HomeMy WebLinkAbout2424 s.,id ;^~~rt~~.,~•,,,r c?.~r~ h~vrh~ fuIl~ ~~,~rr,~nt ~hc~ tit!~~ t~} ~..~d ;.,r,~i. .~nc~ a•~.i•rt p.,rt thc~iE~~~f. an.d ~.~~i:l di~irn,i ;i~r s,~,~:r '
.~F<~in~t thr L~~.~2u1 cla~:ns ~it all p~•r~.,n~ u•hur.~u~~~t•r.
Ph'(1\'tl~N~.l~ al.1Cr11'S, and thesc~ pres~ntti <~re ex~~cut~Yi and d.li~rred upon the follow•~nK cond~tiuns, te e•it:
Thc~ moct~;a~;or uKrres t~> the murt~;,~~;c~r, or orcier. the prine•ipa! sum o( ~~~jY~
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L'~~llars ,s14,g5o.~ 1, c~id~•nced b~~ a n.~te uf e~•rn dale herrw~~th, w•ith interest [cum date at thr ~
r,~tr ut $~p prc centum ~ 7 `o) per annum on the urtpa?d baianre f
ur.Ul paid. The sa~d pnncip~l and tntere~st shali bc pa~able at the oEfice of ~r~ ~~~e
Ivan As~ciation of Indian Rt~er Oona~Ey, P. 0. D~s 1209, ilero Eeaah~ l~orida 32960,
a coa~po~~tioa w~dsr ths lar~ ot th~ t~nited Statas of A~ica.
~~r .+t surh other place as the h~ider uf thr note ma~~ des~gnate in writing, in moathly ~nstallments of
s~ ~~1~-~~--------------~-•-•--~---pollars ~S 1. comrt~encinK on
;iir f~rst da~ of , I9 and on the first da~• oi each month thereafter untilthepnnc~pal
and ~nterest are fuily paid, except that the f inal paym~nt of principal and ?nterest, if not seoner paid, shali be due
and pa~•able on the f~rst day~ uf j~jpiy~b~ 2QQ~,
And shaU dulp, promptl~~, and tuily perform, d~sch~rge, r:xecute, effect, completc. and compl~• w•~th and abide
b~• rach and ecen• the stipulat~ons, agreements, conditwns, and co~~enants af said promissor~ note and of th~~
mortgage, then this mort~age and the estate hereb~• created shall cease and be null and ~•oid.
And thr mortgagor further co~~enants as follcacs:
1. That he witt pa~~ the ~ndebtednrss, as hereinbefure pro~-?drd. Pn~•iiege ~s reser~•ed to pa~ the debt zn ~t•hc,le.
~r ~n an amount equal to one ot m~re monthlt~ pa;menta on the princip:~l that are next due on thz note. on the tirst
d~~ of an~• month pciot to matur~h•: P..~~ :,i. ~i, haw~e~•er, that w~ritten notice of an intention to exercise such pri~•ilege
is ~;i~•rn at least thirt~• (30) da}•s prior tu pre~at~ment; and, pro~•ided furthcR, that ~n the e~•ent the debt is pa~d in
tull pnor to maturih and at that time it ts insured under the provisions of the National Nous~ng Act. fie w~ili ~at tu
the mortgagee an adjusted premium charge of one per centum (1~) of the original principal amoant thereot, except
that ~n no e~~ent shall the adjusted premium exceed the aggregate amount of premium charges ~chtch w•ould 'na~ e ,
been pa~•able the mortgage had continued to be insured until matutitS•; such pa~•ment to be apptied b~• ttie mort- _
_ gagee upon its obligation to the Secretar}~ oi Housing and Urban De~~elopme^t on account of mortgage insurance.
