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Home My WebLink About0308 , sa~d mo~tg~,gur dotc heceby (ull~• w•arrant the title to said land, and e~•e~y patt thereoi. and w~U detend the same against the lawtul claims of all persons whomscever. PROVIDED AL1tAYS, and these p~esents are executed and delivered upon the follow~~g conditions. to wit; The mortgagor agrees to pay the mortgagc~. o~ otder, the p~incipal sum ot THIItZ~N ~4i0jSpI~Tp SIX H~A~RID AND N0~100-----------------------------------------------------------..--- ~ Dollars (S 13 ~600.00 as evidenced by a note of even dete herewith, with interest from date at the rate of Ef ght per centum ( 8 9G) per annum oa the unpaid balance ~ until paid. The said principal and interest shall be payable et the o[fice of J. T. ST~IART MORTGAGE COI~ANY, IldC., a corporation under the laws of the State of Flarida o~ at such other lace as the holder of the note may designate io writing. in monthly installments of Ninety ~~Nine and 82 f 100-------------------------- Dollars (S ~.82 coma~encing on the first day of ~,y 1~ . and on the first dey of each month thereafter untiltheprincipal and interest are fully paid. except that the tinal payment of principal and interest, if not sooner paid. shall be due and payable on the first day of April 2001 And shall duly. promptly. and fully perEorm, discha~ge, execute. effect. complete. and comply with and abide by each and every the stipulatio~s, agreements. conditions. and covenants oE said promissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. . And the mortgagor fucther cove~ants es follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to orte or mae monthly payments o~ the principa! that are next due on the note. on the first day of any month prior to maturity: Prorided, however. that written notice of an intention to exercise such privilege is given at least thicty (30) days prior to prepayment; and. provided further. that in the event the debt is paid in tull 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 (1~) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggcegate amount of premium charges which would have been p~yable if the mortgage had continued to be i~suced 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 modgage insurance. 2. That, in ordec moce 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 fust day of each month until the said note is fully paid. will pay to the mortgagee the Eollov~ing sums: (o/ An amount su[ficient to provide the holder hereoE with tunds to pay the ne:t morteage insuraace premium it this ir?stru- ment and thr note secured hereby are insured, or a monthly charge (in lieu ot a mortgage i~surance premium) it they ore held by the Secretary o! Housing and Urban Developmeut, as follows: (I) It and so long as said note ot even date and this instrument a~e i~sured or are rcinsured under the provisions ot the National Housing Act, an amount su[[icient to accumulate in the hands ot the holder one (1) month prior to its due date the annual mo~tgage insurance premium, in order to provide such 6older with funds to pay such premium to the Secretary of Housing a~d Urban Development putsuant to the National Housing Act, as amended. and opplicable Re~- lations theteunder, or (lI) It and so long as said note of even date and this insttument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mongage insur~nce premium) which shall be in an amount equal to one-twelfth (1'12) of one-hai[ (!4) per centum of the average outstanding bataace_due on the note computed withouttaking iato account delinquencies or prepayments; %f~l A sum equal to the ground rents, if any, next due, plus the premiums that will aext become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and ~ssessments ne:t due on the mort- ~ gaged property (all as estimated by the mortgagee) less a11 sums already paid therefor divided by the ~umber of months to elapse betore one mo~th prior to the date when such ground rents, premiums, taxes, aed assessmenta will become de- ~ linquent, such sums to be heid by mortgagee in trust to pay said ground rents, premiums, tases. and cpeciai assessments; ~ I and ~ All payments mentioned in the two preceding subsections oE this paragraph and all p~yments to be made under the no~e ~ secured hereby shalt be added together and the aggregete amount thereot shall be paid by the mort~a~or each month in a single payment to be applied by the mortgagee to the tollowing itemc in the order set forth: ~ (I) premlum charges under the contract ot insurance with the Secretary ot HouainQ aad Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; ~ (II) ground rents, taxes, assessments, fire, and other hazard iosurance premiums; ' (III) interest on the note secured hereby; and (IV) amortization o[ the principal of said note. ' Any de[iciency 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, constitute an event of defauit under this mortgage. The moctgagee 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 (6) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for ground rents, taxes and assessments and insnrance ~ pcemiums, 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 sufEicient to Pay ground rents. taxes and assessm~~nts and insurance premiums, as the cese may be,, when the same shall become due and payable. then the mortgsgor shall pay to the mortgagee any amount necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shalt tender to tfie modgagee 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 oE such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisims of ~a) of paragraah 2 hereof which the mortgagee has not become obligated to payto ~ tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated undec the provisions of (GJ of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- ~ sulting in a public sale of the premises covered iereby, or if the mortgagee 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 (6) o[ paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (al of said paragraph. 4. That he wiU pay all taxes, assessmerits, water rates, and other governmental or municipal charges, fines, oc impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he wili promptly deliver the official receipts therefor to the mortgagee. 600K ~~9 PACE 3U8 ~ ~ _ ~ . _ ~ ~z~~ ~ ~ ` ~ ~:.'p5~ ~~,r ~ ~S`" .1;4 ' _ . 5-,key. ~+y~'r° - - , ~ _