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Home My WebLink About2642 ~ ~ F ~~<<~c~ ~ ~ ~ ~ ~u~d motl~;,gw dw~ heteb~~ (ull~~ w•a~~unl Ihe htlN tu se~d lond. ~nd e~~~t~~ prtt thercof, and w~ll de(rnd Ihe same ~ ~~a~nst the law•lul clW~ms o( ~Il prrruns whumsciever. PROVIDED ALN'AYS. ond th~se presents are executed a~d delive~ed upon th• followin~ conditions. to wit: The m~xtgaeot ~+~~eer to p~y the matg~gee. ot wder. the ptincipal sum o( F'OUR'18E1~1 ~i0U3APD a'1B HUNDRID FIFTY ANID N0~100----------------•-------•-----------------------••--- Dollars (S 14,150.00 as evideaced by a note oI evee date herewith. with inte~est trom date ot the ~ate o[ eight pec centum ( 8!G) pe~ aonum oa the unpoid balance ur?ti1 paid. The said pcincipal and interest shall be ppyable at the office oE J. T. STE~iART I~+pRZC'iAGS COMPANY, INC., a corporation under the lawa of the State of Florida or at such othe~ place as the holder of the note awy designate in writing, in monthly installmeats ot One Humdred ~ee and 86~100-------------~-- Dollacs (S 103•~ coma~encing on the first day ot Mey . 1971 . and on the first day oE each month thereafEer untiltheprincipal r and interest are fully paid. except that the Einal p~yment oE ptincipal oad intecest. if not sooner paid. shall be due ~ and peyable oe the first day of Apr'il 2001 ~ - And shall duty. promptly. and fully pedorm. discharee, execute, effect. complete, a~ caaplyr with end abide by each and every the stipulations. egreements. conditions. aad covenants of said p~amiesory note amd oE this mortgage~ then this mwtgage end the estate hereby created shall cease and be null and void. Artd the mortgagoc fucther covenants as follw~rs: 1. That he will pey the indebted~ess. as hereinbefore provided. Privilege is reserved to pay the debt in ahole. or in sn amount equal to one a mae monthly payments on the principal that ace next due on the note, on the first day oE any month-prior to maturity: Pro~•idrd, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided Eudhec~ that in the event the debt is paid in ~ full prior tu maturity and at that time it is insured under the provisions of the Nationel Housing Act. ht will pay to the mo~tgagee an adjusted p~emium charge of o~e 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 would have been payable if the mortgage had co~tinued to be insuced until maturity; such payment to be epplied by the mort- gagee upon its obligation to the Secretary of Housing and Urben Development on account of mottgpge insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together witb. and in addi- tion to, the monthly payments under the terms of the note secured heceby. on the first day of~ach month until the said note is fuily paid. will pay to the modgagee the foltowing sums: A~ amount sufficient to provide the hoider hereo[ ~ritd tunds to pay the ne:t mort~a~e insuraace premium If tdis insuu• ! ment and the note stcured hereby are insured, or a monthly charge (in lieu ot s mortQage iasurarce premium) II Wey •ro ' held by the Secretary o[ Housing and Urban Developmeat. •s tollows: (I) It and so tong as said note o[ evea date and thia instrwnent aro utsured ot aro reinsured uader the provisioas of We National Housing Act, an amou~t sufticient to accumulate in the hands ot the holder one (1) month prio~ to its dut date the annual mortgage iaswance premium. in order to 4wvide euch bolder writh funds to pay such premium to the Secrelary ot Housing and Urbon Developmcat pursuaot to the Natioaal NousiaQ Act, as ameaded. aad apptic~ble Re¢u- latioas thereundcr; or (lI) I( and so long as said note oi even date and this instrument are held by the Secretsry ot Housia¢ and Urban Develop- ment, o monthly charge (in lieu o[ a mottgaQe u?suru~ce Qremium) which shall be in aa amount equal to oas-twelfth (1'12) of one-hal[ (!4) per centum of the •veraee outstandinQ balonce due on the note computed without tskia~ iato account