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Home My WebLink About1286 . . .'.~~;!;;,~t'~~I ;lul•1 tlt•!Ct)~~ }ll~~\ '.~-.~Li.~fl( !~tt• 13i~t' Ii~ >:tllj ~1+Rt~. dR(j t•\t•f1 (7.tTt thrrr~~l. :~nd l\'I~i ~t'Ic'Rt~ 11tC ~.~,^,:c• ,~~.~in,t thr :.~•.~fui clatrr.ti ut ~I1 p~•rs.~n. ~,~hun.u~~~~r. PNn\'IDF:[) aL11A1'S, ond ttirsc presc~nts are exc~~uted ~nd dNlt~rred upon the f~iluw•~nKconditiuns, to w~t: Chr m.nt~;a~ur .~Rrrrs to p~.~' the ;rutt~;.e~;er. .~t ~rd~r. thr pnncip~l sum of ^I~PEEN TFiOUSA.ND EIGfiT _':?i:Di~SD A:~D :IO/100------------------------------------------------------------------- i%~:::.~r~ 15,~00,00 i, .+s c~iJrnrrd b~ a auir of e~en d:itc here~~~~ch. «~th ~ntcrrst from d;+tc• ,+t t't;~~ r.~t< <~t ~~,~•A„ per c~ntum ~ ~ ~l per annum on the unpaid balance ;::~t:i p~~i~i. The ti.+?a pr~n~ip~i ond inter~•st shall bc patable at the oftice o( SO(TrI~ER;1 ;lORTGAGE ASSOCIATE:;, I::(:., P. O. Box 38, Shenar:~oah Station, Di:a:.i., Flo_ica f ~ f ~~r .,t .uc h oth~r p,ace u: the h,.lder u[ the not. mat des~gnate in w~rit~nK, in monthlp ~nstallments oE ~e ;~;~~re.~ . cornn~cncing on PivC an: 23/I00----------------- DolIats t~ 10~.23 ~ thr tirst da~ ot Fe`a~uary , la ';2 , and on the ftrst dat• ui each month the~eafter untilthepr~nc~pal .,nd interrst arr tullq p2id, except that the Iinal pa~•ment uf p~inupa! and interest, if not sooner paid, shall be due ~nd p~~cable on the first da}• of J3nuary, 2002 And shall duly , prompUt•, and [ull~• per[orm. d?scharge, execute, effect, complete, and comply with and abide t» ~•ach and e~•er~• the sUpulations, aKreements, conditions, and co~•enants of said prom~ssor~• note and of this r.~.urtE:i~e, then th~s mort~age and the estate hereb•; c~eated shull ceese and be null and t•oid. rlnd the mortgagor further co~~en~nt~ a> follow~s: 1. Tha~ he u~ili pa)~ the ~ndebtedn~ss, as here~nbefore pro~•ide:i. P~ivilege is resened to pa~• the debt in whole. .~c in an amount equal to one or more monthl~• pa~ments on the principal that are next due on the note, on the first :i.~•, of am~ month prior to matu~ih•: P..•~ .i. however. that w~ritten notice of an intention to exercise such privilege F~cen at least thirt~~ (30) da~ ~ prior to pre~~•ment: and, pro~•ided further, that in the event the debt is paid in f:::l ~nor to maturit~~ and at that t?cr,e it is insured under the pto~•isions of the National Housing A~t, he wilt pay to the murtg.~~ee an e~djusted premtum charge of one per centum (1'~) of the ori~inal pri~cipal amount thereof, excnpt t?:,~t ~n no e:ent shall the ~~dZUSted premium exceed the agpregate amount o[ premium charges uhich a•ould ha~~e b~~rn pa~abie if the mortgage had continued to be insured until maturitp: such payment to be applied b~• the mort- K~Kee upon its obligation to the Secretar}• of Housing and Urban Development on account of mortgage insurance. Th~t, in order more fullp to protect the securit}• of this mortgage, the mortgagor, together with, and in addi- t~un to. :he r.:onthl~• p:,t•ments under the term~ ot the note secured hereb~•, on the Eirst day of each month until the ~a~d nute ~s fuilt y~+id. ~~•ilf pa}- to the mortKaKee the follow~ing sums: Ar. •:~a; s::ifi.u•a! t:~ pr~~cidr !hr h: idrr hrrr~~f tia•~th f:inds to pay the next mort~age tnsurancr ptem~u~r. if t!~~s ins:ru- c,~•nt :.nd Shr notr ~r: urrd hrrrbc ~rr ins:srrd, .~r d r,:unthl~ char~;e i sn l~ru u( a murlqage insuranre• prer..3um1 if they are !~~~1.i hti th.~ 1i~: rrtdr~ o! H:~wink and Urhen Drva•l~~pn:ent. as [ollovcs: ~ t, t~.~.. ...~,i n.n.• .•~-.m d'etr dnd ih~s mstrumrnt are insured or arc reinsured under the Droeis?ons o[ the X,.tiunal H,•usu~~ Act, an ar.wunt ~uff~cient tu accumulate ~n thr hands of the holder one (1) rr.onth pnor to its due .:~;e ;nr dnnuai c.orttiaFr ~nseran~c prrr.