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HomeMy WebLinkAbout2641 f ~ . , i 1 i• t i, i ! ~ ~ sa~d mort a ot does he~eb tull w~~~ant the title to soid lond. and eve~ ~ g t Y Y y p~rt thereof. ~nd Mill detend the some :~~ainst the lawtul claims of all pe~sons wbomsoever. ~ PROVIDED ALWAYS, and these p~eseats are executed •ad delivered upon the tolloMriag coadltlons..to wit; The mortgagoc agcees to pey the mortg~gee. or ocder, the pri~cipal sum of 37x17~IiT TSOUSAND . EI~T SUNDRSD !'I!'TZ AI~iD NO/100------------------------------- Dollars (S ~ 6~ 8~0 • 00 as evidenced by a note ot even dete herewith. arith interest from date at the rate oE EZGHT l~iD O~-H~LP' per centum ( 8~ per onnum .on the un id balance until {wid. Tbe said principol and interest shall be paysble at the office of J. T. STEI~~RT N~RTG~~tiE COMP~TY, INC. in 8uit• 300 - 100 Miraol• l~iil~, Coral asbl~a, !'lorida oc at such other place as the holder of the note a~ay designate in writing. in monthly installments of OLi= HUIdDRSD ZYEH1'Y-NI~iS ~ND 's8/ 100-~llars (S 1~9.'S8 commencing on the Eirst day of ~~'rQ~g . 19'rQ . and on the first day of each moath thereafter untilthepcincipal a~d interest are fully paid. eYCept tbat the fiaal payme~t of principal and interest, if not soo~er paid, shall be due a~d payable ea che Eirst day of S~ptea~b~r. 2000. : And shall duly, promptly. and fully perform~ discharge. execute. effect, complete, and comply with and abide by each and every the stipulations. agReemeats. conditions. and coveaants of said promissory note and of this mortgage. then this mortgage end the estate he~eby created shall cease and be null and void. _ ' Aad the mortgago~ fudher covenants as follows: 1. That he a?ill pay the indebtedness. as heceinbetore provided. Pcivilege is reserved to pay the debt in whole, or in an amount equsl to one or mae mor~thly payments on the principal that are next due on the note, on the Eirst day of aay mocith prior to maturity: Provided, however; that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; 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 modgagee an adjusted premium charge of one per centum (1%) of the original principel amount thereof. except that in no event shell the adjusted premium exceed the aggregate aawunt of premium charges which would have ~ been payable if the mortgege hed continued to be insured until maturity; sach payment to be applied by the mort- gagee upon its obligation to the Seccetary of Housiag and Urban Devetopment on accouat of modgage insurance. 2. That, in order moce fully to protect the security of this modgage, 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 follaving suais: (a) Aa amount~ sufticient to provide the holder hereot with funds to pay the ne:t mortgage insunnce premium it thia instru- ment aad the note secured hereby ore insured, or a monthly charge (in lieu of a mortgage insurance premium) if they ore held by the Secretary of Housiug oed Urban Development, as tollows: (1) If and so long aa said aote of even date and thia inatrument are insured or are reinsured under the provisiona of the National Houaing Act, an amount su[Cicient to accumulate in the hands of the holder one (1) month prior to its due date the snnual, mortQa~e insuronce premiuR~, ia order to pmvide such holdet with funds to pay suFhprepuum to t6~ Secreta~~ of Housing ~nd U~e Development parsuant to the National Housing Act, as amended, and eppliCable Regu- lations thereunder; or (Q) if and so loag aa said ~ote of even date and this instrument are held by the Secretary ot Housing and Urban Develop- meat, a monthly charge (in lieu of a mortgoge insurance premium) which shall be in an amount equal to one-twelfth (1!12) of one-halt (y4) per centum of the average outstanding balance due on the note computed writhout taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, it any, nezt due, plus the premiums that wrill nezt become due and payable on policies of [ire and other hazard iasurance covering the mortgaged property, plua tases a~d assessments ne:t due on the mort• ~ gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number o[ months to elapse betore one month prior to the date when such ground rents, premiums, ta:es, and ~ssessments wilt bec~me de- f linquent, such sums to be held by mortgagee in trust to pey said ground rents, premiums, ta:es, and special assessmeats; ~ and ~ {c) All payments mmtioned in the two preceding subsectioas o[ this pangraph and all paymenta to be made under the note ~ secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a singie paymeet to be applied by the mortgagee to-the following items in the order set [orth: (n premium chorges under the contract of insurance with the Secretary ot Housing and Urban Development, or monthly charge (in lieu of mortg~ge insuraace premium), as the case may be; (II) erouad rents, tazes, assessmeats, tire, and other hazard insurance premiums; , - (III) intsrest on t6e note securcd hercbq; ~nd s (I{~ amortizatioa of the priacipal ot said aote. E Any deficieacy in the amount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the neYt such peyment, constitute an eveat of default under this mortgege. The mortgagee ; may collect a"late charge" not to e:ceed two~cents (2~) fdr e~ach dollar ES1) of each peyment'more than fifteen (15) days in aaears to cover the extra expe~e involved in h~adlit~g delinqueat payments. 3. That if the total of the payments made by the mortgagor under (b) of ~paregcaph 2 preceding shall exceed j the amount of payments actually made by the matgagee, Eor g~round rents, texes and assessments and insurance 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 (6J of paragcaph 2 pre- ~ ceding shall not be sufficient to pay g~ound rents, taxes aad assessm.~nts and insurance premiums, as the case ~ may be, when t~e same sball become duc and payable. then the matgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on oc before the date when payment of such ground rents, taxes. assessments, ~ ~ or insurence pcemiums shall be due. If at any time the mortgagor shalltender to the modgagee in accordance vvith ~ the provisioos of the note secured hereby, fnll p~yment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of snch indebtedness, credit to the account of the mortgagor all payments made under the pravisions of (a) of paragraph 2 hered which the matgagee has not became obligated to pey to ~ the Seccetary of Housing and Urben Developmeat and any balance remaining in the funds accumulated under the provisions oE (b) of said paragtaph 2. If there shall be a default nnder aay of the provisio.~.s of this mortgpge, ce- sulting in a public sale of the premises covered hereby, oc if the matgagee acquires th~ prope~ty othe~rise after default, the laoctaagee shall apply, at the time of the commbncestent of such proceedings « at the time the prop- ~ ~ erty is otherwise acquired, the 6alance then remaining in the funds accumulated under (b) of paragraph 2 Qreceding as a credit against the amonnt of pcincipel then remaining unpaid under said note and shall properlys+djust eny ~ paynients whk6 shall i~ave been madr uader (aJof seid paragcaph. 4. That he will psy all taxes, assessments, water rates, and dhe~ governmental or municipel charges, fines, ~ ~ impoeitions, for which pravision has not been made hereinbefae, and in default thereaf the mortgagee may pay ; the same; aod that he will promptly deliver the dficial ~eceipts tberefor to the mortgagee. ~ . , , ~ ~ ~o~K 186 ~A~E 2634 ~ -.3 . ' ' ' ; .r . . _ _ _ _ _ _ - - - - - ~ - - ~s ~ _ .