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Home My WebLink About0231 s.~~d mottK:~gur dues hereb~~ full~~ warrant thc title to said land, and ever~ pa~t thereo[, and will detend the same .~ga~~st the ~t~a~ful claims o( all persons whomsoeve~. , PROVIDED AL1t'AYS, and these presents are execuied a~d delivered upon the following conditions, to wit: The murt d or a ~ees to a the mort a ee, or order, the rinci al sum ot THIRTEEN 'THOUSAND SIX a B" K & P Y S" g P P HUNDRED AND N0~100---------------------------------------------------- ' Doilars (S 13,600.00 as evide~ceil by a note of even date herewith, with interest from date at the rate oi ~ight BCId O[le-hatf per centum ( per annum on the unpaid batance until paid. The said principal and inte~est shall be payable at the of[ice of J. T. Stewart Mortgage Company, Inc., a corporation under ~he Laws of the State of Ftorida, or at such othPr place as the hotder of the note may designate in writing, in monthly installments of OR@ ; HuRdTed FOUY' 811d 58~100-------------pollars (S 104.58 commencing on k the first day oi December , 19 70, and on the first day of each month thereafter untiltheprincipal 3 and interest are fully paid, except that the final payment of principal a~d interest, if not sooner paid, shall be due ~ and payable on the first day of November, 20~~. ~ And shall duly, promptly, and Eully perform, discharge, execute, effect, ~complete, and comply with and abide ~ ; by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this i mortgage, then this mortgage and the estate hereby cceated shall cease and be null and void. ` And the moctgagor Iurther covenants as Eollows: 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 more monthly payments on the principal. that are next due on the note, on the first da~• of any month prior to maturi4y: Pro~ ided, however, that written notice of an intention to exercise such privilege ~ is gi~~en at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in ` tul! prior to maturity and at that time it is insured under the provisions of the National Housi~g Act, he will pay to the moctgagee an adjusted p~emium charge of one per centum (1%) of the original principal amount thereof, except ~ that in no e~ent shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- ~ gagee upon its obligation to the Secretary of Housing and Urben Development on account of modgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, 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: r~r; An amount su(ficient to provide the holder hereof with [unds to pay the next mortgage insurancr prem?um if this ~nstru- meat and the note secured hereby are ~nsured, or a monthly chorge (in lieu of a mortgage insurance premium) it they are held b~• the Secreta~y ot Housing and Urban Development, as [ollows: tll I( and so long as said note of even date and th~s ~nstrument are insured or arc teinsured under the provisions of the ~ational Nousm~ Act, an amount su(ficient to accumulate in the hands 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 such premium to the ~ Secretarp ot t~ousing and Urban Bevelopment pursuant to the National Housing Act, as amended, and applicable Regu- lati~n~ themunder; or ; II1 If and so lonR as said note ot e~e~ date and this instrument ore held by the Secretary of Housing and Urban De~elop- ~ r..rnt, a monthly charge (in lieu o[ a mortgage insurance premium) which shail be in a~ amount equal to one-twel[th ~ (1 12) o( one-hal( per centum of the average outstanding balance due on the note computed without talcing into accuunt delinquenc~es or prepayments; ~ ~ A sum eq~al to tAe ground rents, if any, next due, plus the premiums lhat will next become due a~d payabte on policies % of (ire and other hazard insurance covering the mortgaged property, plus tozes and assessments next due on the mort- _ Kaged property (all as est~mated by the mortgagee) tess all sums already paid there(or ~ivided by the number of months f ~ tu elapse betore one month prior to the date when such ground rents, premiums, taxes, and assessments wili become de- l~nquent. surh sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, pnd special assessmenta; ~ end ~ ~ i All payments ment~oned in the two preced~ng subsections ot this paragraph and all payments to be made under the ~ote € +ecured herrby sha11 be added together and the aggregate emount thereof shall be paid by the mortgagor each month in a ~ s?n~1e peyment to be applied by the mortgagee to the tollow~ng items in the order set forth: ~ (I) prec~~um charges under the contract of insurance with the Secretary of Housin~ and Urban Development, or monthty ~ charge (?n lieu o[ mortgage insurance premium), as the case mwy be; ~ (II) ground rents, taxes, assessments, tire, ind other hazord insurance p~emiums; ~ (lli) interest on the note secured hercby; and = (IV) amurtizaUon o( the pr?ncipal o[ sa~d no~ Any deficiency in the ar.?ount of such aggr g~e 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 :nay collect a"late charge" not to exceed two c~ents (2Q) for each dollar (S1) of each payment moce than fifteen ~ ~ t15) dags in arrears to cover the extrq expense involved in handling delinquent payments. 3. That if the tot~l of the payments raade by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~~ments ac~ually made by_ the mortgagee. for ground rents, taxes end assessments and insurance premiums. as the ~ase 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 (6) oE paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case rray be, whea the same shall become due and payable, then the mortgcgoc shall pay to the mortgagee any amount necessary to make up the deficiency, on a before the date when payment of such ground rents, taxes, assessments, - or insurance premiums shall be due. if at any time the mortgagor shall tender to the moctgagee in accordance with ~ the pro~•isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- _ ~ gagee shall, in computing the amount o[ such indebtedness, credit to the account of thr mortgagor all payments ~ made under the provisions of (a1 of paragraph 2 hereof which the moctg~gee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the tunds eccumulated undet the provis~ons o( (t~J of sa~d paragraph 2. If there shall be a deEault under any of the provisio~s ot this mortgage, re- sult,ng in a public sale of the premises covered ~ereby, or.if the rt~o~tgagee acquires the property otherwise after default, the mortgages shall apply, at the ti~r.e of the commencement of such proceedings or at the time the prop- ~ erty ~s othervuise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ; ~ as a credit against the amount ot principel then remaining unpaid under s~id note and shall properlyadjust any ~ payments which shall have been made under (o) of said paragraph. ; ~ 4. That he will Pay all taxes, assessments, water rates. end other governmental oc municipal cherges, Eines, or ~mpositic;ns, for which provision has not been made hereinbefoce, and in defauit thereof the mortgagee may pay the same, and that he will peomptly deliver the official teceipts thetefor to the mortgegee. ~ i ~ooK 187 ~ ~3i _ # ~ - - -