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Home My WebLink About0438 ~ r~~~ . , : s~~ said moct~~a does hereby Eully w~r~ant the titla to s~id land. and eve~y pn~t thereo(. •nd wiii de(end the same a~inst the lawtul ct~ia~s at all peesons whomauever. PROVIDED ALWAYS. and tbese pre~eats an e:ecuted and delive~cd upon the Eollowin~ coadltio~s. to ~rjt: The ~sat~aaot ~~e~e~ to y tl~e mat~,'~ee~ or ader~ tbe principol suo of NII~1'ESN T~fOiJ.SAHD F'OR~tM~~NDH0~00---~----....~-------------'----------- uola~s (t 19~400.00 as evidenced by a note of evea date herewith; wlth t~terest from date at the ate aE $Il~HI' A~iD p~tS~-HAI.F . pe~ ceetwa ( @~ pe~ oanum on the unpaid b~lpnce uatil p~id. T6e said principol ~nd interest shall be payable 4t tbe office af d. T. STSiiAAT MOR'1~CAGB CQlPANY~ INC. Suite 300 - 100 Miracle Mile~ Coral (3ables, Florida.. oc at suc6 dher place as the holder of the note may desigaste in ~v~iting. in monthly iaatallments of p1S H~TDRI~D FO~Y-NII'IS AND 19/100 - - - - - - - - -nouars (s 149.19 commencing the first day oE ~[~y . 19 70 , aad on tl~e first da~r of each month thereafter uatii tbe principol and iate~est 4ce fully paid, cxcept that the final payment of principa! and interest. if aot soane~ peid. shall be due and p~yable an the ficst daY ~ ApTili 2000. . : -Aad slu?11 duly. promptly. and fully pe~focm. discharge~ execute. effect. complete. and caaply with end abide by each and every tbe stipulations. eg~eements. coaditiaas, aad coveasnts of said promissor~ aote and of this mortgage. the~ this matgage and the estate hereby created shall cease and be null and void. ~ Aad the matgraga fucthet covenant¢ as follaws: ~ ' ' 1. That he will pay the iadebtedness. as hereiabefore provided. Pri'vilege is reserved to pay the debt in whole, oc in an amouat equal to one or moce monthty payments oa the prlncipal that are next dne oa tl~e aote, on the first day oE aay moath prior to maturity: Provi~e~, however. tlwt writtea aotice of an intention to exercise such privilege is givea at l~est thirty (30) days prioc to prepaya~ent; and. provided fudher, that in the event the debt is peid in full prior to maturity and at that time it is ins~ued under the provisions of the Nationel Nousing Act. he will pay to the mortgagee an adjnsted premium charge of one per centum (1%) of the original principel amonnt thereof. except that in no eveat shall the adjusted premium exceed the aggregate amount of premium charges which would have been poyable if the mortgage had continued to be insuced uAtil maturity; such payment to be applied by the mort- gagee upon its obligation ~to the Secretary oE Honsing end Urbon Development o~ account of mortg,ege insurance. 2. That, in ocder more fully to protect the security of this mortgage, the mortgagor, together vvith, and in eddi- tion to. t6e monthly payments under tl~e terms of the note secured hereby, on the first day of each month untit the said aote is fully paid. will pey to the ooct~age~ t6e follawiog sums: (o) Ae amouat sufticient to provide tLe holder htteot with [uuds to pay the nezt mort~age insunnce premium if this instru- meat aadthe note secnrcd hereby are iasnred, or • mont}rly cbarge (in lieu of a mortgage insurance premium) i[ Wey ~rc held br the Seceetary of Housle~ and Urban Dwelopoee~t. ~a tolto~rs; (1) U aad ao lon~.as said noti of e~en datt and this inattument are iasured or arc reinsured uader the provisioas ot the _ N~tional Housing Act, an ~mount sntficleot to acemm~l~ts in t~e 6~n¢s of the holder oae (1) maith prior to its due date the annual mortQa~e insnraace pramiua. le order to pwvide such 6older ~aith funds to psy suc6premlum to the Secretary ot tiousing aad Urban Developmeat pwau~nt to the Hatioa~l Housia~ Act, as ameaded, ond applicable Regu- latioas thereunder. or (II) If snd so loag as said aote of evea date ~nd t61s iaatniment are held by the Secret~ry of Housing a~d Urbpn Develop- ment, a monthly charQe (iu lieu of • mort~a~e insunace premium) w6ich shall be in an amount equal to one-twel[th (1l12) oE oar-hal[ (~,4) per centum of the avenge outstaading balance