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Home My WebLink About1175 . , , ~ ' .+t ~ ~ r ; _ ,j said mortgagor does hereby fully wacra~t the title to said laad. and every pad theceoE. and aill defend the same against the lawful claims of ali persons whomscever. PROVIDED ALWAYS~ and these presents are executed and deliveced upon the following coaditions. to wi4: The mortgagot agrees to pay the moctgagee, or order. the principal sum of ~~~eD '~O~~aRa ~ ~ iiiiiiY~d ~ ~0~~~~~~wN~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dollacs (S 19~1~~~ as evide~ced by a note of even date hecewith. with i~terest from dete at the rate of $eV+tII aRd OM~~1~ per centum ( 7~Z 96) per annum on the unpaid balance until paid. The said pcincipal and interest shall be payable et the office ot ~IQp gI~IA~iCIAL COBPORATI~i a aorporat ioa vadar ths laW~ af tha Stats o! Dalavan P. 0. Ho~c 9i91~ KLae~~, F1orLda or at such o:her place as the holder of th==ot-==y d=signate in writing, in monthly installme~ts of ODe H~Q~I'!d Th~ty~ t11te! aDa 70~100 Dollars (S 13$•70 commencing on the first day of ~iat . 19 69 , and on the first day of each month ihereafter untiltheprincipal and interest are fully paid. except that the final paymer~t of principal and interest. if not sooner paid, shall be due and payable on the first day of JUlq , 1999 : And shall duly, promptly, and fully pedorm. discharge. execute, effect, complete. and comply with and abide by each and every the stipulations, agreements, conditions. and covenants of said promissory ~ote and of this ~ mortgage. then this mortgage and the estate hereby created shall cease and be null and void. ~ And the matgagor further covenants as follows: 4 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 or more monthly payments on the princioal that are next due on the note. on the first ~ day of any month prior to maturity: Provided, however. that written notice of an intedtion 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 origina! 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 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 account of mortgage insurance. 2. That. in order more fully to pcotect the security of this modgage, the modgagor, 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: (aJ An amount sufficient to provide the holder hereof with [unds to pay the next mortgage insurance premium it this instru- ment an~ the note secured hereby are insured, or a monthly charge (in lieu ot o mortgage insuraace premium) if they ere held by the Secretary of Housing and Urban Development, as follows: (I) 1[ and so long as said note of even date and this instrumeat are insured or arc reinsured under the provisions ot the National Housing Act, an amount sutficient to accumulate in the hends of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such preauum to the Secretary of Housing end Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) I[ and so long as said note of even date and this instrument are held by the Secretary of Housing and llrban Develop- , ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) o[ one-hai( ('h) per centum o[.the average outstartding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payabie on policies ` of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments ne:t due on the mort- i gaged property (all as estimated by the mortgagee) less all sums aiready paid theretor divided by the number of months ~ ~ to elapse before one month prior to the date when such ground rents, premiums, ta:es, and assessments wilt become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments; E and i (c) All payments mentioned in the two preceding subsections oi this paregraph and all payments to be made under the note t~ ~ secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a : single payment to be applied by the mortgagee to lhe [ollowing items in the order set torth: ~ ~ (n premium charges under the contract of insurance with the Secretary of Housing and Urban Developmenl, or monthly ~ cherge (in lieu o( mortgage insurance premium), as the case may be; ~ (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; ~ ~ (III) interest on the note secured hereby; and (IV) 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 such payment, constitute aq e~vent of default under this mortgage. The mortgagee ~ may collect a"late cl~arge" not to exceed two cents (2~~ for each dollar (S1) of each payment more than Eifteen ~ (15) days in arrear$ to cwer~the extra expe~se involved in han~lling delinquent payments. ~ . . ~ - 1 g 3. That if the total of the payments made by the modgagor und~r (b) nf'patagraph 2 preceding shall exceed ~ ~ ihe amount of paymenis actually made by the mortgegee, 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 s made by the mortgagor. If, however, the monthiy payments made by the mortgagor under (6) of paragraph 2 pre- ~ ceding sha1J 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 mortgagor shall pay to the mortgagee 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 mortgagee in accordance with i ~ the provisions of the note secured hereby, full peyment of the entire indebtedness represented thereby, the mort- ~ ~ u gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ' ~ made under the provisions of (uJ of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ ~ the Secretary oE Housing and Urban Development and any balance remaining in the funds accumulated under the ~ ~ provisions of (6) of said paragraph 2. lf there shall be a default under any oE the provisiois of this mortgage, re- ~ ~ sulting in a public sale of the pcemises covered hereby, or if the mortgagee acquires the Qroperty otherwise after ~ ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ erty is othecwise acquired, the balance then remaining in the f~nds accumulated under (b) of paragraph 2 preceding ~ as a credit ag8inst the amount of principal then iemeining unpaid unde~ said note and shall properlyadjust any ~ payments which shall have been made under (aJ of said paragraph. 4. That he will pay eil taxes, assessments, water rates. and other governmental or municipai charges, fines, ~ or imposi4ions, for which provision has not been made hereinbefore, and in defautt thereof the mortgagee may pay the same; and that he will promptly deliver the otficial receipts therefor to the mortgagee. • ~ ~ a~Ki f8 PA~1i74 ~ ~ ~ _ _ _ _ _ - - _ _y~ . s~ , ~~~z ..x_w. -