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HomeMy WebLinkAbout1534 ! ~ ` ' ~ ~ j~ ~ t!! said moctgagur does hereby fully wacrant the title to said 2and~ and e~•ery part theteof. and will defend the same against the lawful claims of all pecsons whomsoever. PROVIDED A[,WAYS, and these presents are execUted and delivered upon the following conditions. to wit: The moctgagor agrees to pay the mortgagee, or order. the princlpal sum of S~BVBI~IBBN THOUSArD and 00/100- - - - - - - - - - - - - - - - - - - - - - - - - Dollars (S 1~,000.00 as evidenced by a note of even dc+te herewith. with interest from date at !he rate of six & three-fouith per centua4 ~ 6 3/4 per anevm on the unpaid balance until paid. The said principat and i~tetest shall be payable at the office of J. T. STSii~RT MORTGi~G~B COMp~IY, It~1C. , Suite 300 - 100 Mfracle Mils, Coral t~bles. Florida, ur at such other plece as the holder of the note may designate in writing, in monthly installments of OI~II! HU~DIiSD TSN aiid 33/100- Dollars (S 110.33 comn,encing on the first day of Februaxy , 19 69 , and on tbe first day oE each month thereafter until the principal t and iatecest are fully paid, except that the final payment of principal und interest, if not sooner paid. shall be due ~ and payable on the first day of Jnt~tu~ty, I999 • And shall duly. pranptly. and fully perform. discharge, execute. effect, complete, and comply with and abide ' by each and every the stipuletions, agreements. conditions, and covenants of said promissory note and of this moctgage. 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 will pay the indebtedness, as hereinbeEore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to oae or mae monthly payraents on the principal that are next due on the note, o~ the first day oE any month prior to maturity: Proe~ided, however, that written notice of an inlention 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 ociginal 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 moctgage had contirtued to be insured antil maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on accoant of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the modgagor. together with. and in addi- j tion to. the monthly payments under the terms of the note secured hereby, on the first day of each month until the J said note is fully paid, will pay to the mortgagee the following sums: ~ (a) An amourtt sufficient to provide the holder hereof with tun3s to pay the nezt mortgage insurance premium if this instru- ment and the note secured hereby am insured, or e monthly charge (i~ lieu of a mottgage insurance premium) if they are held by the Secretary of Housing aad Urban Development. as [ollows: (I) I[ and so tong es said aote of even date and this instrument are insured or are reinsured nnder the provisions of the National Housing Act, an amount sutticient to accumulate In the hands of the holder one (1) month prior to its due date the annual ~nortgage insurance premium, in order to provide such holder with funds to pay such premiuai to the Secretary o[ Housing aed Urban Development pursuant to ffie Natioaal Eiousing Act, aa amended. and applicable Regu- lations thereuader; or . (II) If and so long as said aote o[ even date and this iasteument tre held by the Secretary of Housing And Urban Develop- ment, a monthly charge (in lieu of a mortgage insuronce premium) which shall be ia aa amouat equat to one-tweltth (1/12) of one-halt (y4) per centum of the average outstandinQ balaace due oa the aote computed witfiout talcing into account delinquencies or prepaymeats; (b) A sum equal to the ground rents, it any, next due. plus tbe premiums that will next become due and payable on policies of fire and other hazard insurance cave~ing the mortgaged pwperty, plus taxes and assessmeats next due on the mort- gaged property (a11 as estimated by the mortgagee) less all suma already paid therefor divided by the number of months to elapse be[ore one month prior to the date when such grouad rents, premiums. texes, and assessments will become de- linqueat. such sums to be held by mortgagee in trust to pay said g~ouad rents. premiums, tarzes. andspecialassessments; and ~ (c) All payments mentioned in the two preceding subsections ot Wis paragraph and all paymeats to be made under the note secured hereby shali be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ singie payment to be applied by ttte mortgagee to the followieg items in the order set forth: (n premium cherges under the contract oE insuraace with the Secretary of Housing aad Urban Developmeat, or monthly charge (in lieu of mortgage insutance premium), as the case may be; (U) ground rents, tazes, asseaaments. flre, and other hazard inaurence premiums; • (III) interest on We aote secured hereby; ond (I{~ amortizetion of the principal of said note. ~ Any deficiency in the amount of snch 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 mortgagee i may collect a"late charge" not to exceed two cents (24) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handiing delinquent payments. 3. That if the total of the payments made by the modgagor under (bJ of paragraph 2 preceding shall exceed the amount of payments actually made by the moctgagee, for ground rents, taxes and 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 moctgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insuraace premiums, as the case t may be, when the same shall become due and paysble, then the mortgagor shatt pay to the modgagee any amount ~ necessary to make up the deficiency, on a befae t6e date when payment of such ground rents, taxes, assessments, t or insurance premieuns shall be due, If at any time the m~tgagor shall tender to the mortgagee in accordance with ; the provisions of the note secured hereby, full payment of the eatire indebtedness repcesented thereby, the mort- ` gagee shall. in computing the amount of such indebtedness, credit to the account of the moctgagor ali payments made under the pravisions of (aJ of paragxaph 2 hereof which the mortgagee hes not become obligated to payto the Secretary of Housing aad Urbaa Development and any balance-remaining in the funds accumulated under the provisioas of (6) of said paregraph 2. If there shall be a defeult under any of the provisions of this matg,ege. re- sulting in a public sele of the premises covered ~eceby. a if the mortgagee acquires the property otheravise after default, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired. the balance then cemaining ia t6e fands accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid ~u?der seid note a~d shall properlyadjust eny payments ahich shall have been made uader (a) of said paregraph. ! 4. That he will pay ell taxes, assessments, water rates, and other governmental or municipal charges, fines, ; a impositions, ~or which provision has not been made hereinbefoce, and in default thereof the mortgagee may pay the same; and that he will promptty deliver the official receipts thecefor to the mortg,~gee. ~0~( ~ 1 ~ ~E~~~,~. ~ i _ ~~.r~ ~ - - - - - - - - - _ _ . _ ~ " ; ~ - - .