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HomeMy WebLinkAbout2813 k i ~ i ! , ~ v . ~ ~ ~ said mortgagot does heceby [ully warrant the title to said land. and every part thereof. end will defend the seme against the lawful claims of all persons whomscever. i PROVIDED ALWAYS. end these presents are executed and delivered upon the follrnxing conditions. to wlt: The modgagoc agcees to pay the matgagee. or order, the principal sum of FOURTEEN THOUgAND THREE HUNDRED AND NO/100------------••---•-----------------------------------. pollars (S 14, 300.00 as evidenced by a note of even date herewith. with irtterest from date et the cate o~ e~ght BRi~ OAe-t181f per centum ( X,) per annum on the unpaid balance ~ until paid. The said priacipal and interest shall be payable at the office oE J. T. STEWART MORTGAGE COMPANY, INC., a corporation under the law8 of the State of Florida ~ i o~ at suc6 other place as the holder of the note may designate ia writing. in monthly installments of Oile Hundred Niae e[1d 97~100--------- Dollars (S 109.97 commeacing on the first day of Oetober , 19 70. and 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 peyable on the first day of geptember, 2000 : ~ . And shall duly, promptly, and fully perform. discharge, execute. effect. complete, and comply with and abide by each and every the stipulations, egreements. conditio~s. and covenants of said promissory note and of this modgage~ then tbis mortgage and the estate hereby cceated shall cease and be null and void. And the mortgagoc further covenants as follows: 1. That he ~vill pay the indebtedness. as hsceinbefore provided. Pri'vilege is reserved to pay the debt in ahole, or in aa amount equal to one or more monthly payments on the principal that are next due on the note, on the first day af any month prior to maturity: P.ovided, however, thet written notice of an intentioo to exercise such privilege is given at least thidy (30) days prior to prepaya~ent; and. provided fudher, that in the event the debt is paid in full prior to matucity and at that time it is insured under the provisions of the National Honsing Act, he will pay to the modgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof~ eucept that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payeble if the mortgage had contiaued to be insured uatil maEarity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on accoiint of modgage insarance. 2. That, in order mare fully to protect the security of this modgage, the mortgagor, together with, and in addi- tion to, the monthly paymeats under the terms of the note sec~ced hereby. on the f'ust day of each month until the said note is fully paid, will pay to the moctgagee the follawing sums: (o) Aa amount sufficieat to provide the holder hereo[ with [unds to pap the ne~ct mortgage insuraace premium if this insW- ment aad the aote aecured hereby are insured, or a monffily chuge (in lien of a mortgage iasurance premium) if ffiey are held by the Secretary of Hoasiag and Urbaa Development, as folio~rs: (I) IE and so long as said note oE even date aad t6is insWment are insured or are reinsured under the provisions o[ the Natioaal Housing Act, an amount suf[Icieat to accumulate in the hends of the holder one (1) month prior to its dne date the aanua! mortgage inswance premium, in order to pwvide such holder with funds to pay such premium to the Secretary of Housing and Urbaa Dev~lopme~t pursuant to the National Housing Act. as amended, ond applicable Regu- lationa thereunder; o~ (II) I[ aod so long os said note d even date and this instn~ment are held by tbe Secretary oE Housing and Urban Develop- ment. a monthly charge (ia lieu of a mortgage ir~suraace premium) afiich shall be in an amount equal to one-twelfth (1/12) of one-half (yi) per centum of the overage outstanding balance due on the note computed without takieg iato account delinqueacies or pcepayments. 'i (b) A sum equol to the gro~md reats, if any, ne:t due. plua the premiums that will nezt become due and payable on policies i of fue oad other hazard insuronce covering t6e mortgaged property. plua ta:es and assessments nezt due on the mort- f a ed o rt all as estimated by the mort a e less all suma alread aid theretor divided b the aumber o[ months ~ BB P~P~ 7~ B6e ) YP Y i to elapse before one month prior to the date when such grouad cents, premiums, ta:es. and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, aad special ossessments; and (c) All payments meationed in the two preceding subsectiona o[ this paregraph and all paymeats to be made under the note secored herebr shall be added toget6cr and the aggregate amount thereof shall be paid by the mortgagor eacb month in a single payment to be applied by the mortgagee to the followiag iteds in the order set forth: (n premium cbarges under the contract of iasurance with the Secretary of Housing and Urbaa Development, or monthly ~ charge (in lieu of mortgage inanraace premium), •s the case mar be; (II) groond rents, tazes, asseasments, [ire, and other hazard insurance premiums; ~ (III) interest oa the note eecured hercby; and (I{~ amortizatlon of the princlpol ot aaid aote. Any deficieacy in the amount af snch aggregate monthly payment shall, unless made good by the moctgagor prior to the due date of the next such payment, constitute an event of default under this modgage. The mortgagee may collect a"late charge" not to exceed two ceats (2t) for each dollar (S1) of each peyment more than fiHeen (15) days in arrears to cover the extra ezpense involved in handling delinquent paymeats. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount ~ payments actually made by the mortgagee. foc 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 ~ mede by the mortgagor. If, ho~vever, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay groand rents, taxes and assessmants and insurance premiums, as the case ~ may be, when the same shall become due aad payable, then the mortgagoc shell pay to the mortgagee aay amount ~ necessary to make up the deficiency, on a befae the date arhen payment of such gcound reats. taxes. assessments, ~ or insnrance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordaace with ~ the provisioas of the note secured hereby, full payment of the entire indebtedness represe~ted theceby, the mort- gagee shall. ue compnting the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made nnder the prwisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to peyto ~ the Secretary of Housing and Urban Developmeat and any balance remaining in the fuads accumulated under the K provisions of (b) of said paragraph 2. If there shall be a defsult 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 othecwise after ~ default, the mOrtgatee shall apply, at the time of the commencement~ of such proceedings or at the time the prop- ~ edy is othecarise acquired, the balance then remaining ia the f~u?ds accumulated under (b) of paragrap6 2 precediag ~ as a credit against the amount of principel then remainiag unpaid under said note and shall properlyadjast aay payments which shall have been made nnder (a) of said paregcaph. ~ 4. That he aill pay all taxes, assessments, aater retes, and other governmentel or municipal charges, fines, ~ impositioas, for which provision has not been made hereinbefae, and in default thereoE the mortgagee may pay ~ the same; and that he will promptly deliver the official ceceipts therefor to the mortgagee. ~ ~~OK ~v~ ~ R: , ~ ~Q ~ ' " ~ 4% ~,Z d ~3 ~ ~ :.i ~E'aa_ W_... 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