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Home My WebLink About2174 said moctgagor 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 ALWAYS. and these pcesents are executed and delivered upnn the tollowing conditions. to wit: The modgagw e~ees to pay the mortgagee. oc order. the principal sum of Fjj~'1'EEN '1'HO(J$pND $EVF~'1 xuxnxID Axn r~o/1o0------------------------------------------------------------ ~ Dollars (S 15~700.0p as evidenced by a note of even date herewith, with interest from date at the rate of eight and one-he~lf' per centum 96) per ennum on the unpaid balance until paid. The said principal and interest shall be payable at the ofEice of J. T. ST~IART MOR'I"~'.~A~iE OOMF'ANY, IlQC., a corporation wnder the laWS of the State of Florida or at such other plece as the holder of the note may designate in writing. in monthly instatlments of Ot1e H11nd7red T~renty and 73/100--------------------------Dollars (s 120.73 commencing on the Eirst day of SeptembeY' . 19 . and on the first day of each month thereafter untll the principal 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 first day of AuguBt ~ 2400 ; And shall duly. promptly, and fully pecform. discharge. execute. effect. complete, and comply with and abide by each and every the stipulations, agreements. conditions. and covenants of said promissory note and of this mortgage. then this mortgage a~d the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pey the indebtedeess, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amouat equal to one or moce monthly payments on the principal that ere next due on the note. on the first ; day of any moath prior to maEurity: Provided. however, that written notice of an intention 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 provisiorts of the National Housing Act. he will pay to ~ the mortgagee an adjusted premium charge of one pe~ centum (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 insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing aad Urban Development on account of modgage insurance. 2. That. in ocder moce fully to protect the security of this mactgage. the modgagor, togethec with~ and in addi- tion to, the monthly payments uader the terms of the note secured hereby, on the Eirst day of each month until the said note is fully paid, will pay to the mortgagee the follawing sums: (oJ An amount su[ficient to provide the holder hereof ~vith tunds to pay the ne:t mortgage insurance premium ii 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 Secret~ry of Housing and Urban Development, es [ollows: (I) If and so Ibng aa aaid note of even date aad this instcument are insured or are reinsured under the provisions o[ the National Housing Act, an amouat suf[icient to accumulate in the haads of the holder one (1) month prior to its due date the aanual mortgage iasurance premium, in order to provide such hotder with funds to pay such premium to the Secretary of Housing pnd Urban Development pwsuant to the Nationol Housing Act, es amended, and applicable Regu- lations thereunder; or (II) I[ and so long as said note of even date and this instrument are held by the Secretacy of Housing and Urban Develop- ment, a montbly charge (in lieu of a mortgage insurance premium) which shall be in aa amount equal to one-twelfth i (1/!2) of one-hel[ (yi) per ceatum of the average outstanding balance due on the note computed without taking into ; account deliaquencies or prepayments; ~ f (b) A sum equal to the ground rents, it any, next due. plus the premiums that will next become due and payable on policies ~ of [ire and other hazard insurance covering the mortgaged property, plns taxes and assessments nezt due on the mort- ~ ' gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the number of moaths ~ ' to elapse betore one month prior to the date when such ground reats, premiums, tazes, and assessments witl become de- ~ linquent, such sums to be heid by mortgagee in trust to paq said ground rents, premiums, ta:es, andspecialassessments; ~ and (c) All payments mentioned in the two preceding subsections o[ lhis paragraph and ail payments to be mede under the note secured hereby shetl be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ singie payment to be applied by the mortgagee to the following iteQS in ffie order set torth: z (n premium charges under the contract oE insarance with the Secretary of Housing and Urban Development, or monthly cherge (in lieu of mortgage insurance premiumj, as the case may be; (II) ground tents, tazes, assessments, tire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and (I{~ amort'uation of the principal oE said note. Any deficiency in the amount of such aggregate monthly payment shall, nnless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this modgage. The mortgagee may collect a"late charge" not to exceed two cents (2t) 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 the mortgagor under (6) of paragcaph 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 shal! not be sufficient to pay ground rents, taYes and assessm.~nts and insurance premiums, as the case ~ ~ roay be, when the same shall become due and peyable, then the mortgagor shall pay to the mortgagee any amount t ' necessary to make up the deficiency, on or befae the dete when payment of such ground rents~ taxes~ assessments, # ; or insurance premiums shall be due. If at any time the modgagor shalltender to the modgagee in accordaace with ~ the provisions of the note secured hereby, full payment of the eatire indebtedness represented thereby, the moct- ; ~ gagee shail, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ ~ made under the provisions of (a) of paragcaph 2 hered which the mortgagee has not become obligated to pay to : ~ the Secretary of Housing and Urban Development and any balance remaining in the fnnds accumnlated under the ~ ~ provisions of (6J of said paragraph 2. If there shall be a default under any of the provisions of this mortg,age, re- ~ sulting in a public sale of the premises covered ~ereby, or if the moctgagee acquires the property otherwise after = default, the mortgagee shall appiy, at the time of the commencement of such proceedings oc at the time the prop- ' ~ erty is otherwise acquired. the balance then remaining in the fands accumulated under (6J of paragraph 2 preceding ~ as a credit against the amount of pdncipel then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (a) of said paragreph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines. ~ or impc~sitions, for which provisian has not been made hereinbefore, and in default thereof the mortgagee may pay $ ~ the ssme; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ~ ~ ~ ~ aoac~84 r~~'~1 ~ ~ . ~ zx ~ _ ~r _ . . _ _ , _ _ _