- That. in order more fuily to protect the security~ of this mortgage, the mortgagor, together with, and in addi-
t~on to, the munthty papments under the term~ oi the note secured hereb~~, on the first da}~ of earh month untit the
~ said n.~te ~ti fullc E•.+id, will pa~ to the mortKagee the Eollowing sums:
An ~;~nt suffi: trnt i.~ pru~ide !hr hnld~•r hrrcot w~th funds (o prt thr next mortgage ~nsuraner ~retnwrr. it :his :ns;ru-
r:..•nt and[hr nute~ +rcured ~rrrbc arr ir.surrd. .~r e n:~,nthi~ ihar~;r ~in Itc•u a s:ortga5r tnsutancr pra•:r.i,ia-` if thr} arc•
' h~•:d thr tircra•tarc ~~t Hou~en~; and l'tf:an Drcrl~p^:ent. es follu•as;
~
~1~ !t .+nd .o l,,n~: as seid notr .~i rcrn datr ~nd this instrumrnt are insured or are reinsurcd under the pn~~~iswns of thr
; X.,n~~nel H~.usin,; A.t, an am~~unt wuitecicnt t.~ acrumulate ~n :hr hands ot the holder one (11 ~r:onth pner to it~ dur
.:..;r the annu.~l r...~rt~;aKi• insurencr prrr.:tum. ~n ~rder to pro~ide surh holder w~th funds to pay suchprer.sium to thr
J~•~ rc~tar~ H..usin~; and (irban Dc•veluT~rr.rnt pursuant tu the National Nous~ng Act. as ar.irnded, end appii.ab:e RrRU-
lati~~ns thcrrun.ter, .:r
ll~ i( ~n~i 1~>nR as said n~~tr rc~~n datr and Sh~s instru~rnt arr hrld u~- lhe Srcrrtar~ of }ioustn~ ar.d Urt.an Decri_~~,-
- c.~•nt. ...~~nthEc .har~.- i~n Iieu ~~f a mort~age ~nsurance premicml w~hich shall be in an a^ount eyual onrtv.rt[th
il 1'~ ~~ne-hdif t':1 prr :rntum u[ thr acrra~_e outstandtng balanre dur ~n the note cumputed w'ith~ut :akin~ int~
= e~ r•,un! delinyuenru•s ~~r prrpacrr.rnts,
~ A~ur. ryu.+; to the~ ~;z:~;.nd rrnt., it an~•, nrxt dur, pIus the prrr.:iu:r,s that will next becort:e due and Necdbie .~r. pol~i
- ~t tirr ~nd :~thrr hd[ard ~nsurencr cocenn~; the r.~~~rtgagrd propert}~, plus taxes and assessmen:s nrat dur ~>n the r.:~ et-
pr.~prttr ~a2I as r~tiTetrd bt thr r:ur!Ka~;rr) lrss a:l sums alread}' pa~d therrfor dn~ided b~~ the nur.:ber ~f ~:.~r.ths
_ ,~~~:ap.a brf.~rr :~nr e.~~nth pr~vr l~~ thr datr •.ahrn such Kr~~und tents. premiur.:s. tdxes, and assessments ~cilt bec: r:i~ de-
- :in.aue•n;, surh ~cr.. to br hrld bc nu-twa~;rr ~n trust t~~ pay sa~d ~;round rents. prra:~~ms, taxes, and spec:al a~srss.^.:rnts.
.,:id
- Ai: pe~crnte c:enticnrd ~n thr t~xo prrcrdinK subsrcti.~ns o( th~s paf&greph and aIi ~a~Trnt. t:: Ge •:.ade uc::irr t'r,r n. tr
- ~ec urrd h~•r~~bc shel! hr a~ided toKrther end thr etiKtrgete amour.t thereof shall br p..id b~ :he r.:.,rtKag:;r ra,h ^..~n;n ~n a
~~n~~:r F~.,~~c•.rnt t~~ he• at~~~lied h~ the rr.nrtga~rr i~~ thr fullo~x~n~; :trms in thr ~xder set l:~r;h:
- ~I1 F!7l'C!IU:: CRdf~l'T undcr thr iontract ~f insuran:r wtth the 5cczetary of Hc~using and C`rbdn Dr~r~_~pr.:r~t. r-..c:tci~
` rhary;c t~n tiru uf r..~~rt~a~;r :nsuzanir pre.^..i~.^.:1, as thr case ma} be,
s'~ ~tl~ Fruund rents, teres, a~sessc~.rn[s. (tte. and c,thc•s hazard tnsurancr prrmiu^~s,
- ~ I111 cntrrrst ~~n Shr n.~tr srcured hereAy, and
- ;i\'i e~ .~rt:za!~on ~~t thr princ~pai of said nute.
