and assessmants end insura~e premiums, as the cese may be, when the same shall become due an~ payable~ then the mortgagor shall pay to the mortgagee any amount . necessary to make up the deficiency, on or _before the dete when payment of such ground rents~ taxes, assessments. or insurance premiwns shall be due. U at any time the mortgagor shell tender to the mortgagee in accocdance with the pcovisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee s6all, in computing the emount of such indebtedness, credit to the account of tl~e matgagor all payments ' made under the provisions of (a) of paregraph 2 bereof which the mortgegee has not become obligated to pey to the Secretary of Housing and Urban Developmeat and any balence reawining in the funds accumulated under the provisions of (6J of said paregraph 2. If there ahall be a detault under eny of the provisio~s of this mortg,age, re- sulting in a public sale of the premises covered hereby, or if the mortgogee acquices the prope~ty othe~xise after detauit, the matgegee slwll apply. at ihe ttme oI the comiaencement of such proceedings or at the time the prop- eety is othenvise acquired..the balQnce then ceoainin~ in the funds aocumulated under (6) of parag~aph 2 preceding as a credit agAinst the amount ot principel then rea~aini~g unpeid under said ~roRe and shall properlyadjust eny payments nhich shall have been made under (a) of said paragcaph. 4. That he will pay all taxes, assessmeats. water rates~ ~nd dher governmental or municipa! charges. fi~es, or impositions, tor which provision haa not b~en a~de h~teiabeEar~, and in detault thereof the mortgagee moy pay tbe aame; and that he will pranptly deliver the officiat teceipts therefor to the mortg,agee. .L ~o~ i74 ~2087 ~ = . ~