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Home My WebLink About1657 _ . ~ ~..~d moctK~~gu~ d~es hereb~• falh u:~~runt the titie tu ~a~d land, and e~•e~~• part thereof, and will deirnd the same .,Kainst the l:.wtul cla~ms rf all pe~suns whomyoever. - , - PRO\'IDED ALN'AYS, and these presents a~e executed and deli~~ered upon the follbwing-conditions. to wit: The mcrtgago~ ag~ees to pay the mortgager, o~ acde~. the principal sum of $E,y~~j T~ 5~ xurmx~v nxn r~o/loo-----------------------------------~------------------------- Dollars (S17~700.00 as e~•idenced by a note o[ even date herewith, with i~terest from date at the n~te ot SeVeri pe~ centum ( 7 per annum on the unpaid balence until paid. The sa:d principal and intecest shap be payable at the o[Eice of '1'. $t~l'gl'~ Mpl'~gage Company, Inc., s corporation uader the laws oP the State of Florida or at such other place as the holde~ uf the note mey designate in writing, in monthly installments oi p~e HtuldTl!d Sevettteell 8xld f.~$~100------------Dollacs (S 117.~ comr.~encing on the ti~st day o[ Oetober , 19 71 . a~d on the first day of each month thereafter until the p~incipal a~d interest are fully paid, e~:cept tFwt the final payment of principal and intecest. if not sooner pai~, shail be due and payable on the first day of _ S~dIIbP.P 2001. And shall duly. promptly. and (utly pedocm, discharge. execute, efEect. complete. and comply w~th and abide b~ each and every the stipulations, agreements. conditioos. and covenants of said promissoq~ note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null an6 void. And the mortgagoc further co~~enants as Eollows: • d 1. That he will pay the indebtedness, as he~einbeEore pro~•ided. Privilege is ~esecved to pay the debt in whole, or an amount equal to one or more monthly payments or~ the principal that are ~ext due on the note, on the first dat• of any mo~th prior to maturity: Pro~;drJ, however, that writte~ notice ot an intention to exercise such privilege is given at least thirty (30~ da~~s prior to prepayment; and, provided further, lhat in the event the debt is paid in (ull p~io~ to maturity and at that time it is insured unde? the provisions of the National Housing Act, he wili pa~• to the martgagee an ad}usted premium charge of one per centum (l~o) of the original principal amount theceo[, except that in no event shall the adjusted premium exceed the aggcegate amount of premium charges which wouid have been payable if the mongage 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 Devetopment on account of modgege insurance. 2. That, in order more f~lly to protect the security of this mortgage, the mortgagor, together with, and in addi- ticn to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is [ully paid, will pa}• to the moctgagee the follawing sums: ~ An atnuunt suf(icient to proaide the hotder hereo[ with [unds to pay the ne:t morteage insurynce premium ~f this instru- - ment and the note secured hereby are insured, or a monthly charee (~n lieu ot a mortgage insutance premium) if they are held b~- the Secretary ot Housing and Urban Development. as toliows: (I? 1( and ~o lung as said note ot even date and this instrume~t are lnsured or are reiosurrd under the provisions of the \rttun+l Housing Act, an amount sut(icient to accumulate in the hands ot the holder one (I) month prior to its due date the annual mortgage insur~nce premium, in order to prov~de such h~ider with funds to pay such prcmium to the Secretary ot Hous~ng and Urban Developmrnt pursuant to the National Housing Act. as amrnded, and applicable Regu- lattons ihrrrunder; or tll) It and so long as said note ut even date and this instrument ar~heTd~sglhe Secretary of Hous?~g and Urban Develop- r..en[, a monthly charge (in l~eu o( • mottgage insuraace prebaiuml which shall be in a~ amount equai to one-twel[th (1 12) ot one-halt (yi) per centum of the average outstanding balance due on the note computed without taking into account del?nquenc~es or prrpsyments; ~ A sura rqual to the ground rents, it any, next due, pius the premiums that will nezt become due and pa~able on policies ui [ire and other hazard insurance covering the mortga~ed property, plus ta=es and assessments next due on the mort- Kaged propert~~ (all as estimated by the mortgagee) less ali sums already paid therefor divided by the number o[ months ; to elapsr before one month prior to the date when such ground rents, preaiums, taxes, and assessments will become de- i 1?nquent, such sums to be hetd by e~ortgagee in t~ust to pay said grou~d renES, prem~ums, tazes, and special assessments; ~ and - ~ ! All pa~ments mentioned in the two preceding subsectiuns of th~s paragraph and all payments to be ~aade under the note secured herrb~ sh~11 be added together and the ag~egate amoudt thtieot shalt be paid by the mortgagor each month ~n a f single payment to be appiied by the mortgagee to the tollow~ng items in the order set [orth: (I) prem~um charges under the contract ot insurance with the Sectetary of Housing and Urbaa Developmeat, or monthly charge (.~n Iieu o( mortgage insurance premium), as the case may be; (11) ground rents, ta:es, assessmrnts, tire, and other hazard insurancr prem~ums; (IIU ~ntecest on the note secured hercb/; and (iV) ~rortuation ot the principal o( said note_ Anp de[iciency in the ar.wunt 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 defauit under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen _ (15) da}•s in arrears to cover the extra expense involved in handling delinquent payments. 3. That i[ the total o[ the payments made by the modgagor under (b) of paragraPh 2 Preceding shafl exceed the amount of payment~ actually m~de by the mortgagee'- for grour.d rents, 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 by the mortgagor_ it, however, the monthly paymen!F inadr by the mortgagcr under (b) of paragraph 2 pre- ceding shail 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, ihen the martgsgot shall pay to the mortgagee any~ amount ~ necessary to make up the def iciency, on ot beEore the date when payment of such ground rents, taxes, assessments, or ins~rancr premiums shali be due_ lf at any time the mortgagor shall tender to the mortgagee in accocdance with the pro~•isions of the note secuced hereby, full payment o[ 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 provisims of (n / of paragraph 2 hereof which the moctgagee has not become obligated to pay to ~ tbe Serretary of Housing and Urban Development and any balance remaining in the funds accumurted under the ~ pro~•isions ~f /b; of sa~d pacagraph 2. lE there shall be a default under any of the pcovisiois of this mortgage, re- sult~ng in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property othetwise after default. the mortgagee shall apaly, at the time of the commencement oi surh P~oceedings ~r at the time the pcop- ~ ert}• is othecwise acquued, the balance then remaining irt the funds accumulated under (GJ of paragraph 2 preceding ~ as a credit against the amo~nt of principal then remaining unpaid undec said note and shall propetlyadjust any ~ payments which shall have been made undet (01 of said patagraph. ~ 4. That he wili pay all taxes, assessments, water rates, and other governmenlal or municiPal charges, fines. _ ar ~mpositians, for wkich psovisioo has not been made heceinbefae, anJ in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgogee. ~ . B~K~.~ 1s~ _ _ -