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Home My WebLink About1886 . ~ , . ~ . .:~id mort~;a+Kui dues hereby~ fuUy warrant the title to said land, and e~~er~• part thereof, and will defend the same .~Ka~nst the l.~w~ful cl:~ims o( all persons whomsoever. PROVIDEQ ALN'AYS, and these pcesents are executed and delivered upon the following conditions. to wit: The murtgagor ~+gcees to pay the mortgagee, or order, the principal sum of ~•7F~1T1' T~ic~;sA~~n Ar!a rio/1~(~ - ' ~ Uotlars (S ?O,OOO.OQ as evidenced by a note ot even date herev~ith, with interest from date at the ; rate ot ;;e~~cn : nd Os:e-I~~lf per centum ( 7~ 90) per annum on the unpaid balance } u~til pa?d. The said principal and inte~est shall be payable at the office of J.T. ~T~•7ART r!O!:'I~;I!G~ ^~?!!P1*'Y, 7~T^.__ :iJITE 300 -'_00 t:irzcl~ le in Cor-:1 ~,hl~^, rloria : ~ or at such other place :?s the holder o[ the note may designate in writing, in monthly installments of 0?1E !;i1t)nR~,~ ~ 'O:'?`1' Ar.D NO/2C~C ----------------------------Dolla~s (S 140.00 comrt~encing on . the first da~~ of Jttne . 19 . and on the first day of each month thereafter untiltheprincipal # and interest are [ully paid, except that the final payment of principal and int~rest, if not sooner paid. shall be due and pa~~able on the (irst day of b'al , 20C~1. And shall dul~•, promptly, and fully per[orm, discharge, execute, efEect, complete. and comply with and abide by each a~d e~~ery the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbetore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or mo~e monthly payments on the principal that are next due on the note, on the first ~ia~• nf anv m~nth nrinr to maturitv:~Pr~~•tdrd_ however. that written notice oE an intention to exercise such privile¢e is. given at least thirty (30) daps prior to prepayment; and, provided fu~ther, that in the event the debt is paid in tull prior to maturitg and at that time it is insured under the provisions o[ the National Housing Act, he will payYo the mortgagee an adjusted premium charge of one per centum (1%) of the otiginal principel amount thereof, except that in no e~~ent shall the adjusted premium exceed the aggregate amount of premium chargec which would have been payable if the mortgage had continued to b~ 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 insurance. l. That, in order more fully to protect the security o[ this mortgage. the mortgagor, together with~ and in addi- tion to, the monthly payments unde~ the terms of the note secured hereby, on the first day of each month until the said note is fully paid, wil[ pay to the mortgagee the following sums: ~ An .+r.wunt suf(~ctent to provide the holder hereof with [unds to pay the next morigage insurance premium i( this ~nstru- ment and the note secured hereby are ~nsured, or a monthly charge (in lieu ot a mortgage insurance premium) it they are hrid by thr Secretarp of Housing and Urban Development, as foilows: (I1 If and so Song as said note o( even date and this instru~ent are insured or are reinsured under the provisions of- the \ational f~ous?ng Act, an amount su[[icient to accumulate in t!~e hands o( the holder one (1) month prior to ita due date the annual mortgage insurance premium, in order to provide such hoider with funds to pay such premium to the Secretar~• o( Housing and Urban Development pursuent to the Nattonal Housing Act, as amended, and applicable Regu- IaUuns lhereunder, or :Ill If and so long as said note ot even date and this instrument are held by the Secretary ot Housing and Urban Develop- ~:rnt. a monthl~• charge (in I~eu of a mortgage insurance premium) which shali be in an amount equel to one-twel(th t 1 1_'1 of one-halt per` centum ot the average outstanding balance due on the note computed withont taking into account delmquenc~es or prepayments; ' A sum equat to the ground rents, if any. next due, plus the premiums that will neat become due and payable on policies ~~f f?re and uther hazard ~nsurance coven~g the mortgaged property, plus ta:es and assessmenta neri due on the mort- K:+~c~l propert) (all as estimated by the mortgagee) less all sums atready paid therefor divided by the number of months to elapse before one month priar to the date when such ground rents, premiums, taxes, and assessments will become de- I~nqurnt. ~uch sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, ond special assessments; en~ ; ~ Ail pacments menuoned in the two preceding subsections of this paragraph and all payments to be made under the note ` securcd hrrrb~• shall be added together and the agRregate emount thereof shail be paid by the mortgagor each month in a i sinKle payment to be applied by the mortgagee to thr foilowmg items in the order set forth: I (1) prem~um charges under the contract ot insurance with the Secretary of Housing and Urban Development, or mortthly ~ ~ harge (in l~eu of r.iortgage insurance premium), as the case may be; ~ (IIl ground rents, taxes, assessments, tirc, and ather hazard insurance pmm~ums; IIIh interest on the note secured hereby; a~d {IVl asnortization of the principal o[ said note. An~• deficiency in the araount 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 deiault under this mortgage. The mortgagee ma}• collect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen $ 115) da~•s in arrears to co~•er the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed the amount of papmenis actualiy m3de .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, howe~~er, the monthly payments made b3- the mortgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable. then the mortgcgor shall pay to the mortgagee any amount ~ necessary to make up the def iciency, on or beEae the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shalltender to the 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 of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (a) of paragraph 2 hereof which ~he mortgagee has not become obligated to payto ~ the Secretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the f ~ pro~•isions of (LJ of said paragraph 2. If there shall be a default under any oE the provisio~s of this mortgage, re- ~ ~ sulting in a public sale of the premises covered iereby, oc if the mortgagee acquires the property otherwise after ~ ~ default, the~mortgagee shall apply, at the time of the commencement of such proceedings vr at_tlte tiue the ptop- 3 erty is otherwise acquired, the batance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (uJ of said paragraph. ~ 4. That he will pay al! taxes, assessments, water rates, and other go~~ernmental or municipal charges, fines, ~ or ~mpositions. [or which provision has not been made hereinbefore, and in default thereof the mortgagee may~ pay ~ the same; and that he will promptly deliv~rr the official receipts therefor to the mortgagee. ~ l 3 ~ ~ °~`Cs _ i - r - _ . _ . . . _ _ . . _ _ c