HomeMy WebLinkAbout2183 ...~ic! .~~,r?<<.~:~.r ~i;~r; h~•r~•h~ (;~li~. ~.~.,~rr.~nt th~• ~~t!r .,,~id :.~r,~:. ~r.d r~rn E~art thrrr,~~. .~n~l ~.ci:i :iriri,i ;i:~~ ~.,:-r
.~~;.~~n~t thr :.,v:2t~l cl~~s::~. .if :~it prr~.~:is :c}i,~i: ~ur~rr.
I~h'(l\'IDF:I) :1l_11:~1'S. ~nd ih~~:e prr~rnt: .~zr r~c~•ut<Yi .+nd clrli~rr~d up.~n the foU:~~•tnK cundt~i,~~;s. tn ~+•.t:
fhr ;n,,rt~,a~;~,r .~Kr~•rs t~, p~,~ thr ;i;.~rt~;:~~;~•r•. ~,r urder. thr Princi{:.t: s::;:, ,,i :i~-'1I~:i~'1'~N TIi~~'SA:dD SL}C
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~~~~;:,,r~ ~j y'~'~Jj!1.~ etulrncrd b~ a?uic ~~t c~rn d~~tc~ hc~re~~tth. ti~~ith tn[erest fzurn d:.te ei t}ir
r.~tc• ut Seven per crntum ~ ( per anrtum on th-r unpa?d balance
:;nti! p.~ici 1~I:c• ~:ud pr~nc~pal ar.d interc•st sh.~ll be E~a;.+ble at t}ie ofiice ~f r',I'S't Fe3er~i Savin~;s arid L~£lA
Ass^:i^_:.ion T__idian Rive~• County, P. 3:::t L:'0~~, Vero 3et:ch, P'lorida ~:'~):0,
a Cornoz-a~i?n ur.ler t~i~ l~.•.:s of ti~e :~nited Sta~cs of Ar~erica.
~~r .,t ~uc~h ~~tt~er placE• .+s the h.,lder uf thr notc m.,~ des~Knate in wc~t?ng, in monihl~~ ~astallments uf Uriz I~UridT'ed
cr ~ollvr~
SeVenteen ~:ld ~ ~~~10~------------ ~i------ ~S 1_ r.~> coma~enpc in~ ~ n
;hc~ f~rst da~ o[ Dt~,~,1be~• , 1 , and un the first da~• af r„h month thereatter uatil the rinc~ at
~ .,nd ~nte~~st are full~~ paid, e~cept that the f~nal pa~~~nent uf pnncipyl ~,nd interest, if not souner patd, shaU be due
~ attd p:~)'able on the first day uf j,J~vember ~4~1.
F And shall duf~•, promptly, and full~• pertorm. discharge. rxecute, effe~t, complete. and rumpi~ w•~th ~+nd ~+bide
b~ each and e~•er~• the st~pulations, dgrrements. conditwns, and cocenants uf said promissor~• note and of this
; m.~rt~;~~Ke, then this murtKage and the estatr hereb~• crrated shall c~ase and be null and ~•oid.
~ And thr mortgagor further co~•enants as fu~low•s:
r
~ 1. That he will p~~~ the indebtedness, as hereinbefore pro~ ide~i_ Pnvilege is reser~•ed to ya~ the debt ~n ~eFole.
- ~~r in an amount equal to one or more monthl~• pa}•ments on the principat that a:e next due un the note. on the first
? da~ ~~f an~• montn prlor to matunh•: /'r,~~ t;;~ a. howe~•er, that w•r~tten notice of an intention tu exercise s~ch pri~•i1~Ke
+ ~s R~~~en at least thirt~- (301 da~•s ptior to prepa~•ment; and, pro~•ided [urther, tnat in the e~•ent the de'vt tis pa~d in
' full pr~or to matur~tt and at that time it is insured under the pro~•isions cf the national Noustng Act, he wili pa~• to
7 the mortg~~ee :~n adjustrd premium charge of one per cenWm (1 of the original princ~pal umount thereuf, except
r that in no e~~ent shatt the ad~usted premium exceed the a~regate amount of premium charges ~~•huh Wou?d ha~•r
~ been p.+~•able if the mortgage had continued to be insured until maturity; sach pa~•ment to be appSied by the mort-
= gc+~ee upon its obligation to the Secretary of Housing and Urban De~•eiopment on account of mortgage insurance.