due on the note computed without toking into account delinqueocies or prepaymeats; (b) A sum equai to the eround reata, i[ aay, nezt due, plus Wc premiums that will nezt become due and payabie on policiea ot Cue md other hasard insurance coverine the mort~a~ed property, plus ta:es ~nd assessmenta neat due oa the mort- gaged prope~ty (all aa estimated by tlee mortgagee) less all sums already paid theretor divided by the number ot months to elapae belorc one montl~ prior to the date wrhen such eround rents, prcmiums, ts:es, and assessmeats ~rill become de- tinqueat, such aums to be heid by mort`aQee in trust to pay said ~rround rents, premiums, tuea, and special assessments; and , i (c) All payments mea4oaed 'w the two precSdina aubsections o[ this paragraph aad all payments to be made under the note j secured hereby shatl be added toQeWer wd tbe •gQe~ate amount thereof shall be paid by the mo~tgagor each month in a ~ single papmeat to be applied br the mortta`ee to the toUo~rint items fa ffie ordet set torth: 'I ,(n premium char~es under the cootnct ot i~surwce .~vlth • tbe Secret~ry o[ Housin~ and Urbaa Devetopment, or monthly ` ~ char~e (ia lieu of mort~a~e insurance premium)~ •s thc case may be; ~ (II) Qrouad rcots, ta:es, assessmeats. fire, and other hazard insur~nce premiums; ~ (IIn interest on the note secured hereb~; and (IV) amortisatioa ot the princip~l oE s~id note. Aay deficiency in the amount of such aggregate monthly payment shall, unless -made good by the matgagor , prior to the due date af the ne:t suc6~ poyment, constitute an event af default under this moctgage. The modgagee ~ may collect a"late charge" not to esceed tvvo cents (2e) foc each dollar (S1) oE each payment more than fifteen (15) days in arrears to cover the eaRra expense involved in handling delinquent payments. ' 3. That if the total of the peyments made by the mortgagoc under (6) of paragRaph 2 preceding shell exceed the amount of payments actually made by the moctgagee, for g~ound rents; taxes and assessmeats and insurance pcemiums, as the case may be, snch excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however. t6e monthly paymeats made by the mortgagoc under (6) of peregraph 2 pre- ceding shall not be sufficient to poy graind rents, taxes a~ assessments aad insurance pcemiums, as the case may be, ahen the same shall become due and peyable, then tbe mortgr~gor shall pay to the mortgagee eny amonnt ~ necessery to make ap the deficiency, on a befae tbe date whee paymeat of sucb ecound reats, ta:es, ~ssessments, ~ a insurance premiums shall be due. U at any time the mortgagor shell tender to the mortg,agee in accordaace with ; the provisions of the nde aecnred hereby, fnll peyoent of the eatire indebtedness represented tl~ereby. the moct• gagec shali, ia coopating tfie amount d such indebtedness, ceedit to the account d t6e aatgagoc all paymenta : x ~de under tbe provisions of (a) d poragrapb 2 hereaf whicb the roat~ugee has aot bacome obligated to poy to ~ ~ the Secretary oE Housing aud Urban Developmeut and any balance remaining in the funds accumulated under the . ~ provisions d(bj o[ said paragraph 2. If thece shall be a default under any d the pcovisions of this moctg,age, re- ~ sulting in a public sale af the prewisea covered hereby. or if the martgagee scquires the property otherwise after ~efault, t6y moctg~ee chall wpply, at the time oE.the cammencement ot such proceedings or at the time the prop- i edy is othtnvise acquired, the balance tben reoaining in the Eunds accumuloted under (b) of paregraph 2 precedin~ as a credlt ag,tlast the amount of principal then remaining unpeid under said note aod shall properlyedjust any psya~eats wrhicb alw1l hav~ been made eoder (aJ o[ soid paregraph. . 4. That he wiU poy all taxes, assessa4ents. water rot~, ~and dher gover~mental a municipol char~es, fines, oc impositions, for wbicb prwisian has not been made hereinbefore, and in de[ault thereof the mortgagee may pay the same; and that he wili pcaoptty deliver the afficial ceceipts tbe~efor to the mortgagee. _ , , ~ ~ ~?186 ~ 43? ~ - i~ 1 J k - _ . . _ a~t~_ ~