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HomeMy WebLinkAbout0196 r ~.1 snid r.iort~;,~Kur d.xs herehy fullr u•acrant thc~ title to said land, and e~~ery part the~eut, and w~il defend the same ,~~ainst thr l:.w•ful cla~ms ut all persuns whomsceve~. ; PRO\'IDED A1.11'AYS, a~d these presents are executed and deliveced upon the foliowi~g conditions. to wit: ' The mortgagur agcees to pay the mortgagre, or o~de~, the p~incipal sum o[ ~jH~~ S~( Ht~,'DRFD AND N0~100------------------------------------------------------------- Uotlacs (S 13~~•~~ as e~•idenred by a note o( even date herewith, with intecest from date at the , rate oi Eight per centum ( ~ 96) pec annum on the unpaid balance until pa~d. The said princ~pal and interest shall be payable at the of[ice of T. ST.~rIART ;KORSGAGE CO:~SPANY, INC. , a corporetion under the la~~s of the State of Florida or at such other place as the holder of the note ma~ designate in writing, in monthly installments of Ninety IiiIIe and 82~100------------------------- Dollars (S comn~encing on the f~rst day of b:~y , Z9 i 1. , aad oe the first day of each month thereafter until the p~incipai and interest are [u{ly paid. except that the Einal payme~t of principal end interest, it ~ot soonec paid, shall be due ~nd p,~yable on the first day of April 2001 And sball dulp, pranptly, and fully pedo~m, discharge, execute, effect. complete. and canply with and abide b~• each and every the stipulations, agreeme~ts. conditions, and covenants of said pcomissory note and of this murtgage, then this mortgage ~nd the estate hereby created shall cease and be null and void. And the moctgagor turther covenants as follows: 1. That he will pay the indebtedness. as he~einbefore provided. Privilege is reserved to pay the debt in whole, or in an artwunt equal to one a more monthly payme~ts on the pcincipal that ace next due on the note, on the first dap of eny month prior to maturity: P,o~;drd, however. that written notice of an intention to exercise such pri~~itege ~s giveo at least thi~ty (30) days prioc 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 under the provisions ot the National Housing Act. he v?i11 pay to the mortgagee aa sdjusted premium che~ge of oeee per centum (196) of the original pri~cipel amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa~~able if the mo~tgage had continued to be insuced until maturity; such payment to be applied by the moct- gagee upon its obligation to the Secretary of Nousing and Urban Develepment on accouat of mortgage insurence. 2- That, in ocder moee fully to protect the security of this mortgage, the mortgagor, together with, and in addi- cion to, the monthly payments under the terms of the note secured hereby. on the first day of each month until the said note is tully paid, will pa) to the moctgagee the tollowing sums: ~.r - Aa ar.:ount s~[hc~ent to provide ihe holder hereot w~th fuads to pay the ne=t mortQage insurrnce premium it this instru- ment and the note secured Rereby rrc insured, or a monthly cha~ge (in Iteu ot a mott~age msurance prem~um) it they ate held b~ the Secretary ot Housine and Urban Development, as [ollows: iIa If and so tong as sa~d note ot even date and this instrument arc iasured or orc reinswed uader the provisions of the \e~ional Flousing Act, an amount sutt~cie~t to accumulate ia the hands ot tbe holder one (1) month prior to its due d.tr the annual mortgage ~nswance premium, u~ order to provide such holde~ witA fuads to pay suc6 prcmium to the Secretary at Hous~ne and Urb~n Developmeat pursu~nt to the N~tional Housin~ Act, as ame~ded, snd applicable Reeu- lat~ons thereunder, or i 11) It and so long as said note of e~en date and this tnstrument are held by the Secretary of Hous?ng and Urban Develop- r..ent, a monthly charge ~m iieu of a mortgaQe insurance premium) whicb chail be in aa amount eqwl ~o one-twel[th tl 12) of one-hal[ per centum o( the •verage