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HomeMy WebLinkAbout2355 r" ~ . ; t'~~ a..~d ^~ott~6g~x duec hereb~• ful1~~ wetranl thr t~tle to s.~d land. ~nd e~~e~y p~tt thereof, and will defrnd the came .+reinst the l+v?tul ciauas oi all prr~.x~s rrhomsoevet. . PROVIDED ALNAYS. and tbe~e pceseats ire executed aad delivercd upon the Eollovring coaditions. to ~?it: The moctgr~go~ a~ees to pay the muctg~ge~e. ot ocder. the pcirticipal sua~ ot F'O~iZTS~T ~iO~D ~E xtn~xm F~t nxn no/ioo----------------------------------------------------- , Doltars (S 14 ~150.00 as o~•~denced by a ~ote ot even date he~ewith. w~th intaest Erwn date at the ~ i c„te of eight CtA1401 ( 8'1L) per annum oe~ tbe unpaid balonce until p~id. The said principul and inte~est shall be payabla at tbe ottice of J. T. S~~iART I~RTGJ~GT COMPANY, IHC., a corporation under the lavs of the State of Fl~orida or at such dher place as the holder of the note awy desigpate ia w~iting. in monthly installaeeats of Ot1e Kundred 7hree and 86~100---------------- Dollacs (t 103.Sfi coma~encing on ~ the first day o[ May . 1971 . and on the ficst day of each moath thecepfter untilthepriocipel and interest are fully paid. except that the fuwl paymeat of principal and intetest. if not saoner paid. ~hall be due and payable oa the fitst day of pp~il 2001 ~ And shall duly. pranptly. and fully pedocm. dizcharge. execute. effect. complete. and caoply with end abide by each and every the stipulations. .agreemeats. conditio~s. aad covenants oE said pranisaory note and of this mo~tgage. then this mortgage and the estate hereby created shall cease and be null aed void. And the moctgagor further covenants as Eollows: 1. That he ~ill pay the indebtedness, as hereinbefore pco~~ided. 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: P?o~•ided, however. that written ~otice of an intcntion to exercise such privilege is given at least thiriy (30) days prior to prepayatent; and, provided fudher. that ie 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 (196) of the original principel amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which wouid have been payable if the matgage had continued to be insured until matarity; such paya~ent to be applied by the mort- gagee upon its oblig,ation to the Secretary of Housing and Urban Development on acconat of mortgage insurance. 2. That, in order more fully to protect the security of this mortgege. the mortgagor, together witb. and in addi- tion to, the monthly payments uader tbe terms of the nde secured hereby, on the first dey of,~each month unti! the said note is fuity paid. will pay to the mortgagee the following sums: ~ul Aa amount su[ficicnt to provide the holder hereot with funds to pay tMe ne~ct mort~age insurance premium iE tdis instne- meat and the aote secured he~eby are insured, or a monthly charge (in lieu of a mortgage iasura~ce premium) if they are held by the Secretary o[ Housia~ aad Urban Dtvelopmeqt, as tollows: (I) It and so long as said note o( evea date aad this ir?stturneat are utsured or are ceinsured uader the proviaions of tfue National Housing Act, an amount sut[icient to accumul~te ia the baads ot the holder one (1) monih prior to its due date tbe annual mortQa~e iasur~nce premium, iu order to provide s~ch 6older with funds to pay suc6 premium to the Secretary of Housing aad Urban Development pursuaat to tht N4tioaal HousinQ Act, ss ameaded. aad applicable Regu- lat~ons thereunder, or lll) and so long as said note af even date aad this iastrumeat are held by the Secretary of Housing and Urban Develop- nent, a manthly charge (in lieu ot a mortQaee wsurance premlum) wrhich shall be ia aa amount equal to one-twelfth (1 12) o[ one-half (!5) per ceatum ot tbe averaes cutstaadinQ balance due on the notc computed aithout takiag into accouac delinquencies or prepa~rmeats; ~ /h/ A sum equat to the ground rents, it any. aezt due, plus the pceminms thst ~rill nest become due and payable on policies ot fire and other huard iasurw~ce coverin~ tbe mortQa~ed property, plas tsses ~nd assessmeats nezt due on the mort- gaged property (all ss estiowted by the mottgagee) less all sums alreadp paid theretor divided by the number of montds to elapse befoer one moath prior to We date ahen such grouad rcnts, premiums, ta:es, aad assessments will become de- ' linqueat, such sums to be he/d br mortga~ee ia trust to pay said gronnd rents, premiums, taxes, and special assessments; and . i All payments mentioned in the tro preceding subsectioas oE this paragraph and all payments to be m~de under the note ~ secured hereby shall be added togethet and tt?e ag~ee~te amount thereof shall be paid by the mortgaeor each month in a ~ slagie payment to be applied br the mort~a~ee to the tollowinQ items in the order set tortb: ~ (I) premium charges under the contract of insurance aith the Secretary of Housia~ aad Urban Developmeat, or monthiy , charge (in lieu of mortgagc insuraoce preaium), as We case may be; i (II) ground rcots, ta:es, assesswents, fire, and other hazard insurance premiums; - g (III) interest on the aote secured hereb~; and ~ (I~ amortisation o[ the principal o[ said note. a Any deficiency in the acwunt of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the next such payment, coastitute an event d defautt under this mortgage. The mortgagee may collect a"late charge" not to exceed ~two cents (2E) for each dollar (Sl) of each payment more than fiheen (15) days in arrears to cover the e:tn expense involved in handling delinqnent-payments. ~ ~ 3. That if the total af t6e payments made by tbe morcgagor under (6) of parag~raph 2 preceding shall exceed ~ the amount oE payments actually made by tbe matgagee, foc g,round reats, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by the matgagee on subsequent payments to be ~ made by the mortgagor_ If, however, the monthly payments made by the matgagor under (b) of peragraph 2 pre- ~ ceding shail not be sufficient to pay ground rents, taxes and assessm~~nts and insura~ce premiua~s, as the case ~ may be, ~rhen the same shall become due and payable. then tbe mortgsga slwll pay to the moctgagee any amount ~ necessary to make up the deficiency. on a before tbe date when payment ot such g~ound rents, taxes, assessments. ~ or insucance premiums shalt be due. If at any time the moctgagor shall tender to the mortgegee in acco~dance with y the provisions of the note secured hereby, full payment of the entire indehtedness re~ented tbereby, tbe moct- ~ gagee shall, in computing the amount of such indebtedness, credit to the account d t1x mortgagor all payments ~ made under the pcovisio:is of (o) of parag~aph 2 heceof which the moctgagee has not become obligated to peyto ~ tbe Secretary of Housing and Urban DevetoQment and any balance remaining in the funds accumulated under the ~ provisions of (GJ of said paragRaph 2. If there shalt be a default under any of the ptovisioas of thi~ mortgage, re- ~ sulting in a public sale of the pcemises coveced ~ereby, or if the mortgag~ee acquites the property otherwise after ~ default, the matgagee sball apply, at the tiaie 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 (b) of paragraph 2 preceding ~ as a credit against the amount of principel tben remaining unpaid under said note and shall properlyadjust any ~ payments whicb shali have been made under (ojof said paregraph. ~ 4. That he will pay sll taxes, assessments, aater rates, and other governmental or municipal chatges. fines, ~ or impositions, for which provision has not been made bereinbefore, and in default thered the mortgagee may pay ~ the same; and that he wiU promptly deliver the dficial receipts thtcefor to the modg,agee. ~ ~ ~i89 ~ ~8 ~ , . ~ ~ ~ . g.N _ ~ x"F ~ r s > . . _ ~ .