HomeMy WebLinkAbout1554 j t~~~ ' . .
uid ~octp~a does l~e~r hll~t waetast ~he titl~ to ujd laad, aod wery paet th~Kat. ~ad wiU deEe~d tM s~~
apiast tt~ iRwfnl clalss d aU p~saas wlwwso~w~:
PROVID6D AI.wIIXS. aad tlws~ pc~ab aa ~nctRed aod d~Uv~ad •rpo~ the Eollowtu~ coodtt~cas. to wit:
Th~ ~oet~,a~a to tb~ ~ottpi~. a adec. tl~ Pdacipa! w~ ot THIRTB~1 't'NOU$J1HD 1'W~0
AV1M/A~ ~ ~M~D ~~0~~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~w~~~~~~~~~~~rY~~~~ .
OolL~s 13,Z00,00 ~ as ~videac~d 6y a aote cf ~wa d~te b~cewitb. witb iabe~sst fio~ date at t6e
tate of ~~11t ~Id OAt~~1iL~ per ca~trw ( 8~ 'Xr) P~ aaana aa the ~pald bilaoca
unt~l p~ld, '1'b~ s~Id pdoctp~l ud Int~cest s6al1 b~ p~yable at tl~ aKlc~ af J. T. 31Et~lART l~i~t'1~
Q0~lppl~tY~ IIdQ., a aorporation w~idor ths Laaa of th~ Stat~ of Flor~.da,
or at ancb otber place as tt~e holder oE t6e ade way deai~te ia wrlting. in eonthlp Inshlla~eats of Op!
Hundrod Qpa at~d 51,/L00•-----•---•--~Ita:s LOL.SL ca¦oeocin~ on
tLe first d,~y of pct~bar . 1970 ..ad aa the ficst day af e.ch.onth chereaft~ m~tlltbepdncip.l
and inteced are fnUY Wjd• euept that d~e fiaal p~ydient af princip~l aad interest. if not sooner poid. shell be due
and payabie on the flest d.ir of 8apte~r ~ Z006 : -
And sh~ll dnly. P~'~PVY. ~~1ZY Pe~~• d~uEe• eZ~~• e~ect. complete, aad ccaply aitb 4ad abide
by aach and evesy ths stlpulotioss. aa,t+ementa, ccaditicas. and cavenaats of s~id Qcaoissory note and of this
moetg~ge, Wen thls ~aig~ge and t6e estate hereby creoted shell c~se ~od. be aull and void.
And tbe mat~aga f~uther covenaats as follawa:
1. 'P1iat he will poy the indebtedaess. as h~reinbefore p~o~vided. Priirilegie is ceserved to pey tbe debt in ~r6ole,
oc in an aaa~at eqwl to oae a mae mcat6ly ~yments ca the princippl that are ne:t due aa t6e uote, oa the first
. day of aay aoath prioc to motnrity: Previdel. however, t6at written aotice cE aa intentioa to exeicise snch pcivilage
is given at least thlrty (30) d~ys pria to prepaymeat; aod. pco~vided fiuther, that ia the event tbe debt is paid in
full pcioc to oadulty and at that tiaie it is iasnred u~er tLe pravisioas cf the Natioaal Haising Act. 6e will pay to
the_rooetgp~ee ~ww adjusted preminm cLarge of one per ceatno (19G) of the ori~l pcincipal aoouat thereof, e:cept
that ia ao event s6s11 the adjnsted predium exceed the agg~e~ate amouat oE preminm charges ~rhich would 6ave
been p4yable if t6e ~o~tgage h~d cbntinned to be insured natil matority; snc6 p4yment~ to be applied by the moct- -
gagee npon its obli~ation to the Scccetary of Honsing aad Uebaa Developocnt on acconnt of matg~a~e insucaace.
2. That, in order moee fnUq4o protect the secnrity of thls mqrt~a8e. tl~e mat6aB«, together with, and in addi-
tion to, the moathlY PeYmeats mdec the terms oE the nde secured heicbq. oa the first day of each month uatil Ll~e
said aote is fnlly poid. will poy to the aatgp~ee tl~e follawing snms:
(a) An amomt snHickat to proddt tbe holder 6ereot with tosds to pap tbe M=t moetQa~e insunr~ce peeminm if tbis instrn-
meat and N~e note aecared ba:eby ~re fesnred, or a aootbh cb~*~R (ia llea ef a mort~ee insmaace premium) it they are
held b~ t6e Secret~ry ot Hoosio~ ~ad Urbaa Dt~elopment, as tollows:
(n It ~nd so lou~ ~s s~id note o[ e~ren d~t~ amd Wis Instia~e~ az+ insuced ar aee reins~md nnder the pnsvlsions of tLe
N~tion~l Honsin~ AM, an asount sntQcieat to accuaolate in t6e hands of the holder one (1) eoat6 prio' to its due
date ffie annad mort~a~e insoraace pce~i~e, iu order to pe~oHde sucb bolder with tnnds to pa~ snc6 pemina to the -
Secretah o[ Housin~ ~ad O~ De~etopaent pursu~at to the Natlonal Honsin~ Act, as ameaded. ~ad applicabie ReQn-
l~ticas tbete~mder. or -
I[ aad so laas as s~id naRe ot eren d~e aod t61s instenment ate held b~ tLe Secretuy of Housiog aad Urb~n Develop-
ment, a mmthif a6a*p (L~ liea oi • oatpre insa~uce preaiam3 w61c6 shall be in aa amonat equal to one-twelftb
(i/12) o! oae-hal[ per caatma oE tLe ~vera`e oat~t~ndla~ balan~e dae on t]~e oote coaputed witbont tating iato
~ccount dellnqueactei or W~7v~~: .
