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Home My WebLink About2256 said mortgagor does hereby fully warrant the title to said land. and every part thereot. and wilt defend the same against the lawful claims of all persons whomscever. PROVIDED ALWAYS. and these presents are executed and delivered upon the following coc~ditions, to wit: The mortgagor agrees to pay the mortgagee. or order. the principal sum of FIp'1'Effi~i '1'R~USAI~D $EVF.~j HUNDRSD AND 1V~0~100---------------------------~-------•-•------------------------ Dollars (S 15~700.00 as evidenced by a note of even date herewith. with interest from date at the rate oE e3ght 8rid on@-halP per centum ( 8~ 96) per an~um on the unpaid balance until paid. The said principal and interest shall be p~y+able at the office of J. T. STE~IART M(~TGAGE COMPAPY, II~C., a corporation under the laxs of the State of Florida. ; 1 or at such other place as the holder of the note may design~te in writing. in monthly installments of OIIe j Hundred ~renty and 73/100------------------Dollacs (S 120.73 commencing on ' the ficst day of . SeP't~mber . 19 70 . and on the first day of each month thereafter until 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 o~ the first day of AuguBt~ 2000 ; 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 modgage, the~ this modgage and the estate hereby created shall cease a~d be null and void. And the matgagor fudher covenants as follows: 1. That he aill pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly paymenis on the principal that ace next due on the note. on the first day of any month prior to a~aturity: Pruvided. however, that written notice of an intention to exercise such privilege is given at least thidy (30) days pria to prepayment; 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 mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except that i~ 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 npon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance. i 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 follawing s~ms: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insuraace premium i[ this instru- ment aadthe note secured herery are inaured, ot a monthly charge (in lieu oE a mortgage insurance premium) iI fhey are held by the Secretary of Housing and Urban Developmeat, as follows: (I) I[ and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the s National Housing Act, an amount sufficieat to accumnlate in t6e hands o( the holdei one (1) month prior to its due ~ date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, es amended, and applicable Regu- ! letions thereunder; or (II) I( and so long as said note of even date and this instrument are held by the Secretary o[ Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equai to one-twel(th (1/12) of one-halE (y4) per ceatum of the average outstanding balance due on the note computed withouttaking into account delinquencies or prepaymmts; (bJ A sum equal to the gromd rents, it any, ne:t due, plus the premiums that will ne:t become due and payable on policies s i of Cre and other hazard insurance covering the mortgaged property, plus tases and assessments next due on the mort- ~ gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number o[ months k to elapse before one moath prior to the date when such ground rents, premiums, tazes, and assessments will become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tezes, and speciat essessments; ` ~ and ' (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be mede under the note secured hereby shall be added together and the aggregste amount thereof shall br paid by the mortgagor each month in a single payment to be applied by the mortgagee to the foltowing items in the order set forth: ~ (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthlq ~ charge (in lieu of mortgage insurence premium), as the case may be; ~ (II) ground rents, taxes, assessments, fire, aad other hazard insurance premiums; (III) interost on the note secured hereby; and (I~ amortisation ot the ~iacipal of said note. • Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagar S prior to the due date of the next such payment, constitute an event of default under this mortgage. The modgagee ! may collect a"late charge" not to exceed two cents (2a) for each dollar (Sl) of each payment more than fiEteen ' (15) days in arrears to cover the estra ezpense 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 (bJ of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessmants 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 ~ necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments, ~ or insarance premiums shall be due. If at any time the modgagor 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 payments ; made under the provisions of (a) of paragcaph 2 hereof ahich 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 (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, ce- ; ~ sulting in a public sale of the premises covered iereby, or if the mottgagee acquires the property otherwise after " default, the mortgagee shall apply, at the time of the commencement of such proceedings oc at the time the prop- ~ 4 erty is othecwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding ' ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (a) of said paragraph. [3 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or impositions, for which provisian has not been made hereinbefae, and in default thereof the mortgagee may pay ' ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ; 6~OK PACf ~irsJt7 ~ # • ` - i i ~ `~t , . . _ . , _