HomeMy WebLinkAbout0101 .;~~d r.:o~tK,~~ur due~ hecr:b~• (ull~• ~v~~~ant ~hc• titic tu said land, and e~•rry pa~t the~eof, and will defend the sart.c~
,~K;,ur.t thr I.+wtul rlaims o( atl prr.uns whomsoe~~~~.
Pt2b~'IDED ALICAYS, and thcse presents are exrcuted and deli~•e~ed upon the tollowing condit~ons, to wit:
'fhe murtgagot ag~ees to pay the mortgugc~e, or otder, the princ~pal sum ot SIX`1'~I THaUS21ND Z1~10
liUNDRED ]1ND NO/lOt?
Uollars (S 16.200.00 as evidenced by rs nute ot even dHte he~rwith. with interest Ecom date at the
cate oi ~c centum ( 7 0) per ennum on the unpaid talance
unt~l Ewid. The said ~ri~cipxl and interest shall be payable at the office of
81'OCII'W. MlqlTfaY. D71VIN i CQ~1biY,--100 IN~t HqY 8t~net. Jackeanvlll~. l2+oacida
o~ :~t such other place as t:~e holdec of the note may designa:e in writing, in monthly instaii:nents ot ~ EiUNDRSU
SEVEN AND 89/100 --------------------------Colla~s (S 107.89 comn~encing on
the~ iirsE da}• of July . lgjl . and on the first day of each m~^th thereafter untiltheprincipal
and interest are tull~• paid, except that the final pa~ment of pcincipal und interest, if not sooner paid, shall be due
and p:~~•abte on the first day- of - June, 2001.
And shait duly, promptl~ , c~nd fullS pe~form, discharge, execute. effect. complete, and comply with and abide
b~• cach and e~~er~• the stipulations, agreements, condit_ions, a~d co~•enants of said pcomissory ne!e and of this
martg:~ge, then th~s mortgage and the estate hereby created shall cease and be null and vuid.
And the r.iortgagor [u~ther co~•enants as folloWrs:
1- That he u ill pas• the indebtedness, as herein~efore provided. Privitege is reserved to pay the debt in ~vhole.
ur it? an amount equal to one or more monthly pe}ments on the principel that are ~ext due on th~e note. on the fi~st -
da~• ot am• munth p:ior to mat~rit~•: Proe•~d~•d, however, that written notice ot an inte~tion to exercise such privilege
tis gi~•e^ at lcast thi~t~• ;30) days prior to prepayment; and. provided further, that in the event the debt is paid in
tull prior to maturi!~~ and at that time it is insured under the pro~isions af the Nations: Housing Act, he uill pay to
the muctg•agee an adjusted premium charge of one per centun~ (1',G) oE the origtnal principal amount thereof. except
that in no e~•ent shall the adjusted premium exceed the aggregate amount of prr.mium charges which would have
been pa~•able if the mortgage had continued to be insured until maturity; such payment to be appiied by the mort-
gagee upon its obligation to the Secretary of Nou.sing and Urdan Development on account of madgage insurance.
