The URL can be used to link to this page

Home My WebLink About0081 . . ~ . ~ . . . • • • _ ' ~ ' , .r. - . . . 1 said mortgagor does hereby fully warrant the title to said land, and every part thereof. end will defend the same ' against the lawful claims oi all pecsons whomscever. PROVIDED ALWAYS. and these pcesents ere executed and delivered upon the folloaring conditions. to wit: f The mortgagor agrees to pay the mortgegee. or order~ the principal sum of 'iNaNTY-'iNp T~ID L~IVB i HTJ1~ID~ 711~1D ~q/100------------------------------------------------------------- # Dollecs (x Z2~500.00 as evidenced by a note of even date herewith, with interest from date at the ~ rate of EIGBi' 111ID ON~-tW.! per centum ( 8~1 X.) per annum on the unpaid belance , uatil paid. The said principal and interest shall be payable at the office of J~ T~ g?~1~' ~pRTC,71,Gg f DO~d,NY, IIiC. in Suite 300 - 100 Niraole Milt. Ooral Gablea. 1~lorida or at such other place as the holder of the note may designate in writing, in monthly installments~ of ODia Ht1NDR8D SEV1if1T7!-'Di~S AND 03/100------ Dollars (S 173.03 commencing on the first day of ~st . 19 70 . and on the Eirst day of each month theceafter until tbe principal and interest are fully paid,-except that the fia~l payment of principal and interest, if not sooner paid, shal! be due and payable on the Eirst day of ~~y~ Zppp~ ; And shall duly, promptly. and fuIly pedorm, discharge. execute, effect, complete, and comply with and abide by each and every the stipulations, agreements. conditio~s. and coveaants of seid promissory note and of this ~ mortgage, 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 pay the indebtedness, as hereinbefore Pcovided. Privilege is reserved to pay the debt in whole, or in an amount equal to one oc more monthly payments on the principal that are next due on the note. on the first day of any month 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 mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof. except that in no eveet shall the adjusted premium exceed the aggregate amonnt of premium chatges ~vbich' aiould have been payable if the modgage had continued to be insured until maturity; such paycnent to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban 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 follo~wing sums: (oJ An amouot suf[icient to provide the holder hereof wilh tunds to pay the next mortgage insurance premium i[ this instru- ~ ment and the note secwed hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) iE they ore • hetd by the Secretary of Housing and Urban Development, as follovns: (I) If and so long aa said note o[ even date and this instrument are insured or are reinsured under the provisions o[ the National Housing Act, an amount sutficient to accumulate in the hands o[ the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary o[ Housing and Urban Development pursuant to the National Housing Act, aa amended, and applicable Regu- lations thereunder; or (II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insutance premium) w6ich shatl be in an amount equal to one-twel[th (1 / 12)- o[ one-half (y~) per centum of the average outstaading balance due on the note computed without talcing into account delinquencies or prepayments; (bJ A sum equal to the ground rents, if any, next due, plus the premiums that wrill next become due and payable on policies of fire a~d other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- - j gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number ot months ; ~ to elapse before. one month prior to the date when such gtouad rents, premiums, ta:es, and assessments will become de- F linquent, such sums to be held by mortgagee in Lrust to pay said ground ~rents, premiums, taxes, ond speciel assessments; ; ~ ' and ; (cJ All payments mentioned in the two preceding subsections of thia paragraph and all payments to be made under the note ` secured hereby shall be added together and the ag~egate amount thereo[ shall be paid by the mortgagor each month in a ' i single payment to be epplied br the mortgagee ?o the following items in the order set forth: f (n premium charges under the contract ot insurance with the Secretary of Housing and Urban Development, or monthly } t chorge (in lieu o[ mortgage insurance premium), as the case may be; F (II) ground rents, taxes, assessments, fire, and other hrzard inaurance premiuma; ~ i ~ (III) interest oa the note secured hereby; ond • . (l~ amortizetion of the principal ot said aote. Any deficiency in the amount of_ such aggre~gate monthly payment shall, unless made good by the moctgagor prior to the due date of the next such payment, constitute an event oE default under this mortgage. The modgagee may collect a"late charge" no~ to exceed two `cents (2~) for each doliat (=1) of each payment more than fifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. - ~ 3. That if the total oE the peyments made by the mortgagor nnder (6J of paragraph 2 preceding shall exceed s the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance i premiums, as the case 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 (6J of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and iosurance premiums, as the case ~ may be, when the same shall become due and payable, then the mortgagor shall pay to the modgagee any amount ~ necessary to make up the deficiency, on ot befae the date when payment of such ground rents, texes, essessments, ~ or insarance pcemiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ the p~ovisions of the note secured hereby, full payment oE the entice 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 (aJ of paragcaph 2 hereof w6ich the mortgagee has not become obligated to payto the Secretary of Housing and Urban Developmeat and any balance remaining in the funds accumulated unde~ the provisions of (6) of said paragraph 2. If there shall be a default under any of the provisio~s of this moctgage, re- sulting in a public sale of the premises covered hereby, or if the moctgagee acquires the property otherarise aEter . ~ default, the mc~tg,a~ee .shall apply, at the time of the comm~ncement of such proceedings or at the time the prop- . erty is otherwise acquired; the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding , as a credit ageinst the amount of principal then remaining unpaid under said note and shall properlyadjust any peyments which shell l?ave been a~ade under (c) oE "said para~caph. 4. That he will pay all taxes, assessments, water retes, and other governmenta! or municipel charges, fines, or impositions, for which provisian has not been made hereinbefoce, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the officiel receipts therefor to the mortgagee. i$8 ~ 8i ~ _ _.u__~. ~ . . - ~ 4 . ~ ~