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HomeMy WebLinkAbout1755 said mortgago~ does hereby fully warrant the title to said tand, and evecy part thereo[, and will defend the same againsl the lawtul claims ot all persons whomsceve~. PROVIDED ALWAYS. and these presents are executed ar?d deliveced upon the Eollowing conditions, to wit; The mortgagor agcees to pay the mortgagee. or order. the principal sum of FiPteCYI thOL189t1d NiA6 huadred et~d No~100--------------------------------------------------------------- Dollars (S 15~900.00 as evidenced by a note ot even date herewith, with interest from date at the rate of E1ght ~Tbd OriB-h81f pe~ centum ( pec annum on the unpaid balance until paid. The said principal and i~terest shall be payabte at the office of J. T. $t@wSt't MDrtg~g@ Ca~paqy, Inc., s oorporstion under the laxs of the 3tste of Florida P. 0. Box 3391, 3tation A, Fbrt Pierce, Florida or at such other place as the holder of the note may designate in writing, in monthly installments of OAe HuIldred 'l~eIIty '1ti1G aT1d 2'T~100--------------------- Dollars (S 122.2'r commencing on the first day of ME~y , 19 70 ~ and on the first day of each month thereafter until the principal artd interest are fully paid, except that the Einal payment of principal and interest. if not sooner paid. shall be due and payable on the first day of Apr31~ 2000 ; And shall duly. promptly. and fully perform, discha~ge, execute. effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and oE this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefoce 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 mat~:: Prot•ided, however, that written notice of an inte~Rion 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 i~sured under the procisions o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principel 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 insuced 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 modgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- a tion to, the mont~y payments under the terms of the note secured hereby, on the first day of each month until the said note is Eully paid, will pay to the mortgagee the following sums: ' (aJ An amourtt sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instru- s ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as follows: _ (I) lf and so long as said note ot even date and this instrument are insured or are reinsured ander the provisions of the ~ National Housing Act, an amount sut(icient 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 fu~ds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- tations thereunder; or ~ (11) I[ and so long as said note of even date and this instrument are held by the Secre.a:y of Housing and Urban Develop- ~ ment, a monthly charge (in lieu ot a mortgage insurana:t ~eg~ium) which shall be in an amount equal to one-twelfth (1.'12) of one-half (i~i) per centum ot the average outstanding balance due on the note computed without taking into ? account delinquencies or prepayments; (Ir/ A sum equal to the ground rents, if any, ne.ct due, pius the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plns ta:es and assessments next due on the mort- - , gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number o[ months to elapse before one moath prior to the d~te u~hen such ground rents, premiums, taxes, and assessmenis will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; ~ and (t f All payments meationed in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereo( shail be paid by the mortgagor each month in a single payment to be applied by the m~rtgagee to the following items in the order set forth: (n premium charges under the contract of insurance with ihe Secretary of Housing and Urban Der•elopment, or monthly charge (in lieu of mortgage insurance premium), as the case may be; I (II) ground ~ents, taxes, assessments, fire, and other hazard insurance premiums; (III) interest on the note secured hereby; end (IV) amortization of the principal of said note. Any deficienc}• in the amount of such aggregaip monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mortgage The mortgagee may collect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense 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 of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shali be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ceding shall. 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 shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagar shall tender to the mortgagee in accordance with the provisions of the note secured 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 all payments made under the provisions of (u) of paragraph 2 hereof which the mortgagee has not become obligated to pay to ' the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b} of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- sulting in a ppbli~ sale of the premises covered hereby, or .if the mwtgagee 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 (l,) of paragraph 2 preceding : as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any i payments which shall have been made under (a) of said paragraph. } 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal chacges, fines, ~ or impositions, for which provision has not been made hereinbeEore, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the oEfici~ pec~i~~herefot tp ~he mortgagee. a001(1 PACE115~ ~ ~ , - ~ ~ ~ e~ h - ~ ~ ~ v. _ . ~ . .