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HomeMy WebLinkAbout2267 I , . said mortgagor does hereby tully warrant the title to said land, and evecy part thereof. and will defend the same against the lawful claims of all persons whomscever. PROVIDED AI.WAYS. and these pcese~ts are executed and delivered upon the following conditions, to wit: The mortgagor agrees to pey the mortgagee. or order, the principal sum of FIF"1`~ffif 'P~IJS,AI~ SEVEN AUI~DRID AND N0~100--------------------------•------------------------------------- ~ ~ Dollars (S 15~'j00.00 as evidenced by a note o[ even da e herewith~ with interest from date at the : rate of eight and one-ha].Y per centum ( 8~ 96) per annum on the unpaid balance ' until paid. The said pri~cipal and interest shall be payable at the office of J. T. Sl'EWART I~ORTGAGrS CQI~ANY, Il'~C., a corporation uader the laxs of the State of Florids ~ or at such other place as the holder of the note may designate in writing. in monthly installments of Otle 4 'j~;~y g~ 73~1,Op~-~-_-~~-----~-- Dollars (S 120.73 commencing on the first day of September , 1970 . and on the first day of each month theceafter 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 on the first day of AuguSt~ 2000 ; And shall duly. promptly, and fully perform, discharge. execute, effect, complete. and comply with and abide by each and every the stipulations. agreemeats. conditia~s. and covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the matgagor further covenants as follows; 1. That he will pay the indebtedness. as hereinbefoce provided. Pri'vilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the principal that are ~ext 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 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 (li6) of the original principal amount thereof, except that in no event shali 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- ~ 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: ' (aJ An amount suf(icient to provide the holder hereof with funds to pay the ne:t mortgage insuraece premium it this instru- ment and the note secared hereby are insured. or a monthly che~ge (in lieu of a mortgage insurence premium) if they are - held by the Secretary of Housing and Urban Development, as follows: ' ~ (I) If and so long as said note o( even date ond this instrument are insured or are reinsured under the provisions o[ the ~ National Housing Act, an amount sut[icient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage iasurance premium, in order to provide such holdeo with funds to pay such premium to the Secretary of Housing end Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- - lations thereuader; or (II) if and so long as said note of even date and this instrument are heid by the Secretary ot ~lousing and Urban Develop- meot, a monthly charge (in lieu of a mortgage insurence premium) which shall be in an amount equel to one-tweitth ~i (1/12) ot one-half (y4) per centum of the average outstanding batence due on the aote compated withouttaking into ' account delinquencies or prepayments; , (h) A sum equal to the ground rents, if any, next due, plus the premiums that wiii next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments nezt due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid ffierefor divided by the number ot months to elapse before one month prior to the date when such ground rents, premiums, tazes, and assessmeats will become de- ~ linquent, such sums to be hetd by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments; ~ and : (cJ All payments mentioned in the two preceding subsections of this paragraph and all payments to be made undet the note secwed hereby shalt be added together and the aggregate amount thereot shalt be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the foilowing items in the order set torth: (n premium charges under the contract of insurance with the Secretery of Housing and Urban Development, or monthly ; charge (in lieu of mortgage insurance premium), as the case may be; (II) ground rents, taxes, assessme~ts, fire, and other hazard insurance premiums; (III) interest on the note secured hereby; and ~ (I{~ amortization 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 (2a) for each dollar (Sl) 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 (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 matgagor under (b) 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 before the date when payment of such ground rents, taxes, assessments, or insurance 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 t6ereby, 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 paragraph 2 hereof which the moctgagee has not become obligated to pay to the Secretary of Hoasing and Urban Development and any balance remair~ing in the funds accumulated under the provisions of (6J of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, te- sulting in a publit sale of the premises covered ~ereby, oF if the mortgagee acquices the property otherwise aEter 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 (6) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which sfiali have been made under (a) of said pacagraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ' or impasitions, 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 ~ficial receipts thetefor to the mortgagee. ` S ~ ' ~~1~4 ; , - . . . ~ ~ . ~ - ~ - . <