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Home My WebLink About2304 4 .-i , . 2 ' ' ? i ~ • i said mortgago~ does hereby fully werrant the title to said la~d, ond eve~y part theteof, and will detend the same , against the lawful claims ot all persons whomsoeve~. PROVIDED Al.WAYS. and these presents are executed and deliveced upon the follovving coaditions, to ait: The mortgagor agrees to pay the matgagee. or orde~. tbe principal =um of ~p n{/s ~ ~ ~,~~IY~~~~~~~~~N~~~N~~N~~~~NM~~~~M~NMr~NN~~M~~~~~~M~N~~~~N . Dollars (S 18.504.00 as evidenced by a note of even date herewith. with interest from dete at the rate oE ~iq31R ~ oO~"b~lt per ceatum pec annum oa the unpaid bala~ce u~til paid. The said principol snd interest shall be payable at the office of al'OC~l'011. MH1TZi! • O~VI~i ~ CON~Ai~. 100 11r~ ~y ~=wrt. J~ck~oovill,~ • lLosida • or at such other place as the holde~ of the note may designate in writing. in montbly installiaents of OIi! ~ID l~t'1'~-'1~1p ~D Z7/100~~~_~___+MN__MM~M~ollars (s 142.~7 commeacing on the first day of Jit~uasy . 19 71 . and on the first day of each month theceaftec until the prrincipal and interest are fully paid. except that the Einal payment oE principal aad interest~ iE rtot soonec paid. shall be due and payable on the first day of 08Ce~l~e7c~ Z000. And shall duly. promptly. and fully pedocm. discharge. execute. effect~ complete. and comply with aad abide by each and every the stipulations, agreemeMs, conditians. and covenants of said p~omissory aote and of this mortgage, then this mortgage and the estate,hereby created shall cease and be null and void. And the ~atg,agot.fuct~er covenaqts as follow~: , . , 1. That he will pay the indebtedness,as 6ereinbefore provided. Priirilege is reservec~ to pay the'debt in whole, or in an amount equal to one or mae monthly payments on the principal that are next due on the note. oa 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 thidy (30) days prior to prepayment; and. provided fudher. that in the eve~t the debt is peid in full prior to mitudty aAd at that tlme it is ins~ued uader th~ pro~visions ef •the N~tioaal Hoosing Act. he will pay to the modgagee an adjusted premium charge oE one per ce4tum (1%) of tbe ori~,inal pciqejpel,amount thereoi. except that in no event;~sbpll-.t~ adjusted premium e~ceed. jhe eg,~e~te apwunt of pte.~niwn_ c1~at~es t~biFh,wonld have been payable if the mortgage had continued to be insured until maturity; such payment'to be applie~ ~y the mott- . gagee upon its obligation to the Secretary of Nousing and Urben Development on acconnt of modgage insurance. 2. That, in order more fully to protect the security of this mortgage. the mortgagor, together aith. and in eddi- 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 suais: (n) An amount su[ficient to provide the holder hereof with [u:?ds to pay the next mortQage insurance premium if this instru- ment and the note, secured hereby are insured, ot a moothiy charge (in lieu ot a mortgage insurance premium) iE they are held by the Secretary o[ Housing and Urban Development, as tolio~vs: (I) lE and so lo~ as said note ot even date and this instrumeat ~re insured or are reinsured uader the provisious ot the National Housi~g Act, an amount sutficieat to accumul4te ia the haads oE the holder one (1) moath prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to p~y suchpremium to tde Secretary of Housing and Urban Decelopment pursuant to the N~tioaal Housing Act, as amended, aad applicable Regtr tations thereunder. or (ll) If and so tong as said note ot even date and thia inst~ument ve held br the Secretory of Housing and Urbaa Develop- mer.t, a monthly charge (in lieu o[ o mortgage insunnce premium) which shall be in an amouat equal to oae-tweltth (1:'12) o( one-half ('fi) per centum ot the average outstanding balance due oa the note computed vvithout taking into account delinquenciea or prepayments; ' ~ A sum equal to the ground rents, it aay, ne:t due, plus the premiums tdat will nezt become due and pay~ble on policies o( fire and other hazard insura~ce coverinQ t6e mort~a~ed property,- pius taxes aad assessments ae:t due on the mort- gaged property (ali as estimated by the mortgagee) less all sums already paid therefor dividad by the number of months ~ to elapse be[ore one mopth priQr to the. date when such_ground reats, .premiuma~, tazes. and ~ssessments vill become de- ` linque~t, such sums to be held by mortgagee in trust to pa~ said grouad rents, premivms, t~es. ~ndspecial~ssesameots; ! and i (c/ Alt payments mentioned in the t~vo preceding subsections ot this paragroph and all payments to be m~de under the aote ~ secured h~r~eby shall be added together and the aggregate amount thereof shail be paid by the morteagor e~ch moath in s single payMe~t to be apptied by the mortgagee to the following items in the order set [orth: (I) premium cMrges unde~ the eoe~tract ot lnsurance ~+rith the Secretory of Ho~~iwg and-1)rb~w D~~elopmeat, or monthly ~ charge (ia l,~sq of mort~e inauraace prpniwa), ~s th~ case ~y b~; • - : (ll) grounfirents, ta:es, assessments, ffie, ond other hazard insurance prcmiums; (III) interest on the note secured hereby; and (IV) amortization o( the principal o[ 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 nezt such payment. constitute an event of defauit under this mortgage. The modgagee may collect a"late charge" aot to eieeed two eents (2t).foc eachdollar (;1) of each payment more than fiEteen (15) days in arrears to cover the e~ctr~ expense involved;ia headling delinquent.payments. 3. That if the total of the payaents mede by the oo'tgagor nndee (b) of p~s8raph 2 preceding shall exceed the amount of payments actually made by tLe moct~a~ee._ fpc ~01tnd reat~, taa~es and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgegee on subsequent payments to be made by the mortgagor. If, however, tHe monthly payments made hy the mortgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pey gROUnd rents, taxes and assessmants and insurance premiums, as the cese may be, when the same shall become due and peyable, then the matgugot shall pay to the modgagee any amount necessary to make up the deficiency. on oc beface the dete whea payment of such ground reats, taxes. assessments, or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accocdance ~vith the provisions of the note secured hereby, full payment of the entire indebtedness repcesented thereby, the mort- gagee shall, in computing the amount of such indebtedness. credit to the eccount ef the mortgagor all payments - made under the pravisions of (a) of paragraph 2 hered which the mortgagee has not becaae obligated to payto the Secretary of Housing and Urban DeveloPmeat and aay balance remaining in the funds accumulated under the provisions of (6J said 'paragcaph 2. If there shall be a default w~der any of the provisioas of this mortgage, rr • sulting in a public sale of the premises covered ~ereby, or if the matgagee acquires the property otbe~vvise after default, the matgagee shall ~~pply. at tlr: tiioe oE tbe commencemsnt of such proceedings or at the time the prop- erty is otherwise acquired. the balance ttien remaining in the funds eccumulated under (6) of paragraph 2 preceding as a credit against the amount -of principel then remaining unpaid under seid note and shall properlyadjust any payments which shall have been mede under (01 of said paragtaph. ~ 4. That he will pay all taxes, assessa~eats, water rates, and dher governmentat or municipol charges, fines, oc impositions, for which provision has not beea made hereinbeface, and in default thereflf the mortgagee may pay the same; and that he wili promptly deliver the official receipts therefor to the mortgagee. . ~1~$ ~ • ~ ~ - - ~ ~-~`~=a,~~~~~-~ ,~~-M