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Home My WebLink About2800 f said mortgagor does he~eby tully war~ant the title to seid land, and e~uecy patt thereaf, and will defend ihe same agai~st the lewful ~ laims o[ all pe~sons whomsoeve~. PROVIDED AL,WAYS. and these presents are executed and deliveced upon the following conditioas. to wit; ~ The moctgagoc egrees to pey the mcxtgdgee. or ocde~, the pcincipal sum of Fif teen Thousand Sev~ia HundrEd and 00~100~•-•~•••..•••-••.•••-•..-•--••--••-••----•.-••--•.••---•..•-•-••--••••..-••.-••.~. Dollecs (S 1S~700•00 es evidenr-ed by a note of even date herewith. with intecest f~om date at ihe rete oi ~v~? pe~ centum ( 7 'X.) per annum on the unpaid balance - until paid. The said principel and inte~est shall be payable at the ottice of al'oC1cZ~ON. MHi1Ti~Y. Dl?VIN i CaMp11Hlt, 100 MNt Ba~Y StrNt.. Jaclc~cavill~. ~l+orida ot at such othec lace as the hoidec of the ~ote may designete in w~iting, i~ monthlv installments of One Hundred Fous and 561100~~••~•••••••••••••••••~••~• ~llars (5104.56 commencing o0 the first day oE July . 1971 . and on the [irst day oE each month theceafter untiltbepr~acipal a~d interest ece fully paid. except that the finel payme~t of principal end interest. if not soone~ paid. shall be due and peyable on the first day of JuAt~ Z001. : An~-s~ell duly. promptly. and Eully pe~form, discharge. execute. efEect, complete. and comply arith artd abide ~ by each a~d eve~y the stipulations, egreeme~ts. conditions, and covena~ts ot said promissory note end of this moctgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor fucther covenants as follows: - 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. . or in an amount equat to one oc moce monthly payments on the principel that a~e next due on the note. on the first day of any month prior to maturity: Providrd, however, that written notice of an intention to execcise such privilege is gi~en et least thirty (30) days prior to prepayment; and. provided fc:!hec, that in the event the debt is peid in full prior to maturity and at that time it is insured unsler the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof, except that in ~o event shall the adjusted premium exceed the aggcegate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment tu be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Developme~t on account of mortgage insurance. 2. That. in order moce [ully to protect the security of this mortgage. the mortgagor. together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby. on the first day of each month until the said note is fuliy peid. will pay to the mortgagee the [ollawi~g sums: (a/ An amount sufticient to provide the holder hercoE aitb fuads to pay the ne:t mortga~e insuraace premium it this instru- ment and the aote secured hereby are insured, or a monthly char~e (ia [ieu ot a mortgage insuronce premium) if they ~re deld by the Secretary ot Housin~ and Urban Development, •s toliows: - (I) i[ and so long as said note ot even date and this instrument are insured or are reinswed under the pwvisions of the National Housing Act, an amount sutticient to accumul~te in the hands ot tFie7rol~er one (1) mortth prior to its due date the annual mortgage insurance premium, in order to provide such hblder with tunds to pay such premium to the Secretary of Housing and Urba~ Development pursuant to the National Housiag Act, aa amended, and applicable Regu- tatioas therunder; or (!I) It and so long as said note o[ even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be, in an amount equal to one•twel[th (I ! 12) o[ one-hal[ (54) per centum of the average outstaading balance due oa the note computed without irking into account delinquencies or prepayments; !h1 A sum equat to the gromd rents, i[ any, ne:t due, plus the premiums ihat will nezt become due and payable on policies ot tire and other hazard insurance coveriag the mortgaged properly, plus ta:es and assessments next due on the mort- ~ gaged property (all as estimated by the mortgagee) less ati sums already paid therr[or divided by the number ot mont#+s to elapse be[ore one month prior to lhe date whe~ such ground rents, premiums, tazes, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums. ta~tes, and special assessments; and ~c / Ail payments mentioned in the two precedi~g subsections o[ this paragraph and atl payments to be made u~der the note secured hereby shali be added together and the aggregate amount thereof shall be paid by fhe mortgagor each month in a single payment to be appiied by the mortgagee to the (oltowing items in the order set forth: (q p~emium charges under the contract o[ insurance with the Secretary of Housing and Urban Development, or monthly charge (in tieu of mottgage insurance premiwn), as ihe case maY be; (IIl eround rents, tazcs, assessmcnts, tire, aad other hazard insur~nce premiums; (III) i~terrst on the note secured hereby; and (IV) amortization ot the principal ot said note_ Any ~eficiency in the amount of such aggregate monthly payment shali, unless made good by the moctgagoc prior to the due date of the next such payment, constitute an event of default under this mortgage. The mottgagee may collect a"late chacge" not to exceed two cents (2~) for each dollar (Sl) of each payment more_than fifteen (15) days in arrears to cover the extra e:per~se involved in handling delinquent payments. " . 3. That ii the tdal of the payments made by the modgagor ~uder (b) of peragraph 2 precedi~ shall exceed the amou~ of the payme~s actuelly made by the mertgagee. for ground rents, taxes and assessments and i~sur- ance prem~ums,as the case may be, such e:cess at the option af the modgagee, shall be credited on subsequent peyments to be made by the moctgagor, or refunded to tbe moctgagor. If, however, the monthly paymeMs made by the matgago~ under (b) d paragraph 2 preceding shall nat be sutficient to pey gtoun:l rents. taxes and assess- ments and iasurance premiu~, as the case may be, ahen the same shalt become due and psyable, then the mort- g,agor shall pay to the mortgagee any amount necessary to make up the deficiency, on or befae the date when pay- ment d snch g~ound rents, taxes, assessments, or insurance premiurt~s shall be due. lf at any time the mortga- ~ gor shell tender to the mortgagee in accordance with the provisions ot the note secured hereby. full peyment of the ; entire i~debtedness represented thereby, the moctgagee shall, in computirg the amount of such indebtedness, aedit to the accou~N of the mortgagor all payments made under the provisio~ of (a) of paragraph 2 hereof whichthe aartgagee has rat become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining ~n the funds accumuleted under the ptovisions of (ti) of sa~d paragreph 2. I( there shall be a defautt ua- der any d the ptovisions of this aartgage, resultinR in a public sale of the pcemises covered hereby, ot if the oa~tgagee acquires the property dl~errrise after defeult, the awrtgagee shall apply, at the time ot the commence- ment ot such proceedinga or at the time the property is otherwise acquued, the balance then renaining in the (unds ' xcumulated under /b) d pasagtaph 2 preceding as a ctedit egainst the amount of principal then remaining unpa~d under said nde and shall pcoperly adjust any payments which shal! have been m~de under (uJ ot said pecagraph. • goo~ 193 2797 -