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Home My WebLink About2824 • ~ ~ _P •i` . ~ ~ , E said mortgagor does hereby fully war~ant the title to seid land. and every part thereof. and will detend tt,e same against the lawful claims of all pe~sons whomsoever. PROVIDED ALWAYS~ and these presents are executed and delivered upon the following conditions. to wit: The moctgagor agrees to pay the mortgagee. or order. the principal sum of FIPTEEN THOUSANp NINE HiJNDRED AND NO/100-------------------------------------------------- ~ Dollars (S 15 ~ 900.00 as evidenced by a note of even date herewith, with iaterest from date at the . t rate of e£~ht 8Ad OA@-helf ~ per centum ( 8~ 96) per annum on the unpaid balance ~ until paid. The said principal and interest shall be payable at the office of J. T. STEWART MORTGA(3E ~ COMPANY, INC., a corporation under the laws of the 3tate of Florida ~ ~ or at such other plece as the holder of the note may designate in writing. in mo~thly instellments of OY1e ~ Hundred ~enty T~o e7t~d 27~100----Dollars (S 122.27 commencing on the first day of September , 19 70 ~ and on the first day of each month thereafter untilthepri~ipal and iatecest are fully paid. except that the final payment of principal and iaterest. if not sooner paid, shall be due and payable oa the first day of A1t$L18t ~ 1000 ; And shall duly. pranptly. and fully perform. discharge. execute. effect. complete. and comply with and abide by each and every the stipulations. agreements, conditions. and covenants of said promissory note aad 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. 1'hat he will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole, ~ or in an amount equal to one oc more monthly payments on the principal that are next due on the note. on the first day of any moath prior to maturity: Provided. however, that written notice of an iatentioa to exercise such privilege k is given at least thirty (30) days prior to prepaymeat; and, provided further, that in the event the debt is paid in i full prior to maturity and at that time it is insured under the ptovisions of the Nationel Housing Act. he will pay to ~ the modgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereaf. except i 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 unti! maturity; such payment to be applied by the mod- gagee upon its obligation to the Secretary of Housing and Urban Development on accouat of modgage insurance. 2. That. in order more fully to protect the security of this mortgage. 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, vvill pay to the mortgagee the follawing sums: (aJ Aa amouat sutticient to provide the holder hereof with fuads to paq the nezt mortgage insuraace premium il this instru- meat and the note secured hereby are insured. or a monthly charge (in lieu o[ a mortgage i~surance premium) it they are 6etd by the Secretarq of Housing and Urban Development, as follows: (I) I[ and so iong as said aote oi even date and this iasirumeat are inaured or are reirtsured under the proviaioea of ffie National Housing Act, an zmouat sutticient to accumul~te in the hands of the holder oae (1) month prior to its due - date the anaual mortgage insurance premium, in order to provide such 6older with [uads to pay suc6premium to the Secretary of Housing and Urban Developmeat pursuant to the Natioaal Housiag Act, as omended. and applicable Regu- lations theceunder; or (II) I[ and so loag as said note ot even date and this instaument are held by the Secretary o[ Housing and Urban Develop- ment. a moaU:ly charge (in lieu of a mortgage insurance premium) which shall be io an amount equal to one-tweifth (1/12) o( oae-half {y=) per centum oE the average outstanding balence due on the note computed aithouttaking into accouat delinquepcies or prepayments; (b) A sum equat to the ground reats, if any, nezt due. plus the premiums that will next become due and payable on policieg of Cire ar?d other hazard insurance coveriag the mortgaged property. plua ta:es and assessments nezt due on the mort- gaged property (all as estimated bq the mortgagee) less all sums alread~ paid there[or divided by the number oE months to elapse be[ore one month prior to the date when such ground rents, premiums, taxes. and aasessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pey said ground rents, premivms. taxes, and speciel assessments; ~ and _ ~ (c) All payments mentioned in the tao preceding subsections o[ this paragraph and all paymeats to be made under the aote ' secured hereby shall be added together and the agg~egate amount thereof shall be peid by the mortgagor each month in a singie payment to be applied by the mortgagee to the following items in the order set [orffi: ~ (n premium charges under the coetract of insurance with the Secretary of Housing and Urban Developmeat, or monthly charge (in lieu of mortgage insurance premium), as the case may be; ` (II) ground rents, tazea, assessments, Eire, and other hazard insuraace premiums; interest on the note secured hereby; and ~ (I~ amortization of the principel ot said aote. Any deficiency in the amount of such 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 mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the extra e:pense involved in han8ling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6J of para~aph 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 mortgagor under (b) of paragraph 2 pre- ! • ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case ~ ~ may be, when the same shati become due and payable, then the matgagor shall gay to the mortgagee any amount necessary to make up the deficiency, on a befae the date whea payment of such ground reats, taxes, assessments, ~ or insurance premiums shall be due. If at eny time the moctgagor shall tender to the modgagee in accordance with ; ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ ~ gagee shall, in canputing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ : made under the pravisions of (a) of paragcsph 2 hereof which the matgegee has not become obligated to pay to ~ ~ the $ecretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (6J of said paragraph 2. If there shall be a default under any aE the pcovisions of this mortgage, re- ~ sulting in a ppblic_ sale of the premises covered ~ereby, oc if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement of such pcoceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 precediag ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (aJ bf said paragraph. ~ 4. That he will pay all taxes, assessments, water rates. aad other govemmental or municipal charges, fines, j ~ oc impositioos, for which pravision has not beea made hereiabefore, aad in default thereof the modgagee may pay ~ ~ the same; and that he will promptly deliver the afEicial receipts therefor to the moctgagee. ~ ~ ~ ~ . ~ - . $a~ ~84 ~ ~ ~ ~ -M~ - - - _ ~ , n.~ . _ _ . ~