The URL can be used to link to this page

Home My WebLink About1667 1 . . . . • , , , `ti ~ ~ ~ i i ti' ~ , said mort a or does hereb full warrant the title to said laad. and ever E B B y y y pert thereof, end will defend the samc , against the lawful cleims of all persons whomscever. ' PROVIDED ALWAYS, end these prese~ts are executed and delive~ed upon the following conditions. to wit: The mortgagor agrees to pay the matgagee. oc order, the principal sum of Thirtsao Thowand ~ T4res Iiundrsd Filty and No/100--------~-----------------------•----- Dollars (S is~~s0•~ as evid~~ced by a note of evea date herewith, with iaterest from date at the sate of $t~ieD Opa ppe~b~lt per centum ( 7 Z~Z 96) per annum on the unpaid balance until paid. The said pciacipal and interest shall be payable at the office of A'1'j~ ~~CjAj~ t70~tFORATIO~I, a corporat~on uadar ttia laWa of ths 8tata o! Dalavare~ P. 0. 8ox 3131, M~aa~, FLorida or at such other place as the holder of the note may designate in writing. in monthly installments of N~M~1 • ~et ~ 45~~~~~~~~~~~~~~~~~~~~Y0~18[S ~s ~~~45 . commencing oa the first day of ~at . 1~9 , and on the first day of each month thereafter untiltheprincipal and i~terest are fully paid, except that the final payment of principal and interest, if not soor~er paid, shall be due and payable on the first day of .1~j/ , 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 covenaats of said ~omissory note 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: 1. That he will pay the indebtedness. as hereinbe[ore provided. Pri'vilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly paymeats on the principal that are next due on the note. on the first day of any mo~th prior to maturity: Provided. howevec, that written notice of an inteAlion to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is peid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to f the modgagee aa adjusted premium charge of one per centum (196) of the original principel amonnt thereof, except ~ that in no event shall the adjusted premium exceed the aggcegate amount 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- i gagee upon its obligation to the Secretary of Housing and Urbaa Development on account of mortgage insurance. . 2. That. in order more fully to protect the security of this mortgage. the modgagor, together with. and in addi- tion to. the monthly payments under the terms of the note secured heceby, on the first day of each month until the said note is fully paid. will pay to the modgagee the follaaring sums: (o) An amount sufticient to provide the holdes 6ereo[ writh tunds to pay the nest mortgage insurance premium if this instru- ment and the nofe secured hereby are insured, or a monthly charge (in lieu ot a mortgage insuronce premium) it they are held by the Secretary of Housine ~nd Urban Development, as tollowrs: (I) If and so loag aa aaid note of even date and this instrument orc insured or arc reirtsured uader the proviaions of the Natioaal Housing Act, an amount sufficient to accumulate in tde ha~ds of the hotder oat (t) month prior to its due date the annual mortgagc insurance premium, in order to provide such holder ~vith (unds to pay aucb ptemium to the Secretary of Housing and Urban Devetopment pursuant to the 3~iatioaal Housing Act, as amended, and applicabte Regu- lations thereunder; or ~ (II) If and so lo~g as said note of eve~ date and this instrument are held by the Secretary of Housing and Urban Develop- ~ ment, a monthly charge (in lieu o[ a mortgage insurance premium)~ ahich shali be in an amounl equal to one-twet[th (1l12) of one-hal[ (~ii) per centum ot the •verage outstanding balance due on the aote computed without taking into occount delinquenciea or prepayments; ' (6) A sum equat to the ground rents, i[ any, next due, plus the premiums that wrill next become due and pa~able on policies ' I of fire and other hazard insurance covering the mortgaged pwperty, plus tatea aad sssessments aest due on the mort- gaged property (all as estimated by the mortga¢ee) less all sums already paid the~e[or divided by the number o[ months ' to elapse before one month prior to the date when such ground rents, premiums, taxes. ond assessments wiU become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, pmmiuma, toses, a~d special assessments; ; and ; E (c1 All payments mentioned in the two preceding subsectioes of this para~raph and all payments to be made under the note ~ ! secured hereby sholl be added together and the aggregate amount the~eot shall !x paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to ihe foliowing items in the order set torth: (n premium charges under the controct oi insurance with the Secretary ot Housing and Urban Development, or monthly 1 charge (i~ lieu of mortgage inaur~ce premium), as the case may be; ! I (II) ground rents, taxes, assessments, [irc, and other hazard insurence premiums; ~ (III) interest on the note secured heretry; and (IV) amortisation o[ the priacipal oE said aote. . • Any deficiency~ in the amount of such a6Bregate monthly payment shall. unless made good by the mortgagor ' i prior to the due date of the aext such Qayme~, constitate an event of default under this mortgage. The mortgagee : may collect a"late charge" not to exceed tWO cents (2t) fot each dollac (S1) of each payment more than fifteen ~ (15) days in arrears to covet the erira expense involved in handling delinqnent paym~nts. ~ 3. That iE the total of the peyments mede bq the mortgagor under (b) of paragraph 2 preceding shall exceed n 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 subsequent payments to be rreade by the mortgagor. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- ~ ceding shall not be sufEicient to pey gROUnd rents, taxes and assessm~~nts aad insurance premiums, as the case - may be, wheo the same shall become due and payable, then the mortgegor shall pay to tht mortgagee any amount s necessary to make up the deficiency, on or before the dete when payment of such ground rents, taxes, assessments. ' or insurance ptemiums shall be due. If at any time the mortgagor shall tender to the mortgeget in accordance with ~ the pro~isions of the note secured hereby, full Qayment of the entire indebtedaess represented thereby, the mort- ~ gagee shall, in computing the ernount of such indebtedness, credit to the account of the mortgegot all payments ~ made under the provisions of (a) of parag~aph 2 bereof which the mortgagee has not becort~e obligated to pay to r the Secretery of Housing end Urban Development and any balance remainiag in the funds accumulated under the ~ provisions ot (bJ oE said paragraph 2. If thece shall be a default under any of the provisio~s ot this mottgage, re- ~ sulting in a public sele of the premises covered heceby, or if the mortgagee ecquices the property otherwise after default, the matgagee shalt apply, at the time oE the commencement of such proceedings or at the time the pcop- ~ erty is othenvise ecquired, the balance thea remaining in the funds accumuleted under (6J of paragraph 2 preceding ~ as a credit agai~t tbe amount ot prIecip~l then rt~naiaing unpaid under said note and sheU ~roperly adjust any ~ payments whicb shall have been made under (o) of said paragraph. ~ 4. That he will pay ell taxes, assessments, water rates, and other governmentel or municipal cherges, fines, ~ or impositions, for which provisioo has not been awde heceinbefae, and in default thereof the mortgagee may pay the same; and that he will pranptly deliver the officiel ceceipts therefor to the mortgagee. ~ ~ ~ ~ { • ~5 ~ ~ ~ v~.>..__.v3r ~ . ~ e~.~_.~ _ ~