HomeMy WebLinkAbout1324 ~ ~ . : ,j
seid mo~tgr~go~ does hereb~tully wa~~ant the title to soid land, aed e~~ecy p~rt the~eot, and will de(end the :ame
u~oinst the l~wful cla~ms of all pscsons whomsoeve~.
PROVIDEO Ai.IKAYS. and these pceaents ece executed and delivered upon the EoltoMin~ conditions. ta wit:
The mo~t~o~or a~rees to poy the moct~pgee. oc ocdet. the prirtcipal sum of g~'$~] 'j'H~~$A~Tj~
SEVBN bItA~DRF~D AND NO/L00•-••--------•---•-----•------------••-------•-~
Dolla~ (S 1S ~ 700 ~QQ a; evide~cad by a aote vf even date herewitb. with intecest from date at the
rate ot •i bt itld ORe-tlalf pe~ ceatum ( 8~ per aaaum oa the unpaid bal~ace
until poid. ~ said p~iecipol ~nd inte~est ahall be payAble at the office of J. T• S'1'LWAR'I' MORT(~A(~E
CO~PANY, INC., a oorporstioa uadsr th~ Laaa of ths Stata ~f Ftorida,
a et such other place as the bolde~ oE tbe note awy deaigpate in arriting, ia monthly installmeats of Qne
H1itldTdd '1~1~QL~1 •t~d 79~100~~•~•~~~~•• Dollars (S LjQ•~$ coma~encing on
the ticst day of DeComDeY' . 1g 70. and on tl~e fi~st day of each moath thereafter until the principol
and intecest are tully paid, except thi~t the finalp~ yment of pcincipal •od iaterest, i( not soa~er paid. ahall be due
and pay~ble on the~ Eiret day oE Novembe~' ~ Z000.
. And shall duly, proaaptly. ond Eully pedorio~ discharge. execute. effect. complate. and comply with aod abide
by eacb qnd every the stipulatioas. agceementa. conditioas. and cove~wats af said pcaaissory aote aad of this
mortgage.~then this moct~age and the estate hereby cnated shall cease aad be null a~d void.
Aad the moct~gac Eurther covenants as followa:
1. That he vnill pay We indebtedness, as he~einbeforo pcovided. Priirilege is ceserved to pay the debt in whole,
- or in an anwunt eqwl to ooe a mae monthly paymeats oo the p~incipel that ace next due oa the note. oa the ficst
day ot any enoath prio~ to maturity: Provided. however. that ~r~ttten notice of an inteation to exercise such pcivilege
is given at least thlrty (30) days prior to prepoyment; and, pcovided furt6er~ that in the event the debt is paid in .
tull pri~to maturity and et that time It is i~sured under the provisions of the National Hoasing Act. he will pay to
the mortgagee an adjusted ptemium charge of ane per centum (l~i) of the original principol amount the~eof. except
that in no event shall the adjusted premium exceed the aggcegate aawunt of premium charges which would have
been payable if the matgage had c~utinued to ba insuced until mattuity; such payment to be applied by the mort-
gagee upon ifs oblig,etiou to the Seecetary of Housing and Ucbaa pevelopaeat ~ accouat of mortg~ge insurance.
2. That~ io order more fuqy to pcotect the securlty of thia mortg,age. the ioortgagor~ together aith. and in addi-
ti~ to. the menthly payments under the tenas of the note secured heeeby, on the first day of each month until tbe
said note is fully paid. will pay to the moctgagee the toilaving sums: -
(al Au amouat suf'ticieat to proride tAe dolder Aereoi with tunds to p~r the ne:t mortQ~ee insur~ace premium if this instrw
meet aad the aote secured herebr are insur~d, or • moathly cbu~e (ia lieu ot a. mortpge insursnce premium) if they ~re ~
beld by the Secreury ot Nonsie~ aad Urbaa Developmsat, lollo~ra:
(I) I[ and so IoaQ as said note ot even date sud tbis fastmaent are iasured o~ are reinsured ueder tAe pro~isfons of We
Natioaat Housin~ Act. ao assount sutticieat to ~ccnmalate in t6a haads ot We holder one (1) monthprior to its due
date !he annual Q?ort~Qe lasur~nce premium. ia order to provid~ such holdes wltfi [unds to pay sucLpremium to the
Secretary of HousinQ sud Urbaa Developmeat pursu+u~t to ti~ Nation~l Housin~ Act, as ameaded, and applicable Regu-
latioaa theteunder, or
(Q) lf and so loag ~s said note ot even date aud thi: instrument are held bpthe Secretary of Housin~ aad Urbaa De~elop-
ment, • moathly ch~r~e .(in Ileu ot • a~ost~a~e lasus~ac~ premiwo) whic6 sbaU be ia aa amount equal to ont-twelfth
(1/12) of ons-h~lt (y4) p~r ceatwa ot th~ averaQe a~tsW~din~ balance ~e oa the note computed ~rit6out tslcin~ fnto
