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Home My WebLink About0164 ~ i - , ~ . . ; tiuid mortgagor does hereby tully wacrant the title to said land, and every part the~eof, and will defend the same <~gainst the law(ul claims of all persons whomsoever. PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions. to wit: The moctgagor agcees to pay the mortgagee, or order, the pcincipal sum of FIF'~[~I ~iO~AND 3IX H~IDRSD AND N0~100-----------------------------------•-------------•------------ Dollars (S 15 ~600.00 as evidenced by a note of eve~ date herewith, with interest fcom date at the ~ate ol eight and one-h81Y per ce~tum per anaum on the u~paid balance ~ntil paid. The said principal and interest shall bc payable at the of[ice of J.T.S7Sf~1ART M4RTGAGE COMPANY, INC., a corporation under tbe laws of the State of Florida o~ at such othe~ place as the holder ot the note may designate in writing. in monthly installments of Qpg H~mdred Hineteen and 96/100--------------•- Dollars (S 119.~ commencing on the first day of February . 1971 , and on the first day of each month thereaEter untiltheprincipal and interest are fulll paid. except that the final payment of priacipal and inte~est, if not soo~er paid. shall be due and payable on the ficst day of Janu,ery, 2001. Aad shall duly, promptly. and fully pedorm. discharge, execute, effect. complete. and comply with and abide by each and every the stipulations, agceements, conditions, and covenants of said promissory aote 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 provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more monthly payme~ts on the principal that are pext due on the note, on the Eirst da~• of any month p~ior to maturity: Pro~~ided, however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayme~t; and. provided fudher, that in the event the debt is paid in [ull pcior to maturity and at that time it is insured under the provisions of the Natio~al 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 event 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 Urban Development on accoant oE modgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mo~tgagor. 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: (n/ An amount su[ficient to provide the holder hereof with [urids to pay the ne:t mottgage insurance premium if thia instru- mer?t and the note secured hereby are insured, or a monthly charge (in lieu of a mottgage i~suraace premium) if they are held by the Secretary ot Housing and Urban Development, as foltows: (I) I[ and so long as said note ot even date and this instrumeat are insured or are reinsured under the provisions ot the National Housing 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 funds to pay such p~eatium to t6e Secretary ot Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) If and so long as said note of even date and this insttumeat are held by the Secretary o[ Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which sh~ll be in an amouat equal to one-twelfth (1 12) of one-hait ('4) per centum of the average outstanding balance due on the rtote computed aithout taking into account deli~quencies or prepayments; r{~ i A sum equal to the ground rents, i[ any, next due, plus the premitims that will ne:t become due and poyable on policies of fire and other hazard insurance covering the mortgaged property, plus ta:es ond assessments next due on the mort- Raged propert~ (all as estimated by lhe mortgagee) less all suma already paid therefor divided by the number of moaths ' to etapse before one month prior to the date when such ground rents, premiums, tases, and sssessments ~rill become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tues, andspecialassessments; and . ~ /r) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the aote ~ secured herehy shall be added together and the aggregate amount thereo( shall be paid by the mortgagor each month in a E single payment to be appiied by the mortgagee to the following ilems in tt~e order set forth: ~ (I) premium charges under the contract ot insurance with the Secretary of Housing and Urbaa Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the case may be; (II) ground rents, taxes, assessments, tire, and other hazard insuraace premiums; (IU) interest on the note secured hereby; and (IV) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, c~stitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) 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 of the payments made by the modgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the matgagee, for gcound rents, taxes end 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, however, the monthly payments made by the mortgagor "nnder (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the matgugor shall pay to the moctgagee any amount ~ necessary to make up the deficiency, on oc befae the date when payment oE such ground rents, taxes, assessments. or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with the provisions of 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 (a) of paragcaph 2 hereof which the matgagee has not becaae obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (b) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- sulting in a public sale of the premises covered ~ereby. or if the moctgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the •commencement of such proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount oE principal then remaining nnpaid under said note and shall properly adjust eny payments which shall have been made under (o) of said patagcaph. 4. That he will pay all taxes, assessments, water retes, and dher governmental oc municipel charges, fines, or impositions, for ahich provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts thecefor to the moctgagee. ~ ao K188 P~ 1~4 ~ , - . ~ _ ~ . . _ , _z