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HomeMy WebLinkAbout1972 ~ ' ~ - ~ ~ . ; said mo~tgagor does hereby [ully warcant the title to said land, and eve~y part thereof, and will defend the same :+gainst the lawiul ctaims of all pecsons whomscever. ' ; PROVIDED ALWAYS. and these pceseats ace executed and delivered upon the followi~g conditions. to wit: The mortgagor agrees to pay the moctgagee. or otder. the principal sum ot EIQiT$BZl T~t~1ND 'l~RSS MAIDRBD 1~ND NO/100---.• ----------w_ Dotlars (518,300.00 as evidenced by e ~ote oE even date herewith, with interest from date at the rate of ~v~D per ce~tum ( 7 9G) per ennum on the unpaid balance until paid. The said principal and interest shall be pa~able et the office of ~ 8'POC~'1~ON. M8~1'SiY • Dl1VIN ~ C~11t~ • 100 11~st Bay 8trs~t. Jaclt~oovill~, ll~orida or at such other place as the holder of the note may designate in writi~g, in monthly installments of ONB HUNDR~ 1MSNZR-ONB AND 88/100-----------0ollars (5121.88 cona,encing on the first day ot ~e , 1971 . and on the first day of each month thereafter untiltheprincipal and interest are fully Qaid, except that the final payme~t of principal and interest. i[ not soorter paid. shall be due and payable on the first day of ~y, ZpQl~ Aad shatl duly. promptly. and fully pedo~m. discharge. execute, effect, complete. and comply-with and abide by each and every the stipulations. ag~eements. conditio~s. and coveoants oE said p~omissory note and of this mortgage, then this mortgage and the estate hereby created shell cease and be null and void. ~ And the moctgagor Eurther covenants as follows: 1_ That he will pay the indebtedness, as hereinbefore provided. P~ivilege is reserved to pay the debt in whole, or in an amount equal to one or mae a~oathly peyments on tbe principal that are next due on the note. oa tbc Eirst day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; aad. provided further. that in the event the debt is paid in full pcioc to maturity and at that time it is insured u~der the provisions ot the National Housing Act, he will pay to the mortgagee an adjusted pcemium charge of one per centum (1%) of the original principel amount theceof. except that in no event shall the adjusted premium exceed the eggcegate amount of premium cherges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be epplied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on eccount of modgage insurauce. That. in order more fully to pcotect the security of this mortgage, the mortgagor, together with~ and in addi- tion to, the monthly payme~ts under the terms of the note secured hereby, on the fust dey of each month until the said note is fully paid, will pay to the mortgagee the follo~ing sums: ~nl An amount sufficient to provide the hoider 6ereo[ with tuads to psy the nest morterQe iasurancs premium i[ t6ia instru- ment and the note secured hereby are insured, or a mo~thly ch~rge (in lieu ot • mortQage insurance premium) It they are held by the Secretuy of Housiag and UrMn D~velopmerit. as tollows; (1) 1[ and so ton~ as said oote ot evea date snd thia instruecot ut iusured or ~te reinsured under the provisions ot the Nationa! Housin~ Act, an amount sutticient to accumulate in the hands of the holder one (1) month prior to its due date the annuat mortQa~e insurance premiwn, in order to provide such holder with funds to pay suc6premium to the , Secretary ot Housiog and Urban Development pursurnt to the National Housing Act, as amended. and applicoble Regu- lations thereueder; or (II) It and so tong as said note of even date and this instrumeet are held by the Secretory ot Housing and Urbsn Develop- ment, a month[y charge (in lieu of a mortgage insurance prcmium) which shall be ia an amount equal to one-twelfth (1 ' 12) ot one-hal[ (!4) per ce~tum ot the •verage outstonding balance due on the ~ote computed without taking ioto account delinquencies or prepaymeots; i A sum equal to the ground rents, i[ any, next dae, plus the premlums that will ne:t become due and payable on policies of fire and other hazard i~surance covering the mortga¢ed property, plua taxes ~nd assessments ne~t due on the mort- gaged property (alt as est?mated p~r the mortsagee) less all :ums already poid Meretor divided by the number of months to elapse be[ore one month prior to the date when such ground rents, premiums, ta=es, and aseessments wrill become de- ! I~nquent, such sums to be held by oortea¢ee in trust to pay said ground r~ents, ptemiums, tozes, and sp4ci~l assessments; E ~nd ~ / All payments ment~oned in the two preceding aubsections ot this paragraph and all paymenta to be made under the note ~ secured hereby shall be added togethet and the ~ggfeQate amount thereot sha11 be paid by the mortgagor each month in a s~ngle payment to be applied by the mortgagee to the foltowing items in tbe order set torth: p (1) premium charges undtr the contract ot insurance writh the 5ecretary o[ Housing and Urban Development, or monthly charge (in tie~s oi mort~a~e tasurance premium), as the case may be; ~ (11) ground rents, ta:es, sssessments, tire, aad otber h~z~rd insurance pnmiuos; ~ (111) interest on the eote secured hereby; and (IV) amortization of the principal ot said note. Any deficiency in the amount of such aggcegate monthly payment shall, unless made good by the moctgagor prior to the due date of the next such payment, constitute an event d de[ault under this mortgage. The mortgagee may coliect a"late chacge" not to exceed two cents (2t) for each dollar (Sl) of each payment moce than fifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total oE the peyments made by the moctgagor ~u?der (6) of parag~sph 2 preceding shall exceed ~ the amount of payments actually made by tne macteagee. for g~ound reats, taxes and assessments end insurance premiums, as the case may be; such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the matgagor under (6J of paragraph 2 pre- ceding shall not be sufEicient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ may be, when the same shail become due and payable, then the mortgugor shell pay to the mortgagee any amount necessary to make up the deficiency, on oc befae the dete when payment of such ground rents, taxes, assessmeMs, ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in eccordance with ~ the provisions of the note secured hereby, (ull payrnent of the entire indebtedness repressented the?eby. the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all peyments made under the provisions of (o) of paragFaph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary oE Housiag and Urban Development and any balance renraining in the funds accumulated under the provisions of (6) of said paragraph 2. IE there shall be a detault under any of the provisio~s of this mortgage, re- sulting in a pubtic sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise a[ter default, the matgagee shal! apPly, at the time of tbe commencemeot of such ptviceedings 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 of principal then remaining uopaid under said note and shall Properlyadjust eny ~ payments which shal! have been made under (a1 of said paragraph. ~ 4. That he will pay all iaxes, assessments, water rates, and dher governmental or municipal charges, fines, or impositions, for whirh provision has not been made hereinbefoce, and in deEault thereof the mortgagee may pay the same; and that he wil! promptly delivet the ofticiel receipts therefor to the mortgagee. ~ ~ ~ d~~~ ~ ~ ~ , _ _ .