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HomeMy WebLinkAbout1713 ~t,~ ~~R`; ir` . s~Id mortpta does beceby tulty wanant the title to s~ld laad. and every p~~t thereof. ~nd witl deEead th~ same a~aln~t tbe lawful claiss aE ~lI p~esoas whoaso~wr. PROVIDBD AI.#AYS. aad these Qcsseats u~ executed ~ad dellwred ~poa tbe toUawjns ca~dlticns. to wlt: 1'he ~ott~sa a~,r~es to {wy tbe mortga~et, ot ocder. the prtaclp~l suai of ~'I~'TSi~i T$OUSAI~ID . 8~~ ~ ~ ~/1~~~~~M~~~~~~~~~q~~~~~~~~~~~~~~~~~w~~~~~~~~~~ DollaEs (t 1~„7i~0•~0 . as evid~aced by a aote cf even date I~ecevvith, wlth iatereat from date at the nts d l~I~jL'2' ~n O~i~~,~ per ceatua ( 8~ per paaum va the uap~id balonce ' uatil poid. Th~ said priacipal aad interest shall be pqyable ~t the office of J. T. ST'i'i1wA'!' 1i0RTt,~~S . COl[PA~Y, IXC. is 8qite 300 - 100 1[iraol• l[il~, Coral aatil~s. ~'l~rida ' a et such oE~-place as tUe holder oi the note may designate in writing, ia moathly installmeats of ons 8vxnaaD ~trarr~r ~ 73/ t oo------ na~a~ ts t~0.79 ~~~~g the ftrst day af eot~ti~r , 19 7A, aad va tbe first day oE eacb month theeea,fter uatiltLepriacipal and iaterest ~re fnlly poid, except tLat thr Einal peyment of priacipal and iaterest, if aot sooaer paid, shall be due and poyable oa the first day of S~pt~a~r, 2400. : Md shaU duly, pramptly. and fully perforai, discharge, execute. effect. complete. and comply ~rith and abide by each and every tlze stipulatioas. agReements, conditioas. aad coveaants of said pronissory note and of this mortgage, thea this_ mortgage aal the estate hereby created shall cease and be null and vold. And the matgegoc fudher covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Priirilege is reserved to pay the debt in ahole. or ia an amount equel to o.ne a mace moathly paymeats oa the principal thst are aext due oa the aote, on the first day of ~yloonth prior to mafurity: P.ovided. hoaever, that wtittea aotice oE aa intention to exercise such privilege is givea at least t6irty (30) days prior to prepaymeat; and, pcovided fwther, that in the event the debt is paid in fuU prior to matucity and at that time it is ins~ued under the provisions of the National Housing AGt. he will pay to :he modgagee an adjusted pcemium charge of one per centum (196) of the origiual principal amonnt thereof, except that is ao.~svso~,~ball tbe adjusted p~qCq~um exFeed t~e ag,~regate ap~ouat a£premiuFn char~es,.whicb.~ouldba,ve. been payable if the matgage had continued to be iasured uatil maturity; suc~i psyment to be applied by the mort- gagee upoa its obligatioa to the Seccetary of Housing and Urban Developmeat on account of morfg,ege ias~usace. 2. That, ia_ order more fully to pcotect the security of this mortgage, the mortgagor, together with. and in addi- ! tion to, the monthly paymeats under the terms of the note secured hereby, on the first day~ of each ~month until the said note is fully paid, aill pey to the mortgagee the following sums: ~ (a) An amount suftlcient to provide tke holder 6ereof ~rith [aads to pay the ae:t mortgage insurance premium i[ this iaaW- ment and tbe note sccuccd 6ereby are iaaured, or a monthly charge (in lieu of a mortgage inswaace premium) i[ fhey are held bp the Secretary of Housiag and Urban Development, os [ollo~rs: (n II and so long as said note of even date aad this iastrument are insured ~ rrc teinsured imder ~he pwvisioaa of ffie Nattoaal HouainQ Act, an amonnt su~[icient to sccumnl~te ja tbe hands of the hotder one (1) mont6 prior to its due date the aanual mortaage insurance premium, ia order to pwvlde such bolder ~vith funds to par such premium to the Secretary of Iiousing and Urban Developmeat pursuaat to ffie Natioaal Housiu~ Act, os :meaded, and applicable Regu- ' lations thereunder. or (ln It and so loag as said note of even date and this instn~meat are held br the Sec~etary of Housing and Urban Develop- ment, a monthlr ch+arge (in lien oi a mortQage u?surance premium) ~vhich ahall be in an amount equal to ono-twelfth (1/12) o[ one-holf (y~) per centum of the sverage ontshadjng bai~ncb due oa t6e aota