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Home My WebLink About0734 said mortgagor does hereby fully warrant the title to said land, and every part thereof, and will defend the same against the lawful claims of all persons whomscever. PROVIDED ALK'AYS. a~d these presents are executed and delivered upon the [ollowing conditions. to wit: The mortgagor agrees to pay the mortgagee. or otder, the principal sum of F~i?~ '1'~~U5~1~ I~IFTY ML ~/~~~~~~~~~~~~~~~r~~~~~~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dollacs (S 1~1~~j0.~0 as evidenced by a note of even date herewith. with interest from date at the rate of $ight gpd OIIe-halt per centum ( 8~ qo) per annum on the unpaid balance until paid. The said priacipal and interest shall be pa~able at the office oE PZR3T F~ERAL SAVII~('S A1~D LQAl~ ASSOCIATIOIf Ol~ IIrDIAA RIVSR COUATY, s corporstion under the ls~ra of the United Ststea of Americs, P. 0. Box 1209, Vero Beach, Florids. - or at such other place as the holder of the note may designate in writing, in monthly installments of Otle ; HuDdred $Ight ~dd 01~~100----•-----------•-Dollars (S 108.04 comn~encing on ' the first day of M4Y , 19 70 , and on the first day oE each month thereafter untiltheprincipal ` and intecest 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 ApTil ; 2000 And shall duly, promptly. and fully perform, discharge, execute. effect, complete, and comply with and abide by each and every the stipulations. agreements, conditions, and covenants oE said promissory note and of this mortgage, then this modgage and the estate hereby created shall cease and be null apd 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 principaf that a~e next due on the note, on the Eirst day of any month prior to maturity: Provided, however, that written notice of an inteAtion 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 prioc to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusied premium charge of one per centum (1%) of the original principel amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount ot 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 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 follovving sums: k (n) An amount sufficient to provide the holder hereo[ with [unds to pay the next mortgage insurance premium if this instru- i ment and the note secured hereby are insured, or a monthly cherge (in lieu o[ e mortgage insurance premi~m) if they are ~ held by fhe Secretary of Housing and Urban Development, as [ollows: ° i (I} If and so long as said note of eveo date and this instrument are insured or are reinsured under the provisions of the ~ Nationat Housing Act, an amount sufficient to accumulate in the hands o[ Ihe holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with tunds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicabte Regu- lations thereunder; or {Il) If and so long as said note ot even date and this instrument are held by the Secretary of Flousing and Urban Develop- ~ ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth 4 (1 ' 12) of one-half (1i) per centum of the a~•erage outstanding balance due on the note computed without taking into - ~ account delinquencies or prepayments; ~ A sum equal to the ground rents, if any, ne~t due, plus the Qremiums that wi11 next become due and papable on policies j of fire and other hazacd insurance covering the mortgaged property, plus taxes and assessments next due on the mort- ~ gaged property (all as estimated by the mortgagee) less all sums already paid lheretor divided by the number o[ months to elapse before one month prior to the date v~hen 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, prem~ums, taxes, and special assessments; and /rJ A1t pa}ments mentioned in the iwo preceding subsections o( this paragraph and all payments to be made under ihe note secured herrby shall be added tngether and the aggregate amount thereo[ shall be paid b~ the mortgagor each month in a s~ngle payment to be applied by the mortgagee to the follovtng items 5^ :hr order set torth: (I) premium charges under the contract of insurance with the Secretar~ o( Housing and Urban De~•eiopment, or mon*.hls charge (in lieu of mortgage insurance premium), as the case mep be; (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; (IiI) interec; un tne note secured hereby; and (IV) amortizat:un of the principal o( said note. An}• deficien:~ in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date oE the next such payment, constitute an event o[ default ~nder this mortgage. The mortgagee may collect a"!a'.e 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 payments made by fhe mortgagor under (b1 of paragraph 2 preceding shall exceeo the amount of payments actuall}• made by the m~tgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be credited b}• the mortgagee on subsequent pa}•ments to be made by the mortgagor. If, nowever, the monthly payments made by the mortgagor under !f,J of paragraph 2 pre- ~ ceding shall not be su(ficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ma~• be, ~•hen the ~ame sha11 become due and payable, then the mortgagor shal! pay to the r~ortgagee any amount ~ necessary to make up the deficiency, on er before the date when payment of such ground rer.ts, taaes, assessments, " ~ or insurance premiums shall be due. If at any time the mortgagor shalitender to the mortgagee in accotdance 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 hereaf which the mortgagee has not become obligated to payto the Secretary of Housing and Urban Deveiopr.ient and any batance remaining in the funds accumulated under the ~ pro~•isions of (Lj of said paragraph 2. if there shall be a default under any of the provisio~s of this mortgage, re- ~ sulting in a public sale of the premises covered hereby, or 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 (b) of paragraph 2 preceding - as a credit against the amount of principai then remaining unpaid under said note and shall properly adjust any ~ payments which shall have been made under (Q) oE said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ~ aooKs$4 P~ .734 ~ • - ~ . _ _ ~s~