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Home My WebLink About1595 . f ~ r , ~ S ~:+td mott~;:~~;ur do~•~ hereb~• full~• w•arn~nt the• title to said land, and r~•er~• p~tt thereo(, rand will delend ihe tame .~K;+~nxt the law•ful claims of all pcrson~ w~homsce~~er. PFtOVIDE:D AL~\'AYS, and these presents are executecl and delivered upan the following conditiuns, to wit; The mortgagot :igcees to pay the mottgagce, o~ o~der, the prinripal sum of SI%T~ THOIISAPD THRE~ HIIHDiRSD ~'IM'Y Al~'D NO/100 [)ullacs (S 16,350•~~ 1. s~s e~•idenced by a note of even date hecewith, with interest (tom date at the r:~te oi $IGHT AHD O8S-gA~ per centum ( 8~ °'o) pec annum on the unpaid balance until paid. The said principal and ~nterest shHll be payable at the o(fice of ~j. T. ssar?~s tioasaaaB CO1lPAFY, IB~. 1n Suite 300 - 100 1[iraole Yile, Coral aablee, ~'lorida .~r :it such other place us the holder of the note may desigoate in writing, in monthly i~stallments of Qp$ HDl~DBhD T~EATY-FIYS ~D '1'5~100 Dollars (S ~ 2~j.7's comn?encing on the fi~st da~~ of gv~eaber . 19'rQ , and on the first day of each month thereaiter untiltheprincipal and interest are fully paid, except that the final payment of principal and interest, if not soonet paid, shalt be due and payable on the first dey of Oetober, 2~~0. And shall duly, promptly, and fullY perform, discharge, execute, effect, complete, and camply with and abide b~~ e.~ch z~nd e~•ery the stipulations, ag~eements, conditions, and covenants of said promissoty note and ot t{iis murtgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagot turther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Privilege is reserved to pay the debt in whole. ur ~n an amount equal to one or more monthly papments on the principal that are next due on the note, on the first da~ of am~ month p~ior to matucit~•: Pr~~~ id.•d, however, that written notice of an intention to exercise such p~ivilege ?s gi~•en at least thirty (30) da~•s ptior to pre~~•ment; and, provided further, thet in the event the debt is paid in tull pnor to maturit~• and at that t~me it is insured unde~ the provisions ot the National Housing Act, he will pay to the murt~;agee an adjusted premium cherge of one per centum (1 a) oE the original principal amount thereof, except th;~t ~n nu e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa~•able if !he mortgage had cont:nued to be insured until maturity; such payment to be applied by the mort- gagee upun its obligation to the Secreta~y of Nousing and Urban Qevelopment on account csf mo~tgage insurance. 2. That, in order more tuily to Pratect the security ot this mortgage, the mortgagor, together with, and in addi- t~on to, the monthly payments under the terms ot the note secured hereby, on the first day of each month until the said nute is (ull~• paid, will pa}• to the mortgagee the Eollowing sums: . An ar:..~unt s~f(~r~rnt to pruvide thr holdrr hereof wtth funds to pay the next mortgage ~nsunnce prem~um ~f thts tnstrw . ment andihe note s~cureA hereb~ arc insured, or a mo~thly chorge (~n Lru o( a mortgage ~nsurance prem?um) i( they are hrld b~ the~ 5ecrctary of Huusing +tnd Urban De~elopment. as [oUow•s: ~1 ~ If end so lung as sa~d note of e~~rn date and this ~nstrument are msured or are reinsured under the prov~sions ot the \auon+l Huusing Art, an ymount suff~c~ent to accumulate tn the hands of the holder one (I1 munth priur to its due date the annual mortg~+ge msurance prem?um, ~n order to prov~de such holder with tunds to pay such premiua b the Sr. rrtan u( Housir.g and Urbyn Development pursuant to the Npttonal Hous~ng Act. as amended, and opplicable Re¢u- ;.~hons thrrcunAer, or ' 1['~ It and s~~ lung as said nute o[ ea•rn date and thts instrument arc held by tht Secretary o( Nousing ~nd Urban Develop- ~::.