(6) A sam equal to the ~w~nd reats. if ~a~.-~rt ~e, plns the preminas that will nert become ie and p~rable oa palicies
of Ure aad otber 6u~ed Iasur~ace co~eria~ tbe mort~~ed propertp; plas ti:es and assessments ne~ dne on t6e mort-
j ~a~ed propert~ (~II as estim~ted b~ the mort~a~ee) les• ail sums aircadp paid tberefor divided br the n~mber of moaths
to el~pse before one moath peiar to We d~te w6en snch ~ound rents, premioms, ta:es. and assessments wiA become de-
linquent. sud~ snms to be held by mort~aQee in t+ust to pa~ said ~t,touad rents. premiums, tues, and speci~l assess~enb;
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(cJ All papments meatloaed in the two precedinL snbsections of this pua~~ph and all payments ta be made under the note
secarcd hereb~ shall be added togeffier ~md the a~esate ~mau~t tl~eeeoi sh~ll be pald b~ tLe mort~aQor esch moath in a
sin~le pa~ent to be ~pliad b~ t6e mortp~ee to tLe tollowjag items in the order set [ortb: -
(n p~emiom charQe~ under tlee contnct o[ insur~nce with the 3ecret~ ot Housin~ ~nd Orban Development, or mont2~1~
chuQe (in llen of mort~a~e insorance pcemi~), ~s the case m~~ be; .
~round rents, t~es, assess:oents, fise. ~nd other hazud insar~nce premiums:
(II~ lnterest on t6e note secured herab~; aad
(IV) emortis~tiao o[ t6e princip~i ot said note.
Any deficiency in tbe emount af snch aggregate monthly peyment shall, naless made good by fhe matg,agor
prior to the dne date af tbe aezt snch pnyment, caostit~e an eveat af defauit nnder this matgage. The mortgagee
maq collect a"late charge" not to enoeed two ceats (2~) fac each dollar (Sl) of each paymeat m«e thaa fifteen
(15) days in arrears to car~r the e~ta ea~pensa involved'3a handGng delinqueat payments.
i
3. That if the total af the paymeats made by tl~ moctgagor ander f6) of parag~aph 2 precedin8 shall e:ceed
" t6e amount af pey~nts achisity made by t6e matgagee? ~a gtow~d reats, taices and assessmeats and iasurance
premiums, as the cast majr be; si~ es~ess aKall be credited by tlie aiatgegee on subsequent payments to be
made by the moctgagor. If, hawever, the moathlY PoY~ts made by tbe moct;,agoc nndec (61 ~ PeragraP6 2 prr
cediag shall aot be sufficient to pay gROnad rents, taxes and assessments aad ia4nrance premiums, as the case
may be, arhen.tbe same shall bccome dus and poyable, thea tbe mat~gac sball pay to t6e mortgagee sny amonnt
aecessary to make np t6e deficieacy, on a befae the date when paymeat af suc6 gcound. rents, tases, assessments,
oc insucance pcemiuma shall be due. If at any time the mo:tgraQa shall tender to tbe mortg,a~ee in scco~daace ~vith
the provisioas uf tbe note se.cnred hereby, full peyweat of the entire indebtedaess represented thereby, t6e mort-
gagee shall, ia canpnting the amount af snch indebtedness, ccedit to the acconnt af tbe mortgaga all paymeats
nwde under tbe pravisicas of (o) of ~pata~raph 2 hcred ahich tbe matgpgee 6es not beceme oblig,ated tn poyto
the Secretary af Housing aod Uzbae De~reloPoeat and any balaoce remaining ia tbe funda eccumnlated under the
provisions af (6J af said parpgrapb 2. If there shall be e def4ult undec aay oE the pcovis~ons af ~bis a«t~e. re-
sulting ia a public.sale af tl~e pccmises_ covered ~ereby, oc ;f the m4R't8ag~ee acqnires the Prope*h~ othenvise after
default, the mat~a~ee sh~ll appl~, at tlro time of tbe commencemeat aE suc6 proceeding,s or at the time the prop-
eety is otbecwise acquired, the balanoe tben cemainiag in the tnnds accnmulated under (61 ~ P~B~Pb 2 PI~~6
as o credit a~i~nst tbe amonnt of pcincipal thea rem4inins ~mp~d nndec said note aad shall pcoperlyodjust aay
Pal?~nb wbick slia111wve been made nnder (a) cf aaid para~apb. ,
4. T6at be wiU pay aU ta:es, assessments, water ntes, and dher~governoeatal a municipal c6aiges, fiaes,
oc impc~itlaos. foc whic6 pra?isiaa !ws ad been mode hereinbefae, aad io defoult t6ereaf the nwrtgA~gee may poy
t1~e saa~e; and t}wt he will promptly deltver t6e df~cLl reoeipRs t6ec~or to tbe ooetgpgee.
s~Ki85 ~15~5
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