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Home My WebLink About2363 ( 1 , • . ~,~t , ' ~ ~ y ^ • ' ~ ~ said moctgagor does heceby fully wercant the title tu said laad. and every pa~t thereof. and will defend the seme against the la~ful claims of all persoas whomsoever. PROVIDED ALWAl~t, aad th~se preseats are executed a~d delivered upon the follo~wing coaditions, to wit: The mortgagoc agceea to pr,y the matga~ee~ a ocder. the principal sum ot ~q'J~j '~Q~j$~jp ~'jya AViYRI~I~ ~ ~ AH/1W ~ ~ ~ ~ ~ ~ ~ ~ as ~ ~ ~ w ~ ~ ~ r ~ ~ w ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Dollars (S 11t~ 550.00 as evidenced by a note of even date herewith. with interest from date at the rate of $,B~Bai U~p ~HALP' per centum 9G) per qnaum oa the unpaid belance uatil poid. Tbe said principal and interest shall be payable at the office of J. T. S?SM~B? MORI~GB C~ANY~ Il~i. Suite 3~0 - 100 liiracle Mile in Coral (~ables~ Florida. oc at sucb other place as We holdec of the note may designate ia writiag, ia a~onthly i~stallaneats of AND ONS AIID 85/100 - - - - - - - - - - Dollars (s 101.65 commenciag on the first day of .DeCdRbes' . 19 69, and~oa tbe first day of eac6 moath tbeceafter untilthepriacipal ~ aad interest are fully paid, except that the final paymeat of priacipal and interest, if not sooner paid, s6a11 be due aad payable on the flrst day of NOOEAbdl~ l~• ; Md shaU duly, pcomptly. and fully pedorm, discharge. execute, effect. complete, and comply with acul abide by each aad every the stipulations, agreements, coaditio~s, and coveaants oE said ptomissory note aad of this . modgage. then this mortgage and the estate hereby created shall cease and be aull and void. And the mortg,agor furthec coveaaat~ as follows: - . 1. That he will pay the indebtedness. as hereinbeforep~ vi~ed. Pri'vilege is reserved to~ pay the debt in whole, oc in aa amouat equal to one a mae monthly peyments on tRe,~pitincipel that are next due on the note. on the first day of any month prior to maturity: P•ovided. however, that writtln notice of an iatention to exercise such privilege is given et least thirty (30) days prior to prepayment; and. provided fudher, that in the event the debt is peid in full prior to matudty and at that time it is insured under the provisions of the National Hoasing Act, he will pay to the modgagee an adjusted premium charge of one per centum (1%) of the original principel amount thereof. except that in no event shall the adjusted premium exceed the eggregate amount of premiwa cherges whic6 would have been payable if the mortgege had coatinued to be insurea until maturiiy; such puyment to be applied by the mod- gagee upoa its obligati~ to the Secretary of Honsing and Urban Development on cb~at of modgage insurance. 2. That~ in order more fully to protect the security of this mortgsge. the mortga~or. together aith. and in addi- tion to. the monthly payments uader the terms of the note secured hereby, on the fiESt day of each month until the said note is fully paid, will pay to the modgagee the following sums: (a) An amount sutficieat to provide the 6older hersof ~vIW tands to p~y the nezt mortgage insuraace premium if this instrw meat and lhe note secared hereby are insured, or a moathly cha~e (in Ileu of a mortgage insurance premium) if they are held by the Secret~rq of Housing and Urban Developmeat, as tollo~vs: (I) I[ and so loag as said note of even date aad this iasttuo?eat ~re insured or are reinsured under the provisions of t6e National HousinB Act. an amount sutCcieet to accumulate in the hands oE the holder oae (1) moath prior to its due date the annual mortgage insurance premium, in ordec to provide such 6older with tunds to par suc6 premium to t6r Secretary o[ Housuig ond Urbon Development porsuaat to tl~e N4tional Housie~ Act. ~s a~aended, and appiicable Regu- lations therewnder, or (II) If and so long os aoid note of even date and this instmmeet are held by the Secretary of Housing and Urban Develop- ' ment, a moathtr charge (in lieu of a mortgage insnwace premium) wbich s6a11 be in