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Home My WebLink About0154 . ~ . . , . ~ .-~.3 ~'~~~~1~ ~ ~-a:d moi~,~uRo~ ~:o.•s hereby futly :aarrant rhP title to ~s~d ;,,nd. and e~~prc pan thercw, snti ~vilj de(end ~he sa:ae .,Kainst ti:e IH~~fu) c•it~~ms of all percuns whomsaever. PPO~'1DED AL.l1AYS, and the~e p~e«ntx ure execated and del~~-ered upc?n the foUowinR conditions. to vrit: Thr mottqaRor eR~ces to pa} the rror~RaKee. ot rder. ~he principal ~um o[ ~I~'~ ~ ~ ~ A~ AOjl Dollacs ~S lg~~•00 as e~~denced by e note of even dste herev~ritA, w~ih interest tcum date at the rate ot ~~~LF per centum per annum on :he unpaid balance until paid. The seid principal and interest shall be pa~able at t6e otfice of d• $t~Ma~ ~O!`ta~ Qv~paiyr, Inc.~ Snit~ 300 - 100 Miracls Mils~ Coral dables, Fl,orida or et such other place es the holder of the note may designate in writing. in anonthly installm~nts of ql~', gQ]~iip 1~jFTY aY~d 't.2~1 Dollacs (S 1~0.'j2 commencing ori ch~ firs~ day of ~j~ .~9 69 . t+nd ~n ~he first dat• of each month theceafter until the princjpal and interest ate tully peid. except that the tinel payment o! principal and interest, if not sooner paid, shall be due and peyeble oa t1~e first day of 1~ . And shall duly. promptty. and fully pedorm. discharge, execute, efEect. complete. and complv with and abide by each and every the stipnlations, agreements. conditions, and co~enents of said promicsory note and of this mortgage. the~ this mortgage and the estate hereby created shall cease and be null and ~oid. . And the mortgagor fudher covenants as follows: 1. Thet he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amouat equal to one w more monthly payments on the principal that are next due on the note. on the first day of any month prior to maturity: Pro~~idrd, however. that written notice of an inteniion to exercise such privilege is given at least thirty (30) da~s prior to prepeyraent; and. provided further, that in the event the debt is paid in full pcior to maturity and at that lime it is insured nnder the provisions oi the National Housing Act, he will pay to the moctgagee an adjusted premium charge of one per centum (l~e) of the original principal amount thereof. except thet in no event shall the adjusted premium exceed the aggregate amonnt of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on sccount of mortgage insurance. 2. That, in order mote fuUy to protect lhe security oi this mortgage, the mortgagor, together with, and in addi- tion to, the monthly peyments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid. arill pay to tAe mortgagee the following sums: . ~ii/ An amount sutticient to provide ihe holder hereot with tunds to pay lhe ne:t mottgage insurance premium i( this instru- ment and the note secured Aercby •re insured, or a rnonthiy charge (in lieu of a mortgoge insurance preminm) if they are . held by the Secretary of Housing and Urban Development, ws [ollo~rs: (Il If and so IonQ as aaid aote o( even date and this insttumcat are insured or are reinsured under the provisions ot the National Housing Act, ~n am~wnt sulticient to accumulate in the hands•of the holder one (1) month prior to its-due dste the annual mortgage insurance prem~um. in order to provide such holder wilh tunds to pay auch premium to the Secretary~ of Housing ~ad Urban Devefupmrnt pursuant to the National Housiag Act, as amended, and applicable Regu- lations thereuader, or (II) If and so long as s~id note ot evcn datr and this instrurt?e~t ore held by the ~ecretary of Housing and Urbi+n Develop- ment, a moat6ly charQe (in lieu o( o mortgage insurance premium) which aha11 be in an amount equal to cne-tweltth - (1; 12) ot oae-hal[ (~jS) per centum of tM average outstanding bafance due on the note compuled ~rithout taking into account delinqnenciea or prepapments; (b) A sum equal to tde gsound rents. it any, next due ~plus the ptemiums that will nest become due and payable on pulicies of fire and other ~asud insurance covering the mortgaged property, plus taxes and •ssessments ne:t due on the mort- gaged propert~ (all af estimated by the mortgagee) lesa all sums already paid ffierefor divided bp the number of monWs to elopse be[ore oae month prior to the date when such ground rents, premiums, ta:es, and asseasments wi11 become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and apeci~l asseaaments; nnd (c) All payments~ meatioaed in the two preceding subsections ot this pangraph and al1 payments to be made under the note secu~ed hereby shall be added together end the ag~egate amonnt thereot shall be paid by the mortgagor each month in • single paymeat to bt ~pplied by the mortgagee to the (ollowing items in the order set tortb: (n prrmium charges undet the contract ot insurance with the Secret4ry of Housing ++nd Urbao Development, or monthly charge (in lien ot mort~a~e insur~ce premium), as the case may be; (II) ground renta. t~:es, aaseaaments, tite, and ot6er hazard insurance premiums; (IIq iaterest on t6e eote secured he:eby; and (1~ omortization o[ t6e princip~l of aaid note. . Any deiiciency in the amaint of such aggregate monthly payment shall, unless made good by the mortgagor prior to the dne dete of the next such pay~r•ent, constitute an event aE default under this mortgage. The mortgagee may collect a"late char~e" not to excced two ceats (2Q) for each doller (S!) of each peyment more than [ifteen (15) days in arrears to cover the e:tra expense involved in hendling delinquent peyments. 3. That if the total ef the paymeats made by the mortgagor under (b) of paragraph 2 preceding shall exceed d~e amount of payments actually' m3de by the mor,tgagee, for ground rents, 'taxes and assessments and insurance pcemiums, 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 matgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, wheh the same shall become dne end payable, then the matgagor shall pay to the matgagee an~ amount necessary to make up the deficiency, on or befae the date when payment of such ground rents. taxes, assessments, or inswance premiums shell be due. if at any time the mortgegor shall tender to tbe roortgagee in accordance witb the provisions of the note secured l~ereby, full paymeat of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the ac~ount of the mortgagor ell paya~ents made under the provisions of (u) of paragraph 2 hereoi v~hich the mozigagc ~,as not become obligated to psyto the Secretary of Housing and Urban Development and any balance remainin, the fun~s eccumulated under the pcovisions of (6) of said paregraph 2. If there sball be a defsult under an~ vt ~he provisions o[ this matgage, re- sulting in a pubtic sele of the premises covered ~eceby, or it the matgagee acquires the property otherwise after de[ault, the mort~sgeA sbai! epply. at the time d the cotnmeeicement of such proceedings or at the time the prop- erty is otherwise acquired.tbe belance then remaining in the funds accumulated under f61 of paragraph 2 preceding as a credit against tbe aa~ornt ot principal thea remaiaing unpaid under said note and shall properlyadjust eny ~ payments which sha111wve been made under (a) ot said paregraph. j 4. That he will pay all taxes, sssessments, water rates, and other governmental or municipal cherges, fines. ~ oc impositions, for which pravision has not been made hercinbefore, end in default thereof the mortgagee may pay the aeme; and that he will promptly deliver tbe dticial feceipt~ therefor to the mortgagee. - . So~C 177 ~s~ 1'S~ ~ ~ , ~ ~ : : - ~ ~ - _ _ ~ .~.:F: a~.~ _ ~ ~ . ~~v_ _ _