2. Th.it, in arder more fullt' to protect the security of this mortgage, the mortgagor, together with, and in addi-
~ t~un to. the munthi~• pat~ments under the terms of the note secured hereb~~. on the first dat~ of earh month until the
s.+id nute (ullt~ p:+~d, wilt pa~ to the mortgagee t4e folloa•ing sums:
An ~unt ~uflirirnt t,~ pro~idr thr hol.frr hrreof w~th funds to ya}~ thr nrx[ mort~agr insurencr prrm~uF tt [hts instru-
~ rnrnt andthe nute +rrured hrrr~c arr in~~rrel, ~~r a munthly charKe {tn 1~ru of a^.urtga~e insurancr prrmtucr.) ~f tnec are
h~•ki i,~ thr Srirrtdty' of Houstng and Urt,dn Drcrl~pm.erlt. es follo~cs:
~ (1 ~!1 and so 1•.~nK as said r~vte ~f r~•rn date and this instrumE•nt arr insured or are reinsurrd under the prucisions of the
\~t~~~naI H~usin~ Act, an amuunt ~u[ticicnt t~, accumutatr in thr hands of the holder une (1) month prior to us due
d.,tc• thr annuul r.;urt~;a~e insurance prrr,.ium, ~n order tu pruc~de such holder w~th funds to pay such prr~tum to the
Sr. rrter~ uf liousin~; und Urban Dr~•e lopment pursuant to the National Housing Act. as arnended, and appl~~ ahle Regu-
= l~u~,ns thrrt•under, or
;a ~Ili 1[ ani9 ~c+ lunK as sa~d nutr ~~f rcrn datr end th~s in~trur.:rnt are held by the Secrrtary ,~f Housin~; and C'rban Dev~•i.T-
c.rnt. a r.::~nthl~- charKC (in lia~u ~f d rtiortgage ~nsurance premtcml whirh shall be in an a:^ount equal tu one-t:~•r:fth
f 1 I l ~ ot onr-h.~;( prr rrntuen o[ the a~•era.;e oats[andtng bal~ncr due un the nute i umputed ~~ithout taking intc:
ar. ount deltnyurn~ ~~~s or prrpayr.:rnts,
~ ' A s,,;r ryual to thr ~r~>und rrnt:, sf an~, next dur, plus the prrz:iums that will n~xt brc:~rr.e due and paveble ~~n poiicies
= •:t firr and othrr haterd ~nsurancr cocrnng the r.:~rtgagrA propert}, plus tazes and assessme~is next due on the mort-
- F.eK~•:: pruprrt~ (all ds r~tirr.e!rd 'o} th.~ m~~rt~agrr) Icss all suT:s atrcudy~ pdid thercfor dnided bc the nur:ber .~f n.~nths
t~~ rlap.r brforr ~,nr rn..nth pnur tu thr iiate u•hen such gr~und renls, prrm~urzs, tazes, and assessments w::l becor.tie de-
iinyuc•nt. ~uch >uc,s to hr hrld by r.~.~rtKa~ee ~n trust w pay said gr~~nnd rents, prr~.3ums, taxes, and speciai assessmrnts,
end
_ ~ A?1 pat^.~~r.t. ~:rntiunrd in thr tw'o precrdinK subsrctions of thts pdragr.,ph and a!1 pa~^,rntti ve r.:a~e uader !hr note
..rcure•d hrrrb~~ shdil !rt• ddded la~;r;her and thr ati~,~rrgatr ar.:uunt therru( sha11 l~r p~td h~~ the r.~.ortKeKur rach .^.'...nth ~n a
•tr~ir pa~c.rnt to br appl~rd A~' the rn~rtgager_ tu thr (ollouinti itrms ?n thr urder sei tor:h:
~ tl~ prrr,wr.. rharges under thr cuntract tnsuranie «'ith the Srcretar}' of Hnuiing and l:rban Drcr:~prr.e~t. :r :^~-~a:hiy
' cher~;e- ;~n liru of r.,ort~;agr insurancr prert:ium). as the case ma: be;
i
- IIU ~round rents, taxrs, assrssr~rnts. fire, nnd uther hatard tnsurar.cr prrmtur.~s;
(I111 ~ntetest ~~n the note securrd hrreb~•; end
- ll~') a~~~rtizatson o( the princ~pal of said n~te.
