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Home My WebLink About0357 ~.,id r.~urtK,,~~,u~ durt hcreb~~ full~• ~~•arrant the title to said land, and e~~ery part thereof, and will detend the same .~~;,~inst the l~+w•iul claims of all pcrsons whomsce~•er. PROVIDED ALN'AYS, and these presents are executeci a~d delivered upon the [ollowirtg conditions, to wit: The mortgagor agrees to pay thr mortgdgee, or order, the p~incipal sum of NII~ THOUSArTD FIFTY A1~ID N0~100------------------------------^•---------•-•------•------------------------- I)ollars (S 9,050.00 as evidenced by a note of even date herewith, with inte~est f~om date at the r:,te oi Eight 8nd One-Half per centum ( 8~ o) per annum on the unpaid balance unt~l paid. The said pr~ncipal and interest shall be payabl~ at the office of FIRST I'~I~AL SAVIAC'rS AND LQAN ASSOCIATION OF INDIAN RIVER COUIPPY, a corporstion under tbe ls~rs of the United States of America, P. 0. Box 1209, Vero Beach, Florida or at such other plare as the holder of the note may designate in writing, in monthly installments of $iXty NiIIC 8nd 59~1~-~~-~~-~~~~~~~~~~~~~~~~-~~--~-~ ~ollars ~s 69•59 comn~encing on the f~rst day of NOVP,~beT , 19 70, and on the first day of each month thereafter untiltheprincipal and inte~est are [uUy paid, except that the final payment of principal and interest. if not sooner paid, shal! be due - and payable on the first day o[ OCtObC2'~ 2(100. And shall dul~~, promptly, and fully perform, discharge, execute, effect, comptete, and comply with and abide b~• each and r~~ery the stipulations, agreements, conditions, and covenants af said ptomissory note and of this mortKage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pa~• the indebtedness, as hereinbefore provided. Pri~~ilege is reserved to pay the debt in whole, ur ~n an amount equal to one or more monthl}• payments on the principal that are next due on the note, on the first d:+~~ of an~• month prior to maturity: N.~~e id~•d, however, that written notice of an intention to exercise such privilege is given at least thirty (30) da~•s prior to prepayment; and, provided further, that in the event the debt is paid in full pr~or to maturit~• and at that time it is insured under the provisions of the National Housing Act, he wi11 pay to the mortgagee an adjusted premium charge oi one Fer centum (1 0) of the original principel amount thereot, except th;~t in no e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa~•able if tFe mortgage had continued to be insured until maturity; such payment to be applied b~~ the mort- gagee upon its obligation to the Secretary o[ Nousing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tion to, the montht}~ payments under the terms ot the note sec.ured hereby, on the first day of each month until the said note ~s tull~• paid, will pay to the mortgagee the following sums: - r ~ An ..r..~~unt su((~cirn! tu pro~~~de the hulder hereof wtth funds to pay thr next mortgage insurance premtum if this instru- ment and the note srcurrd hrrebti• arr ~nsured, or e monthly charge (in Iteu ot a mortgage insurance premium) i[ they are hrld b~~ th~~ Secretary of Housing and Urban Development, as tollows: ~h If .+nd so lung as sa~d note of evrn date and tlns ~nstrument are insured or ~re re~nsured under the provisions of the \:,tional H~u~~n~; Act, an amount suthcient to accumulate in the hands of the holder one (1) month prior to its due datr the annuai mortgage ~nsurance premium, in order to provide such huider with funds to pay suchpremium to the S~~cretary of Fiuusing and Urban Development pursuent to the 1\ationei Housi~g Act. as amended, and applicable Regu- i..t~:~ns Ihrreunder, ur ~ 11 i If and ti~~ lon~; as sa?d nutr of et•rn date and th~s instrument are held by the Secretary of Housing and Urban Develop- r.:~-nt, a muntht~• charRe (?n lieu ot a mortgage insurance premiuml which shalt be in an amount equal to one-twel[th ~ I t'1 uf onr-half l`:) per centum of the average outstanding balance due on the note computed without taking intu { a: cuunt delinqurrtcies or prrpayments; A wm ~•quat to the ~;round rents, ?t any. next due, plus the premiums that wil! next become due and payable on policies ,f tire~ and other hazsrd ~nsurance covering the mortRaged pruperty, plus taxes and assessments next due on the mort- + K~t;r'1 proprrt}~ ~all as rst~matrd by the mortgagee) less a11 sums already paid there[or divided by the number o[ months ~ tu rl~psr betore one munth prior to the date when such ground rents, premiums, tazes, and assessments will become de- ~ l~nque•nt, such sums to br held b~• mortgagee ?n trust to pay said ground rents, premiums, taxes, andspecialassessments; r i ~nd ~ ~ Ail pacn:rnt~ menuonrd ~n the tw•o preced~ng subsectwns o[ th~s paragraph and all paymenta to be made under the note ~ srcured hcreby shall bc added together and the aggregate amount thereof shall be paid by the mortgagot each month in a i ~~n11r payment tu be applted by the mortgagre to the folloa:nng items ~n the order set forth: ~ prrz~tum chargrs under ~he contract of ~nsurance with the Secretary• of Ho~s~ng and Utban Development, or monShly chatge (~~1 i~ru of mortgagr insurance premtum), as the case may be; Y lllT Kround reNS, taxes, assessments, (tre, and other hazard insurance prrmtums; ~ {llil ?nterect on the note secured hereby; and {IVi am~rtizauon of the prtncipal o( said note. :'?n}• deficiency in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of detault under this mortgage. The mortgagee e rnay co(lect a"late charge" not to exceed two cents (2Q) for each doliar (S1) o( each payment mote than fifteen i1S) days in arrears to cover the extra expense im~olved in handling delinquent payments. 3. That i[ the total oi the payments made by the mortgagor under (6) of paragcaph 2 preceding shall exceed the amount of papments actually made by the mortgagee, for ground rents, taxes and assessments and 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, howe~•er, 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 k may be, when the same shall become due and payahle, then the mortg~goc shell pay to the mottgagee any amount ~ necessary to make up the deficiency,on or befoce 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 mortgagee in accocdance with a; the provisions ot the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (u) of paragraph 2 hereof which the mortgagee has not become obligated to peyto the Secretary ot Housing and Urban Development and any balance remaining in the [unds accumulated under the ~ pro~•isions of of said paragraph 2. If there shall be a default under any oE the provisio~s of this mortgage, re- sult~ng ~n a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, at the t~me of the commencement of such proceedings or at the time the prop- ~ erty ~s otherwise acquired, the balanre then remaining in the funds accumulated under (6) of paragraph 2 preceding as a credit against the amount oE principal then remaining unpaid under said note and shatl properiyadjust any payments which shall have been made under (uJ of said paregraph. 4. That he will pay ali taxes, assessments, water rates, and other governmental or municipal charges, fines. or ~mposit~ons, for which prov~sion has not been made heseinbefore, and in defautt there.~f the mortgagee may pay thr same; ~nd th~~t he will promptly deliver the official receipts therefor to the mortgagee. eo~K ~87 ~ 357