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Home My WebLink About2658 . ' , s~id r.:ortg~scs doec he~eby full~~ vearrant the title to said land, and every part the~eof, and w~ll defend the same :+gainst the lawtul claims of all perso~s a~homsoe~•er. PROVlDED ALIA'AYS. and these p~esents are executed and delivered upon`2::e following conditions. to wit: The mo~tgago~ agrees to pay the mo~tgagee, or order, the pci~ciFal sum of SIXTEEN THOUSAND atld 00~100 Dollacs (S~~~0.00 as evidenced by e note of eve~date herewith, with interest from date at the rate oi pe~ centum ( per annum on the unpaid balence until paid. The said principal and interest shall be payable at the otfice of 8'POC1Q'Qi, NH~T~Y. DA~tN i C~M~IY. 10~ W~~t Bay Stxeet. Jack~Ot~v313,a. ~'L~ida or at such other place as the holder of the note mey designate in writing, in monthly installments of p[Vfi HUNDRED ~ SIX and 56~100~-•-------------------•----- Dollars (S 106.56 comn~encing on the first day oi September . l9 71 , and on the first day of each month thereafter untilthepric:cipal ~ - and intecest are [ully paid, except that the final payment of principal and interest, if not sooner paid, shall be due ~ and payable on the first day of August~ 2(101. ~ And shall duly. promptly. and fully pedorm, discharge, execute, effect, complete, and comply with end abide ~ b~• each and every the stipulations, agreements. conditions, and co~enants o1 said promissory note end of this ~ mortgage, then this moctgage and the estate he~eby c~eated shall cease and be null and ~oid. ~ And the mortgagor turther co~~enants as follows: 1• That he will pay the indebtedness,as hereinbefore provided. Privilege is reserved to pay the debt i~ whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the ~ote, on the first da~• of any month prior to maturit~~: Pro~ i~ed, however, that written notice of an intention t~ exercise such privilege is gi.•en at least thirty (30) days prior to prepayment; and, provided Eurthec. that in the event the debt is paid in full prior to maturity and at that time it is insured under the pr9visions o[ the National Housing Act, he will pay to ~ the mortgagee an adjusted premium charge of one per centum (196) oE the ociginal principel amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have ; been pay~able if the mortgage had continued to be insured until maturity; such peyment ta be applied by the mort- ' gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more tully to protect the security of this morlgage. the mortgagoc. together with, and in addi- ; tion :o, the monthly payments under the tecros of the note secured hereby. on the first dey of each month until the ! said note is full~~ paid. will pay to the nortgav;~ the followittg snms: ' ' - ~ai An amount suUic~enl to pto~•~de the holder ~t~eot with [unds to pay the ne:t morteaQe insursnce premium i[ thls iestru- ) meot and thc note secured herrby are insured, or a monthiy charge (in lieu ot a mortgage insurance premium) i[ they •re i held by the Secretary ot Housing and Urban Developm.ent, as (oi:uws: t il) I[ and so lon~ as said note o( even date and this instrument •rc insured or ~te teinsuttd under the provisions ot tne \auonal Nousing Act. ,~n amount sutticient to arcumulate in the ha~ds ot the holder orte (1) month prior to its due :iate thc annual mortgage msurance premium, ~n order to pro~ide such holder wilh fuads to pay suchpremium to tde iec~etary of Ho~s~ng ond Urban Developmmt pursuant to the National Housing Act, as amended, and applicable Re~u- S '.,t:vns thereunder, or ~ ...:::i so long as said note af eeen date and th~s instcument are held by the Secretary ot HousinQ and Urban Develop- •'~~nt. a monthly charge (in Geu of a mongage insurance premium) which shall be in an amount equal to one-twelfth : 1:'~ uf one-hal[ per centum ot the average outstanding balance due on the ~ote computed without t~kinQ into , . ,,:nc driinquenc~es or prepayments; ' ~ ~•.