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Home My WebLink About0575 ~ ~r:~ ~ : ~ _ - . i ~ said mo~tgago~ does heceby fully wenant the title to said land~ and evecy part thereof.~and will defend the same ~ against the lawful claims of all pecsons whomsoevec. P PRdVIDED ALWAYS, and these presents are executed aad delivered upon the following conaitions. to wit: ~ The moctgagor agRees to poy the matg=gee=or ocd==. the p=incipal~s=m=f _FIFTEEN_THOU$AND_$EVEN i HUND~tED AND NO/100 : Dollars (S 15 ~700.00 as evidenced by a note of evea date hecewith, with interest from date at the ~ rate ~ eigdt ~Od OA@-h81f pec centum ( JL) per annum oa the unpaid balance ~ until peid. The said principel end interest shall be payable at the office of J. T. 3TBWART MORTCAGE j OOI~ANY, INC., a corporation under the laws of the State of Florida or at such other place as the holder of the aote may designate in writing. in monthly installments of One ; Hundred 7Yaeaty 811d 73~100-------- Dollars tt 120,73 comaiencing on tl?e first day of Oetober, , 19 70. and on the first day of each month thereafter untiltheprincipal ~ aad interest are fully paid, escept that the final paymes~t of principal and interest, if not sooner paid, shall be due `s and payable on the first day of September, 2000 ; And shall duly. pcomptly. and fully pedorai, discharge. execute, effect. complete. and comply with and abide ~ by each and every ~ the stipulations, agreemeats. conditions, aad coveaants of said pranissory note and of this ~ modgage, theA this mortgage and the estate hereby created shall cease and be null and void. ~ And the matgagor fudher covenants as follows: 1. That he vvill pay the indebtedness. as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole, or in an an?ount equal to~ one or more monthly payments on the principal that are next due on the note. on the first day of aay moath prior to maturity: Provided, however. that written notice of an inteation to exercise such privilege is givea at least thirty (30) days prior to prepaymeat; and. provided fudher, that in the eve~t the debt is paid in full prior to maturity and at that time it is ins~red under the provisions of the National Nousing Act. he will pay to the modgsgee an adjusted pcemium charge of one per centum (1%) of the original principal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which aould have j been payable if the mortgage had continued to be iasvred until maturity; such payment to be applied by the mort- 1 gagee upon its obligation to the Secretary of Housing and Urban Developmeat on account of modgage insurance. ~ 2. That. in order more fully to protect the security of this mortgage. the modgagor, together witb, and in addi- ~ tion to, the monthly payments under the terms of the aote secured hereby, on the first day of each month until the ~ said note is fully paid, will pay to the modgegee the follawing sums: < (a) An amount suEficieat to pmvide the holder hereof aith funds to pay the ae=t mortgage insunace pcemium if this instru- ~ ment and We aote secured hereby are insured. or a monthly charge (in lieu of a mortgage insurance premium) if they 4re held by the Secretary of Housing aad Urban Developmeat, as Iollows: (1) If and so long as said aote o[ even date aad this instrueKnt arc insured or are reinsured uader the provisions of the Natioaal Housing Act. an amount sut~cient to accumulate in the haads of the holder oae (1) mont6 prior to its due date the annuai mortgage insuraace premiam, in order to pmvide suc6 6older with [ands to pey such premium to the Secretary of Housing and Urban Development pursuant to ffie N~tional Housing Act, as amended. and applicable Regu- latioas thereunder; or - (Iq If and so long aa said note of even date and t6is instcumeat are held by the Secretary of Housing aad Urbon Develop- ment, a moathly charge (in lieu of a mortgage insuraace premium) ~vhich ahall be in an amount eqval to oae-twelfth (1/12) ot one-halE (K) per ceatum of the average outstaadiaQ balaace due on the aote computed withouttaking into account delinquencies or prepaymenta; (b) A sum equal to the ground rents. if aay, aezt due. plus the premiums tbat will ne:t become due and payable on policies of Cue and other hazard inswaace covering the moctgaged property. plus ta:es and assessments neut due oa the mort- ~ ' gaged property (all as .estimated by the mortgagee) less all sums alreadr paid t6erefor divided by the aumber of months i ' to elapse before one mooth prior to the date when such ground rents. premiums, tazea. and assessmeats wili become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums. tw~es, and special nasessments; and ~ (c) All payments mentioned in the two preceding subsections of this paregraph aad all paymeats to be made mder the note { secured hereby shall be added together and the agg~egate amouat thereof shall be paid by the mortgagor each month in a I single paymeet to be applied by the mortgagee to the folloaiag items in the order set [orth: ~ (n premium chsrges under the contract of insurance wrlth t6e Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insur~ce premium). as the case may be; ~ (In gronad rents, ta:es, assessmeats, [ire. and other hazard insuraace premiums; - _ (III) interest on the note secured 6ereby; and ~ S (IV) amortisation of the principal of said aote. = Any deficiency in the amount d such aggregate monthly payment shall, unless made good by the mortgagor i prior to the due date of the next such paymeat. constitute an event of default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2~) each dollar (Sl) of each payment moce than fifteen (15) days in arrears to cover the extra espense involved in'handling delinquent payments. ? , 3. That if the total of the payments made by the mortgagor nnder (6J of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the murtgagee, for groand rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the modgagee on subsequent payments to be made by the mortgegor. If, however, tbe monthly payments made~ by the matgagor undec (b) of paragraph 2 pre- ceding shall not be sofficient to pay ground rents, taxes and assessments and insucance premiums, as the case ~ may be~ whea the same shall becoa~e due and Qayable; then t6e moctgaga shall pay to the mortgagee any amount ~ necessary to make up the deficiency~ on a befae the date when payment of such ground rents, taxes. assessments, or insuraace premiums shall be due. 1f at any time the moctgagor shall tender to the mortgagee in accordance with ~ the provisions of the aote secuced hereby, full payment of the entice indebtedaess represented thereby, the moct- gagee shall, ia computing the amount of such indebtedness, credit to the account of the mortgagor all payments } ~ made under the pravisioas of (a) of parag~aph 2 hereof whic6 the mortgagee has not become obligated to pay to the Secretary of Hoasing and Urban Development and aay balance remainiag in the funds accumulated under the ~ provisions oE (bJ of said paragraph 2. If there shall be a default under any oE the pcovisions 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 inortgagee s6all apply. at the time of the comdiencemedt of such proceedings or at the time the prop- edy is othenaise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining onpaid under said note and shall properly adjust any payments which shall have been made under (aj of seid paragraph. ~ 4. That he will pay all taxes, assessments, water rates, aad other governmental or municipal charges, fines, or impositions, for which provision has not been made heceinbefoce, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ _ aoox 1$5 ~ ;575 - ~ . ; ~ ~ , _ . _ _ ~ f ~ ;