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Home My WebLink About1719 • ~ P,~ 1 said mortgagor does hereby fully wac~ant the title to said land. and every part thereof. and will defend th~ same against the lawtul claims of all persons whomsoevec. . PROV[DED ALWAYS. and these prese~ts ere executed and delivered upon the Eollawing coaditions. to wit: The mortgagor a rees Eo pay the mortgegee. or ocder. the principel sum of ~1p11ttegp '1llpLig~ld FbLir Hundred aud Not100--------------------------•--•-----------•----•----•------------ Dolla~s (Sl~F~~00.00 as evidenced by a note of even date herewith~ with interest from date at the rste of eight l~ud OD@-h81f per centum ( 8~ 'X.) pec aanum oa tbe unpaid balance until paid. The said principal and interest shall be payable et the office of J. T. ST~dART MORTCaAGE COMAANY, INC., a corporation under the laWS of tbe State oP Florida. or at such other place as the holder of the note may designate i~ writing, in monthly installmenta of QZie ~uldrCd Ten a11d 7k~100------------------- Dollars (t 110.71~ commencing or~ the first day of April . 19 71 . aad on the first day of each month therepfter untilthepcicicipal and interest are fully paid. except that the final peyment of principal end interest. if not sooner paid. shall be due ~nd payabte on the first day of 1!~8Y'Ch~ 2001 . And shall duly. promptly, and fully peirfocm. discharge. execute. effect. complete, and comply with and abide by each and every the stipulations. agreeme~ts. conditions, and covenants of said pcomissory 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 provided. Pri'vilege is reserved to pay the debt in whole. o~ in an amount equal to one or mae 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 ptior to prepayment; and, provided Eudher~ that in the event the debt is peid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he wlll pay to the mortgagee an adjusted premium charge oE one per centuaa (1%) of the original principel amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of preminm charges which aou~ have beea payable if the modgage 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 account of mortgage iasurance. 2. That, in ocder more fully to protect the security of this mortgage. the mortgagor. togetber with. and in addi- tion to. the monthly payments under the terms of the note secured hereby, on the first day ~ each montb i:.~t:l the said note is fully paid. witl pay to the modgagee the following sums: (a) An amount auf[icient to provide the holder hereof ~ritA (uads to pay the ne:t mort~age iasurance premium iE t6is u?sw- ment aad the aote secured hereby •re insured, or w monthly cha~ge (in lieu o[ a mottQaQe iaaur~ace pretnium) it they are held Dy the Secretary o[ Housing and Urban Developmeat, as tollows: _ (I) It and so long aa said note o[ even date and this instruanenl arc insured or ore reinsured aader We pwvisioas of We National Housing Act, sa amount sutficient to accumulate ia the h~nds o[ the dolder oae (1) month prior to its due date the annuai mort~a~e inswance premium, ia order to provide sucb holder wlth [ands to p~y suc6ptemium to t6e Secretary o[ Housing aad Urbaa Developmeat pursuant to the Natioaal HonsiaQ Act. as ~manded, aad ~pplic~ble Regn- tatioas thereuader; or (11) It and so long as said note oE eveo date and thia instrument are held by the Secretary of Housia~ and Urbaa Develop- ment, a monthly charge (in lieu ot a mortQage insuraace premiwa) wrhich shall be in aa amoaet equal to onrtwelft6 (1!12) of one•haif (55) per centum ot t6e average outst~nding balance due on the aote computed ~rithout tal~ing into account delinquencies or prepaymmta; (h/ A sum equal_ to the ground tents, if any. aeut due, plus the prcmiums tbat will aeut become dae and p~y~bie oa pollcies o( fire and other hazard insuraace covering the mostQ~~ed ptoperty, plus b:es aad ~ssessments aext due on We mort- gaged property (all as estimated by the mortgagee) less oll suais already paid there[or divided by the aumber of months to elapse betore one month prior to the date when sucA Qrouad tents, premiums. tazes, ~nd assessmeats wrill become de- linquent, such sums to be hetd by mortgagee in trust to p~r said ~ttound rents, premiums, tues. at~d apecut asse:smeats; ~ and ~ (r/ All payments mentioned in the t~ro preceding subsections o[ t6is pua~,raph aud all p~ymeats to be made aader the oote - ~ secured hereby shall be added together and the agRre~ate smonat thereot shall be pald by tbe mort~o~or e~ch monW ia a ~ single payment to be applied by the mortgagee to the [ollo~ring items in the order set tort6: (q premium charges under the contract of insurance with tbe Secretary ot Houai~ and Utban Developmeot, or monthty charge (in lieu of mortgage insarance premium), as the case m~y be; ~ (11) ground rents. taxes, assessmeats. tire, and other hasard insuraace premiums; ([I[) interest on the note secured hereby; and (1~ amortization o[ the principal of said aote. Any deficiency in the. ar.wunt of such aggregate monthly payment shall, unless made good by the anortgagor prior to the due date of the next such payment, constitute an event d default under this moctgage. The moctgagee may collect a"late charge" not to exceed two cents (2t) for each dollar (;1) of each peyment onoce thaa fiheen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the peyments made by the mortgagor undec (6J of peragraph 2 preceding shall exceed the amount of payments actually made by the mo~tgegee~ for g~round reats, taxes and assessments and iosurance premiums, as the case may be, such excess s6a11 be credited by t6e matgagee on subsequeat payments to be made by the mortgagor. lf, however, the mo~cbty ~y~~tg mede by the matgagoc under (b) oE peragraph 2 pre- ceding shall not be sufficient to pey ground rents, taxes and assessm.~nts and insarance premiums, as the case may be, when the same shall becane due and peyeble. then tbe mortgugor shall pay to the matgagee aay amount ~ necessary to make up the deficiency. on a befoce the date when payment of such gRO~nd reats. taxea, assessments, ~ or insurance premiums shall be due. U at aay time the modgagoc, shall tender to the modgagee in accocdance with ~ the provisions of the note secured hereby, full peyment of the entice indebtedness repceseated theeeby. tbe mod- ~ a ee shall. in com utin the amount of such indebtedaess, credit to the account of the mort a~ all B B P B 6 B paYa~ents made under the pravisions of (a) of perag,~aph 2 hereof which the moctgagee has not become oblig,~ted to peyto the Seccetaty of Hoasing and Urban Development and any balance remaining in the funds accumulated under the provisions of (6J of said paragraph 2. If thece shall be a default under any oE the pravisioas of this matgage, cr sutting i~ a public sale of the premises coveced iereby, or if the mortgagee acquires the propedy otherwise after default, the mortgagee shall apply, at the time of tbe commencement oE such prceeeding,s or at the time t6e prop- erty is othe~vvise acquued. the balance then remaining in the funds accumulated under (b) of parrrgraph 2 preceding as a credit against thf amount of principal then remaining unpaid under said note and shall pcoperlyadjust ony payments ah~shall pave been made under (a) of said patagraph. _ 4. That he wlf!-pay all taxes, essessments, water rates~ sad other goveramental oi municipol charges, fines, or impositions. for which provision has not been made hereinbefore, aad in default thereoE the mortgagee may pey the same; and that he aill promptly deliver the official receipts tbecefor to the mortgiigee. 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