~a: io the ground rents, it any. ne:t due, plus the premiums that will ne:t become due and payable on policies i•~t~er hazwrd msurance coverinQ the mortgaged property, ptus taxes ~nd assessmenis next due on the mort- ~ :a12 as est~a:ated ~y the mortQagee) lesa all aums alresdypaid there(or dicided by the number of months = ! ~ • r..onth pnor to the date when such ground rents, premiums, ta:es, and aasessments wil! become de- ~ ~ ..•h.~::-.s ro hr held by mortga~ee in trust to pay said ground rents, premiums, taYes, •ndspecialassessments; ? ( .,n' ~ ~ ~ rnei_~u•:1 in the two preceding subsections o( this para~raph and all payments to be made under the aote 4 _ ;~r added together and the aggreg~te amount thereot shall be paid b~ the mortgaQor each month in • S +~r p'sied by !he morteagee to the tellowNnQ items in the order set [orth: j ~ • , f-a'~a"~ '!l~i T the ~ontnct of ?nsu~ance with the Secretary ot Nousin~ and Urban Development, or monthly ~ ,~:n :,eu r.t -.:rtgaRe insurance premium), as the case m~y be; Ii ~~r• ~:•.~i rrr.~~, ta:~•. :+ssessmrnts, f~re, and other hasord insu~ance premiums; ~lll'~ irtrrr~; .~n •he ~ _ % cred !:ereh~•; and (IC! ..~t'i~.,ti~ a .-i ~:tn:i~.~: uf said note. ' ~m~ def~cie~~.•. ~n tne a^our.t ~f :u~ti aggregate monthly payment shall, unless made good by the mortgagor prior to the di~e d:::<• *he nf~x: sucn pa~ ent, constitute an event of default under this mortgage. The mortgagee may collect "i~~t•• ~ ~.,:~e'' not to excFed tv?o cents (2~) for each dollar (S1) of each payment more than fifteen (15)day~s in arre.+r- :~.ner the ~rxtra expense im'oi~•ed in handlingdelinquent payments. 3. That if che :ut~: !!ae p:et~mezis ~;,ade by the mortgagor undec (3) of patag~aph 2 preceding shall exceed the amount of pa}•r.:ens. :,c~ .:,t:~ ~~dc- h~~ [he murtgagee. fa g,ca~nd rents, taxes and assessments and insurance premiums, as the casr ma~ '.,e. ~~.:r: t~~:ces~ ~hall be credited by the mortgagee on subsequent payments to be made by~ the mortgagor. lf. ~uur•.~-:. ~~e ~.:nthly~ payments made by the matgagor undec (6J of paragraph 2 pre- ceding shall not be suffic~e~t ,o pa~ _:.,::d rents, taxes and assessm~~nts and insurance premiums, as the case may be. when the same shall ber<~:r:~ ..:r and payable, then the mottgagot shatl pay to the mortgagee any amount necessary to make up the det~cienc.~ ,~.n ur betore the date when payment of such ground cents, taxes. assessments, or insurance prem~ums shall be due I! at any time the mortgagor shalltender to the mortgagee in accotdance with t the pro~•ision~ 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 atl payments made under the provisio~s of (a1 oE paragraph 2 hereof which the mo~tgagee has not become obligated io payto the Secretar}• of Housing and Urban Development and sny balance remaining in the funds accumulated under the provisions of (GJ oi 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, or iE the mortgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of such ptoceedings or at the time the prop- ert}• is otherv~ ise acquired, the balance then remaining in the f~~nds accumulated under (b) of paragraph 2 preceding ; 'as a credit against the amount of principal then remaining unpaid under said note and shall propeclyadjust any payments which shall hace been made under (a) of said paragraph. y 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ ~ Jr impositions, for which provision F~s not been made hereinbefore. snd in defauit thereol the mortgagee may pay ~ ~ the same; and that he will promptly deliver the otficial receipts therefor to the mortgagee. • ; g~~wi94 2657 ~ ~ = . ; ~ - - - - = _ - - v ---m