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HomeMy WebLinkAbout0264 - ~ j said mortgagor does heceby fully warraet the litle to seid land, and every part thereot. and will defend the same agaiast the lawCul claims of all pecsons whomsceve~. PROVIDED ALWAYS. and these presents a~e executed and delivercd upon ths following conditions. to wit: The mortgagoc agrees to pay the mvctgagee. oc order. the principal sum of sj,sVE]i TSOU8AI~1D ~i~iiT siVAMRi1Y wNY AO/tOO~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dollacs (S 1 1~ 800.00 as evidertced by a note of even date herewith. with intecest fcom date at the ~t~ ~ EIaHT ~TD ONE-HALF per centum ( per aanum oa the unpafd balance until paid. 'I'he said pti~ipal and interest shall be payable et the office of J. T. STZMwRT KORT(iA~i P COMP~i~f, I~TC. in Suit• 300 - 100 ltiraol• l~Iil~, Ceral Qa~l~s. ~'lerida or at such other place as the holder of the note may designate in writing. in monthly irtstallments of r1IDiET? >ND ~'~~100--------------- Dollers (S 90.'r!~ . comn,encing on ~ the first day of D~o~~b~r 19 Q. aad on the first day of each month thereafter w?tiltheprincipal and iaterest are fully paid, except that the fina~payment of principal aad iaterest. if not sooner paid, shell be due and payable on che first dey of No~ra~bsr, 2000. And shall duly, pranptly. and fully perfocm, discherge. execute. effect~ complete. and comply with and abide by each and every the stipulations. agreements. condilions. and coveaants of said ~promissory aote and oE this mortgage. then _this mortgage and the estate hereby created shall cease and be null and void. And the mortgagoc fudher covenants as follows: 1. That he will pay the indebtedness. as hereinbe.'ore provided. Pcivilege is reserved to pay the debt in whole. or in an amount equal to . one or more monthly payments on the principel that are next due on the note, on the first ~ay oE any month prior to maturity: Providrd, however, that written notice of an intention to exercise such privilege - is given at least thicty (30) days prior to prepayment; and. provided Eudher. that in the event the debt is paid in full prior to matu~ity and at that time it is insured .under the provisions oE the National Housing Act. he will pay to the modgagee an adjusted premium charge of one per centum (196) of the original principel amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium cherges which would have been. payable if the mortgage had continued to be i~sured until maturity; such payment to be applied by the mort- gagee _ upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That. in order more fully to protect the secu~ity of this mortgage. the modgagor, 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 Eully paid, will pay to the mortgagee the following sums: (a) An amount suUicient to provide the holder hereof with funds to, pay tAe ne:t mortgage insurance premium if this instru- ~ ' ment and the note se¢ured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) it they are held by the Secretary ot Housing and Urban Development, as tollows: (I) If and so long as said note o[ even date and this instrumeat are insured or are reinsured under the provisions o( the National Housing Act, an amount sufficieat to accumulate. in the haads of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with [unds to pay aucb prcmium to the Secretary ot Housing and Urban Development pursuant to the.Natioaal Housing Act, as omended. and applicable Regu- lations thereunder; or . (II) 1f and so long as said note of even date and this iastrumeat are held by the Sec~etory of Housing and Urban Develop- ment, a monthiy charge (in lieu of a mortgage insurance premium) which shall be in an amouat equal to one-twelfth (1!12) ot one-hal[ (yS) per centum of the avers~e outstaading balaace due on the note computed ~rithout toking iuto ~ account delinquencies or prepayments; ; (h/ A sum equat to the ground rents, if any, next due, plus the premiums that will nest become due aad payable on policies ; ot [ire and othec hazard insurance covering the mortgaged property, plus tates and assessmeats ne=t due on the mort- f gaged property (all as estimated by the mortgagee) Iess a11 sums alrrady paid there[or divided by the number of montha E to elapse before one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said gwund rents, prcmiuma, tazes, and special assessmeats; ~ and ~ (r J Ail payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the Aote secured hereby shalt be added together and the aggregate amount thereof shall be paid by the mortgagor each moath in a singte payment to be applied by tl~e morteagee.to the tollowing itema iwths order sot tocth:. (I~ premium charges under the contract ot insurance with the Secretary ot Housing and Urban Developa?ent, or monthly charge (in lieu ot mortgage insu~ance premium), as the case may be; (II1 ground rents, ta:es, assessmeats, fire, aad other hosard insurnnce premiums; (!II) interest on the note secured hereby; and (IV) amortizotion o[ the principal o[ said note. Any deficiency in the ar.~ount of such aggregate monthly payment shall, unless made good by the mortgagor 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 epch doller (~1)•of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the peyments made by the mortgagor ander (b) of paragraph 2 preceding shall exceed the amount oE payments actually made by the mortgagee, for ground rents, taxes and assessments and insurence premiums, as the case may be, such excess shall be credited by the moctgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents. taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the moctgagoc shelt pay to the mortgagee any amount ~ ~ necessary to make uR the deficiency. on oc before the date whea payment of such ground rents, taxes, assessments. or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accocdance with the provisions of the note secured hereby, full payment of the entire indebtedness repcesented thereby, the mort- gagee shall, in computing the amount ot such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (aJ of paragceph 2 hereof arhich the matgagee has not become obligated to payto tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of said paragraph 2.- If there shall be a default under any of the pcoviaioas of this moctg~ge,.re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the propedy othen~rise after default, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paregraph 2 preceding as a credit ag~in.st the amount of principal then remaining unpaid under said note and shali properlyadjust any payments which shall have been made under (aJ of seid paragraph. • 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the ofEicial teceipts therefor to the mortgagee. dooK186 P~ - . . ~ _ . ~ - ~.~.~s - ~ ~w~ _ . .