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Home My WebLink About2882 ~ .u~d r.~ortKuk,ur dues herebt' tull~~ K•arr.~nt the t~tir to sa~d land, and r~•er~• part thereof, and will d~fend the same .~R:~inst the i.+H~tul cla~ms of all persuns whomsce~•et. PROVIDED AL11'AYS, and these presents are exec•ut~~c1 and deli~•ered upon the following conditions, to wit: The mortgagor agrees to pHy the mortgagee, or order, the principal sum of SIX~ ~i0i~4ARD EIGHT xvRn~ ~?Rn ~0/l00------------------------------------------------------------- l)ollars (Sl~'~.~ as e~•idenced by a note oi even date herew~th, with intecest from date at the r:+te of BeVEri per centum ( 7;) per annum on the unpaid balance until paid. The said principal and interest shall be pa~•able at the office ot 3. T. SZLWART I+lOR1GAGE COMPAI~Y, INC. , e corporation under the l,ar?a of the State of Florida ~ or at such other place as the holder of the note may designate in writing, in monthly installments of ~e ~ gundred F.~even a11d ~~100 Dollars 111.~ commencing on ~ the first day of Jta18 . 19 'jl , and on the tirst day of each month the~eafter untiltheprincipal and interest are tully paid, except that the [inal payment ot principal and interest, if not sooner paid, shall be due ; and payable on the ficst day ot Mey 2001 ~ And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and eve~y the stipulations, agreements, conditions, and co~~enants of said promissory ~ote and oi this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor [urther covenants as tollows: ' a 1. That he wilt pa} the indebtedness, as hereinbeEore provided. Privilege is rese~ved to pay the debt in whole, ~ or in an amount equal to one or more monthly payments on the principal that ace next due on the note, on the first ~ day uf any mo~th prior to maturity: P.o~~idPd, however, that written notice of an intention to exercise such privilege is give~ at least thirty (30) da~•s prior 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 o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount o[ premium charges which w~uld have been payable 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 of Housing and Urban Development on account of mortgage insu~ance. 2. That, in order more [ully to protect the security of this mortgage, the mortgagor, together with, and in addi- a tion to, the monthly payments under the terms of the note secu~ed hereby, on the first day of each month until the ~ said note is fully paid. will pay to the mortgagee the following sums: r:ir An amuunt su[(ic~ent to provide the holder hereof with (unds to pay the next mortgage insurance premeum i( this instru- ' ment and the note secured hereby are tnsured, or a monthly charge (ie lieu of a mortgage insurance premium) i[ they are held by ihe Secretary of Housing and Urban Development, as [ollows: (If If and so long as said note ot even date and this instrument are insured or are reinsured under the provisions ot the ; \ational Housing Act, an amount suf(icient to accumulste in the hands of the holder one (1) month prior to its due f date the annual mortgage insurance prem~um, ~n order to provide such holder with funds to pay such premium to the ~ Secretary of ffous~ng and Urban Development pursuant to the N1l~ot~at Housing Act, as amended, and ~pplicable Regu- latiuns themunder; or ~ (II) If and so long as said rtote u( even date and this instrument are held by the Secretary ot Housing and Urban Develop- r..rnt. a monthly charge (in lieu o( a mortgage insurance premium) which shall be in an amount equal to o~e-twelfth ~ (1 12) o( one-halt (i=) per centum o[ the average outstanding balance due on the note computed without taking into account deltnquencies or prepaymer?ts; ~ A sum equai to the ground rents, i[ any. next due, pius the premiums that will next become due ~nd payable on policies ot t~re and other hazard insurance covering the mortgaged property, plus ta:es and assessments next due on the mort- Kaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number of moMhs ~ to e:apse before one month pnar to ihe date when such ground rents, p~emiums, taxes, and assessments wilt become de- i I~nquent, such sums to be hetd by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; ~ end j A?i payments menuoned in the two preced~ng subsectior?s of this paragraph and all papments to be made under the note ~ secured hrrrb~• sha11 be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a } € sin~;le papment to be applied by the mortgagee to the follow~ng items in the order set forth: ~ (1) prrmium charges under the contract of insurance wuh the Secretary of Housing and Urban Development, or monthly charge (~n I~eu of mortgage tnsurance premwm), as the case may be; t (Il/ ground rents, taxes, assessments, tire, and other hazard ~nsurance premwms;' ~ (111) interest on the note secured hereby; and ~ ~ UV) amortization o[ the principal ot said note. _ s Any deficiency in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagor i ~ pnor to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee { may collect a"late charge" not to exceed two cents (2Q) for each dollat (S1) of each payment more than fifteen r (15) days in arrears to cover the extra expense involved in handlireg delinquent payments. ~ 3. That if the total of the payments made by the mortgagor under (6J of paragtaph 2 preceding shall exceed the amount oE payments actually m~de by the mortgagee, for ground rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by the mottgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ~ ceding shal! not be suificient to pay ground rents, taxes and assessm~~nts and insutartce premiums, as the case ~ may be, when the same shall become due and payable, then the mortgsgor shall pay to the mortgagee any amount - necessar~~ to make up the def iciency, on or befae the date when payment af such ground rents, taxes, assessments, . or insurance premiums shall be due. If at any time the mortgagor shall tender to ihe mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount o[ such indebtedness, credit to the account of the mortgagor all payments a mede under the provisions of (u) of paragraph 2 hereof which the mortgagee has not become obligated to payto ; the Secretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the ~ pro~•isions of (l,) of said paragraph 2. U there shall be a default under any of the provisioas oE this mortgage, re- sulting ~n a public sale of the premises covered iereby, or if the mortgagee acquires the propetty otherwise alter = default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the ptop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6? of paragraph 2 preceding as a cre~it against the :?mount of principal then remaining unpaid under said note and shall Properlyadjust any ~ payments which shall have been made under (u/ ot said paragraPh. ~ 4. That he will pay all taxes, assessments, water rates, and dhet governmental or municipal chacges, fines, _ ~ or ~mpus~t~uns, tor which provision has not been made hereinbefore, and ~n default thereo[ the mortgegee may pap thf• same; ~nd that he w~ll promptly deliver the officiai rece~pts therefor to the mortgagee. ~ - ~~3 - eoox ~g~ i~~ ~ ~ . : _ _ - = - : _