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Home My WebLink About1728 , , . ~aui RtullE;.~~,ur d.~~•. her~~b~ fi~~l~ w•~,rr,~nt the titlr tu said l~+nd, and r~rr}~ pdrt thereof, and w~ll deirn~3 tiie s.~me ~.~~;:unst thr l.+w•tul ci~~~ms all pe~suns H~homsoe~•rr. PI?O~~lDEU AL11'AYS, and these presents are executc~ci and deli~~ered upon the follow~ng conditions, to wit: The mortgagor aKrees to pay the murtg~,gc~ , o~ ocder. the principal sum o[ ~'a,~ '~D '1N~ ~ ~ ~nW ~~~N~~~N~~~M~~~~~~~~~~~~r~~~~~~N~~~~~~~~~~~~~M~~~~~~N Uolla~s ~S 1~F~~00.0~ as e~•idencrd b~• a nute of e~~en date herewith, with interest frum date at the r.+te oi i~10~ per centum ~ 7 0) pe~ annum on the unpaid balance until pa~d. The said pnncip~l and ~nter~st shall be pa~•able at the office of ~T. 1'. S'~$YAA1' 1DB'lC~A4~ OOI~A~Y, DTC. cc~por~tion tmd~er tl~e la~ns o~ t.be St~te Ot 1~Lo~ida .~r at such uther place as the holder uf the note ma}• des~gnate in wr~tio in monthly installments of !C~{~ ~ ~j7n0~ Dollara (S ~•5~ commencing on thr first da~~ of ~l~ 1 , l~ , and on the first da~~ of each month thereafter untilthepr~ncipal dnd interest are full~• paid, except that the Iinal pa~~ment of principal and interest, if not sooner paid, shali be due and pa~•able on the fitst day of ~T1mQ 20~. And shall duly, promptly, and tuily pectorm, discharge, execute, effect, complete, and comply with and abide b~~ e~~ch and e~•er~• the stipulations, agreements, conditions, and covenants of said promissory note and of this murtg~ge, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further co~•enants as [ollows: 1. That he wi11 pay the indebtedness, as hereinbetore pro~•ided. P~ivilege is reser~•ed to pa~• the debt in vvhole. or in an amount equal to one or more monthlt~ payments on the principal that ace next due on the note, on the first d:,~ o[ an~• month prior to maturit~•: !'r~~~ idrd, hawever, that written notice of an intention to exercise such pri~~ilege is gi~•en at least thirt~~ (30) da}•s prior to prepayment; and, provided [udher, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the Nationa! Housing Act, he will pa~~ to the mortgagee an ~djusted premium charge o[ one per centum (2 a) of the original principai amount thereof, except th~t ~n no e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which Kouid have bren pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary oE Housing and Urban Development on account of moctgage insurance. 2. That, in order more fully to protect the security oi this mortgage, the mu~tgagor, 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 Eollowing sur,~s: r:r! An am.~unt sufhcteot to proc~de thr holler hrreof vcith (unds to pay thr next mort~age tnsur~nce premium tf thts instru- mrnt and the note srcured hereb~• are in~urrd, or a t:~onthly rharge (in l~eu ot a mortgage insurance premrum) if the~• are hrid by ~he Secretary of Housing and Urban Drvrlopment, us folloM•s: 11) If and so lung as said nute uf ecrn date and th~s ~nstrument are ~nsured or are reinsurrd under the prov~sions oE the \at?onal Housin~ Act, an amuunt suff~c~ent tu accumulate in the hands o( the holder one (i) month pslor to its due dete the annual mortgage msurance prrmium, tn order to prot~~de such holder with funds to pa~ suchpremium to the Secretary of kiuusing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- Iahons thrreunder; or tlll If and so long as said notr uf evrn datr and thts instrument are held by the Secretary o[ Hous?ng and Urban De~•elop- r..rnt, a monthl~~ charKe (m lteu of ~ mortg~ge insur~nce premiuml which shail be in an amount equal to one-twelfth , 11 l~i ot onr-half per crntum of the average ouistanding balance due on the note computed without talcing ~nto ~ account delinquenc~es or prrpayments; ~ ~ j A sum rqual to thr Kround rents, it