outsttadinQ bal~ace due on the note computed ~rithout taking into account delinquenc~es or prepayments; ~ • A suc~~: equal tu the ground rents, i[ any. ne:t dne, plus tAe ptemiums that +vtll aest become due and p~yable on policies cf f~re -and other hazard insur~nce coverine the mortQa~ed ptoperty, plus taxes and ~asessments ne=t due on the mort- Kaged property (all as esumated by the mortgagee) less sll sums alre~dy paid tbsrstor dirided by the number o[ months to elapse be[ore one month prior to the date ~vhea such ¢round rents, premiums, tazes, •nd •ssessrceats will become de- Sinquent, such sums to be held by mortgagee in trust to pay said ~rouad rents, prem~ums, ta:es, aadspecialassessmenis, .nd ~ i Ail p.~~~ents mentioned ~n the two precedin¢ subsecttons ot th~s pan~raph and all payme~ts to be mode under the aote secured hereby shail be added togethe~ ar~d the aggregate amount thereof shsll be paid bythe mortga~or each month in a I sin~le pa~me~t to be appi~ed by the morteagee to the followinQ items in the order set torth: ~ (1) prem~um charges under the contract ot insurance with the Secret~ry of Hous~n¢ ond Urbrui Development, or monthly ; charge (~n l~eu of r.:~rtgaQe insurance premium), as the case may be; ~ (Il) ground rents, ta:ee, assessments, tire, and othtr hasard tnsuraace premiums; (III) interest on lhe note secured hereby; and t (I~'1 amort?zation ot thr prmctpal of s~td note. = Any deficiency in the ar.~ount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the ~xt such payment, constitute an event of default upder this mortgage. The mortgagee ~ r.sa~• collect a"tate charge" not to exceed two cents (2~) fa each dollar (Sl) of each payment more than Eifteen ~ (15) da~•s in arrears to cover the extra espense involved in handting delinquent payments. ~ 3. That if the total of the payments made by the mortgagoe under (bj of paragraph 2 preceding shall exceed ~ the amount of pa~~ments actually made by the mortgagee, for gROUnd rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee ve subsequent payments to be ~ made by the mortgagor. lf, howeeer. !he monthly payments made by the matgagor under (b)o[ paragraph 2 pre- ~ cedang shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ ma}• be. xhen the same shall become due and payable, then the moctgsgot shel! pay to the mortgegee any amount ~ necessary~ to make up the def iciency, on or befae the date when pay ~ f such ground rents, texes, assessments, rt or insurance prem~ums shall be due. IE at any time the mortgagor shall tender to the mortgagee in accotdance with T the pro~~isions of the note secured hereby, fu11 payment of the entire indebtedness represented thereby, the mort- ~ gagee shail, in computing the amount ot such ~ndebtedness, credit to the account o( tht mo~tgagor all payments ~ made under the provis~o:?s of /a1 of p~ragraph 2 hereof which the mortgagee haa not become obligated to pey to = tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the pro~~isions of (1,1 of said paragraph 2. II there shall be a default under any of the provisions oE this mortgage, re- sulting in a public sale of the premises covered ~ereby, oc if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall aQply, at the time of the commencement o( such proceedings a at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under ) of paragraph 2 preceding ~ as a credit against the amount ot principal then remaining unPaid under said note and shatl properlyadjust any ~ payments which shall have been made under (a) of said paragraph. ~ 4. That he will pby all taxes, assessments, water rat±s, :na ~'!.er governmental or municipal charges. tines, ~ or ~mpasit~ons, tor which provision has not been made here,nbefore, e~d in defeult thereof the mortgagee may pay ~ the same; arx! that he w~ll promptly detiver the o~ficial receipts therefor to the mortgagee. ~ ~s r ~ ~ _ - ~ - :'~.±3 ~ ~ - i u~ a ~ _ ~ d _ , ~ , _ . . _ ~ .