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HomeMy WebLinkAbout0349 . i ~ i said matgagor does heceby fully wacrant the title to said land, and every part theceof. and will defend the san?e ~ egainst the lawful claims o[ all persons whomscever. ~ t PROVIDED AI.WAYS~ and these preseats are executed and delivered upon the following conditions, ta wit: ~ The mortgagor agrees ~o pay the moctgagee. or order, the principal sum of I~OUR`P$H~T '1'~US,APiD $PVIIq ! ~x~ aNn xo/loo--------•--------------------------------------------------- Dollars (S 1~~700.00 as evidenced by a note of even date herewith. with interest from date at ihe rate of e3g~1t AYId O~-half , per centum ( 8~ ro) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of J. T. 3THdART ~GE Cq~PY, Il~C. , s corporstion under the lavs of t,Y?e State of Florids P. 0. Boa 3391, Station A, Fbrt Pierce, Floribs a at such other place as the holder of the note may designate in wciting, in monthly inst~llments of Qne Rtu~dt'ed ThiTt~eII aDd 04~100-------------- Dollars (S 113.O1F commencing on the first day of ~l~tlfle . 19 70. and on the first day of each month thereafter untiltheprincipal and i~tecest are fully paid. except that the final payment oE principal and interest. if not sooner paid. shall be due and payable on the Eirst day of Msy~ 2000 : And shall duly, pranptly, and Eully pedorm, discharge, execute~ effect, complete. and comply 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 created shall cease and be nul[ and void. And the mortgagor further 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 maturity: Provide~, however, that written notice of an inteAtion to exercise such privilege is give~ 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 Housing Act, he will pay to the modgagee an adjusted premium charge of one per centum (1~) of the original principal amount thereof, except that in ao event shall the ad)ustec_~.premium exceed the aggregate amount of premium charges which would have been payable if the modgage 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 mortgage 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 untit the said note is fully paid~ will pay to the mortgagee the following sums: (oJ A~ amount su[ficient to provide the holder hereot with_funds to pay the next mortgage insurance premium it this instru- ment and the note secured hereby are insured, or a monthiy charge (in lieu ot a mortgage insutance premium) iE they are held by the Secretary of Housing and Urban Development, as follows: (I) If and so long as said note ot even date and this in3trument are 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, in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urban Development pursueat to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (R) I[ and so long as said note of even date and this instrument are 6eld by the Secretary of Housing and Urban Develop- ~ menl, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelflh I ~1!12) o! one-half (!/i) per centum of the average outstanding balance due on the note computed without taking it?to _ ~ account delinquencies or prepayments; (hJ A sum equal to the ground rents, i[ any, next due, plus the premiums that wil! next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (ali as estimated by the mortgagee) less alt sums already paid there[or divided bg the number o[ months t to elapse before one month prior to lhe date when such ground rents, premiums, taxes, and assessments will become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, andspecialassessments; and !c) Atl payments mentioned in the two preceding subsections o( this paragraph and all paymrnts to be made under the note secured hereby shall be added together and the aggzegate amount thereo[ 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 iorth: (n premium charges under the contract oE insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of morlgage insurance premium), as the case may be; (II) ground rents, ta:es, assessments, fire, and other hazard insurance premiums; - (itt) 'Lnte~gst on the note secured hereby; and (1V) amort38t:an o[ the principal of said note. - Any-deficienc5• 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, consfitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) fot each dollat (S1) of each payment more than fiEteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by xhe mortgagor under (5J of paragraph 2 preceding shall exceed the amouat of payments actually made 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. If, h6wever, the monthly payments made by the moctgagor 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 saroe 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 oi 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 provesions 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 (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 (b) of said paragraph 2. If there shall be a•default under any of the provisio~s of this mortgage, ce- ~ sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after default, the moctgagee 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 (unds accumulated under (bJ of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any payments which shali have been made under (a) of said paragraph. 4. That he will pay ali taxes, assessments, water rates, and dher governmental or municipal charges, fines, or impositions, for which provisia: has not been made heceinbefae, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the ofEicial~receipts therefor to the mortgagee. ~ soo~l~3 ~ 3~ ~ ~ - ~ _ ~ - s ~~~.r_~r__..r _ - y_._~~.