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HomeMy WebLinkAbout2853 • t . : '4 ~ ` j , \ ~ ~ ~ Y~ ~ { said mortgagor does hereby fully war~ant the title to .seid lend. and every pert thereof. and wlll defend the same ~ against the lawful claims of ell persons whomscever. PROVIDED ALWAYS. and these preseats ere executed and delivered upon the following conditions. to wit: The mortgagor egrees to pay the mortgagee~ or order, the principal sum of $L$V$I~j T$Ojj$A1~1D 1$$$$ HUNDBBD FIFTY /1ND NO/lOO_______________________..-______N..__________ Dollars (S 11~35~•00 as evideaced by a note of even date herewit6. with iaterest Erom dete at the ; rate of $iZ ~'j'~~s Fourths per centum pe~ annum oa the unpaid balance ; until paid. The said principal and interest shalt be payable at the o Eice of ' ?TICO FINwNCIAL CORP08I1TION ~ P. 0. Boz Boz 3131, l~iia~i, Florida ~or at 4such•o~ther lLace as the holder of the note ~aay designate in writing~ in monthly installments of $~$p'17 ?~8 AiW ~v/~00~~~~~~~~~~~~~~~~~~~~0118IS ?3.66 COdIQIel1C1Qg OIt the ficst day of Fsbruas7 . 19 69 ~ and oa the first day of each month thereafter untilthe principal and interest aee fully paid, except that the final payment of principa! and interest, if not sooner paid. shell be due and payable on the first day of ~jgn~~ ~ 1999 And shall duly. promptly, and fully perform, discharge~ execute, effect~ complete. and comply with and abide by each and every the stipulations. agreeanents. conditions, and covenants of said pcomissory ~ote and of this modgage, then this modgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he wil! pay the indebtedncss, as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole. or in an amount equal to oae or more monthly payments on the principal that are next due on the note. on the first day of any month prior to maturity: Provided, however. that written notice of an inte~ttion to exercise such privilege is given at least thidy (30) days prior to prepayaient; 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 modgagee an edjusted premium charge of one per centum (196) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until matucity; such. payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more Eully 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 mortgagee the following sums: (n) Aa amount sufficient to provide the holder hereof with fuads to pay the ae:t mortgage insuraace premium if this instru- ment and the note secured hereby ere insured. or a auonthly charge (in lieu of a mortgage insurance premium) if they nre held by the Secretary of Housing and Urban Development. as toilows: (I) IE and so long as said note of even.3 and this instrumen! are insured or are reinsured under the provisions of the National Housing Act. aa amouat sufCcieat to accumulate in the hands of the holder one (1) month prior to its due date the annnai mortgage insurance premium, in order to provide such holder with [unds to pay such premium to the Secretary o[ Housing and Urban Developmeat pursuant to the Nationat Housing Act, as amended, and applicable Regu- lations thereunder; or (II) If and so long as seid note of evea date and this instn~ment are held by the Secretery of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) ahich shall be in an a~nount equal to one-twelfth (1/12) of one-half'(K) per ceatum of the average outstanding balence due oa the note computed withouttaking into account delinquencies or prepayments; (6J A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies ~ of fire and other hazard insuraace covering the mortgaged property, plus tazes and assessments next due on the mort- i gaged property (all as estimated by the mortgpgee) less all sums already paid there[or divided by the number of months ~ to elapse before one month prior to the date when such ground reats, premiums, taxes, and assessments wi11 become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, tazes, and special assessments; { and ~ f • ; ; (c) All paymenls mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a single payment to be applied by the,mortgagee to the following items in the order set torth: , ~ (n premium charges under the contract of insurance with the Secretary o[ Housing and Urban Development. or monthly charge (in lieu of mortgage insurence premium). as the case may be; ~ (II) ground rents, tazes, assessments, fire, and other hazard insuraace premiums; ` (III) interest oa the aote secured hercby; and (I~ amortization of the principal o[ 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 sdch payment, constitutc an event af d~fault under this modgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (S1)' of each_payment moce than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the tatal of the peyments made by the modgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subseqaent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground reats, taxes and assessmants and insurance premiums, as the case ~ may be, when the same shall become due and payable. then the mortgagoc shall pay to the modgagee any amount necessary to make up the deficiency, on or befoce the date when payment of such ground rents, taxes~ assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby. full payment of the entire indebtedness represented thereby, the mort- gagee shatl, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) oE paragraph 2 hereof which the modgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remainiag in the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the provisiona of this mortgage, re- sulting in a public sale of the premises covered hereby, 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- edy is otherwise acquired, the balance then remaining in the fnnds accumulated under (6) of paregraph 2 preceding as a credit egainst the amount of principel then remaining unpaid under said note and shell properly adjust any peyments which shall have been made under (aJ oE said paragraph. 4. That he will pay all taxes, assessments, water rates, end other governmental or municipal charges, fines, a impositions, Eor which provision has not been made hereinbefore, end in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortg,agee. + ~ , socx~~~ ~2~~i ~ i _ .~Y_