aa amount equal to one-twelfth (1/12) of one-half (y~i) per ceatum oE the average outstaading balance due oa the not~ computed wit6outtaking into account delinqneocies or prepaymenta; (b) A sum equal to the groand rents. if any, ne:t due, plus the premiums that ~vill nezt become due and payable on policies 't of Cre and other hazard insuraace covering the mortgaged property. plus to:es and assessmeats nezt due on tbe mort- i gaged property (all as estimated by the mortgagee) lesa all suma already paid fherefor divided by the number oE months j to elapse be[ore ate month prior to the date when such gronnd rents, premiums, lazes, and assessmeats will bec~me de- E linquent, such suma to be held by mortgagee in trust to paq said ground rents. premiums. taxea. and special assessments; and (c) All payments mentioned in t6e two preceding subseations of Wis paro~raph and ail payments to be made ueder t6e note ~ secured hereby ahall be added fogether anA We ag~regate amaunt thereof shall be paid by the mortgagor ench month in a ~ single payment to be applied br tbe mort~gee to the foilowing items in the or~er set [art6: g (n premium charQes under tbe contta~t of lnsurance ~viW t6e Secroyry oE Housi~ and lJrban Development, or monthly g cha~e (in lien of mortQ~Qe insnsaqce premium), as the case may b~ i ~ (II) ground rents. tues, asseasments. tirc; aad other has~rd iesnrance prcmiams; t (III) iaterost on the note secured 6erob~; aad ~ (IV) amortizatioa of the principal of s4id aote. Any deficiency in the amount af such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next snch payment, constitute an event d default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (2t) for each dollar (sl) of each payment more than fiheen (15) days in anears to cover the extra ezpense involved in handling delinquent payments. 3. That if the total of the peyments made by the mortgagor under (6J of paragRaph 2 preceding shall exceed the amount ~ paymeats ectually made by the mortgegee. for ground rents~ taxes and sssessments and insucance premiums, as the case mey be, such ezcess shall be credited by the mortgagee on subsequent payments to be made by the moctgagor. If, however, the monthly paymeats made by the mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pey ground rents, tazes and assessmants and insaraace premiums, as the case ~ may be, ahen the saae shaU become due and payable, then the moctgagor shall pey to the mortgagee any amount necessary to make ap the deficiency, on or befae t6e date when payment of such ground rents, taxes, assessments. oc insurance premiums shall be due. If at any time the mortgagor shalltender to the modg,egee Ia accordance with ~ the provisions of the note secured hereby, full peyment of the e~ire indebtedness repr~aeeted thereby, tLe mort- gagee shall, in computing tbe amount of such indebtedness, credit to the account of the mortgagot all payments made under the pravisions of (a) of perag~raph 2 hereof which the matgagee has not become obligated to pey to the Secretary of Hoasiag aad Ucban Development aad any balance rea?aining in the funds accumulated uader the - provisions of (6) of said paregRaph 2. If there shall be a default under any of the provisions of this mortg,ege, re- ~ sulting in a public sale of the premises cov~red hereby, a if the moctgagee acquires the property other~vise after defeult. the.mortgagee sbell apply, at_the time of the coumencement of such proceedings or at the time the prop- edy is otherwise acquiced, the belance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit agaiinst the amonnt of principel then rea~iniag unpaid nn~r said note and shall properly edjust any payments which shall have be~ made under (a) of said paregraph. 4. Tbat he aill pay all teaes, assessmeats, water retes, and otber governmental oc municipel charges. fines, or impositions, for ahich pravision has aot been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he aill promptly deliver the official cecxipts therefor to the mortg,agee. 6~~.~ p~~ _ ~ ~ _ r~ ~ - - 5 .:<i _ ~4~,~~~