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HomeMy WebLinkAbout2795 , 1 ~ • ~ 1 , _ i. y : . ~ i < s - ~ 1 ~ j said mcxtgegor does hereby fully .warr~nt the title to said land. and every part thereof. and will defend the same ~ against the lawtul cleims of all pecsons whomscever. , PROVIDED ALWAYS. and these presents are executed and delivered upon the Eollowing conditions, to wit: ~ The matgagor agrees to pay the moctgagee. or ocder. the principal sum of $~tggn thpuYepd ~1~1p ~ hundred ood No/100------------------------------------------------- ~ Dollars (S 16 ~'100.00 as evidenced by a note of even date herewith. with interest Eran date at the ~ rate of ~ r centum 7 r ~ $BVP.I1 aRd oae half P~ ~ 9G) pe ennum on the unpaid balance ~ until paid. The said pcincipal and interest shall be payable at the office of pTiQp gINANCIp=, j QOItPORATION, a corporati-ot~ vnder tha lava of the State of Delaware, ; P. O. Box 3131, Miami, Florfda ~ or at such other place as the holder of the note may designate in wciting. in monthly i~stallments of ORE ' Doltars (S 113.40 commeac;ng on hundred thirteen aad 40/100 ` the first day of ~rtl . 19 69. and on the first day of each month thereafter untlltheprincipal and intecest ace fully paid, except that the final payment oE pri~cipal and intecest. if not soone~ paid, shall be due and payable on the first day of MeTCh , 1999 : And shell duly, promptly. and fully pedorm. discharge. execute. effect. complete. and comply witt~ and abide • by each and every the stipulations. agreements. conditions. and covenants of said promissory note and of this mortgage. then this moKgage and the estate hereby created shall cease and be null aad void. ; And the matgagor fudher covenants as follows: ~ 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. ~ or in an amount equal to one oc 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 inteAtion to exercise such privilege ; is given at least thirty (30) days prior to prepeyment; and. provided further, that in the event the debt is paid in full prior to maturity and at that time it is insuced under the provisions of the National Housing Act, he wilt pay to the modgagee an adjusted pcemium charge of one per centum (1J6) 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 nntil maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Devetopment on account of modgage insurance. 2. That. in ocder 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 ~ote secured hereby, on the first day of each month until the said note is fully paid, wil! pay to the moctgagee the follawing sums: (a) An amount su[ficient to provide the holder hereof with tuads to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insuraace premium) if they are held by the Secretary o[ Housing and Urban Development, as tollows: ~ (1) It and so long as said note of even date and this instruasent are insured or are reinsured mder the provisions o[ the ~ National Housing Act, an amount sufficient to accumulate ia the hands o( the holder one (1) month prior to its due ~ date the annual mortgage inswance premium, in order to provide such holder with funds to pay suchpremium to the Secretary of Housing and Urban Development pursuant to the Nationai Housing Act, as amended, and applicabte Regu- ~ lations thereunder; or (II) It and so long es said note of even date and this instrument are held by the Secretory of Housing and Urban Develop- 3 ment, a monthly charge (in lieu of a mortgage insurence premium) which shall be ia an amount equal to one-tweifth ; (1/12) of one-half (',4) per centum oI the average outstaading balance due on the note computed without taking into ~ accouat delinquencies or prepayments; i ' (h) A sum equal to the gromd rents. it any, next due, plus the premiums that wili ae:t become due and payable on policies ~ I~ of fire and other hazard iasurance covering the mortgaged property, plus taxes and assessments ne:t due on the mort- # ~ gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the number ot months to elapse before one month prior to the date when such ground reats, p~emiums, taxes, and assessments will become de- ? tinquent, such sums to be held by mortgagee in t~ust to pap said ground rents, premiums, laxes, end speciai assessments; and ~ (c/ All payments 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 [ollowing iteros in the order set iorth: premium charges under the contract o[ insurance with the Secretary of Housing and Urban Devetopment. or monthly charge (in tieu of mortgage insurance premium), as the case mny be; - ~ (II) ground rents, tazes, assessments, tire, and other hazerd insurance premiums; (III) interest on the note secured hercby; and (I~ amortization of the principal oE said note. Any deficiency in the amount of such aggregate monthly payment shall~ unless made good by the mortgagor f pcior to the due date of the next such payment, constitute an event d default under this mortgage. The modgagee may collect a"late charge" not to exceed two ceMs (2Q) foc each dollar (Sl") of each payment more than fifteen ; (15) days in arrears to cover the exira expense involved in handliag dtlinquent payments. 3. That if the total of the peymenfs made by the' mo~gagor under (b) of paragxaph 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 shalt be credited by the mortgagee on subsequent payments to be - made by the mortgagor. If, however, the monthly payments made by the mortgagot under (6J of paragraph 2 pre- _ ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums. as the case ~ may be, when the same shall become due and payable, then the moctgagor shall pay to the modgagee any amount ~ ~ necessary to make up the deficiency, on oc 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 modgegee in accordance with ~ the provisions oE the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of parag~aph 2 hereof which the mortgagee has not become obligated to pay to ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2. IE there shall be a deEault under any of the pravisioas of this mortgage, re- ~ sulting in a public sale of the premises coveted heceby, or if the mortgagee acquires the property otherwise after ~ default, the mortgagee sF.all apQly, at the time of the commencement of such proceedings or at the time the prop- erty is otherarise acquired, the balance then remaining io the funds accumulated under (6) of paragraph 2 precediog as a ctedit against ttie amouat of principal then remainin~ unpaid under said note and shatl properlyadjust eny payments which shall have been made under (o) of said paragraph. ~ ~ ~ 'fhat he will pay all taxes, assessments, water rates, end other governmental ~ municipet charges, fines, ` ~ oc impositions, for which provisioa has not been made hereinbefae, end in default thereaf the mortgagee may pay i the same; and that h+~ will promptly deliver the of[icisl ceceipts therefor to the mortgagee. i . ~ ;1 a~~~ 175 ~79~ ~ ~ £ ~ . - - - - _ ~ ~ ~ w : ~ - ¢ ~ ~ . : " ~ ~ ~ _ _ 9::~~~~~ w = ~s.~ .