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Home My WebLink About1532 _ . s:~?d mortK.~gor does hereby full~• w•:+rrant the titlr to said land, and e~~ery part thereo(, and wiU defend the same .~~ainst the law[ul claims of all persons whomsoe~~ec. PROVIDED ALN'AYS, and these presents are executed and delivered upon the following conditions. to wit: The mortgagor ag~ees to pay the mortgagee, or order, the principal sum of S~~~ ~~1SAND FIVS [IYLWlWY FLill and OO~100~~~w~~~~~~~~~~~~~~~~~~~~~~.~~~~~~~~~~~~~~~~r~~~~~~~~~~~~ ! Dollars (S 17~550•00 as evidenced by a ~ote ot even date herewith, witli interest from date at the rate oi per centum ( ? pec annum on the unpaid balance ' a~ntil paid. The said principal and interest shall be payable at the office of ~ ~1'OCA'~l ~ IIHATIBY • UA~N i C~ipl1l'1Y. 109 Uhst B~y SLc~et. Jt~cksOi~vi114 ~ l3~rida ~ or at such olher place as the holder of the note may designate in writing. in monthly installments of ONB HUIiDBSD SIxTBBN and 88~100-•~•••~-••~-••••~~~~~• Dollars ~(S 116.88 commencing on the first day of October . 19 71 , and on the first day ot each month thereafter untiltheprincipal and interest are fully paid, except thai the Einal payment of principal and interest, if not sooner paid. shell be due and payable on the fi~st day of Septenber, 2001. And shall duly, promptly, and fully perform, discharge, execute, efEect. complete. a~d comply with aed abide b~• each and every the stipulations, agreements, conditions, and covenants of said promissory ~ote and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor turthec covenants as follows: 1. That he will pay the indebtedness, as heceinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the first da~• of any month prior to maturity: P.o~•idPd, however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in Euil prior to maturitp and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee a~ adjusted premium charge of one per centum (1%) of the originat principal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount ot premium chatges which would have been papable if the mortgage 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 Development on account of mortgage insurance. 2. That, in order more fully 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 Eirst day of each month until the said note is fully paid, will pay to the mortgagee the following sums: : ~r 1 An amount sufficient to provide the holder hereot with funds to pay the ne:t mortgage insurance ptemium it this instru- ment and the note secured hereby are insured, or a monthiy charge (in lieu of • mortgage inwrante preretum) if they are held by the Secretary of Housing and Urben Development, as follows: ; y (I) If and so long as said note ot even date and this instrumeat are insured or ore reinsured under the provisions of the Krtional Housing Act, an amount sufficient to accumulate in the hands of the holdtr one (1) month prlor to its due date the annual mortgage insurance prem~um, in order to provide such hoider with tunds to pay suchpremium to the Secretarp of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lat~ons thereunder; or ~ ~ ill ]t and so Iong as said note of e~~en date and this instrument are held by the Secretary o[ Housing and Urban Develop- nent. a monthly charqe (1n l~eu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1 12) of one-half (i i) per centum of ihe average outstanding balance due on the note computed without taking into account delinquenc~es or prepayments; ~ A sum equat to the ground rents, i[ ~ny, next due, pluc the premiums that will next become due and papable on policies of fue and other hazard insurance coveri~g the mortgaged property, ptus taxes and assessments next due on the mort- ~aged propert~• (all as esiimated by the mortgagee) less all .sums aiready paid theretor divided by the number o[ months I to elapse betore one month prior to the date when such gtound rents, 'premiums, ta:es, and assessments will become de- t I?nquent, such sums to be held b~• mortgagee tn ttust to pay said ground rents, premiums, taxe4, and special assessmente; ~ and ~ ~ r I AlI payments mentioned sn the two preceding subsections ot this paragraph and all paymen[s to be made under the note ~ ~ecured herrby shaii be added together and the aggregate amount thereof shall be paid by the mortgagor each month in • sin~;le pa~ment to be applied by the mortgagee to the [ollowing items in the order aet lorth: ~ (I) premium charges under the contract of insurance with the Secretary oE Housing and Urban Development, or monthly charge (~n lieu ot mortgage insurance premium~ as the case may be; (II) ground rents, taxes, assessments, fire, and other hazard insufance premiums; (!li) int~rest on the note secured hereby; and ' (I\') amdrt~zation of the principal ot said note. Any deficiency in the ar~ount of such aggregate monthly payment shall, unless made good by the mocigagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa}•ments actualiy made by the mortgagee, for ground tents, texea and assessments and insucance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance pcemiums, as the case may be, when the same shall become due and payabte, then the mortg:.got shalt pay to the mortgagee any amoant ~ necessary to make up the def iciency, on or before the date when payment of such ground rents. taxes. assessments. ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordence with the rovis~ons of the note secured hereb full ment ot the entire indebtedness re resented thereb the mort- P Y• PaY P Y. ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (u) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ tbe Secretacy of Nousing dnd Urban Development and any balance remaining in the funds accumulated under the pro~•isions of (G) of said paragraph 2. IE there shell be a default under any of the provisio~s of this mortgage, re- ~ sult~nq in a publ~c sale of the premises covered iereby, or iE the mortgagee acquires the property otherwise after default, ihe mortgagee shall apply, at the time ot the commencement of such proceedings or at the time the prop- erty is otherw~se acqu:red, the balance then remaining in the funds accumulated under (h) of paragraph 2 preceding as a credit dgainst the amount ot principal then remaining unpaid undet said note and shall properlyadjust any payments which shall have been made under (a) of said paragraph. ' ~ 4. That he will pay all t:~xes, ~ssessments, water rates, and other governmental or municipal charges, fines. or ~mFx,s~tums, fur whirh provis~cxi h:,s not been made hereinbefore, and in default thereof the mortgagee may pay thr s~me, :,nd thal hc w~ll pr~>mptly deliver the o(ficial receipts theretor to the mortgagee. • Bo~Kig5 ~15~0 . ~ _ _ _ _ _ : : ~ ~.s~~