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HomeMy WebLinkAbout1793 said mortgagor does hereby fully warrant the title to said land, and every pa:t theceof. and will defend the same against the lawtul claims of all persons whomsoever. ~ PROVIDED ALWAYS. and these presents a~e executed and delive~ed upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee, or o~der, the principal sum of ~1~'2E~ '~8~ SEV3~ ~ ~ ~/1~~~~MNNMM~M~~~~~NMM~N~~N~NNM~NM~M~M~~M~~NM• Dollars (S Zrjs'~•00 as evidenced by a note of even date herewith~ with interest from date at the rate of A~tr ~11d OlM-~t per centum ( 8~ 3~) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of ~T. $T~IAR? ~aA~?8 O~AR, I1C., • oorpor~ti~on uader t3a LuMS o! t~ Sta~ of ~lori,da or at such other place as the holder of the note may designate in writi~g, in monthly installments of Ob! ~tOd1'Ad '11~~~ ~~Id '~~100-~~~~~~~~~~~~~~N~~~~ Dollacs (S 120.73 comn~encing on the first day of .hl~ . 19 ~O. and on the first day of each month thereafter until the principal and interest are fully paid~ except that the final payment of princip'al and interest, if not sooner paid, shall be due and payable on the ti~st day of ~M~ 1000 : And shall duly. promptly, and fully perform. discharge, execute, effect. complete. and comply with and abide by each and ever}~ the stipulations, agreements, conditions, and covenants of said promissory ~ote and of 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 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: P.ovided, however, that written notice of a~ inteAlion 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 Eull prior to maturity and at that time it is insured under the provisions oi the Nationa! Housing Act, he will pay to the modgagee an adjusted premium charge of one per centum (19'0) of the original principel amount thereoE, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which wou;d have been payable if the mortgage had cont.inued 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 follaaving sums: (n) An amount su(ticient to provide the holder hereof with [unds to pay the ne:t mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu ot a mortgage insurance premium) if they ere held by the Secretary of Housing and Urban Development, as [ollows: (1) 1[ and so long as said note of even date and this instrument are insured or are reinsured under the provisions o[ the National Housing Act, an amount s~fficient to accumulate in the hands o[ the holder one (1) month prior to its due date the annual mortgage insurance premium, in order te provide such hoider with funds to pay such premium to the Secretary oi Housing and Urban De~elopment pursuant to the National Housing Act, as amended, and appticable Regu- lations thereunder; or , (II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shell be in an amount equal to one-twelfth ~I i~ i~7~ .,r e_ti..~s n~~ ..i •1.0 ..~c~n...i:..o balan~-n dnP f.n fhr onte comouted without t8kin¢ into account delinquencies or prepayments; ~ - ~ (~~l A sum equal to the ground rents, i[ any, next due, plus the premiums that will next become due and papable on policies p o[ fire and other hazard insurance covering the mortgaged properly, plus taxes and assessments next due on the mort- i gaged property (ali as estimated by the mortgagee) less all sums already paid there[or divided by !he number of months ~ to elapse be[ore one month prior to the date when such ground rents, premiums, tases, and assessments wiil become de- ? a linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; # C and ~ All payments mentioned in the two precedi~g subsections of this paragraph and all payments to be made under the note ~ secured hereby shall be added together and the aggregate amount thereot sha11 be paid by the mortgagor each month in a e s s~ngle payment to be applied by the mortgagee to the following items in the order set torth: } # (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly ( ~ charge (in ?ieu o( mortgage insurance premium), as the case may be; i (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; (III) interest on the note secured hereby; and (1V) amortization o[ the principal of said note. ~ Any deficiency in the amount oE 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 ~ ~ may collect a"late charge" not to exceed two cents (24) for each dollar (S1) oE eaeh payment more than fifteen ~ ~ (15) days in arrears to cover the extra expense involyed in handling detinqueAtq~ayments. ~ 3. That if t;ee tatai a€ ihe payr~rs.s ~~~de- by ihz ..~c: ga6.;. aac3€s af gasagragh 2 rr~~i~g s!:rt! pxc~d # ~ the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurence ~ premiums, as the case may be, such excess shall be credited by the mottgagee on subsequent payments to be ~ made by the mortgagor. If, however. the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts aad insurance premiums, as the case ' ~ may be, when the same shall become due and payable, then the moctgagoc 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 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 paym~nts ~ made under the provisions of (u) 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 Eunds accumulated under the `r provisions of (b) of said paragraph 2. If there shall be a default under any of the provisio:ts of this mortgage, re- ~ sulting in a public sale of the premises covered hereby, oi if the mortgagee acquires the property otherwise after ~r 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 (6J of paragraph 2 preceding ~ as a credit a inst the amount of rinci 1 then remainin un id ueder seid note and shall ro rl ad'ust an Sa~ P Pe ~ Pa P Pe Y ) Y ~ payments which shall have been made under (aJ of said paragraph. ~ 4. That he will pay aU taxes, assessments, water rates, and dher governmental or municipal charges, fines, ~ or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay 4 ~ the same; and that he will proRptly deliver the official receipts therefor to the mortgagee. eo~ 1~3 P~ ~791 ~ : ~ ~ ~z : _ _ _ , .