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Home My WebLink About0761 • . • 1 ' • ~ S ~ ' ~ i ? t ' ~ said mortgagcx does hercby fully war~ent the title to said land, and every part thereof. and will defend the same against the lawful claims o[ all persons whomscever. PROVIDED AI,WAYS. end these prese~ts are executed and delivered upon the followi~g conditions, to wit: The mortgagoc egrees to pay the mortgegee. or order, the principal sum o[ F`OURTEr~T T~OlJ3AND ONE ~iUNDRID FIFTY AND N0~100------------------------------------------------------------ Dollars (S 14~150.00 as evidenced by a ~ote of even date herewith. with interest from date at the rate of ei~ht and one-ha1~ per centum ( ~ 96) per ennum on the unpaid balance until peid. The said principal and interest shaU be payable et the oEfice of J. T. 3tewart Mortgage CompanS-~ Inc., a corporation under the laws o:' the State of F'lorida, o: at such other place as the holder of the ~ote may designate in writing, in monthly installments of One Huztdred Eight and 81~100------------------Dollars (5108,81 commencing on the first day of ~ 71 , and on the ficst day of each month theceafter until the principel and interest are fully paid, except that the final payment of principal and interest. if not sooner paid. shall be due and payeble on the first day of April~ 2001 ; And shall duly, promptly, and fully perform, discharge. execute, eEfect. complete, and comply with and abide by each and every the stipulations, agreements, conditions. and covenants of said p~omissory note and of this mortgage. then this modgage 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 hereinbeEore 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 ~ote, on the first day of any month prior to maturity: Provid~d, however, that written notice of an inte~tion to exercise such privilege is given at least thirty (30) days prior to prepayment; and. pcovided further. 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 (1~) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium cliarges which would have been payable if the modgage had continued to be i~sured 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 insurance. - 2. That, in ocder mote fulty 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 first day of each month until the said note is fully paid. will pay to the mortgagee the following sums: (a) A~ amount sufficient to provide the holder hereof with funds to pay the ne:t mortgage insurance premium if this instru- ment aadthe note secured hereby are insured, or a monthly chatge (in lieu of a mortgage insurance premium) i[ they are held by lhe Secretary of Housing and Urban Development, as follows: • (I) If and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount sutticient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage inswance premium, in order to provide such holder with funds to pay suchpremium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations ffiereunder, or (II) If and so long as said note oE even date and this instiument are held by the Secret~ry oE Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insuraace premium) which shall be in an amount equal to one•twel[th (1/12) of one-halE (1,4) per centum of the average outst4ndiitg balance due on ihe rtote computed without taking into account delinquencies or prepayments; /h1 A sum equal to the ground rents, i[ any, next due, plus the premiums that will next become due and payable on policies of [ire and other hazard insurance covering tfie mortgaged p~operty, plus tazes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number ot months to elapse before 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 gtound rents, premiums, taxes, and special ossessments; and i l~) Ail 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 ag~egate amount thereo[ shail be paid by the mortgagor each month in a j single payment to be applied by the mortgagee to the following items in the order set torth: j (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Developme~t, or monthly E charge (in lieu ot mortgage insurance premium), as the case may be• (II) grotutd rents, taxes, assessments, fire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and ~ (I~ amortization of the principai ot said note. ~ Any deficiency in the amount of such aggregate monthly payment sha!1, 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 mortgagee ~ may collect a"late charge" not to exceed two cents (24) for each dollar (S1) oE 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 tl;e mortgagor under (bJ of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee. for g,FOUnd rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess. shall be ccedited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, hawever, the monthly paymepts made by the mortgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ may be,. when the~same shall become due and payable, then the matgagor shall pay to the mortgagee any amount ~ necessary to make up the deEiciency, on or befae the date when Qayment of suc6 grourtd rents, taxes, assessments, % or insurance premiums shalt be due. If at any time the modgagor shall tender to the mortgagee in accocdance aith ; the provisions of the note secured hereby. full payment of the entire indebtedness represented thereby, t6e mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (oJ 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 (6J of said paragraph 2. IE there shall be a default under any oE the provisions of this mortgage, re- ~ sulting in a public sale of the premises covered hereby, or.if the.mortgagee acquires the property otherarise 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 (6J of paragraph 2 preceding ~ as a credit against the amount of prlncipel then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (a) of said paragraph. ~ 4. That he witl pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. € ~ ~ ~ 189 : ~ 759 ~ . . _ . ~ ~ _ . _P_ , ~ = r__