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HomeMy WebLinkAbout0847 ? • • • ~ i ~..td mozt~;.~~u~ doe. herNb~~ (u11~ w•arr,~nt th~• t~tlr tu satd lHnd, and r~~rn• part thetrof, and w~U detrnd the same .~K.~~nst the l.~w•tul cla~ms of all petsuns w•hum~oe~•e~. PROVIDED AL11'AYS, and these presrnts are executc~ and delivered upon the foliovrtng condilions, to wit; The mortgagoc agrres to pa~ the murtg~grr, or ocder, the principal sum of p=~ Uoilars l5 19,000.00 as e~•idenced b~• a note ot even date herewith, with intecest frum date at the r~te ol !1~ i~ OtN~1il! per centum ( ~ ro) per annum on the unpaid balsnce until paid. The said princ~pal and interest shall be payable at the office o[ BTOC~Ot~, 1il4TLl~. W1V2~1 i 00l1~1NY, 100 lir~t B~y SEreet. Jackro~vilU. Flarida, or at such other place as the holder of the notc~ may~ designate in writing, i~ monthly installments of p~ y~p FQtT7C~SIX AND 1~/100 DoUars (S 146.11 commencing on the first day of F~@b~Uaxy , 1971 . and on the first da~~ of each month thereafter untiltheprincipal and interest are fully paid. except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of Jatiuary, 2041. And shall duly, promptly. and fully perform, discharge, execute, efEect, comptete, and comply with and abide by each-and every the stipulations, agreements, conditions, and covenants of said promissory ~ote and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the moctgagor Eucther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Privilege is re$erved to pal~ the debt in whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the first dat• of any month prior to matarity: P.o~ id~-d, however, that written notice of an intention to exercise such pri~•ilege ~ is given at least thirty (30) days priot to prepayment; and, provided further. that in the event the debt is paid in full prior to maturity and at that time it is insured uader !he provisions ot the Nationel Housing Act, he will pa}• to the mortgagee an adjusted premium charge of one per centum (19G) of the otiginal principal amount thereof, except that in no event shall the adjusted premium exceec! the aggregate amount of premium charges which would have been payabte if the mortgage had continued to be insured untit maturity; such payment to be applied by the mort- gagee apon its obligation to the Secretary of Housing and Urban Development o~ account of mortgage insurance. 2• That, in order more 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 first day of each month until the said.note is full}~ paid, will pay to the mortgagee the following sums: An amount sufticient to prov~de the holder hereo( with (unds to pay the next mortgage insurance premium 'tf thts instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance prem~um) if they are held by the Secretary of Housing and Urbaw Development, as follows: ([1 I( and so long as said note ot even date and this instcument are insured or are reinsured under the provisions o[ the National Housing Act, an amount su[ficient to accumulate in the hands ot the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to pruvide such holde? with [unds to pay such premium to the Secretary ot Housing and Urban Development pursuant to the Nationa) Housing Act, as amended, and applicable Regu- lations thereu~der; or (11) 1t and so long as said note ut even date and this instrument are held by the Secretary Qf Housi~g and Urban Develop- ment, a monthly charge (in lieu of a mortgage insu~ance premium) which shail be in an amount equal to one-twelfth (1'12) of one-half (s:) per centum of the average outstanding balance due on the note computed withouttaking into account delinquencies or prepayments; ~ (l~l A surte equal to the ground rents, if any, next due, plus the premiums that w~ill nett become due and payable on policies of (~re and other haz~rd insurance covering the mortgaged property, plus taxes and assessments nezt due on the mort- gaged property (all as estimated by the mortgagee) ?ess all sums already paid therefor divided by the number ot months ~ to elapse before one month prior to the date when such ground rents, premiums, takes, and assessments will become de- linqueni, such sums to be held by mortgagee in trust to pay said ground rents, ptemiums, taxes, andspecialassessments; and ~ All payments mentioned in the two preceding subsections ot this paragraph and all payments to be made under the note ; secured hereby shall be added together and the aggregate amount thereo( shall be paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to the following items in the order set [orth: (I) prem~um charges under the contract ot insutaace with the Secretary of Houaing and Urban Development, or monthly ~ charge (in lieu ot mortg,ge ?nsurance premium), as the case may be; (ll) ground rents, taxes, assessments, tire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and ~ (IV) amortization of thr principal oI said note_ ~ Any deficiency in the amount of such agg~egate 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 mortgagee ~ may collect a"late charge" not to exceed t~ro ceats (2~) for each dollar (Sl) of each payment more than fifteen ~ (15) days in arrears to cover the extrs expense iqvolved in handling delinquent payments. ~ 3. That if the total of the payments made by the modgagor under (6J of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the matgagee, for gtotmd rents, taxes and assessments and insurance ~ ¢ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent pa~ments to be ( ~ made by the mortgagor. if, however, the monthly payments made by the moctgagor under (6J of paragraph 2 pre- . ~ ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case ~ may be, when the same shall become due and payable. then the mortgEgor shall pay to the mortgagee any amount ° necessary to make up the deficiency, on a beEore the date when payment of such ground rents, taxes, assessments, + = or insurance pcemiums shall be due. If at any time the mortgagor shall tender to the mortgagee 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 of such indebtedness, credit to the account of the mortgagor all payments E made under the provisio:~s of (o) of paragraph 2 hereof which the mongagee has not become obligated to payto ~ ~ tbe Secretary oE Housiag aad Urban Development and any balance remaining in the funds accumulated under the j ~ provisions of /6J of said paragraph 2. If there shall be a deEault under any of the provisio~s of this mortgage, re- 4 ~ 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 canmencea~ent oE such proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the fonds accumulated under (b) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any K payments which shall have been made under (a1 of said paragraph. ' 4. That he will pay atl taxes, assessments, water rates, and other governmental or municipal charges, Eines, ~ or impositions, for which provision has not been made hereinbefore, and in default thereoE the mortgagee may pay 4 the same; and that he will promptly deliver the oEficiel receipts therefor to the mortgagee. ~ i ~ i~~~ `w1K V~~ 5 ~ 9 r u~ . - = - r'me ~v^~,~ v.~.~ _ a~._ . ~ _ r'°'