:~m c:ef~c~enct in the ar^ount of such av,gregate monthi}~ pa}•ment shali, unless :r,ade good bc the r.:;n:~;~~;ur
`3 pnur to the due date of the next such pa~ment. con~t~t~te an e~•ent of default under this mur~Ka~e. T~ne rr.~rtK~~re
- r.;.+~ collect a"l~+te charKe" not to exceed tw~o cents (2cl for each dollar (511 of each pa~r.:er.t Trne than fifteen
il~~ da~s in arrears to co~•er the extra expense invol~~ed ~n handling delinquent payments.
3. Th~t if the toial oE the pa5•ments made b}• the mortgagor under (h) o[ paragraph 2 p[ece~~ng shal! exceed
the ,,m~unt of pa~ments actually m~de bt• the mostgagee. for ground tents, taxes and assessments and ~nsurance
~rc•miums. the c.+se ma}~ be. such excess shall be credited b~• the mortgagee on subsequent pa~ nen!s te, he
m~~de b~ the mortKdgor. 1f, however, the monthi}~ payments made b}~ the mortgagor under !<`~i of paraKraph 2 pre-
c edinK sh~,l! not be ~ufficeent te pa~~ ground rents. taxes and assessm~•nts and ~nsurance premiums, as the case
Ta~ t~e. ~•hen the s~mr shatl become due and pa~~able. then the mortg~gor shall pay to the mv:tg~gee am amount
- necess.~r~ to R;akr ~~p the deficienct•,on or before the date ~•hen payment of such gruund rents, taxes.ass~ssments.
~x ~nsur.~nce premiuR;~ shall be due. If at an} time the mertgagor shelltender to the nortgagee in vccordance w•ith
:h~~ pr.~~~s;rms of the note s,cured hereh~•, full pa~ment of the ent~ce ?ndebtedness represented thereb~•. the mort-
= K,,~ec ~hall. ~n com~>uting the amount of such indebtedness, credit tu the account a( the mortgagor ~11 paymrnts
- m.+c+r under the pro~~~sio~s of tu I of para~raph 2 hereof wh~ch the mortgagee has not become obligated to pay to
tbe Secretar~ of N~us~n~ and Urban Development and am• balance rema~neng in the funds accumulated under the
_ E~n:~i.i~ms of r'~; of sa~d paragraph 2. IE there shall be a default undet any of the proc~sio~s of this mortgage, re-
~ • s:::ttinK ~n a publ:c: sale af thr premi~rs covered ~ereb}•, or ~f the mortgagee acquires the Pra~erty otherw•~se after
- drfault. tne mort~agee shall apPlc, at the Ume vf the commencement of such pra:eedmgs or at the Urae the proF~-
ert~ ss otheru~ese acquued, the balance then remainting in the funds accumulated under lj-~ of parakraph 2{~recedinR
.as a rredit ~,gainst the amuunt oE principai then remain~ng unpaid un~et sa?d note and sFte11 ptopertt'adjust anp
pa~ me~ts u•hich sh~,ll ha~•e been made under !u / of said paragraph. ~
` a. T'hat he w~ll pa~ a!l taxes. assessments. w•ater rates, and other go~•ernmental or municipai charges, f~nes. ;
o: i:~pus~ti~ms. for v.•h~ch pro~ iston has not bee~ made here~nbefore, and ~n default thereof the murigaKee ma~ pa~ ~
tfie s:~m~. .,nd ±hat he ~~•ill promptlc del~~•er the offic~al rece~pts therefor to the mortgagee. {
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