2. That, in ocder more fuliy to p~otect the security of this r.~ortgage. the mortgago:, together with. and in addi-
tiun to, the monthiy pa~~r~ents unde~ the terms of the note secured hereby, on the first dey of each month until the
said note ~s fulh• paid, will pay to the mortgagee the following sums: - ~
An ar..ount sutttcient to p.?ovide the holder herea( with tunds to pay the next mortgaQe insur.nce ~remtum i[ th~s ~nstru- _ ~
ment and ihe ~ote secured her.-by are insured, or a monthly charge (in lieo of a moAga~;r insurance premium) if the~ are
held by the Secretary• o[ Housing and Urban Development, ns tollows:
(1) It and so iong as said note of even d~te and this iastr~ment are insured or are rcinsured under the pwvisions a( the
\ational tiousing Act, an amount su([~c~ent to accumulate in the hands ot the holder one (1) month prior to its due
date the annuai mortgage tnsurance premium. i~ order to pro~•ide such hoider with tunds to pay suchpremium to the
Secretan~ ef Hous~ng and Urban De~elopment pursuant to the National Housing Act. as ame~ded, and applicable Regu-
tati~ns therrunder, or
t li} It aad s~ long as sa~d note ot even date and tl+?s instrument are held by the Secretpry of Hous?ng and Urban Decelop-
r..ent. a rr.onthi~• ch~rge (in .~eu of a mortgage ~nsurance premiuml which shall be in an amount equal to one-twelfth
' ~.1 1_? of one-half (~=1 per cefitara-~j !he average outstanding balance due on the note computed writhout taking ~nto
~ account delinquenc~es or prepaymenEs;
i
i A sur.: equ:t to the ground rents, it any, next due, plus the premiums that will next become due and payable on policies
of [ue and uther hazard ~nsurance covenng the mortgaged propeKy, plus ta:es and assessments ne:t due on the mort- ~
I` ~aged propert~• (ali as rstimated by the mortgageei less all sums alreadypaid theretor divided by the number of months
~ t~ e2apse beiore one :r.o~th pnor to the date when such ground rents, premiums, taxes, and asseasments will become de-
~ i::~quent. ~uch surr:s to be held by mortgagee in trust to pay said Qround rents, premiums, taxes, aad special IIssessments;
f e1d ~
~ AI: palr..e~is ~entioned in the two preced?ng subsections o[ this paragraph and ail payments to be made under the note ;
secured ?:errb~• shaIl be acided together and the_ aggregate amaunt thereof shall be paid by She mortgagor each month in a ~
single pay~rnt to be applied by the mortgagee to the following items ~n the order set [orth: {
t Il prer..:u_ charges under the contract ot insurancr veuh the Secretary of Housing and Urban Developme~t, or monthly ~
chqrge (~n lieu of nortgsge insurance premium), aa the c~se may be; T
t1I! ground rents, tazes, •ssessmeets, fire, and other hazard iasurance premiums; ~
~lIt) intere~t on the note secured hereby; and , `
ti\"~ ar..ortiz+uon of the principal o[ said note. , _ ~
Anc deficienc~• in the ar.iount of such aggregate mcnthl~~ payment-shall, unless made good by the mortgagor .
prior to the due date of the next such pa}•ment, constitute an event of default under this mortgage. The mortgagee
~-az• collect a"late charge" rtot to exceed two cents (2C) for each dollar (S1) of each payment nore than Eifteen ~
(1~) da~•s in arrears to cover the extra expense involved in handling delinquent payments. `
~
3. That if the total oi the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed
the amount of payments actualiy m3de by the moctgagee, for gtound rer.ts, taxes and assessments and insurance
premiums. as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be
made b~• the mortgagor. If, howe~•er, the monthly ~ayments made by the mortgagor under !5Jo[ patagraph 2 pre-
ceding shall not be suf[icient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case
-^:ay be, when the same shall become due and pr,yable, then the moctgsgor sfiall pay to the mortgagee any amount
necessary to make up the deficiency, on or beEore the date when payment of such ground rents, taxes, assessments. '
or insurance premiu~r!s shall be due_ If at any !ime the mortgagor shalltender to the mortgagee in accotdance with =
:he pro.~isions of the nae spcured hereby. (ull payment oE the entire indebtedness represented thereb~~, the mort-
gegee shali. ~n computing the amount of such indeb4edness, credit to the account of the mortgagor atl payments
made under the prrn~isions of (oJ of paragraph 2 hereof which the mortgagee has not become obligated to paytc
:he Secretary oE Housing and Urban Develupment and any balance remaining in the funds accumulated u~drr the ~
p*o~ isions of 1bi ot said paragraph 2. If there shall be a defau!t under any of the provisio~s of this mortgage, re- ~
sult~ng ~n a pubiic sale oi the prer:iises covered ~ereby, or if the mortgagee acquires the property othecwise after
default. the mortgagee si~all apply. at the time of the commeeCement of such proceedings or at the time the prop-
estr• is othervvise acquired, the balance then remaining in tne funds accumulated under (i~) of paragraph 2 preceding
as a creciit against the amount ot principal then rema~ning unpaid under said note and shatl properlyadjust eny
payme~ts xhi~h shall have been made unde~ (a) of said paragraph.
4. That he will pay al! taxes, assessrr:ents, water rates, and other go~ernmentai or mun~cipal charges. (ines, -
or impositions, for whieh provision has not been made hereinbefae, and in default thereof the mortgagee mey pay
the sarae; and that he w~ll promptly deliver the official receipts thecefor to the murtgagee. :
.
. ;
aooK1~3 101
~ -