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Home My WebLink About1939 - i . ~ ~ ~ . . , • i ~ ~ l x.ud mu~tgaKut dors hcreby (ullt• v~~ar~;~nt thc titlr tu said lond, end every patt thereof, a~d w~l1 defrna the same i agutn~l Ihc !aw[ul ciatms u( ull ~xrsuns wh~~msuevet. ~ Ph'O\'lQ~p AL1~'AYS, bnd these presrnts a~e executed and delivered upo~ the tollowi~gconditions. to Kit: The mo~tgagot agcees to pay the m~utgagrr, o~ ocdet, the principai sum of gj~$@j ~!~$,~~p j~,~$ ~ RIJI~IDiR~ APD Ai0~100-----------------•-•-•= Dollars (S15~~pp~pp as e~~idenced by~a note o[ even date herewith. with interesi from date at the j rute ot gQ~ pe~ ceatum ( 't 9G) per ennum on the unpaid balance ~ until paid. The said principal ar~ interest shall be payahle et the otfice of J. T. gTg~ART 1~pAT(~4g Cq~AP1Y, IIiC., s corporation under tbe lsvs of the 3tste o! !'lorids - _ ~x at auch other ptace as the holder of the note a~a~ designate in w~iting. in rr.o~thly installments o[ Qpe ~ed Fiv~e aod _ 89 100-----------------------•---~otlars (S 1Q5, 8~ coma~enPc inB Pe the tirst day o[ / A~gt . 19~, . e~d on the first da of each munth thereattec untilthe rinci 1 and interest are fully pa~d. ~xcept that the final payment ot principal and i~terest. iE not sow~er paid. shall be due i and~payable o~ the first day o[ 2~p1,~ And shall duly. promptly. aod~[u ly pe~form. discherge, execute. eEfect. complete. and comply with a~d abide by each and every the stipulations. agreements, conditions. and covenants of seid pranissory note a~d of this mortgage. then this mortgage and the estate hereby created shall cease end be null and void. And the mortgegot further covena~ts as folluws: ~ : 1. That he will pay the indebtedness. as hecpinbefore pro~ ided. Privilege is reserved ta pay the debt in ~vhole, ` or ~n an amount equal to one oc more monthly payments on the principal that are next due on the note. on the first day of a~y month prior to maturity: P.o~•id~d, however. thet written notice ot en intentia~ to execcise s.:ch pcivilege , is given at least thirty (30) days prior to prepayment; and. provided further. that in the eve~t the debt is paid in [ull prior to maturity and at that time it is insured undec the provisions o[ the National Housing Act. he will pa~ to the mortgagee an adjusted premium charge of one per centum (1~) of the original principel emount ~hereof, except that ~n no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the matgage had continued to be insured until maturity; sucfi payment to be applied by the mort- gagee upon its obligation to the Seccetery of Housing and Urban Development on accoa~t of mortgage insurance. 2. That, in order moce fully to protect the secu~ity ot this mongage. the mortgagor, together with. and in addi- ~ion to, the monthly payments under the terms of the note secured hereby. on the Eirst day of each mcnth until the said note is EaU~ paid. will pay to the mortgagee the following ~ums: - !,r1 An amount su[f~cient to provide the holde~ hereo[ with (unds to pa) tfie ne=t mort¢aQe insurance premium ii this instru- mrnt ond the note secured herrby ere ~nsured, o~ a monthly charge lieu ot a mortgage insurance prem?um) i[ they ~re hetd by the 5ecrrtary of Housing and Urban Development, as [ollo.vs: (1) If and so long as said note ot even date a~d this irsstrua?eat arc insured or arc reinsured under the provisions ot the vet~onal Nous~ng Act, an amoant sutf~cient to accamulate in the hands of the holder one (1) month prior to its due date thc annual morigage insurance premium, ia ocder to provide such holder with (urtds to-pay auchpremium to the Sec~etary of Hous~ng anu Urban Davelopment purcuant to the H~tional HousinQ Act, as amended, and •pplicable Re¢u- lauons thereander; or (II) I( and so long as ~aid note uf e~en date and this insttument are held by the Secretary of Housing and Urbsn Dcvelap- nent, a montnly charge (in lieu of a morteage insunnce premium) which shall be in an amount equal to. one-tweitth (1 121 of one-half (i.i) per ceetum o( the average outstanding balance due on the aote computed without takitig into account delinquencies or prrpayments; i'.