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Home My WebLink About1010 said moctgagoc dces hereby fully warra~t the title to said la~d, and every part thereof. and will defend the same against the lbwtul claims of all persons whomscever. , PROVIDED ALWAYS, and these presents are executed and delivered upon the followi~g conditions, to wit; The mortgagor agcees to pay the mortgagee, or order, the principal sum of ~':'8Ei1 a'~A~D '1'~@8'6 ; ~ ~ ~/~~~~~M~~~~N~~~N~N~~~~~M~NN~~~~~~~~~~~~N~~~~~M~~~~N~~ ~ Dollars (S 1~l~300•00 as evidence~d by a note of even date herewith, with interest from date at the i rate of e~t Nd OZ10~~1t per centum ( 8~ o) per annum on the unpaid balance : until paid. The said prin~,ipal and interest shall be payable at the office oE ,T. 'j'. $'j~MAR'1' ~q~A(}j CnlP11UY~ ~C., a corporati~oa rmd~sr the ].aa~s of ths Stats of ~'].o,rida ~ P. 0. Doac 3391, 8tatioa A, lbrt Pierce, ~lor3da ; or at such other place as the holder of the note may designate in writing, in monthly installments of Q~ ' $1Ddted 8Dd ~~100-~~~~~~~~~~~~~~~~ Dollars (S 1~.9'j comnrenci~g on the first day of ~ly . 19 70. and on the first day of each month thereafter untiltheprincipal : and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the Eirst day of ~Tti~~ 2000 ; ~ And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with artd abide ~ by each and every N:e 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 null and void. , And the matgagor further covenants as follows: ~ 1. That he wil! 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 firsL-- - ~ day of any month prior to maturity: Pro~~ided, however, that written notice of an inte~t[ion 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 thet 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 original principal ~mount thereof, except ~ that i~ 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 Secretary oE Nousing and Urban Development on account of mortgage insurance. ~ 2. That. in order more fully to protect the security oE this modgage, 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 follawing sums: ~ (aj An amount sut[icient to provide the holder hereoE with [unds to pay the next mortgage insurance premium i[ this instru- ~ ment and the note secured hereby are insured, or a monthly charge (in Iiea of a mortgage insurance premium) i[ they are ~ held by the Secretary of Housing and Urban Development, as [ollows: ~ (I) If a~d so long as said note of even date and this instrument are insured or are reinsured under the provisions of the ~ i National Housing Act, an amount sutficient 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- latians ihereunder; or ~ (II) If and so lo~g as said note of even date and this instrument are heid by the Secretary of Housing and Urban Develop- ~ ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth ~ ~ (1/12) of one-hal[ (i/i) per centum of the average outstanding balance due on the note computed without taking into : account delinquencies or prepayments; i i (h) A sum equal to the ground rents, if any, next due, plus the premiums that will nex! become due and payable on policies ? ~ o[ fire and other hazard insurance covering the mortgaged properfy, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number ot monlhs ~ to elapse before one month prior to the date when such ground rents, premiums, laxes, and assessments will become de- ~ linquent, such sums to be he!d by mortgagee in trust to pay said ground rents, premiums, taxes, and speciai assessments; ; ~ and ? w ¢ (c) All payments mentioned in the two preceding subsections of this paragraph and al! papments to be mede under the note secured hereby shail be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to lhe following items in ihe order set torth: s $ (n premicm charges under the contract oE insurance witn the Secretary e[ Housing and Urban Development, or monthly , charge (in lieu of mortgage inswance premium), as the case mey be; (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; ~ ([II) interest on the note secured hereby; and _ (IY) amortization of the principal of said note. Any deficiency in the amount of such aggregate raonthly payment shall, unless made good by the mortgagor ~ ~ prior to the due date of the next such payment, constitute an event of default under thic mortgage. The mortgagee - may collect a"late charge" not to exceed two cents (2R) fot 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 oE the peyments made by the mortgagor ander (6J of paragraph 2 preceding shall exceed n the amount oE payments actually made by the mortgagee, for ground rents, taxes and assessmer.ts and insurance ~ psemiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be 3 made by the mortgagor. If, however, t:~e monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufficient to pay g~ound rents, taxes and assessmants and insurance premiums, as the case - - may be, when the same shali become due and pa~aMg;-ti~en the mortgagor shall pay to the mortgagee any amount _ necessary to make np the deficiency, on oc befnre the 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 orovisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- , ga~ee 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 tunds accumulated under the provisions of (bJ of said paragraph 2. If there shall be a default under any of the provisioas of this mortgage, re- sulting in a publi~c sale of the premises covered heceby, oc if the mortgagee 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 (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 shall have been made under (v) of said paragraph. _ 4. That he wii! pay all taxes, assessments, water rates, and other governmenta! or municipal charges, fines, ~ or impositions, for which provisio~ has not been made hereinbefoce, and in defautt thereof the mortgagee may pay ~ the same; and that he will promptly deliver the otficial receipts therefor to the mortgagee. ~ ~ f- sooK 18~ P~~1009 ~ K~ ~s _ - . -