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HomeMy WebLinkAbout2819 ~ . v ~ i ~ said mortgagor does hereby fully werra~t the title to said land. and every part thereof. end will detend the same egainst the lawful claims of all persons whomsoever. PROVIDED ALWAYS. and these prese~ts are executed and delivered upon the following coctditions. to wit: The mort agor agr s to pay the matgagee, or order. the principal sum ot FIP"1'L~EN THOU3AND EIGHT ~ HUND~t~ED ~D N0~100------------------------------------------------------ Dollars (S 1$~800.00 as evidenced by a note of even date herewith. with interest from date at the rate of eight 811d Oi1@-helf per centum ( 9L) per annum on the unpaid balance until paid. The said principal aad i~tecest shall be payable at the office J. T. 3'1'E~~WART I~RT('aAGE COI~ANY, INC., a corporation under the laws of the 3tate of Florida j or at such other place as the holder of the note may desig~ate in writing. in monthly installmeats of Qng ~ Hundred ~enty One aDd 50~100-------Dollars (s 121.50 commencing on the first day of September , 19 70 . and on the first day of each month theceafter untiltheprincipal and interest are fully paid, except that the final payment of principal aad interest. if not sooner paid. shall be due and payable on the first day of A11g118t ~ 2000 ; And shall duly. pranptly. and fully pe~form. d~scharge. execute, effect. complete, and comply with and abide by each and every t~ stipuletions, agceements. conditioas, and covenants of said promissory note and of this modgage, then this modgege 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 provided. Pri'vilege is reserved to pay the debt i~ ahole, or in an amount equal to one or more monthly paymeats on the principal that are next due o~ the note. on the first day of any moath prior to maturity: Provided, however, that written uotice of an iatention to exercise such privilege is given at Ieast thirty (30) days prior to prepaymeat; 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 modgagee an adjusted premium charge of one per centum (1%) of the original principsil emount thereof. except E that in no event shall the adjusted premium exceed the aggregate 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 Secreta.ry of Housing and Urbaa Developmeat on account of mortgage insurance. 2. That, in order more fully to protect the security of this modgage, the mortgagor, together with, and in addi- tion to. the manthly payments under the terms of the note secured hereby, on the first day of each awnth until the said note is fully paid, will pay to the modgagee the follawing sums: (aJ An amount sufficieat to provide the holder hereof with funds to pay the next mortgage insunoce premium iI t6is instrw ment andthe note secured hereby are insured. or a mont6ly chugc (ia lieu uf • mortgage insurance premium) if they ~re held by the Secretary of Housing and Urbaa Developmeat. es tolloas: (I) If and ao long as said note of evea date and this inatrumeat are Iasured or are reinsured under the pmvisions ot ffie Natioaal' Housing Act, aa amount su[Cicient to accumulate in the hands of t6e holder one (1) moath prior to ita due date the aaaual mortgage iaswance premium. in order to provide such holder with funda to pay such premium to the Secretarp of Housing and Urban Development pwsua~t to the Natioaal Honsing Act, as ameaded, and applicable Regu- latio~s thereunder. or (II) IE and so long as aaid note of evea date and this instrumeat are held by the Secretary o( Housing and Urban Develop- ment. a moathly charge (in lieu of a mortgage insurance premium) ahich shall be in aa amount equal to one-twelfth (1/12) of oao-halt (;4) per centum of the average outstaading balaace due oa the note computed without tating into account delinquencies or prepaymenta; G (6J A sum equal to the ground reata. if aay, next due, plus the premiums that will nezt become due and payable on policies i of Cire and other hazard insurance coveriag the mortgaged property, plus ta:es aad assessments neat due on the mort- ~ goged property (oll as estimated by ihe mortgagee) less all suma already paid there[or divided by the number of months ~ to elapse be[ore one month prior to the date when such grouad rents. premiums, tazes, and assessments will become de- ! linqueat. such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, aad special assessments; E and ~ (c) All payments mentioaed in the two preceding subsectiona of thia peregraph aad all payments to be made under the aote secured hereby sh~il be added together and the aggsegate amount thereof shall be paid by the mortgagor each month in a f single payment to be applied by ffie mortgsgee to tbe tollowing items in t6e order set [orth: (n premium charges uader the contract of fnsurance with the Secretary ot Housiag and Urban Developmeat. or moathly charge (in lieu of mortgage iasurance premium). as the case may be; (II) ground rents, tazes, asaessments, Cue, aad other hazard insurance premiums; (III) intercst on the aote secured herebp; and (I~ amortization of the princlpol;ot aaid aote. . Any deEiciency in the amount of such aggregate monthty payment shall. unless made good by the mortgagor prior to the due date of the neat such payment, constitute an event d default under this modgage. The modgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen ~ (15) days in anears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the moctgagor under (6) of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for g~ound ceats, tases and assessments aad insurance premiums, as the case may be, such excess shall be credited by t6e mortgegee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the matgagor 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 moctgagor shall pay to the modgagee any amount ~ necessary to make up the deficiency, on a befoce the date when payment of suc6 ground reats, taxes, assessments, or insurance premiums shall be due. If at any time the modgegor shalltender to the moctgagee in accocdance with ; ihe provisions of the note secured hereby, full payment of the entue iadebtedness represented thereby, the mort- ~ gagee shell, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (a) oE peragraph 2 hereof which t6e matgagee has not become obligated to pay to ~ the Secretary of Housing and Urban Development aad any balance remaining in the funds accumulated under.the ~ pcovisions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- ~ sulting in a public sale of the premises covered ~ereby, oc if the matgagee acquires the propedy othecovise after ~ default. the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquiced, the balance then cemaining in the funds accumulated under (6J of paragraph 2 preceding ~ as a credit egaiast the amount of principal then remaining unpaid under seid note and shall properly adjust any ~ payments which shall have been made under (aJ of said paregraph. 4. That he will pay all taaes, assessments. water retes, and dher governmental or municip~l charges, fines, or impositions, for which pravision has not been made hereinbefae, and in deEault thereoE the mortgagee may pay ~ the same; and that he will promptly deliver the official reoeipts therefor to the modgagee. ~ ~ ~ ~O~KiS4 P~2816 } . - ~ ~ . ~ ~ _ _ : . _ . . .