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HomeMy WebLinkAbout2857 ~ , i t • f' s „ ~.~id r~.atK..~,u~ dues hetcby tully v?~ttont the t~tle to said Ipnd, aed ever~~ p~rt thrtrut, ond w~ll de(eod th~ sart~ .~K..~nst ~he tav?tul cla~ms o( pll pe~on: whomsoere~. PROYIDEO ALR'AYS. and these pcesents •re executed and delive~ed upon the tollowi~~ conditions. to wit: Thc mwtga~or egrees to pay the mort~aRee. ot order, the p~incipal sum oE e~ Z!~p ~ptap 71ND NO/I00 M~~________~__________________~____..____~___~..~~~___~__~_~_~___-___~_____-__ Uollacs (S 18,500.00 as evidenced by • note o[ even date hecewith. with intecest f~om date at the rute ol ~i~ ~ pM~j~ pec centum ( 6~ 7G) pec an~um on the unpaid balpnce until paid. The said principal and iaterest rhall be piryable qt the oftice oE ~pC~O~t, N1pT~i! ~ pJ1VSN i~Itp11K : 100 11rat 8sy Stra~t , lackiw~vill~. Flosi!!a, or at such othe~ place as the holder of lhe note may designate in writing. in monthly installments of ~ HtAiDRBD F'aiTY-iM~O 71~ID Z?/100 ---------------------DoUacs (S - 142.27 coma~e~cing on the first day of M1t~ch . 19 71 . and on the firat day of each month theceafter untiltheprincipal and inte~est ace Eully paid~ except that the final payment of principel end interest. if not sooner paid. ahall be due and payable on the first day of PlsbxuaYy~ 2001. A~d shall duly. promptly. end Eully pedorm, discharge. execute. effect. complete, and comply with and abide by each and every the stipulations. agreements, conditions. and covenants of seid pranissory note end of this mortgage, then this mortgage and the estate heceby created shall cease and be null and void. And the anortgagor t~uther coveaants as follows: 1• That he will pay the indebtedness.as hereinbefore provided. Privilege is reserved to pay the debt in whole, ar ~n an amount equa! to one or moce monthly payments on the principal that are next due on the note. on the first day of any month prioc to matucity: Prai~id~d, however. that written notice ot an intentioe to exercise such privilege is give~ at least thitty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in tull prior to maturity end at that ~iine it is insured under the provisions of the National Housing Act. he will pay to the mortgagee a~ adjusted pcemium chatge of orte pet ceatum (19fi) of the originel principol ~mount thereof. except . that in no event shall the adjusted premium exceed the aggregate amount of pcemium char~es wbic6 would have been payable if the mortgage had continued to be insuced until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urben Development oa accoant of mortgege insurance. 2. That, in order more fully to protect the security of this mortgage. the mortgegor, together ~rith~ and i~ addi- tion to, the monthly payments under the terms of the note secured hereby. on the first day of each month until the said noce is fully paid, will pay to the modgagee the following sums: ' ~nl An amount sutficient to provide the holder hereof with [u~ds to pay the nest mortgage inaurance premium it this instru- ment and the note secured hereby are insured, or a mu~thly chatge (in lieu of a mortgage insurance p~emium) if they are held by the Secretary of Nousing and Urban Development, as tollows: (I) It and so long as said note o[ even date and this instrument are insured ot are reiosured under the pwvisions ot the National Housing Act, sn amount sufficient to accumul~te in the hoads of the holder one (1) month prior to its due date the annual mortgage insurance premium, in arder to provide such holder witb funds to par suchpremium to the Secretary of Housing and Urban Devclapment pursuant to the Nation~l Housing Act, as ~mended, aad applicable Regu- latiuns thereuoder, or (tl) I( and so long as said note of even date and this instxument are held by the Secretory o[ Nousing and Urbaa Develop- ment, a monthly charge (in lieu of a mortgage iasurance premium) which shall be ia an amount equal to one-twelfth (1 `12) of one-hatf per ceatum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (hi A sum equal to the ground reats, i[ any, ne:t due, plus the premiums that will ne:t become due and payable on policies o[ tire and other hazard insurance covering the morigaQed property, pluc toxes and assessmeats nest due on t6e mort- gaged property (ali as estimated by. the mortgagee) less all sums already paid theretor divided by the number of months to elapse before one moath prior to the date when such ground repts, premiums, ta:es. and ~ssessments will become de- I~nquent, such sums to te he16'by mortgagee in trust to pay said ground rents, premiums, tazes, ~ndspecia[asaessments; and ; ! r 1 Ail payme~ts mentioned in the two preceding subsections o[ this peragraph and all payments to be made under the note € secured hereby shail be added together and the aggregate amount thereoi shall be paid by the mortgagor each month in a s~nRle payment to be applied by the mortgagee to the [ollowing items in the order set torth: i E (I) premium charges under the contract ot Insuraece with the Secrctary ot Housins ~nd Utbaa Development, or monthly f charge (in lieu of mortgate insuraace premium), as the case m~y be; i (II) ground rents, tazes, assessrnents, [ire, and other hazard insurance premiums; 4 (III) interest on the note secured hercby; nnd ~ (IV) amortization 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 mortgagee may collect a"late charge" aot to eYCeed t~ro cents (2~j for each dollar (Sl) of each payment mae than fifteen (15) days in arrears to cover the extra expense involved ia handling delinqaent payments. 3. That if the tocal of the peyments made by the mortgagor undec (b) of paragraph 2 preceding shall exceed the amount of payments actuslly made by tl~e mattgegFe. for gROUnd rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments ta be ~ made by the mortgagor. If. however, the monthly payments made by the matgagor under (6J of paragraph 2 pre- i ceding shall not be sufficient to pay ground cents, taxes and assessments and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the matgugot shall Qay 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 mortgagor shall tender to the modgegee in accordance with ~ the provisions of the note secured hereby, fulf payment of the entire indebtedness cepresented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the eccount of the mottgagor ell peyments ~ made under the provisions of (a) of paragraph 2 hereoE which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Developmeat and eny balance remaining in the funds accumulated under the ~ provisions o( (6) of said paragraph 2. If there shall be a default undec any of the provisio.~s of this mortg~ge, re- ~ sulting in a public sale ot the premises covered ~ereby, or if the mortgegee acquires the propecty otherwise aftet ~ default, the mortgagee shall apply, at the time of tbe commencemeat of such proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding ~ ~ as a credit against the amount oE principal then remaining unpaid under said note and shall properiy adjust a~y ~ pay~nents which shall have been made under (aJ of said paragraph. ~ 4. That he will pay all taxes, assessments, water retes, and other governmental a municipal charges, fines. ~ or impositions, for which provision has not been made hereinbefore, and in defeult thereof the mortgagee may pay the same; and that he wiil promptly deliver the official teceipts thecefor to the mortgagee. ~ : r , ~ r ~$48 . ~ - - ~ ~ : _ _ i: r__~_Y__.~:_~ . _ ~ .