computed wiWout takiag iato account delinquencies or prepaymenta; (b) A sum eq~al to the gwund renta, if anr, nert due. plus the preminma t6at will ne=t become dne aad payable on policies of fire and other hazard 'snsurance coveriag ffie mortga~ed propert~, plns t~zea ~ad ~ssessmeats neut due oa the mort- ' gaged property (all as ea;imated by the mortgagee) less all suma already paid Weretor divided by We aumber of months j to elapse before one moath pdor to t6e date when auch ground rents, preminms, ta:es, and ~ssessmeats aill bec~me de- ; llnquent, auch sums to be held by mo~tgagee in truat to p~y said ground rents. premlwns, t~es, ~nd special assessments; ` ~ ! (c) AU pAymeats mentloned in the t~ro precedin~ subsec4oas o[ this paragraph and all payments to be made uader the note ~ secured hereDr shall be added togeWer aad the aggregate amouat thereof shall be paid by the mortgagor each month in a single payment to be applied by tLe mortQ~ee to the tolloaip~ Iyems in We order set tort6: (n prcmium char~es under t6e coatr~ct of lnswaace ~vittf the Secretary~o( Honsin~ and Urban Deveispment, or monthly c6aRe (in lien ot mortQage insnrance preminm), ~s~t$rc~se map be; ~ (II) around rents, ta:es, assessmeats, ~re, md other hasard insutaace premiusu; ~ (III? intecest oa the note secured here~r, ~n~ _ . , amortisation of t6e . . ; 4 ~ (IV) princlp~l of said nota - ~ Any deficiency in the amount of 'snch a~gate monthly payiment .s6all,: unless made good by the mortgagor prior to the due dete of the ne~ct such paymeat, ca~stitute an event of default under this mortgage. The modgagee may collect a"late charge" aot to esceed two ceats (2~) for each dollar (Sl) of each payment more than fiheen (15) days in anears to cover the extca expense involved in handling delinqueat payments. 3. T6at if the total of the peyments made by the mortgagor uader (5) of paragRaph 2 preceding shall exceed the amount of payments actt~ally made by the mortgagee, for gxound cents, taxes and assessmeats and insurance premiums, as the case may be, sach excess shall be credited by the moctgagee oa subsequeat payments to be made by the moctgagor. If, however, the monthly paymeats made by the matgagor undec (b j of paragraph 2 pre- cediag shall not be sufficient to pey ground rents: taxes and assessmants and insurance premiums, as the case may be, when~tbe aame shall become due and peyeble, then the mactgagoc shell pay to the mortgagee any amount necessary to make up the deficiency, oa a befae the dete when payment of such g~ound rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor sball tender to the mortgegee in accordance wit6 the provisions of the note secured hereby, ~fall payment of the e~ire iadebtedness repcesented thereby, the mort- gagee shall, in cwnputing the amount of snc6 indebtedaess, credit to the account af the mortgagor all paymeats made ~nder the pcovisiona of (a) d paragRaph 2 hereof ~vhich tbe ~nortgagee has aot become obligeted to pey to the Secretery oE Housing and Urban Development aad aay balance reniainiag ia the funds accumulated under tbe provisions of (6J of said paragcaph 2. If there shall be a default nnder any of the pcovisions qf t~is mortg~ge, re- sulting in a public sale of the premises covered hereby, or if the matgagee acquires the property othetvvise after _ default, the'matgagee sliall apply. at:the time af the comniencemedt of such proceedings or at the time the prop- edy is otherwise accryired, the balance then remaining ia the fnnds accnmulated under (b) of paragraph 2 precediag as e credit agaiast the amonnt of principe1 then remaining unpaid undec seid note and shall properlyadjnst any payments Nrhic6 sbe~lbave been macf~ andec (af af said patagtapi~• ~ 4. That he ~vill pay all ta:es, assessments, ~vata ratea, and other~~overn,aental or municipel chaiges, fines. or impo~itions, far which provision has not been made hereinbefore, and in default thereof the mortgagee mey pay the same; and that he will promptly deliver the official recxipta tbecetor to tl~e mortg,agee. . ' 8~~18~ ~~~'~4 . . (J ~ . _ . , _ _ _ - . . .