~um. ~n orAer to pr~c~de such holdrr w~tth funds to pay suchprem~um ro the ~rrrrta:~ ~.f H:~usin~; and UrL..n Dr~rlupmrnt pursuant to the tiat~on~l Housing Act. as amrnded, and applicable Reku- l.,ti~~n. thrrrundrr, or I1: 11 end IunR as +aid n~~tr ~f ~•trn datr and th~s ~nstrument arr held b~- the Secretary~ o[ Nousing and Urban De~•rlop- ~ r. r~t, a r..unthl~ cher~;r ~,~n lieu of a~:ortgaKr ~nsurance premwml w~htch sha11 be tn an amount rqua! tu one-turlfth ! ~ 1 1`~ of onr-half per centum of the a~•erage uutstand~ng balance due on the nute computed w•ith~ut taking into f orcuunt delinyuenc~es or prrpaqnrnts, ~ A~uT rqual to the ground rents, ef any. nrxt due, plus the premiums that w•tll next become due and payable on poiicies ~ ~t Cirr and othrr hazard ~nsurance rocermg the r,:ortgaged pr~perty, plus taxes and assessments nezt due on the mort- 3 ~a~;rd ,~r~,prrty Ia11 as r~ttmatrd b> the r..ortgaKer) less all sums already paid therrfor d~vtded b~ the number of months ; t., riap~i• !?rfurr one r..onth pr?or tu the date when such ground rents, prrmiums, taxes, and assessments w~li become de- I:ayurn~, such sur..s to br hr?d b~ :^ortKagre in trust to pay said ground rents, prrm~ums, taxrs, andspectalassessments, ~ .,nd A:! {~a>c:.rr.t~ ~.rniwnrd in the tw~o pre~rdins subsections o[ this paragraph and a21 payments to be r.:ade under thr nute ~ sri ura•d hrrt~b~~ ~ha21 br addrd t~~Krther and tne aggrrgete amount thereof shall be pa~d by the mortgagur each cnonth in a ~ .in,•Ir pa~r..rnt tn t~e applied b~ the mortkadre to the (otloveing items in thr order set [urthc ~ ~ 1~ j:rrr.:~uT char~;r. ~nder thr c.~ntract o( insuranre :cith the Secretarp ot Nous~ng +nd Urban De~•e:opment. or monthl~~ ~h.arke (~n lieu of ^:urtga~r ~ns~rance premturr.). as the cese ma~' be, 2 tI(+ ~;r~und rrrtts, taxrs. assessr.:rnts. [:re.• and ~~ther hazard insurance prem~ums; ~ ~UI) ~ntrrest un thr notr secured hereb,; and ~ tl\') amurtizetion ot thr princtpal of sa~d note. ~ Ant' dei~cienc~ ~n the ar.~ount of such aggregate rt:onthly~ pat~ment shall, unless made good b}• the mortgagor ~ E~n~r to the due dete uf the next such payment, const~tute an event of default under this mortgage. The mortgagee ~ :na~ collect a"late r_harKe" not to exceed tu•o cents (2c) for each doliar ($1) of each pa}•ment more than fiEteen ~r 11~) da~-s in arrears to cover the extra expense invol~•ed in handling delinquent payments. ~ ~ 3. That i[ the total of the pa~•ments made b~• the mortgagor under (bl of paragcaph 2 preceding shall exceed the amount of pa~•ments actually m3de by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case ma}~ be. such excess shall be credited b~• the mortgagee on subsequent payments to be k made b~~ the mortgagor. If, how•e~~er, the monthly payments made oy the mortgagor under (hJ of paragraph 2 pre- - ceding shall not be sufficient to pa~~ ground rents, taxes and assessm~ents and insuranre premiums, as the case ~ ma~ be, u•#~en the same shall become due and pa}•able, then the mortg4gor shall pa}• to the mortgagee any amount ' `L necessar}• to makr up the def iciencS•, on or beEore the date when payment of such ground rents, taxes, assessments, or inswance premiums shall be due. lE at an}' time the mortgagor shalltender to the mortgagee in accordance with th~~ p:~cis~ons of the note secured herebl•, full payment o[ the entire indebtedness represented thereb}•, the mort- - K~~Kee shall. ~n computin~ the amount of such indebtedness, credit to the account of the mortgagor ali payments made under the pro~•isions of /u i ot paraRraph 2 hereof which the mortgagee has not become obligated to pay to tbe Secretary of Huus~ng and Urban DeveSopment and any balance remaining in the funds accumulated under the ' pro~•is?uns of !%.i of said paragraph 2. lf there shail be a default under any of the provisio~s of this mortgage, re- 4 - sultinK ~n a publ~c sate o: the premises covered ~ereby, or if the mortgagee acquires the property otherwise aEler ? def:,ult. the mottgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ crt~ ~s otherveise acquued, the baiance then remaining in the funds accumulated under of paragraph 2 preceding r a~ a credit against the amount of principal then rema~n~ng unpaid undet said note and shall properiyadjcst any ~ pa~~ments u•hich shall ha~•e been made under I of said pecagraph_ i - 4. That he will pay all taxes, assessments, water rates, and other go~•ernmental or municipal charges, Eines, or imposit~ons. for wh~ch pro~~~sion has not been made hereinbe(ore, and in default thereof the mortgagee may pay the samr, .+nd that he wsll prompt3~• dei~~•er the official receipts therefor to the mortgagee. ~ ~~~98 ~1284 ~ X~:°. _ . . . . . . . _ ~ _ . . ' _ . . Y'