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HomeMy WebLinkAbout1751 , said mortgagor dces hereby fully warrant the title to said land, and every pa~t thereof, and will defend the same - aeainst the law[ul claims of all persons whomsoever. Pi20VIDED ALWAYS. and these presents are executed and delivered upon the following conditions, to wit: The mortgagoc agrees to pay the mortgagee. or order. the principal sum of FYf't@QA t1M~u8aYid NiYle Aldal\4-~ a/Jl? ~/1VV~~~~~~~~~~~~~~.~~~~~~~~~~.~~~~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dollars (S 15~900.00 as evidenced by a note of even date herewith. with intecest from date at the ~ rate of B1ght 811d OIIe-half per centum ( 8~ per annum on the unpaid balance until paid. The said principal and i~terest shall be payable at the office of J. T. STH~TART I~IORTGA~'iS COI~A1tY, II~C., s corporstion under the lsxs of the Stste of Florida P. 0. BoY 3391, Ste?tion A, Fbrt Pierce, Florids or at such othe~ place as thP holder ot E?:~ r:vte nay des:~^::!~ e~ ~v~iting. in monthly i~stallments of 4~ h111~drCd '1lrerlty 'lti10 aDd 27~100----------------------Dollars (S 122.27 commencing on ' the first day of M~y , 19 70. and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest, ii not sooner paid. shall be due ` and payable on the first day of ~pr31~ 2400 ; And shall duly, promptly, and fully pertorm. discharge, execute, effect. complete, and c9mply with and abide ' by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby creaied shall cease and be null and void. ' And the mortgagor [urther covenants as follows: 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 principal that are next due on the note, on the first day of any month prior to matu~ity: P~ovided, however, that written notice of an inteA~ion to exercise such privilege is given at least thirty (30) days prioc 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 originai 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 mortgage had: continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Seccetary of Housing and Urban Development on account of mort~age insurance. ~ 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- ? tion to, the monthly payments under the terms of the note secured hereby, on the first day oE each month untit the ~ said note is Eully paid, will pay to the mortgagee the following sum~: - ~ (o) An amount sufficient to provide the holder hereof with (unds to rey the next mortgage insurance premium i[ this instru- ; ment andthe note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) if they are j held by the Secretary of Housing and Urba~ Development, as follows: i (I) I[ and so long as said note ot eeen date and this insirument are insured or are reinsured under the provisions of the ~ ~ National Housing Act, an amount su[ficient to accumulate in the hands of the holder one (1) month prior to its due ~ date the annual mortgage insurance premium, in order to provide such holder with [unds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- , lations thereunder; or ~ (II) if and so long as said note ot eve~ date and this iostrument are held by the Secretary o[ tlousing and Urban Develop- ment, a mo~thly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth ' f (1.'12) of one-half (4~) per centum of the average outstanding balance due on the nute computed without taking into account delinquencies or prepayments;__ (bj A sum equal to the ground re~ts, i[ any, next due, plus the premiams that wili ne:t become due and payable on policies ot fire and other hazard insurance covering the mortgaged property, plus taxes and assessments neY! due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid theiefor divided by the number o[ months to elapse before one month prior to the date when such ground rents, premiums, taYes, and assessments will become de- ; linyuent, such sums to be held b}• mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and All payments meationed in the two preceding subsections o( this paragraph and ail payments to be made under the note secured hereby shall be added together and the aggregate amount thereo[ 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 forth: (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (II) ground rents, ta:es, assessments, tire, and other hazard insurance premiums; QII) ir.terest on the note secured hereby; and (IV) amortization of the principal of 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, constit•de an event oE default under this mortgage. The mortgagee may collect a"late charge" not to.exceed two cents (2Q) for each dollar (Sl) of each payment more than Eifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. ± 3. That if the total of the payments made by the modgagor under (6J of paragraph 2 preceding shall exceed the amount of payments actually m~de 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 ; made by the mortgagor. IE, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ceding ~hall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case = may be, when the same shall become due and payable, then the mortgagor shalt pay to the mortgagee any amount E necessary to make up the deficiency, on or be:ore the date when payment of such ground rents. taxes, assessments, ~ or insurance premiums shall be due. lf at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note s~cured hereby, full payment of the entire indebtedness represented thereby, the mort- _ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor ail payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto , the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (6) of said paragraph 2. If there shall be a default under any of the provisions of this mottgage, re- sulting in a public sale of the premises covered hereby, or.if the moctgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (61 of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any- . payments which shall have been made under (aJ of said paragraph. ' 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ; or impositions, for which orovision has not been made hereinbefae, and in default thereof the mortgagee may pay ; the same; and that he will promptly deliver the ofEicial receipts therefor to the moctgagee. r . BQOK ~~FV PACE.L. r~~~ ~ ~ ~ ~ ~ ~ ~ _ . ~r~`' ~ ~`s~.