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HomeMy WebLinkAbout2486 , . ~ said mortgHgor does hereby fully warrant the title to seid land, and every part thereo(, and will defend the same agai~st the tawful claims oE all persons whomscever. PROVIDED ALWAYS~ and these presents are executed and delivered upon the following conditions. to wit: The mortgagoc ag~ees to pay the mortgagee, or order, the principal sum of gg~gg~ ~~D giVg HIJNDBBD aad 00/100--------------•-------•--•-------------•--•-----•--------------- Dollars (S 17,500.00 as evidenced by a note of eve~ date herewith, with interest fcom date et the rate of SBYBIi per centum ( 96) per annum on the unpaid balence until paid. The said principal end interest shall be payable et the office of ATICp irqRTGAG~B OOitYOSATION P. 0. Boz 3131, Miasi, Florida 33101 or at such other place as the holder of the note may designate in writing, in monthly installments of Otie httad~'ed eixtten and 55/100-----------------•-----~ Dollars (s 116.55 commencing on the fi~st day of A1oVe~ber ~ . 19 71. and on the first day of each month thereafter until the principal and interest are fully paid. except that the finei payme~t of principa! and interest. if not soonet paid. shell be due and paysble on the first day of October~ 2001 : And shall duly, promptly. and fully perform, discharge, execute, efEect. complete, and comply with and abide by each and every the stipulations. agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor [urther covenants as Eollows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on_the principal that are aext due on the note. on the first day of any month ptior to maturity: Pro~~ided, 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 full prior to maturity and at that time it is insured under the provisions o[ the National Housing Act~ he will pay to the mortgagee an adjusted premium cha~ge of one per centum (196) o[ the original principal amount thereof. except i that in no event shall the adjusted premium exceed the aggregate amount of ~remium charges which would have ~ been payable 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 modgage •insurance. ~ 2. That, in order more Eully to protect the security of this mortgage, the moctgagor, 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 fully paid, will pay to the mortgagee the following sums: ! (nl An amount Sufticient to provide the holder hereo[ with [unds to pay lhe ne:t mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Developmenl, as tollows: ? (I) 1t and so long as said note ot even date and this instrument are insured or ore reinsured under the provisions ot the ; National Housing Act, an amount sufticient to accumulate in the hends ot the holder one (1) month prior to its due ` date the annual mortgage insurance premium, in order to provide such holder with [unds to pay sueh ptemium to the Secretary of Housing end Urban Developmeat pursuant to the National Housing Act, as amended, and applicable Regu- lations there~nder; or (II) If and so long as said note o[ even date ar?d this instrument are held by the Secretary of Housing and Urban Develop- mer?t, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twei[th ~ (1,'12) of one-hal! (1~) per centum of the average outstanding balance due on the note computed without taking into ; ' account delinquencies or prepayments; } ~ /t~l A sum equal to lhe ground rents, if any, next due, plus the premiums that w~iil next become due and payable on policies j of (ire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months } to elapse be[ore one month prior to the date w•fien such ground rents, premiums, texes, and assessments witl become de- f l~nquent, such sums to be held by .eliortgagee in trust to pay said ground rents, premiums, tozes, and special assessments; ~ and ~ irl AU payments mentio~ed in the two preceding subsections of this paragraph and all psyments to be made under the note ~ ~ secured hereby shall be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a ~ single payment to be applied by lhe mortgagee to the following items in the order set torth: s ~ (i) premium charges under the confract of insurance aith the Secretary o( Housing and Urban Development, or monthly ~ charge (in lieu o[ mortgage insurance premium), as the case may be; (II) grwnd rents, taxes, assessments, fire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and ~ (IV) amortuation of the principal o[ said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mottgagor ~ prior to the due date of the next such payment, constitute an event of defautt under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) of each payment more than fifteen (15) da}•s in arrears to cover the extra expense invol~•ed in handling delinquent payments. ; 3. That if the total oE the payments made by the moctgagor under (b) of paragraph 2 preceding shall exceed t ~ the amount of the payments actually made by the moctgagee, for ground reats, taxes and assessments and iasor- ~ ance premiums,as the case may be. such excess at the option of the mortgagee. shall be credited on subsequent ~ peyments to be made by the mortgagor, or re[unded to the mortgagor. If, however, the monthly payments made by ~ the • mortgagor under (b) of paragraph 2 preceding shall nd be sufficient to pay ground rents, taxes and assess- ments and ic~surance premiums. as the case may be. when the same shell become due and payeble, then the~mort- = gaga shall pey to the mortgagee any amount necessary to make up the deEiciency. on or before the date when pay- , ; ment d such gtound rents, taxes, assessments, or insurance premiums shall be due. If at any time the matga• ~ i ~ gor shall tender to the mortgagee in accocdance arith the provisions oE the note secured hereby, full peyment of the ~ entire icdebtedness represented thereby, the mortgagee shall, in computirg the amount af such indebtedness, ~ credit to the account of the mortgagor all peyments made under the provisions of (oJ of paraaraph 2 hereof whichthe ~ ~ mortgagee has not become obligated to pey to the Seccetary of Housing and Urban Development and any balance ~ remaining in the funds accumulated under the provisior~s of (6) of said paragraph 2. [f there shall be a default un- ~ der any of the provisions of this mortgage, resultinR in a public sale ot the premises covered hereby, o~ if the ~ mortgagee acquires the property otherwise after default. the mortgagee sha11 apply, at. the time o[ the commence- ~ ment d such proceedings or at the time the property is otherwise acquired, the balance then remaining i~ the furds " accumulated under (6J of peragraph 2 preceding as a credit against the amount of principal then remaining unpeid ~ ~ under said note and shall properly adjust any payments which shall have been made under (aJ of said p~ragreph. ~ ~ 0 ~ ao~ 1~ ~ ~ s~ ~ : - ~ ~ ~ 4;:~ ~ s.y . ~ ~