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Home My WebLink About1242 ~ 4 f ~ j 1 • : . j • i ~ . ' . i ~ said modgegor does hereby fully warrant the title to said land. and every part thereof. and will defe~d the same ~ against the lawful clairns of ell persons whomscever. - PROVIDED ALWAYS. end these presents are executed ead delivered upoa the following coaditions. to wlt: The mat agoc agcees to pay the mortgagee. or order, the principal sum of T~-~1Y0 T~1$~ID AND 1~0~00--..--~-..-~..~--~-~~-.. Dollars (S 22~000.00 as evidenced by a note of evea date herewith, with interest from date at the rate of $$y$~ ~~~yj~ per centum ( x) pcr annum oa t!~ uapeid balance until paid. The said principal end interest shall be payable at the office of d. T. ST~AA1' ~ CQ~IPA1~lY~ II~C. in 3nite 304 - 100 Miracle Mile~ Coral Qables~ Florida. or at.such other place as the holder of the aote may designate in writiag, in monthly installmeAts of ~8, HL`~ FIFTf-l~OUB A~ID ~0~100 ~ - - - - - Dollers (S 154•00 commencing on the first day of 1~OY~b~ , 19 69 , and on the Eicst day of each month theeeafter untiltheprincipal and inteeest ece fully paid, except that the final payment of principal aad interest, if aot sooner paid, shall be due aad payable on the first day of OCt,pbgr~ 1~. ; And shall duly. praoptly, and fully perform. discharge, execute, effect. complete, and comply witb and abide by each and e~ery the stipulations~ agteements. conditions. and covenants of said promissocy aote and of this modgage. then this mortgege and the estate hereby created shall cease end be null and void. And the moctg,aga fudher covenants es follows: • ~ ~ , • 1. That he will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pay the debt i~ whole, or in en amount equal to one or more monthly peymeats on the principal that are next due on the note. on the first day of any month prior to metu~ity: Provided, however, that written notice of an intention to exercise such privilege is give~ at least thirty (30) days prior to preps?ymeat; and. provided fudher, 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 original principal amount thereof. except that in no event shall the adjuste~l premium exceed the aggregate amount of premium charges vvhich would have baen payable if the modgage had continued to be insured nntil matority; such payment to be applied by the mod- gagee upoa its obligation to the Secretary of Housing and Urban Development on accoant of mortgage insurance. 2. Thatr in order more fully to protect the security of this mortgage, the modgagoc. 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 follawing sums: ln) An amouat sufticieat to provide the holder hereof with fands to pay the ne:t mortgage insurance pcemium it this inatru- meat and the note sectued hereby are insured, or a moathly charge (in lieu of a mortgage iasurance premium) it t~ey ue held by the Secretary of Housing and t)rbaa Developmeat, as tollows; (I) If and so long as said note of even date oad this iestrument are insarcd or are reinsured under the provfsions ot the National Housing Act, an amount su[Cicieat to accumulate in the haads o[ the holder one (1) moath prior to its due date the annwl moitgage insurance premium, in order to provide such holder wiW funda to pa~ suc6premium to the Secret~ry of Housing and Urbaa Development pursuant to the National Housing Act, aa ameaded, and applicable Regu= latioas thereunder; or (II) If and so long es s4id note of even date and this instn~ment are held by the Secret4ry of Housing and Urbaa Develop- ment. a mo~thly charge (in lieu of a:.:ortgage insunnce premium) which shali be ia an amount equal to one-twelttb (1/12) of one-half (yi) per centum ot the average outstanding balance due on the note computed without taicing into j account delinqueacies or prepayments; ~ 6) A sum e ~ ~ ~ ~ ( qual to the grouad reats, it inq, next dae, plus the'premiums that ~rill aezt become due and payable on policies ! of Cue and other hu~rd insurance coveriug the 1a~?rtgaged'property~ plus ta:es• and asaessmenis neat dut oo fhe mort- ~ gag~d property (all as estimated by t}ie mort~a~e) less a11 sums alrea~jr pald ffieretor divided by the number of months ( to elapse before oae moath prior to the date when such ground rents, premiums. tazea~ and assessments will bec~me de- ~ linquent, such sams to be held by mort~agee in truat to pi~ s~id groynd reats, preainms, ta:es, and special sssesameats; and ~ ~ (c) Al! payments mentioned in t6e two preceding subsections o[ thls paragraph and all paymenta to be made under the note secured hereby shall be added together and the aggFegate amount thereof shall be paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to the following items in the order set forth: ~ (n premium charges under the conuact ot insurance aith the Secretary oI Housiag and Urban Developmmt, or monthly chacge (in lieu of mortgsge iaaurance premium), as the case may be; ~ (in grouad rents, taxes, assessmeats, fiit, and other hazud inaurance premiums; ~ (III) intercst oa the note secured 6erebp; and ~ (I{~ amoRizatioa of the priacipal of said note. Any deficiency in the amount of such aggregate m~nthly payment shall, onless made good by the mortgagor ~ prior to the due date of the aezt such payment, constitute an event d default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) foc each dollar (S1) of each Qayment more than fifteen (15) days in arrears ta cover the extra expense involved in handling delinquent payments. 3. That if the total oE the payments made by the mortgagor under (bj of pacagraph 2 preceding shall exceed• the amount of peyments actually made by the mortgagee, for g~round rents, taxes and assessments aad insurance premiums, as the case may be. such excess shall be credited by the mortgagee on subsequent payments to be ~ made b the mort a or. If, however, the monthl ~ y g g y payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay groand cents, taxes and assessments and insurance premiums, as the case a may be, when the sag~e shall become due and payable, then the matgag~ shall pay to the modgagee any amount ~ necessary to make up the deficiency, on a befae the date when payment of such ground rents, taaes~ assessments, ~ or insurance premiums shall be due. Tf at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions o~f th~ note secured hereby, full payment of the e~ire indebtedness represented thereby, the moci- ~ gegee shail, in canputing the amount of snch indebtedness, credit to the eceount of the mnrtgegor all paymeats ~ made under the provisions of (a) of paragraph 2 hered which the matgagee has not become obligated to pey to a ~ the Secretary of Ha~sing end Ucban Development and any balance remaining ie the funds accumulated uader the provisions of (b) d said paragraph 2. If there shall be a default under any of the pr~?isions of this mortgage, re- ~ sulting in a public sate of the premises covered hereby, or if the matgagee acquires the pcoperty otherwise after default, the~Aiatgagee shall apply, at the tiae. of tfle com~encement of such proceedings or at the time the prop- erty is othecwise acquired, the balance then remaining in the fands accumulated under (6J of paragrap6 2 preceding ~ as a credit against the amount of prlncipal then remeining unpaid under seid note and shall properlyedjust any payments which shall have been m~de under (a) ~.said pacag~aph. ~ 4. That he will pey all taxes, assessments, water rates, and other governmental or municipel chacges, fines, oc impositia~s, for which provision has not been made hereinbefore. and in default thereof the modgagee may ps~y the same; and that he aill promptly deliver the afficial ceceipts tbecefor to the mortgagee. ~ ` ~ ~ ~ - ~ aooK~~CI ~~12 9 ~ 3 ~ ; _ ~ ~ ~ _ . , _ z . _ ~ . _ _