The URL can be used to link to this page

Home My WebLink About2262 ~ said mortgagor does he~eby fully warrant the title to said land, and every patt thereof. and will defend the same against the lawful claims of all persons whomscever. PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee, or order. the principal sum of j~'I,j~j'~j ~J~ $~yEjij HtJtIDRF~ AND N0~100----------------------------------------------------------•----•- Dollars (S 15~'T00.00 as evidenced by a note oE even date herewi"th. with interest from date et the rate of @3g$t Nyd OII@-h81f per centum ( 8~ 9L) per annum o~ the unpaid balance until paid. The said principal and interest shall be payable at the ofEice of J. T. STF~IART MQRTC~NGE COI~'A1~71, IRC. , a corporation under the laxs of the State of Florida. or at such other plece as the holder of the note may designate in writing. in monthly installments of 011e H11ndr'ed. T~relclty si~d 73~100----------------- Dollacs (S 120.73 commencing on the first day of ~p'tembP.r' , 19 . artd on the first day of each month thereafter untiltheprincipal 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 Au$u8t 2000 ; And shall duly, promptly, and fully perform. discharge. execute, effect. complete, and comply with acid abide by each and every the stipulations, agreements. conditions. and covenants of said pcamissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore pcovided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: P.ovided, however~ that written notice of an intention to exercise such privilege is given at least thirty (30) days prior 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 modgagee 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 aggtegate 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 and Urban Development on account of modgage insurance. 2. That~ in order more fully to protect the security of this modgage. 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 following sums: ! (a) An amount sutficient to provide the holder hereof with tunds to pay the nezt morigage insurance premium i! this instru- ~ ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insura~ce premium) it they are held by the Secretary o[ Housing and Urban Development, as follows: = (I) If and so long as said note of even date aad this instrument Are insured or ore reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder 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, as amended, and applicable Regu- ~ lations thereuader; or (II) If and so tong as said note o( even date and this instrument are held by the Secretarp of Housing and Urban Develop- ment. a monthty charge (in lieu of a mortgage insurance premium) which shall be in aa amount equal to oae-twel(th (1/12) of one-half (y4) per centum ot the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; ; (6J A sum equal to the groand rents, if any, ne:t due, plus the premiums that will ne:t become due and payable on policies ~ of [ire and other hazatd insurance covering the mortgaged property, plus tazes and assessme~ts 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 be[ore one month prior to the date when sach ground rents, premiums, taxes, and assessmeats will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; and ~ (cJ All payments mentioned in the two preceding subsections of this patagraph and all payments to be made under the note secured hereby shall be added together and the aggregete amount thereof shall be paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to !he tollowing items in the order set forth: (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development. or monthly ~ charge (in lieu of mortgage insurance premium), as the case may be; ~ (p) ground rents, taxes, assessments, Cre, and other hazard insurance premiums; (III) interest on the note secured hereby; and (I~ amortizetion of the pripcipal ot said note. Any deficiency in the amount oE such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event d default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) 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 modgagor nnder (6) of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgegee, 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 (6J of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground 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 _ necessary to make up the deficiency, on or befae the date when payment of such gronnd rents, taxes, assessments. - or insurance premiums shall be due. If at any time the modgagor shall tender to the modgagee 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 pera~~.ph 2 hereof which the mortgagee has not become obligated to payto ~ 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 sball be a default under any of the provisions of this moctgage, re- ~ ; sulting in a public sale of the premises covered ~ereby. or if the mortgagee acquires the property otherwise after = ~ default, the mort~agee 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 (6) of paragraph 2 preceding ~ ~ as a credit against the amount of principal then remaining unpaid under said note and shall pcoperlyadjust any ~ a; payments which shall7~ave been made under (a) of 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 hereinbefae, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the modgagee~~~~ ~ ~~~~~W . . ~ ~ _ _ - _ z-