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Home My WebLink About0719 •.,i~Ii!'.+~~~i CjUt'i t1t7f'b\' t:i~~\ lC:~(T:~RI 2tlt' llt~t' l~l ~:tl~ ~.~nd. and tCt'f~~ ~:tl1 I}1P[c•~lf. i~flt~ \\'l~~ ~:r1t'11U t~lt S.~II:E ~ ,~~.,in~t chc iut~ful clatn;s of all pcr.uns whur.:~cx•~~rr. PNn~'1DE:U aL11r~1'S, and thest~ prrsentl are exr.-utc~ and deli~•ered upon the toU~~~~~in~; conditions, to w•tt: ~ Th~~ murtRc~K~r :~Krc•es to pn~• the murtK:t~,re. ur order. thr principal sum of SIXTr."EN TI:OUSAND TFiREE i IiU:IDREI) FIFTY AND NO/100--------------------------------------------------------- ! ;~,~:;.,rti ij 16,350.00 J. e~ i:rncrd b>' a nute of e~•en date here~~~ith. ~~•ith ~nterrst Erom date ut the ~ i r.~?~• ut seven pec centum ( 7 per ann~m on thc unpaid balance ~ ;::~til p~~d. The said principal and interest shdil be pa~•able at the oifice ot S~H..RN MORTGAGE ASSOCIATES, ? : I;vC., P. O. Hox 38, Shenandoah Station. riiasni, Florida = ~ ,,t ,uch e!her L!ace u~ the hulder ~~f thF n~~ee ma~~ designate in writin~, in monthl~~ installments of One tiundreci ^-,ight an3 89/100------------------~---~-- Dollars (S 10E.89 cum~uenc~ng en ~ the [~est da~• of February . 1972 , and un the fust da~• of each month thereafter until the principal and ~nter~:st are fuUy paid, except th~it the final pay~ment of principal and interest, if not soone~ paid, shatl be due ~,nd pa~~able un the first da~• of JdnuaY'y, 2002 And shall dul~, promptl}•, and fuil~• perf~rm, dtscharge, execute, eftect, complete, and comply with and abide h~ ~•,~ch ~nd e~•er~• the stipulations, agreements, conditions, and co~•enants af said promissory note and of this r.~~~rtta~;e, then this moctgage and the estate hereb} crrated sha!! cease and be null and ti•oid. ~nd the mortgagor further co~•enants as follows: 1. That he W ill pa~~ the indebtedness, as hereinbetore pro~•ided. Privilege is re~en•ed to pa)• the debt in whole, .~r in an ~imount equal to one or more monthl~~ pa}~ments on the principal that are next due on the note, on the Eirst c:,~~ of ~m month prior to maturit~•: I'.~.~:u~•~~, however, that written notice of an intention to exercise such privilege ~s E~~rn at least thirt~• (30) da~s prior to prepa~~ment: and, pro~•ided further, that in the e~~ent the debt is paid in ~ full prior to maturit~• and at that t~me it is insured under the provisions o[ the National Housing Act, he ~ill pay to 1 the mort~.~gee an adjusted premium charge of one per centum (la) of the original principal amount thereoi, except ~ t?:,~t :n no e~•ent shall the adjusted premium exceed the sggregate amount of premium charges which would ha~~e r hern pa~able if the mortgage had continued to be insured until maturity; such payment to be applied by~ the mort- ~a~ee ~pun its obligation to the Secretar~• oE Nousing and Urban Development on account of mortgage insucance. That. ~n order more full~~ to protect the securit}• of this mortgage, the mortgagor, togethe~ w•ith. and in addi- ' :ion to, the monthl~• pat•ments under the tesms of the note secured hereby~, on the first day oi each month until the ~ nute is tull} paid, aiU pa~ to the mortgagee the Eollowing sums: : Aa~ ar...~unt sulfirirnt t~> pru~ide thr hofdrr herrof w~ith funds to pa~~ the neYt mortgage insurance premium i( thts ?nstru- r~rnt end thr no~r securc•.i hrrrb~~ ~r~ ~n.urrd, or a monthly charge t~n lieu of a mortgagr ?nsurancr prrmwml i( thep are ii~~id thr tircrctar~• of IluustnK and Urban Devrlopment, us [ollous: ._r o ,+~.o ~h.~ ~..~~r,,.o.•nt arr ~nsured ot are reinsured under the pru~•~sions of the ~ : ` s_ _ . . . \~t:~nal H~~us~n~ Act. an amvunlYsuif~c~ent tu accumulate in the hands of the holder one (I) month pnorZo tts due ; d..tr the annual r.,ort~;aKe insurance premium, in order to prov~de such holder vcith funds to pay such premium to the i Srr?etar~• of H~:~sing and Utban Drvelopment pursuant to the Aiational Houstng Act. as amended, and appl~cable Regu- ' lat~.