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HomeMy WebLinkAbout0752 • : tV ~ said mortgagor does he~eby fully wer~ant the title to said land. and every p~tt thereof, and witl defend the same against the lawtul claims of all persa~s whomscever. . PROVIDED ALWAYS. end these presents are executed and delivered upon the following condltions. to wit: The mottgago~ agrees to pay the mo~tgegee, or order, the pcincipel sum of ~,~`'jF'q`~ ~pUSA1~PJ S~.~i HtIIdDR~ AND xo/100--------------------------------------------------------------- Dollers (S 15~74~.4~ as evidenced by e note of even date hecewith, with interest from date at the rate of eight per ce~tum ( ~ 96) per ennum on the unpaid balance until paid. The said principal and ioterest shall be payable at the office oE J. T. STE~IART MOR'T"vAGE CQM~'ANY, I*tC., a corporatioa under the laws or the State af Florida. or at such other place as the holder of the note may designate in writing, in monthty installmenfs of One Hundred Fifteen t+12d 2~+~100---------------------- Dollars (S 115.24 commencing a~ the first day of M~ . 19 71 , and on the first day of each month thereafter until the principal and inteiest are fully paid. except that the final payment of principal and interest. if not sooner paid, shall be due and peyable an the first day of April 2001 ; And shell duly. proroptly. and fully perEorm. dischatge, execute, effect. complete, and comply with and ebide by each and every the stipulations, agreements, conditions, and co~enants of said promissory note and of this mortgage. then this mortgage and the estate hereby created shall ceese and be null and void. And the mortgagoc fudher covenants as 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 one or more 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 writte~ notice of an intention to exercise•such privilege is given at least thirty (30) days prior to prepayment; and. provided fu~ther, that in the event the debt is paid in full 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 (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 moctgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Seccetary of Housing and Urban Development on account of ~odgage insurance. 2. That, in order more fuily to pcotect the security of this mortgage, the modgagor. 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 sulficient to provide the holder hereof with tunds to pay the next mortgage insurance premium if this instru- ment nnd the note secured hereby are insured, ot a monthly charge (in lieu o[ a morigage insurance premium) if they are held by the Secrelary of Housiag and Urban Development, as follows: (1) It and so long as said note ot even date and this instrument are insured or are reinsured uader the provisions of the National Hoasin~ Act,. an amount suEficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurence premium, in order to provide such holder with funds to pay such premium to the Secretary of 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 thia instrument ate held by the Secretary of Housing and Urban Devetop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twel[th (1!12) o[ one-half (54) per centum o[ the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; /h) A sum equa! to the gro•,ind rents, i[ any, next due, plua the premiums that ~vill nezt become due and payabte on policies of tire and other hazard insurance covering the mortgaged property, plus taies and assessments next due on the mort- ' gaged property (all as estimated by the mortgagee) lesa all sums already paid therefor divided by the number ot months to elapse be[ore one month prior to the date when such ground rents, premiums, taxes. and assessments will become de- ' linquent, such sums to be held by mortgagee in trust to pay said grou~d rents, premiums, taxes, and special assessments; i ' and ~ I ! %c 1 All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note ~ secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagot each month in a single payment to be applied by the morigagee to the following items in the arder set forth: r (I) premium charges under the contract of insurance with the Secretary of Hausing and Urban Development, or monthly o charge (in lieu of mortgage insurance premium), as the case may be; ~ (Il) ground rents, taxes, assessments, fire, and other hazard insurance premiums; q (III) interest on the note secured hereby; and ~ (1~ amortizetion of the principal ot 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, constitute an event of default under this mortgage. The modgagee ~ may collect a"late charge" not to exceed two cents (2~) for each dollar (SI) 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 mortgagor under (b) of'paragraph 2 preceding shall exceed ~ the amount of payments actually made by the moctgagee, for gcound rents, taxes and 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 matgagor under (6J of paragraph 2 pre- a ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case i ~ may be, when the same shall become due and peyable. then the mortgagor sheli pay to the mortgagee any amount ~ necessary to make up the deficiency, on or befoce the date when- payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accocdance with ; ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- i ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ' ~ ~ made under the provisions of (aJ of paragraph 2 hereof which the mortgagee has not become 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 provisions of this moctgage, re- ~ ;uiting in a pubiic sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after ~ detault, the mortgagee shall appiy, at the time of the commencement of such proceedings or at the time the prop- ~ erty is oiherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding ' as a credit against the amount o[ principel then remaining nnpaid under said note and shall properlyadjust any payments which shall have been made under (aJ of said paragraph. ~ 4. That he will pay all taxes, assessments, wat~ec rates, and other governmenta! or municipal cher es, fines, 6 ~ or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee mey pay the same; and that he will promptly deliver the dEicial receipts therefor to the mortgagee. ~ ~ ~ 1~ ~ ~ ~ . ~ F . - ~ ~ ~:o-~ ~ ~ _ ~~~g`~~~;~~~.~:~.