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Home My WebLink About0779 ~ . ! , i E said mortgagor does hereby fully Warrant the title to said land, and every part thereof, and wil! defend the same against the lawtul claims of all persons whomsoever. PROVIDED ALWAYS. and these presents are executed and delivered upon the iollowing conditions. to wit: The mortgagor agcees to pay the mortgagee, or order. the principal sum of FIPTI~? 7.'~US~AFD Ai(D ` ~/~~~~~~~~~~~~~~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ' Dollars (S 15s~•~ as evidenced by a note of eve~ date herewith. with interest from date at the rate oi Q1g~lt and OIIe-h81P per centum ( 8~ per anaum on the unpaid balance until paid. The said principal a~d interest shall be payable at the o[fice of ~T. T. 3TSUAT I~TC~AGS Cd~1PAH~C, IIiC., s corporstion under the lsxs of the State of Florida or at such other place as the holder of the note may designate in writing. in month;y installments of OAe buu~dred ~'~.i'teen end 35/l~-~~~~~~~~~~ Dollars ~/•35 commencing a1 ' the first day of J~e , 19 7~ . and on the first day of each month thereafter untiltheprincipa[ ; and interest are fully paid. except that the final payment of principal and interest, if not sooner paid. shal! be due and payable on the first day of M4Ys 2~ ; ! And shall duly. promptty. and fully perform, discharge, execute, effect. complete, and comply with and abide ` t by each and every the stipulations, agreements. conditions, and covenants of said promissory note and of this ~ mortgage. then this moctgage and the estate heceby created shall cease and be null and void. And the mortgagor fudher 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 a more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Provided, however, that written notice oE an intecftion 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 Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1~) of the original principal amount thereof, except that in no event shall the adjusted 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- s 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, ~vill pay to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance prentium i[ 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 of Housing and Urban Development, as tollows: (I) It and so long as said note of even date and this instrument are insured or are reinsured under the provisions ot the National Housing Act, an amount su[ficient to accumulete in the hands o[ the holder one (1) month prior to its due date the ant~ual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing a~d Urban Development pursua~t to the National Housing Act, as amended, and applicable Requ- lations thereunder; or (R) If and so long as said note of even date and this instrument are held by the Secretary ot Housing and Urban Devetop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-tweifth (1; 12) of one-half (~n) per centum o[ the average outstanding balance due on the note computed without taking into accounl delinquencies or prepayments; I (b) A sum equal to the ground rents, i[ any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard i~suraace covering the mortgaged property, plus taxes and assessmenis next due on the mort- gaged property (all as estimated by the mortgagee) 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- , linquent, such sums to be held by mortgagee in trust to pay seid ground rents, premiums, taxes, and special assessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the ~ote secured hereLy shall be addtd together and the aggregate amount thereot shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the tollowing items in the order set [orth: (n premium charges under the contract o[ insurance with the Secretary of Housing and ll~ban Development, or monthly charge (in lieu o[ mortgage insurance premium), as the case may be; (Il) ground rents, taxes, assessments, (ire, and other hazard insurance premiums; ~II:) interest on the note secured hereby; and ([V) amortization of the principei of said note. Any deEiciency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such paymenC, constitute~an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each doliat (S1) of each payment more than fifteen ' ~15) days in arrears to cover the exira expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the modgagor under (b) of paragraph 2 preceding shall exceed ~ the amount 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, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ~ ceding shall not be sufficient to pay gtound rents, taxes and assessm~~nts and insurance premiums, as the case ; ~ may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount i necessary to make up the deficiency, on oc 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 amotu~t _of such indebtedness,_credit Lo_ the_ account of the morigagor all payments made under the provisions oE (a) 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 funds accumulated under the provisions of (6J of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- • sulting in a pyblic sale of the premises covered hereby, or. iE 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 (6J of paragraph 2 preceding ~ as a credit against the amount of prlncipal then remaining unpaid under said note and shall properlyadjust any ' payments which shall have been made under (a) of said paragraph. ' _ 4. ThaC fie wiI1 pay alI taxes, assessments, water rates, and other governmental or municipal charges, fines, ; or impositions, Eor 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. ~ ~ ~ ~ 600K~V~ PAGE ~ 1 ~9 ~ ~ ~ ::y . . - - ~ - . - ~ _ . . _ . . _._v