delinquencies or prepaymeats; /til A sum equal to the ground rents, i[ any. next due, plus the premiwas t6at will aext become due aad p~yable on policies o( fire and other hszard iasurance coveriaQ tbe mort~~~ed propert~, plus tases ~nd assessmeats ae:t due oa the mort- 'i gaged property (all as estimated bp tAe mottga~ee) less all sums •lre~dy p~id there[or divided by tAe number of moaths ~ to el:pse before one mouth Prior to the date when such eraund renta, premiums, ta:es, •ad ~ssessments will become de- linquent, such sums to be held by moKga~ee in trust to pay said Qrotu~d rent:, premiua~s, lases, ~nd speci~l assessmeats; and - Ic) All payments mentioned ~n the two precedine subsections ot this par~~raph and all p~ymeats to be msde under the note secured hereby shall be added toQethet and lhe s~~e~ate ae~oant theteot sholl be paid by the mortQa~or each month ia a single payment to be applied by the mortga~ee to the tollowing items in the order set forth: (n premium charges under the contract of insurance with the Secret~ry ot Housin~ ind Urban Development, or monthly ch~rge (in lieu o[ mortgage insurance premium), ss tbe c~se may De; (II) ground rents, ta:es, assessments, tire. and other hazard insuranct premiums; (III) intercst on the note secured heroby; ~nd (IVl amortuation ot tbe principat of said note. # Any de(iciency in the ar.wunt oE such aggregate monthly peyment 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 mo~tgagee ~ may collect a"late charge" not to exceed ~two cents (2a) for esch dollar (SI) of each payment more than fiheen i (15) days in arrears to cover the extra expense involved in handling delinquent paymenta. 3. That iE the total ot the payments made by the mortgagor under (b) of parag~aph 2 preceding shall exceed the amount of payments actually made by the mo~tgagee. foc g,cound rents, taxes and assessmeaEs and iasurance premiums, as the case may be, such excess shall be credited by the moctgagee on subsequent payaients to be made by the mortgagor. If, however, the monthly payments made by the moct~agor under (bJ oE paragcaph 2 pre- ceding shall not be sutficient to Qay ground rents, taxes and assessm.~nts aad insurance premiuaos, as the case may be, ~yhen the same shall become due aad poyable, then the martg~got stwl! pay to the modgegee any amount necessery to make up the deficiency, on oc beEae the date when payment of such ground rents, texes, assessments. or insucance premiums shell be due. If at any time the mortgagor shall tender to the mortgagee in accordaRCe with the provisions of the note secured hereby, full payment of the entire indebtedness cepresented thereby~ the mort- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagoc all paymeats made undcr the provisions of (a) of paragcaph 2 htced ahich the matg~gee hes eot become obligated to payto tbe Secretary of Housing and Ucban Development end any balence cemaining in the funds accumulated under the provisions ot (b) of said paragraph 2. If there shall be a defeult under any af the provisioas of this moctgage, re- sulting in a public sale of the premises covered ~ereby. a if the mortgagee acquires the propedy otherwise after default, the martgagee shell apply. at the time of the commencement of such proceedings oc at the time the pcop- erty is othenvise acquired, the balance then remaining in the funds accumulated under (b) oE paragraph 2 precedin~ as a credit against the amount o[ principet then remaining uepaid under said note and shall properlyadjust any payments which sh~U have been awde under (arof said paragraph. 4. That he will pay all taxes, assessments, weter rates, and other governmental ot municip~l charges, fines, or impositions, for which provision has not been made hereinbefae, ond in deEault thereof the mortgagee a~ay pay the same; and that he ~?ill ptoAptly deliver the afficial teceipts therefot to the moctgegee. ~ ~ ~ _ i~ ~ _ _ . J'Lt ' { ~ ~ .__~..v