~ns thrreuade[, ot ~ tll If and su lung as said nutr vt r~•rn datr and th~s instrument +re held by thr Secretar~ o[ HousinR and Urban Drre.op- r..,-nt, a r.:untn2~~ char~;e ~in lieu of a rr.urtgage insurance premiurr.l u•huh shall be tn an amount equa2 tu une-twel(th ; il i~~ uf unr-hal( prr centum o[ the avrrage uutstand~ng balance due on the note computed w•ith~ut taking intu ! a. ~~uunt delinyurnc ~es or prrpaymrnts, A sur, ecual to the ground rents, i( eny. nrxt dur, plus the premtums that u~ill next become due and payable on poticies ~ ~t t~rr ~nd uthrr hazdrd insurance cocering the r.:urtgagrd property. Flus tazes and assessments next due on the mort- ' y~~rd proprrtS~ (af( as rst~mated by the mortgageel less all sums already paid there(or divtded by [he number of munths ~ ' t., c•lap~r br(ore ~inr nwnth pnor to the date when such ground rents, premi~ms, taxes, and assessments w~itl become de- j ; linqurn!, surh surrs to be hr:d b~~ :r.ortKa~er in trust to pay sa~d ground rents, premiums, taxes, and special assessa~ents, z .,nd ~ ~ Al( E:acr..~•nts T.ent~uni•d ~n the tw•o precrding subsect~ons ot this paragraph and all pa}-ments to be made under the note ircurrd hcrc~b~• shell be added togrther and the aggregate amount thereof shall be Faid b~• the mort~agur each month ~n a ~ sinkIr pa}c:rnt to he applird b~~ the mortga~re to thr following items ~n the osdec set forth: 6 il) prrm~u:^ cha?gr~ under thr contract ot insurance x~th the Secrrtary ot Houstng and Urban De~~etopment, or monthl}• r .herke (in i~ru of r.,ortKage ?nsurance prenuum), as the case may be; ~ Uli ground rrnts, taxes, assrssr:rnts, firr, and other hazard tnsurence premiums; illli ~ntrrest un thr note securrd hrreb~•, and 2 ~ tl\`) amortizauon of the principal o( sa~d rtote. ~ ii ~ An}• deficiency in the ar~ount of such aggregate monthly pay~ment shall, unless made good by the mortgagor ~ ~ p~wr to the due date of the next such pa}•ment, constitute an event of default under this mortgage. The mortgagee ~ r: collect a"late charge" not to exceed tuo cents (2C) for each dollar (S1) of each pa~~ment more than fifteen tl~) da~~s in arrears to cover the extra expense involved in handling deliaquent payments. ~ 3. That if the total of the pa~•ments made by the mortgagor under (6) o( paragraph 2 preceding shail exceed A the amount of payrr.ents actually m3de by the mortgagee, for ground rents, taaes and assessments and insurance premiums. as the case map be, such excess shall be credited by the mortgagee on subsequent payments to be made b~• the mortgagor. If, however, the monthly payments made by the mortgagor under (hJ of paragraph 2 pre- i ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ fi;~3C bff, N'}1Cf1 the same shall become due and payable, then the mortg:.got shall pa~~ to the mortgagee any amount = necessary~ ro make up the def iciency, on or before the date when payment of such ground rents, taxes, assessments, • ' ur insurance prem~ums shall be due. If at any~ time the mortgagor shalltender to the mortgagee in accordance with ~ ' thc• pro~~is~ons of the note s~cured hereb}~, full payment ot the entire indebtedness represented thereb~•, the mort- K~,~ee 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 ^,;j tbe Secretary of Nous~ng and Urban Development and any balance remaining in the [unds accumulated under the _ pro~•is~c~ns oE of sa~d pardgraph 2• If there shall he a default under any of the provisio~s of this mortgage, re- sultin~ in a pubtic sale of the prem~ses covered iereby, or if the mortgagee acquires the property otherv~ise after w~ def:,ult. the mortRagee shall apply, at the time of tAe cornmencement of such proceedings or at the time the prop- _ ert}~ is othervvise acquired. the batance then remaining in the funds accumulated under (f~) of paragraph 2 preceding , :+s a credit against the amount of principal then remaining unpaid undet said note and shall propet(yadjust any ' - payments ~•hic~ shall have been made under (u1 of said paragraph. _ - J- That he will pay all taxes, assessments, water rates, and other go~•ernmental or municipal charges, fines, { '-~x or impositions, for which pro~~is~on has not been made hereinbefore, and in default thereot the mortgagee may pay : th~• same; ~~nd that he will promptly~ deliver ihe official receipts therefor to the mortgagee. 4 < = t ~ ~ ~ 718 3 . - ~ s+-.:-- . . . . . . _ - ~ . `