any, nezt dur, plus the premiums that w~~ll nezt become due and payab3e on policies f ~~f hrr and other hazerd insurancr co~•enng the murtgaged propert~, plus taxes and assessments next due on the r,.ort- KaKcd pruprrty (all as rstimetrd by ihe mortgagee) less all sums alreadp patd theretor di~ided by the number ut months i tu rldpsr before unr munth pr~or to the date when such ground rents, prem~ums, taxes, and assessments will become de- Imquent, such sur.;s to br held by mortgagee tn trust tu pay sa~d ground rents, premiums, ta:es, and special assessments: and - s ~ ~ Ail pd}n.rnts menuoned ?n the twu preced~ng subsrctwns o[ th~s paragraph an~ all payments to be made under the note ~ secured herrby shall be added together and the aggregate amount tkereo[ shal! be pa?d by the mortgagor each r.:onth in a ~ s~n~;lr paymrnt to be appl~ed by the mortgagee to the follow~ng items in the order set forth: ~ (1) precr.ium charges under the contract of insuranc~ w~th the Secretary of Hous~ng and Urban Development, oz r.~onthly - char~;e ~~n ?~eu o( mortgage ~nsurar?ce prem~um), as the case may be; ~ (111 ground rents, taxes, assessmrnts, (tre, and other hazard tnsurance premwms; ~ (11[) intercst on the nute secured hereby; and (1~'1 am.xttzatton of the principa! o[ satd note. ~ An~• deficienc~• in the ar~ount 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 ;na~~ collect a"late charge" not to exceed two cent's (2e) for each dollar (SI) of each payment more than fifteen i15) da~•s in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagot under (b) of paragraph 2 preceding sha11 exceed ~ the amount of pa}•ments actually made by the mortgagee. Eor ground rents, taxes and assessments and insurance ; prem~um~, as lhe case may be, such excess shail be credited b}• the mortgagee on subsequent payments to be ~ made b~~ the mortgagor. If, howe~•er, the monthly payments made b~~ the mortgagor under (bJ of paragraph 2 pre- ~ ~ ceding shall not be su[ficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ ma~• be. K~hen the same shall become due and payable, then the mortg~gor shall paS• to the mortgagee anp amount necessar~~ to make up the deficiency, on or befoce the date when payment ot such ground rents, taxes, assessments. = or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the pro~•isions of the note secured hereby, fu11 payment of the entire indebtedness represented thereby, the mort- ~dKee shall, in computing the amount of such ~ndebtedness, credit to the account of the mortgagor all payments made under the prov~sio~s of (u) of paragraph 2 hereo[ which the mortgagee has not become obligated to payto ~be Secretary of Hous~ng and Urban Development and any balance remaining in the funds accumulated under the ~ pro~~~sions of /l,/ of sa~d paragraph 2. I[ there shall be a default under any of the provisio~s of this mortgage, re- suSting ~n a public sa(e of the premises co~~ered iereby. or iE the mortgagee acquires the property othenuise after ~ default, the mortgdgee shall appl~~. ~t the time of the commencement of such proceed~ngs or at the time the prop- ert~• i~ othervrise acquired, the balance then remaining in the Eunds accumulated under (b) of paragraph 2 preceding ~ .,s a credit against the amount of principal then rema~ning unpaid under said note and shall properlyadjust any ~ payments w•hich shall have been made under (u) of said paragraph. ± ~ J. That he will pay all t:~xes, assessments, water rates, and other go~~ecnmental o~ municipal charges, fines. ~ - or imposit~ors, for wh~ch pro~•ision has not been made hereinbefore, and ~n default thereof the mortgagee may pay ; the same; :~nd that he w~ll promptt}• deliver the officia( receipts therefor to the mortgagee. ~F ~ ~ ' ~ .F~ , a~ ~90 i724 . 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