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HomeMy WebLinkAbout2801 . . ~ ~ ~ . t' ~ ~ 1 I • + ~ . said mortgagor does hereby lully warcant the title to said land, end eve~y part thereot, end will defend the same . :+gainst the lawful claims of all pe~so~s whoinscever. PROVIOED ALWAYS, and these presents are executed and delive~ed upo~ the Eollowing coaditions~ to wit: The mortgagor agrees to pay the moctgagee, or o~der, tbe pri~cipal sum of s~~ r~~ ~c~ Nv~ r~r ~ ~onoo-~~~~~~M~~N~~~~~~~~N~~~~~N~~~~~M~~~ Dollacs (S 16,850.00 as evidenced by a note of eve~ date herewith. with interest f~om date at the rate of eiq2lk ~i o~-h~?lt pe~ centum ( 8~ 9G) per annum on the unpaid balance until paid. The said p~incipal and~i~terest shall be payable at the office oE $i'0~,'7lT0I1 ~ MW1~Z • D~VI~i S C~I~AI'IY , 100 1ls~t D~y 8triet • Jackaottvl2~, Floslda • oc at such other place as the holdec of the ~ote may designate ia writiag. in monthly installments of . 0l1R H~IDR~ 111~i'1'Y-ZiINE l1ND 56/100----------------~---~llars (5129.58 commencing on the ficst day of Jiaua~y . 197I . and on the ficst day of each month thereaftec untilthepriacipal and interest are fully paid. except that the final paymeet of principal aad iaterest. if not sooner paid. shall be du~ and payable on the first day of Decewber, Z000. . And shall duly, promptly. and fully pedocm, discharge. execute. efEect, complete. and comply with and abide by each aad every the stipulatio~s, agreements. conditions. aad coveaants of said pcomissory note and of this mortgage. then this moctgage and the estate hereby created shall cease and be null and void. ~ Artd the mact~agor fust6ec covenaata as tollows: 1. That he will pay the indebtedness. as heceinbefore piovided: Privilege is reserved to pay the debt i~ whole. or in an amount eqnal to one or mae monthly payments on the pcincipal thet are next due oa the note~ on the first day of any month prior to aaturity: P~ovided, howevec. that written notice ot an iatentian to exercise such privilege is given at least thicty ~(30) days ~~ior to prepayment; and. pcovided further, that in the eve~t the d~bt is paid in full prior to matudty and at that'tiene it is insured under the pcovi~t`ions of the Natioael Housiag Act. h! will pay to . the moctgagee an~adjusted preaaium eharge of one per ceatuta (I%) of the orisinal priticipal a~t th~eeof. except that in no event cMll the adjusted premium excee~ tbe aggregate aswunt of prea~ivm cha~ei whicb would have been payable if the mortgage had conti~ued to be insured until ~aaturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housieg and Urban Development on accoaat of martga~e iasuraace. 2. That. in order more fully to protect the security of this mortgage. the mortgagoc, together with. aad ia addi- tion to. the monthly payments under the tecros of the note secuced hereby. on the ficst day of each month until the said note is fully p~aid. will pay to the modgagee the folloaring sums: /~r1 An amount su[ticient to provide the holder hereot with fuads to pay the ae:t mort~age insu~ance premium if t!?is iastrw me~t and the note secured hereby are insured, or a moathly chu¢e (in lleu of a mort~age inswaace premium) it theY an held by the Secrelary of Housing and Urban Development, •s tollows: (I) It and so lone as srid note ot evea date aad this instrntoent ~ro insared ot ate [elosured uader the pcovicions ot We Nationai Housing Act, an amount sufCicient to accumulate ia the h~ads of thc bolder oae (1) moath priot to its dne date the annual mortgage insurance premium, iu order to provide sucle holder with tunds to par sucbpttauue to the Secretary of Housing and Urban Developmeat pursuaat to the National HouaioQ Act, as amended. aad applic~ble Rseu- lations thereuader. or (!I) It and so long ss said aote ot even date and this iastrument ~re held by the Secretary o( HousiaQ and Urban Derelop- ment, a monthly charge (in lieu o( a mortQage insuance premium) w6ich shall be ia an amount equal to one-taelffh (1!12) of one•halt (yi) per ceatum ot the averaee outstandinQ balance due oa the notc computed without t~Jcia~ into account delinquencies or prepsyments; (l~/ A sum equal to the ground ~eeta, 1t any. next due. plus We prcmiats qlat ~rill ne:t become due and payable oa policies of fire a~d other hasard insurance coveciag the morteaeed pwperty, plus taYes and sssessmeats aezt due on tse mort- gaged property (all as estimated bp the mortgaeee) less all sums alre~d~ paid tAeretor divided by We aumber o[ montDs to elapse before one month prior to the date wfien such eround rents, premiums, tases, apd assessmeats ail1 become de- - linquent, such sums to be heid by mo~tg~Qee ia ttust to pay said eround reats. preau~s, tu~s. aad special assessmtuts; and ~ (c) Alt payments meutioned in the twro preceding subsections ot Wis para~rsph aad all paymeats to be made uadet t6~ note ~ secured hereby,shall b~ ~dded to~ether ~nd tl~e a~~te~ate amonnt thereo[ shsll be paid by the mort~~~or. each month in • ~ sinele payment to be ~pplitd by tht mort~~Qee to the tollo~vin~, itepas in t1~0 ordet set iocth: ~ (p premium ch~r~es under the coatnct of insurance ~rith tLe Secietrry of Housin~ aad UtDae bevelopmeat, or monthly chorge (in lieu of aottgate ipsurinee prNaiuA~ ~s tb~ cpe m~y b~; (II) gro~nd rents, ta:es, asseasments. [ite, aad other h~:ard insuraace pcemiums; (III) intercst on the note secured herebr; ~nd (1{~ amortization ot th.~ princip~l ot said note. - Any deficiency in the amount d suFh aggregate monthly payment shell. unless mede good by the matgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The moctgagee may collect a"late charge" not ~to exceed two cents (2t) ~a each dollar (Sl) o[ each payment more than fiftcen (15) days in arreacs to cover the eatn=expense Involved in handltets delinqueat payments. 3. That if the total of the payments made by the mortgagor uader (6) of para~raph 2 preceding shall e:ceed the amount of payments_ actually made by the mat6aEee. fa ~ound rents;~tues and assessmeats aad insurance premiums, as the case may be, s~h exceas shall be credited by the mortgagee on subsequent paymeats to be made by the mortgagor. If, however, the mont6ly paya~ents made by the matgagor undec (6) of poragr~ph 2 pce- ceding shall not be sofficieat to pay ground rents. taxes and asses~mNnts aad insurance premiums. as the case may be, vnhea tbe,aame shall become due and poyable, then tbe matg~goc slwll pay to the moctgagee any amatnt necessary to make up the deficiency. on ot beface tbe date ~rhen payment of sudi g~raud ceats, tases. assessmeots. ~ or insurance premiums shail be due. If at any time the moctgegot shall tender to the mortga~e in acco~dance ~rith ~ the provisi~s of the note secured hereby, lull p~yment of the entire indebtedaess repcesented tbereby. tl~e mort- gagee shall, in computing the amount of such indebtedness. ecedit to tbe account ef the matgagor all paymeats made under the pravisions of (a) of paragcaph 2 hereaf w6ich the moctgagee haa not beco~e obligated to p~yto tbe Secretary af Housipg and Urbaa Developmeat and any balaace remaiaiag in the fands accumulated under the provisions of (6) oE said paregraph 2. If there stwll be a default under any af the provisioas of this mortgpge. re- sulting in a public sale of the premises covered xreby. or if the moctgagee acquices the pcoperty otherrvise after default. the martgegee sh~ll apply, at tha titse of the eomtleAC~t~ of such proceeding$ a at the time the prop- erty is Mherwise acquired. the balance then cemaining in the funds accumulated under (6) of paragraph 2 pcecedine as a credit against the emount of principol then.remaining unpaid under gaid aote aad s6all prapeclyadjust aay payaxnts which shall have been made under (a) of said paragraph. 4. That he wiU pay all tases, assessa~ents, ~ater rates. and dher governmental or municiPal cbar~es, fines, or impositions, for ~rhich provisioe has not been made heceinbefote, and ia default thereof the mortga~ee may poy the same; and that he,f~tq ~co~ptly deliver the official receipts theretoc to the mortg,agee. t_ ~o~C~~ ~2~ ~f . - - _ _ '