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Home My WebLink About0687 . .~,,1 ~~j ss~id mortgugor dces hereby (ully watrant .the title to sbid tand, and every part thereof, and w~ll dete~d the same against the lawtul claims o( al! petsons whomsceve~. PROVlDED ALN'AYS. and these presents a~e executed and deliveced upon the followi~g conditions. to wlt; The moctgagor ~grees to pay the moctgagee.•or order, the pri~cipal sum ot P'I1~'T~N TSOUSAND l~'OUR 8U~?D~RED FIP"1'Y ~ND 00/100------------------------------------- Dolls?cs (S 1S~11S0.00 as evidenred by a nole ot even date herewith, with interest from date at the ~ate of $ItiST ~ND OI~iS-H~AI.!' . per centum ( 8} 9G) per annum oo the unpaid balance until paid. The said pcincipal and interest shall be payable et the office ot J. T. STEYART ~iOR'1'CiAQ$ COKPANl, INC. in 8uit• 300 - 100 1Kirwal.• ~[il~, Coral aabl~a~ Florida or at such oth~r place as the holder of the note cnay designate in writing. in monthly installments of ONE $UNDRED EIQSTB~N AND 81/100--- Dollars (S 118. 81 comaiencing on the first day of $~pt~~b~r . 19 70. and on the tirst dey of each month thereafter untiltheprincipel and intecest are fuily peid, except that the final peyanent of p~i~cipel and interest. if not soonec paid, shall be due and payable o~ the first dey of ~tlatist ~ 2000. And shaq duly. pranptly, and fully pedocm. dischacge, execute. effect. complate. and comply with and abide by each and every the stipulations. agreements. conditions. and covenants of said promissory note end of this mortgage. the~ this mortgege and the estate hereby created shall cease and be null and void. And the mortgegoc further covenants as follows: 1• That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or mae monthly payments o~ thc principal t6at are next due oe the note, on the first day of any mo~th prior to maturity: Pro~~ided, however. that written notice of an intention to exercise such privilege is given at least thiny (30) days prior to pcepayment; and. provided further. that in the event the debt is paid in . full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principa! amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable iE the mortgage had conti~ued to be insured until maturity; such payment to be apptied by the -mort- gagee upon its obligaZian to the Secretary of Housing and Urban Development on account of mortgage insu~ance. 2. That, in order more fully to protect the security 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 fully paid, will pay to the mortgagee the following sums: (nl An ~mouat sufficie~t to provide the holder he~eol with Eunds-to par the next mortg~ge insurance premium i[ this instru- • ment and the note secured hereby are insured, ur a monthly charge (in lieu ot a mortgage insurance premium) it they are held by the Secretary o[ Housing and Urban Development, as follows: . (I) If~and so long as said note of even date and this instrume~t are iosured or are rcirsured under the provisions ot the , Nat?ooal Housing Act, an amount suf(icient to accumulate in the handa o( the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with fu~ds to pay suc6premium to the Secretary of Ho~sing and Urba~ Development pursuant to thr National Housing Act, ss amended, and applicable Regu- lations thereunder, or (Il) If and so long as said note of even date and this instrument are held by'the Secretary of Housing and Urban Develop- menl, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in aa amount equal to one-tweltth ( i' 12) ot one-halt per cenwm of the average outstanding balance due on the note computed without taking:into ' accaunt delinquencies or prepayments; . i (hy A sum equal to the ground re~ts, it any, next due, plus the premiums that wilt next become due and p~yable on policiea ot fire and other hazard insurance coverinQ the mortgaged property, plun taYee and assessments ne:t due on tlie mort- i gaged property (all as est~mated by the mortgagee) less all sums olready paid theretor divided by the number of months • ~ to elapse be(ore one montb prior to the date when such ~round rcnts, premiwaa, taYt;~, and aseessmeats wi11 becort~e de- ~ l~nque~t, such sums to be held by mortga~ee in trust to pay said grouad rents, p~emiums, ta:es, and special assessments; t ~nd . - / Aii payments mentioned in the t~ro preceding subsectioas of this paraQroph and ~11 payments to be made uader the note secured here~y shall be added together and the a~reQate amount thereot shall be paid by the mortQaQor eoch month in a single paymen~ to be appiied by the mortQaQee to the followring items in the order set [ortt~: . (I) preuaium chsrges under the contract ~ot insurance with~ the Secretary o( Housie?Q ~nd Urbaa Development, or monthly charge (~n lieu o[ mortgaee iewrance premium), •s the case m~y be; ' (li) ground rents, tases, assessments, (i~e, and other hasard inaurance premlums; , (III) iAterest on the note secuted hercby; and ' - (IV) .m~rtuation ot the principal of said note. ~ ' ~ Any deficiency in the amount .of such aggcegate monthly payment shall. unless made good by the moctgagor ~ prior to the due date of the nrxt such payment, constitute an event of deEault under this mortgage. The mortgagee may collect a"late charge" nat to exceed two cents (2¢) for each dollar (S1) of each payment more than fifteen (15) days in anears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the Payments made by the moctgagor under (6) ot'patagtaph 2 preceding shall exceed th~ a~rount of Payments actually made by the mortgagee, fot gxound rents. taxes and assessments ahd insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph.2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums,• as the case . may be, wben the seme shall become due and peyable. then the matgsgor shall pay to the mortgagee any amount . ; necessary to make up the deficiency, on oc befose the date when payment o( such ground rents, taYes, assessments, or insurance premiums shall be due. If at any time the moctgagoc shall tender ~o the morigagee in accordance with the provisions of the note secured hereby, full payment of the entire in~iebtedness reprgsented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgegor all payments made under the pravisia.~s ot (o) of paragraph 2 hereof which the mortgegee has rtot become obtigated to payto tbe Secretary of Harsing and Urban Development and eny balance remaining in the funds accumulated undet the provisions oi (b) of said parag~aph 2. if there shall be a default under any oE the provisio.is of this matgege, re- sulting in a ppblic,sale of the premises covered tereby, a if~the moctgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ erty is otherwise acquited, the balance then remaining in the tunds accumutated under (61 oi paragraph 2 preceding as a credit against the~ amount oE principel then.remaining unpaid• under said note and shall Qroperlyadjust any payments which shafl have been made under (aJ of said paragraph. - 4. That he will pay all taxes, assessments, water rates, and other go~ecnmental or municipal chacges, fines, oc impositions, for which provision has not been made hereinbetoce, and in default thereof the mortgegee may pay the same; and that he will promptly deliver the official receipta thereEor to the mortg~gee. ' ~ ' , ~ ~ • ~ _;v~