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HomeMy WebLinkAbout2169 I i ~ T' ' • , ~ i said mortgagor does hereby fully warrent the title to said land. and every part thereof~ and will defend the same against the lewful claims of all persons whomscever. ~ PROVIDED ALWAYS. and these presents are executed and delivered upon the following co~ditions~ to wit: { ! The mortgagor agcees to pay the mortgagee, or order. the principal sum of P'jp'p~ 'j'~p(~D I AtJNDRID AND AO/100---------•------•--•-------------•------------------------------- ' Dollacs (S 15~700.00 as evide~ced by a note of even date herewith. with interest from date at the rate of Cight and one-ha1P pec centum ( 96) per a~num on the" unpaid balance t until paid. The said pcincipel and interest shall be payable at the office of J~ 'j'~ $'j`~p~' j+~~G$ i COIrlPANY, Il~iC., a corporation under tbe lawa of the State of Florida or at such other place as the holder of the aote may desigaat~ in vvriting. in monthly installments of 011e HulidrCd i 21~?erity srid 73~100-------------------------- Dollars (S 12~.73 commencing on ~ the first day of Septembel' . 1970 , and on the first day of each month thereafter untiltheprinciral and iatecest ace fully paid~ except that the final payment of principal and interest, if not sooner paid, shall be due and payable an the first day of Au6ust ~ 240~ ; - And shall duly, pranptly. and fully perEorm, discharge. execute, effect, complete. and comply with and abide by each and every the stipulations, agreements. cor~ditions. and covenants of said promissory note and of this mortgage, then this mortgage and the estats hereby created shall cease and be null and void. And the matgagor fudher covenants as follows: 1. That he aill pay the indebtedness. as hereinbeEore provided. Pri"vilege is reserved to pay the debt in whole, or in an amount equal to one or more onthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Pr~ded. however, that written notice of en intention to exercise such privilege is given at least thirty (30) days prior to prep~ymeat; and, provided fudher, 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 centnm (196) 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 mortgage had continued to be irtsured until maturity; such payment to be epplied by the moct- gagee upon its obligatio~ 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 modgage, the modgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secured hereby, ort the first day of each month until the said note is fully paid, wiU pay to the mortgagee the follawing sums: (o) An amouat sufficient to provide the holder hereof ~rith funds to pay the nezt mortgage insuraace premium it thia instru- ment and the aote secared hereby ore insured. or a monthly charge (in lieu o! a mortgage insurance premium) if they are held by the Secretary of Housing aad Urbaa Developmeat, as follows: ~ (I) It and so long as said note of evea date and this instrument are insured or are reinsured uader the pwvisioas of the ~ Nationai Housing Act, an amount sufCcient to accumulate in the hands of the holder one (1) month prior to ita due date the aaauat mortgage inswance premium, in order to provide such holder with funds to pay suchpremium to the Secretary of Housing and Urban Development pursuent to the National Housing Act, aa amended, and appliceble Regu- lations thereuader; or (II) If and so loag as said note ot evea date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthty ~herge (in lieu of a mortgage insureace premium) which shall be in an amount equal to one-twelfth (1/12) of oae-half (y~i) per ceatum of the average outstaading balance due on the note computed without tating into account delinquencies or prepaymeflts; (bJ A sum equal to the ground rents. it any. ne:t due, plus the premiums that will aext become due and payable on policies of tire and other hazard insuraace covering the modgaged property, plus tazes and assessments ne:t due on the mort- * gaged property (all as estimated by the mortgagee) less all sums already,paid there[or divided by the number ot months to elapse betore one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- j linquent, such sums to be held by ~ortgogee in trust to pay said ground rents. premiums, ta:es, and special assessments; and i /c) All payments mmtioned in the two preceding subsections oE this paragraph and ail payments to be made under the note ~ secured hereby shall be added together and the agp~regate amount thereo[ shall be paid by the mortgagor each month in a I single payment co be applied by the mortgagee to the [ollowing items in the order set (orth: 4 t (n premium charges under the contract of iasurance with the Secretary ot Housing and Urban Develapment, or monthlp ~ ~ charge (in lieu of mortgage iasurance premium), as the case may be; ~ (II) ground rents, ta:es, ossessments, fire, aad other hezard insurance premiums; ~ ~ (IIn interest on the note secured herebq; and ~ (I~ amortisation of the principal ot said note. Any deficiency 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, constitute an event of default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2e) for e~ch dollar (Sl) of each payment more than fikeen ~ ~ (15) days in anears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the modgagor under (6J of paragrap6 2 preceding shall exceed ~ the amount of peyments actually made by the mortgagee, for gcound rents. taxes and assessments and insucence ~ 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 moctgagor under (b) of paragraph 2 pre- ~ ~ ceding shall not be sufficient to pay ground rents. taxes and assessments and insurance premiums, as the case ~ ~ may be, when the same shall become due and peyable, then the mortgagor shell pay to the modgagee any amount ~ = necessary to make up the deficiency, on or before tbe date when payment of such ground rents, taxes. assessments, ~ t or insurance premiums shall be due. If at any time the modgagor shallteader to the modgagee in accordance with , the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mod- ~ ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all paymeats ? made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to ` ~ the Secretary of Harsing and Urban Development and eny balance remaining in the funds accumulated under the ~ provisions of (6) of said paragraph 2. If there shall be a default under any of the provisions of this moctgage, re- ~ sulting in a public sale of the premises covered ~ereby, Qr if the moctgagee acquires the property otherwise after ~ default, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is othecwise acquiced, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against ~he amount of principal then remaining tu~paid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. ` 4. That he will pay all taxes, assessments, aater rates, and other governmental or municipal charges, fines, . ~ or impositions, for which provisian has not been made hereinbefoce, and in default thereof the mortgagee may pay ~ ~ the same; and that he will promptly deliver the official ceceipts t6erefor to the mortgagee. ~ ~ r ~~~11i~~ IAYC2166 s ' ~ t ~ 7; rr ~ - , ~ _ . . . . : . .