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Home My WebLink About2551 ~ said mortgagor dces hereby fulty warrant the title to said land, and every part thereof. and will defend the same against the law[ul claims of all persons whomso~ver. PROV[DED A1,WAYS. and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the ~aatgagee. or order. the principal sum of ~Eg~1 TApUSAND Fo~nt xurw~m Axn rio/1oo--------------------------------------------------------- Dollars (S 14 400.00 as evidenced by a note of even date herewith. with interest from date at the i rate of eigh~ and otle-ha1P per centum ( 8~ 96) per anrtum on the unpaid balance until paid. The said principal and interest shall be payable at the office of J. T. STE~i~+fART MOItTGAGE Compar~y, Inc., a corporation under the la~rs of the State of Florida ot at such other place as the holder oE the note may designate in writing. in monthly installme~ts of Otle . I~un~dred Ten at~d 7l1~100--------•---------- Dollars (S 110.74 commencing on the first day of September . 19 70, and on the first day of each month thereafter untiltheprincipal and interest are fully paid, except that the final payment oE principal and interest. if not sooner paid. shall be due and payable on the first day of Atlgtlst ~ 2000 ; And shall duly. promptly, and fully perform, discharge. execute. effect, complete, a~d comply with and abide by each and every the stipulations, agreements. conditions. and covenants oE said promissory note and of this mortgage. then this mortgage and the estate hereby cceated shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore Qrovided. 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 next due on the note, on the first day of any month prior to maturity: Provided. however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided furthec, that in the event the debt is paid in full prior to maturity and at that time it is insured under the-ptovisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per 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 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 modgagor, 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 sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium i[ this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insuraace premium) if they are held by the Secretary of Housing and Urban Development, as tollows: (I) I! and so Iong as said note of even date and this instrumeat ere insured or are reinsured under the provisioas of the National Housing Act, an amount sufticient to accumulate in the hands of the holder one (1) month prio~ 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 epplicable Regu- lations thereunder; or (II) I[ and so long as said note of eve~ date and this instrument ere held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) o[ one-half (K) per centum of the average outstanding balence due on the note computed aithout taking into account delinquencies or prepayments; (b) A sum equal to the ground rents. it any, next due, ptus the premiums that will aext become due and payable on policies oi Cre end other hazard inswance covering the mortgaged property, plus ta:es and assessments nezt due on the mort- gaged property (all as estimated by lhe mortgagee) less all sums already paid theretor divided by the number of months ` to elapse before one month prior to the date when such ground rents, premiums, ta:es. and assessments will become de- ~ ~ ~ linqueat, such sums to be held by mortgigee in trust to pay said ground rents. premiums. tazes, aadspecialassessments; and . ~ (c J Alt payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shali be added together and the agg~egate amouat thereof shail be paid by the mortgagor each month in a single payment to be applied by Zhe mortgagee to the following items in the order set torth: (n premium charges under the contract of insorance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insarance premium), as the case may be; ~ (II) ground rents, taxes, assessmeata. fire, and other hazard insurance premiums; (III) interest on the note secured hereby; end (I~ amortization of the principol of 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 modgagee may collect a"late charge" not to exceed two cents (2e) 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 (bJ of paragraph 2~receding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ~ pcemiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the martgagor. If, however, the monthly payments made by the mortgagor 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 shell pay to the mortgagee any amount - necessary to make up the ~deficiency, on ~x 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 modgagee in accordance with ~ the provisions oE the note secured hereby, full payment of the entire indebtedness reQresented thereby, the moct- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor alI payments ~ made under the provisions of (aJ of paragraph 2 hereoE which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the Eunds accumulated under the ~ p~ovisions of (6) of said paragraph 2. IF there shall be e defaalt under any of the provisions of this mortgage, re- ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ edy is otherwise acquired, the balance then remaining in the Eunds accumulated under (bJ of paragraph 2 preceding ~ as a credit against the-amount of principal then remaining unpaid under said note and shall properlyadjnst any ~ payments which shall have been made under (aJ of said paragraph. ~ 4. That he will pay all taxes, assessments, water retes, and other governmental or municipal charges, fines, ~ ~ or impositions, for which provision has not been made hereinbefore, and in deEsult thereof the modgagee may pay t ~ the same; and that he will promptly deliver the official receipts therefor to the moctgagee. ~ ~ ~o ~ 2~~ ~~~548 ~ r= ~ ~ ~ ~ ~ ~ ~K ~ ~ _ . . . - ~ _v ,-'".y; , . , . 1-_ ~ - ~ . ~~....~.r ~ , . - ~...,:a '>:'4 ~'s_~_'-~~