~ceouat delinquencies ot ptepariaents;
(ti1 A sum equal to the ~ound rents. it uey, nest due. plua Wt peemiums that ~vill ne:t become due aad payable on policies
ot [ire and othrr hasard iasurance coveriaQ the mort~~sed propertr, plus ta:es ~nd ~uessments ne:t d~te on the mort-
~s~ed propeKr (aU as estimated by the mortQ~Qee) less alt sums ~lrcadY paid t6eretor divide~! by the aumber of months
to elapse be[ore one moat6 prlor to the date ~rhea such ground rents. premiums, ta:es. and assessments will become de-
linquent, such swos to be held br woK~a~ee ia trust to p~r said Qrouad reats, premiums, t~es, u~d spscial ~ssessmeats;
f ~
~ (e) All p~ymeats meatla~ed in the two pcecedia~ subsectioas ot this pan~oph aad all paymsnts to be mad~ under t6e aote
E secured herebr ah~ll be added toQethcr ~nd the a~reQste amaunt Wereot shall be paid by We mo~t~aeor e~ch month in a
~ single paymeat to be applied br tbe mort~aQee to tbe foilowinQ items in t6e order set twtb:
(q premiwa eharQes uader the coatract o[ iasuraace with the Secretary ot Ho~aln~ aad Urban Developmeot, or monthlf
e c6ar~e (ia ileu ot mort~e iasurance premium). •s the case may be;
(tl) Qround rents. t~=es, assessmeat~. Ctee. ~nd otlur hasard Insurance p~emiums; _
(UI) interest oe the aote secarsd berebp; and
p1~ amortisatioa o[ the princtp~l ot said aote.
Any deficiency in the a~aonat oE anch aggregate monthly psyment shall, ualess made good by the mongagor
prior to the due date of the next such poyment. constitu~e an event af default under this mortgage. The modgegee
may collect a"late charge" riot to excee,d two cents for each dollar (S1) of each p~yment more than fikeen
(15) days in arreais to cover the extca expense urvolved ia handling deliaqueat payments. ~
3. Thet if the tda~ ef _the payments made by. tbe ntatg,~ga under (6) of paragraph 2 pceceding s6se11 e:ceed
the amount oE p.yarats octually made by tbe moetg~gee, fa ~ouad reats, taae~ and assessmeats and insurance
pcemiums, as the case rnay be, such excess shall be credited by tbe mortgrrgee oa subsequeat peyments to be
made by the awrtg~rgor. If. however, the monthiy poymeats awde by the matgs~ga under (b) of paragraph 2 pce-
ced'wg shall aot be sufEicieat to p~y gcound reab, tanes and assessmants and insurance pcemiums. as the case
may be. w6ea the saioe aball becoms due and poyable, tbea tbe iuortge~or slwll Qay to the moctgagee any amount
~ necessary to owke up the deficiency, oa a befae tbe date when po?yment of sncb ground ceats, taxea. assessa~ents,
~ o~ insurance peemiums ahall be due. If at aay tia~e the matga~a s6a11 tender to Lhe mort~p~ee in acco~dance wlth
the provisions of tht ~ote secured hereby. fnll poyment ot the entire indebtedness cepcesented tbertby, tbe moci-
~ gagee sfwll, in canpnting tl~e amawt af sucb iadebtedaess, credit to tlie account ot the mort~:gor a11 payments
made under tbe pra~visia~s oE (aJ cE paragtaph 2 bececE wbicb tbe mat~a~ee has eot bacoeie obligated to poyto
tbe Secretary ef Housing and Urbaa Develop~oeat and aay balaace re~aaining ia the funds accumulated uader the "
provisions of (6) ot said pars~rapb 2. IE thene slwll be a default uader w?y af tbe provisiaas of~this moct~age. rr
sulting in a publie sale d the premises covered ~ereby. ac ~iE tbe mat~a~ee acqnires tbe property dbeavise aiter
default. the moctga~ee shalt spply. at t!~ ti~e d tbe commencement of sncb pcocsediags oc at t6e tlme the pcop-
erty is otbernrise acquired, the balance thea cemaiaing in the fuads accumutated ~ader (b) ef psragraph 2 precedia~
as a credlt a~siast ti~e amou~ of princip~l tbea r~wtair?~ uapai~ undec said note and shalt properlyadjust any
psyments whicb shall ha~3e beea a~de ucder (a) of said puarnpb•
4. That he wrill p~y all taxes, assessmenta. water rates. aad dber `overomental or myaicip~l `chutes, fines,
o~ impositions. tor wbich pra+islaa has aot beea msde hereinbefae. and ia default thered the oort~a~ee may p~y
the saa~e; aed tlwt he will promptly detivec the aEEicial ceotipts thersfoi to the ~ort~r`ee.
. .
~ F t ~ ~
~ '