•nt. a r.;..nthlv charge (m i~eu o( a mortgage ~nsuronce prem~umi wh~ch shatl be ~n an amount equal to •>ne-twelfth 11 1'1 of one-half c`:) ~er centum o( the average outstonding balance due on the note computed without taking tnto ; a.: ~~unt drl~nyuenctes or prepayments; ' A suT eqsal to thr ground rents, if any. next due, plus the premiums that will next become due and payable on poLcies l ,~f tirr and othrr hazard msurance covertng the mortgeged propert~•, plus tates end assessments nezt due on the mort- ~ ~~~;e,i pr.~pe~rt> ~al! as rst?muted b~• ihe murtgageel less all sums already paid theretor divtded by the number ut months a ~ t.~ riap.r before one munth pnor to the date when such ground rents, prem~ums, taxes, and assessments will become dt- ~ linyuent. surh surr.s to br held by mortgagee ~n trust to pay said Qround rents, premiums, taxes, andspecialassessments, ~ dne ~ , A:: pe~::,a•nt. r..entiune~d tn tne two precedtng subsections ot thia poragraph and all payments to be made ~!nder the nute .rcured hrr~ bc +halt br addrd to~ether and the aggregate amount thereo( shali be pa~d by the mort~agor eaeh month in a ~ sinE~.Ir pe~ment t:~ be appl~Ed by the mortgagee to the [oltowing items in the order set forth: ~ I? prer:ium rFarge. under the cuntract of insurartce wlth the Secretacy ot Hous~nQ aad Urban Development, or monthly ~ charkr ~in 1?eu o( rortgagr inauru?ce premium}, os the case may be; _ IUi gruund rents, tuxes, assessmrnts, (ire, and other hazard tnsurence premiums; t1111 ~ntrrest on the note secured hereby; and (1\'1 ar.~rtudt~on ot the prtncipal ot sa~d note. An~• def~ctency in the a~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 default under this mortgage. The mortgagee nay collect a"late charge" not to exceed two cents (2¢) fot each dollar (S1) of each payment more than fifteen ~15) da~•s in arrears to cover the extra expense invol~•ed in handling delinquent payments. 3. That if the total of the pa~•ments made by the mortgagor under (6J of paragraph 2 pteceding shall exceed the amount of pa}•ments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premium~, as the case ma}• be, such excess shall be credited by the mortgagee on subsequent payments to be ' made by the mortgagor. If, howe~•er, ihe monihly payments made by the mortgagor under (b) of paragraph 2 pre- ; ~ ceding shatl not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the cese ~ ~ra}• be, w~hen the -same shall become due and peyable, then the mortg:.gor shall pay to the mortgagee any amount necessar}• to make up the def iciency, on or bef~the date when payment of such ground rents, taxes, assessments, - or ins~~rance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the procisions ef the note secured hereby, fuil payment oE 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 t ~ made under the provisio~s of /01 of paragraph 2 hereof which the mortgagee has not become obligated to payto d.;~ ~ tbe Secretary of Housing and Urban Development and any balance remaining in the Eunds accumulated under the pro~•isions of /b) of sa~d paragraph 2. If there shall be a deEault under any of the provisio~s of this mortgage, re- sulting in a pu5lic sale of the premises covered iereby, ot if the mortgagee acquires the property otherwise aEter - default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is othervvise acquired.the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding as a credit against the amount of principal then rem~ining unpaid undec said note and shall ptoperly adjust a~y ~ pa}•ments which shall have been made under (a) oE said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or munuipal chargPs, fines, oc impositions, Eor wh~ch pro~~ision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will prompt:~• deliver the o(ficial receipta therefor to the mortgagee. , i87 P~ i595 : _ ;