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Home My WebLink About2556 I ~ : said mortgagor does hereby fully war~ant the title to said land, and every pact thereof, and will defend the same ' against the lawful claims oE all perso~s whomsoever. ~ . ~ PROVIDED ALWAYS, end these presents are executed and delivered upon the following co~ditio~s, to wit: ~ The mortgago~ agrees to pay the mortgagee. or order, the principal sum oE TNSLVS '1'~USAND 't~10 • t HIINDFtED AtID N0~100-------------------------------------------------------------- ; F Dollars (S 12~200.00 as evidenced by a note of even date herewith, with interest from date at the ~ rate of eight and one-h81f pe~ ce~tum ( ~ 96) per annum a~ the unpaid balance ' until paid. The said principal and intecest shall be payable at the o[fice of J. T. ST~IART MORT(:AGT ~ COt~ANY, Il~iC., a corporation under the laxs of the State of Florida s or at such other place as the holder of the note may designate in writing. in monthly installmeats of NiA@ty Th~'ee at2d $2~100-------------------------- Dollars (S 93• ~ coma~encing on , the first day of Sep't~ffibe~' . 19 ~0. and on the first day of esch 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 AuguBt~ 2000• ; ' 1 And shall duly, promptly, and fully pedorm. 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 and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: ' 1. Thet he will pay the indebtedness, as hereinbefore provided. Pti'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 oE an i~tention to exercise such privilege is given at least thidy (30) days priot 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 u~der 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 theceof~ except that in no event shall the adjusted premium exceed the aggrrgate amount of premium charges which would have been peyable if the mortgage had continued to be insuced 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 mortgage 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 follawing sums: (oJ An amouat sutficient to provide the holder 6ereof aith funds to pay the next mortgage insurance premium i( this instru- ment and the note secured hereby are insured, or a monthiy charge (in lieu of a mortgage insurance premium) if they ere held by the Secretary o( Housing and [frban Development, as [ollows: (I) It and so long as said note of even date and this instrument are insured or o~e reinsured uader the provisions of the National Housing Act, an amount sufCicient to accumulate ia the hands o[ 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 Urbea Development pursuant to the National Hoasing Act, as amended. and applicable Regu- lations thereuader; or (II) If snd so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be ia an amount equal to one-twelfth (1/12) of one-half (yi) per centum of the average outstandirtg balance due on the note computed without taking into account delinquencies or prepayments; I (b) A sum equat to the ground rents, it any, next due, plus the premiums thai will nest become due and payable on policies j of 6re and other hazard insurance covering the mortgaged ~roperty, plus tazes and assessmeats next due on the mort- i gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months ~ to elepse before one montb prior to the date when such ground rents. premiums. taxes, and assessments will become de- I linqueat, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes. and special assessments; ~ and I ~ (cJ All payments mentioned in the two preceding subsections o[ this paragraph and all payments to be made under the note ~ secured hereby shall be added together and the ag~egate amount thereo( shatl be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the tollowing items in the order set torth: (n premium charges under the Fontract of insurance with the Secretary o[ Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (II) ground rents. ta:es, assessments. fire. aad other hazprd insurance premiums; (III) interest on the note secured hereby; and (I~ amortization of the ~iacipsi of soid aote. 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, canstitute an event of default under this modgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each peyment mae than fifteen (15) days in anears to cover the extra expease involved in handling delinquent payments. 3. That if the total of the payments made by the modgagor under (b) oE paragRaph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground renfs, taxes and assessments and insurance premiums, as the case may be, snch excess shall be etedited by the mortgagee ~ subsequent payments to be made by the mortgagor. 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 assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagoc shall pay to the mortgagee any amount ~ necessary to make up the deficiency, on or befae the date when payment of such ground sents, 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 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 paragraph 2 hereof which the moctgagee has not becane obligated to pay to : ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (6) of said paragraph 2. If there shall be a default under any of the provisions of this moctg,age, re- t ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the propedy otherwise after ~ ~ default, the mprtgagee shall apply, at the time of the comanencement of such proceedings or at the time the prop- ' ~ erty is otherwise acquired, the balance then remaining in the fnnds accumulated under (b) of paragraph 2 preceding ~ ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ? i ~ payments which shell have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, arater rates, and other governmental or municipal charges, fines, ~ or impositions, for which provision has not been made hereinbefae, and in default thereof the moctgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ : 8ooK1~4 ~~~55~ ~ ~ s- ~ ~ - _ _ _ _ _~~a_ = -