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HomeMy WebLinkAbout0219 ; 3 . ~ ~ said mortgagor does hereby fully warrant the title to said land, and every part thereof. and witl defend the same against the lawful claims of all persons whomsoever. ; t'KUVIUC.U HLNAYJ, and ihese presents are executed and delivered upon the following conditions~ to wit: i The mortgagor agrees to pay the mortgagee, or order, the principa! sum of FbL~CEri ThCtlBdt~d N1t1~ ~ , Hundred sad No~100--------------------------------------------------------------- : Dollars (S 14~900.00 as evidenced by a note of even date herewith. with inte~est from date at the ~ rate of eigbt aad-one-hdlf per centum ( 8~ p) per an~um on the unpaid balance until paid. The said principal a~d interest shall be payable at the ottice of ~T. T. STF~1A~' MORTGAGT + COI~APY, Il~C., s corporation under the ls`rs of the State of Florids ' P. 0. Box 3391, Ststion A, Fbrt Pierce, Floride~ ; or at such other plaze as the holder of the note may designate in writing, in monthly installments of Q=ig ~ Ifilndred Fburteen e~d 'S8~100--------------- Dollars (t 111~.58 comn~encing on i the first day of J'I,ille . 1970 . and on the first day of each month thereafter untiltheprincipal ~ a~d interest are fully paid. except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of May~ Q000 : 3 And shall duly, promptly, and fuily perform. discharge. execute, eEfect, complete, and comply with and abide by each and every the stipulations, agreements, co~ditions, and covenants of said promissory note and of this ~ . mortgage, then this mortgage and the estate he~eby created shall cease and be null and void. ~ And the mortgagor further covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Pri"vilege is reserved to pay the debt in whole, or in an amount e~ual to one or more monthly payments on the principal that ace next due on the note, on the first ~ day of any month prior to maturity: Provided, however, that written notice of an intention 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 insured under the provisions of the National Hnusing Act, he will pay to ~ the modgagee an adjusted premium charge of one per centum (19'0) of the original principal amount 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- 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- 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 following sums: (aJ An amount suf(icient to provide the holder hereo[ with funds to pay the nett mortgage insurance premium if this instru- 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 oE Housing and l:rban Development, es follows: (I) I[ an~ so long as said note ot even date and ihis instrument arc insured or are reinsured under the provisions of the , National Housing Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due ~ date the annual mortgage insurance premium, ia order to provide such holder with funds 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 of even date and this instrument are hel~d by the Secretury of Housing and Urban Develop- ~ ment, a monthly charge (in lieu o[ a mortgage insurance premium) which shall be in an amoun! equal to one-twelfth (1'l2) oE one-half (si) per centum ot the average outstanding balance due on the note computed without taking i~to ~ , account delinquencies or prepayments; ~ (bJ A sum equal to the ground re~ts, if any, next due, plus the premiums that will next become due and payable o~ policies ~ ot fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- ~ f gaged property (ali as estimated by the morigagee) less all sums already paid therefor divided by the number of months ~ to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- i linquent, such sums to be held by mortgagee in trust to pay said ground rents, premivms, taxes, and special assessments; ppp€ and ' ,(c) All payments met~tioned in the two preceding subsections of this paragraph and al( payments to be made undez the note ~ ~ secured hereby shall be added together and the aggregate amount thereol shail be paid by the mortgagor each month in a y : sing(e payment to be applied by the mortgagee to [ne follovving items in the order set forth: ~ (n premium charges under the contract of insurance r~ith the 5ecretary of Housing and Urban Development, or monthly ~ charge {in lieu o[ mortgage insurence premium), as ihe case may° be; ~ (II) ground rents, taxes, assessments, fite, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and ~ (I~ amortization of the principal ot 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, constitute an event ~of default under this mortgage. The mortgagee ~ ~ ~ c~ay collect a"late charge" not to exceed two cents (24) 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 payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed ~ ~ the amount of payments actually made by the mortgagee, for gtound rents, taxes and assessments and insurance ~ ~ premiums, as the case may be, such excess shall be credite~ by the moctgagee on subsequent payments to be ~ ~ made by the mortgagor. If, however, the monthiy payments made by the mortgagor under (bJ of paragraph 2 pre- ~ ~ ceding shall noi be sufficient to pay ground rents, taxes and assessm.~~ and insurance premiums, as the case ~ ~ may be, when the same shall become due and payable~ then the matgagor shall pay to the mortgageQ anv ~mouaL.-_-.- ' 3 necessary fo ma_Tce op tTie c~e ~c~ency, on ~ e or~ date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor 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 ~ x made under the provisions of (a) of paragraph 2 hereof which the moctgagee 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 (6J of said paragraph 2. If there shall be a default under any oE the provisio~s of this ~ortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after f : default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ erty is othecwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding ~ as a credit against the emount of principal then remaining unpaid under said note and shall propetlyadjust any : -`s payments which shall have been made under (aJ of said paragraph. < i - 4. That he will pay all taxes, assessments, water rates, and dher governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thered the mottgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~w OR ~ ~ ~ aooK183 2~.9 ~ ~ - ~ ~ ~ - - r _ ~ _ i - ~ - ~ L ` ~ - ~ w .__<k . N , _ . . . y - - .