- :~nt deficienc~~ ~n the ar~ouni of such a~regate monthi}• papmenl shall, unless r,iade good b~~ the r~ur:~agor
prior to the due date of the next such payment, constitute an e~ent ot defeult under this mortga~e. The morlKa{~ee
_ r.::i~ collect a"late charge" not to exceed tw~o cents (2t) for each dollac (S11 of each pa~~er.t mere than f~ftc~en
` (l~l d~cs in arrears to co~•er the extra expense ~m•oi~•ed in handl~ng delinquent payments.
3. That if the total of the pe}•ments made by the mortgagur under If~/ of paragraph 2 preced?ng shall exceed
the amuunt of pat•mc nts actually m3de by the mortgagee, for ground rents, taxes and assessments and ~nsurance
prrmium~. ~is thr case ma}• be. such excess shail be credited b~ the mortgagee on subsequent payments tv be
made b~ the mortgagor. If, hou•e~~er, the monthly pa}~ments made b~• the mortgagor un~er ii~/ of paragrdph 2 pre-
cedln~; shall not ~ sufficient to pa~• ground rents, taxes and assessments and insucance prem:ums, as the case
- r~a~ be, w•hen the same shali become due and pa}'able, then the muctgFgor shall pati• to the mortgagee anp amount
necessar~~ tu a2ake up the deficienct , on or before the date when payment of such ground rents, taxes, assessments.
_ ur insur.~nce premiums shall be due. lE at anc time the mortgagor shall tender eo the mortgagee in accordance w~~th f
' the prc~~~siun~ ot the note secured hereb~•, ful{ pat~mert o[ the entire indebtedness represented thereb~~, the mort-
~ K~K~•E shall. ~n cumputing the amount of such indebtedness. credit to the accaunt of the er.ortgagor all pa~•nents
m.ade under the pro~•ts~o~s oE !ui of para~raph 2 hereof wh~ch the mortgagee has not become obligated io pavto
tbe Secretar} o( Housin~ and Urban Develupment and any balance rema~n~ng fn the funds accumulated under the
. pr~~~ is~uns uf ~ of said paragreph 2. !f there shall be a deEault under any vf the provis~o~s o! th~s mortgage, re-
>~:it~ng ~n a publ~c sa,e of the premises covered ~ereby, or if the martgagee acquires the property otherw~~se after
' de~tault, the mortgagee shal! appl~•, at the t~me of the commencement of suc!~ proceed~ngs or at ihe i~me the prop- ~
a•rtc ss uihc~ru•ise aeqwccd, the balance then remaining in the funds accumulatrd under (`~i of paragraph 2 preceding t
as a cred~t ,,ga~nst the amount of principal then rema~ning unpa?d undec sa~d note and shall propetlyad~ust an}~ ;
~,a~ ments w~h~ch sha11 ha~~e been made ur~der fu i of said paragraph. F
-l. That he u~ill pay~ all taxes. dssessrnents, Kater rates. and other go~~ernmenta! or municipat charges, fines. ~
or impositi~~ns, for wh~ch pra~~is~o~ has not been made herein6efore, and in defa~lt thereof the murtgagee ma} pay ;
- the ~ame, :and that he w•i11 Promptl}• del~ver the official recetpts therefor to the mortgagee.
O~'v~~~ r~N1[~.
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