~ A sum equal to the ground rents, i( any. ne:t due, plus the premiums that vrill ne:t become due and payable on policirs of tlre and other hazard insurance covering the mortga~ed property, plus taxes and aasessmeats ne:t due on the mort- I Kaged property (all as estimated by the moetgagee) less alt sums already paid therefor divided by the number oE months ~ to elapse be[ore one month prior to the date when such eround rents, premiums, tazes, and assessments wili become de- t~nquent, such sums to be hetd by martgagee trust to pay said ground rents, premiums, tr:es, and apecial asstssments; ~ .nd '-1 ! ~ i All payments~mentioned ~n the two preceding subsections of this paragraph and a11 payments to be raade under the note ~ ~ secured herebp shall be added together and tht ag~egate omount thereot shall be paid by lhe mortga~or each mnnth in a singie payment to bc applied by the sssortgagee to the [oltowinQ items in the order set (orth: (n premium charges under the contract ot insurance with the Secretsry o( HousinQ and U~b~n Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the case moy be; ~ (II) ground rents, ta:es, sssessments, fire, And other hazard insuraace premiums; (I11) interest on the note secured hereby; ond ~ ; (IV) amortisation o! the princiQal o[ said note. Any deficiency in the amount af such aggregate monthly payment shall. unless made good by the moctgagor prior to the due date of the next such payment. constitute an event af default under this mortgag~. The mortgagee : may collect a"late charge" not to exceed two cents (2Q) foi each dollar (S1) oE each payment more than Eifteen ; 115) days in arrears to cover the extra e:pense involved in handling delinquent payments. . r ~ 3. That if the total of the payments made by the modgagor under (bj of par'a~aph 2 pceceding shall exceed e the amount of Payment~ actually made by the mortgagee. for gsound rents, taxes and assessments and insurance ~ - premiums, as t-he case may be, such excess shail be credited by the mortgagee on subsequent payments to be ~ rnade by the mortgagor. If, however, the monthly payments made by the mortgagor•under (6) of paragcaph 2 pre- ceding shal! not be sufficient to pay ground ~ents, taxes and assessm.~nts and insurance premiums, as the case ma} be, when the same shall become due and payable, then the mortgsgor shall pay to the mortgagee any amount necessary to make up the deficiency, on a before the date when payment of such ground rents, tases. assessments, or insurance premiums shall be due. IE at any time the mottgagor shall tender to the mortgagee in accurdance with the pcovisions of the note secuced hereby, futl payment of the entire indebtedness repcesented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account of the matgagor al! payments made under the provisia~s of (a) of paragcaph 2 hereof which the moctgagee has not btcome obligated to pay to ` tbe Secretary of Nousing and Urben Development and any balance remaining in the fuads accumulated uader the ~ pro~~isions of /b) of said paragraph 2. If there shall be a deEault under any of tlt~-provisio.~s oE this moctgage, re- ; sutting in a public sale of the premisrs covered iereby. or if the mortgagee acquires the propecty otherwise after : default, the mo~gagee shall apply, at the time of the commencement af such proceedings or at the time the prop- e~ty is otherwise ecquired, ihe balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding as a credit against the a~nount ot principai then remaining unpaid under said note and shall properlyadjust aay payments whicfi shall have been made under (01 of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipel charges. fines, or ~cr.positions. (or which provision has not been made hereinbefare. and in deEault thereof the mortgagee may pay the same; and that he will promptly deliver the otficial receipts thecefor to the ~ortgagee. a~K193 19~37 ~ - - -