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HomeMy WebLinkAbout1558 ~ ; ' ~~,ld mortKa~;ur clue•s h~•reb~• full~ w•~r„~nt the tit:e to sa~d l~,nd, and r~•cr~ part thercof, and ~rill delend tne s.~;r.r ~ .~k.~~n~t the l:,w•ful claims o( all pcr~uns ahc>mtioe~~er. ~ PRO\~IDED A1.~1'AYS, and thesr presents are executed and del~~•ered upon the following condit~ons, to ~vit: { "Che mortKagor :~grees to pay the murtgaRre, or o~der, the principal sam of '~]~'Y '1'j~ ; HUI~IDRID FIFTY A1~ID NO/100------------------------------------------------------------ ; Uullars (S pp,95p•~ as e~•idenced b~• a ~ote o[ even.date herewith, with interest from date at tAe i r~te oE S~e~ pei centum ( 'j o) per annum on the unpaid balance ~ until paiJ. The said pr~ncipal and interest shaU br pa~~able at the office of J~ ~j'~ $'j`j~JAKj' ~RTGAG$ COMPANY, Il'~CC., a corporation under the laxs of the State of Florida ur at such other p!ace as the hotder of the note may designate in writing, in monthly instailments of Q]~ HLTNDRED THIRTY-1~It~E At~ 53/1~-~~~-~~~~~~ Dollars (S 139•53 commencing un the [irst da~• af M~.~ . 19 ?Q , and on the first da~~ of each month thereafter until the princ~pal and interest are fully paid, except that the [inal payment of principal and interest, if not sooner paid, shall be due and pa~•able on the first day of February 2002. And shall dul~~, promptly, and fully perform, discharge, execute, effect, complete. and com~ly with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and ot this mortgage, then this mortgage and the estate hereby created shall cease and be null and ~•oid. And the mortgagor further co~•enants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Privilege is reserved to pay the debt in whole. or in an amount equai to one or more monthly payments on the principal that ace next due on the note, on the first uat• of any month prio~ to maturity: I'.o~ i,l: d, however, that written notice of an intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the e~•ent the debt is paid in fu11 prior to maturity and at that t~me it is insured under the provisions of the I~ational Housing Act, he will pay to the mo~tgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, except that in no e~~ent shall the adjusted premium exceed the aggcegate amount o[ premium charges which would ha~•e been pa}~able if the modgage had continued to be insured until maturity; such pa~~ment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban De~~elopment on account of mortgage insurance. 2. That, in order more fully to protect the security ot this mortgage, the mortgagor, together with, and in addi- tion to, the monthl~• payments under the terms of the note secured hereby, on the (irst da} of each month unti! the ' said note is full~ paid, will pa~• to the mortgagee the following sums: ~ r.~ t An art:uunt su(hcient to provtde the holder hereo( with funds to pa~• the next mortgage insurancr prem~um ?f this 3ns.ru- ; ment and the note secured hereby are ~nsured, or a monthly charge (in lieu o( ~ mortgage insurance prrmiuml if they are i hc•Id by the Srcretary of Hous~ng and Urban De~•elupment, as (ollows: (li and so long as said note uf even date and this ?nstniment are`iesured or are ~einsured under the pro~•is~ons ot thr i \at~ona! Hous~ns Act, an amount suff~cient to accumulate la tA~~hqads of the hoider one (1) month prior to us due ~ ! date the annual mortgage insurance prrmium, in order to provide such hole{er wllh funds to pay such premium ta the R Srcretary o[ Huusinq and Urban Development pursuant to the Natioaal Housing Act, as amended, and appi~cable Regu- lations thereunder; or ~ ~ ~ ~ illl I( and so long as said nute of ecrn date and this ~nstrument are held by the Secretary of Houstng a~d Urban Deerlup- p r.,ent, a monthty charge (~n tieu o( a mortgage insurance premiuml which shall be in an amount equat to one-tv~elfth e ~ (1 12) o( one-half per centum ot the average uutstanding balance due on the note computed withuut taking intu ac.ount delinquenc~es or prepayments, ~I,~ A sum equal to the grcund rents, if any, next dur, plus the premiums that utll next become due and pa~•able on policies ~ uf fire and olher hazard insurance covettng the mortgaged propert~•, plus taxes and asse&sments next due on the mort- ~ K~KrJ propeAy (all as esttmated bp the mortgagee) less all sums already paid there(or divided by the number of months : ° to elapse beEore one month pnor to the date when such ground rents, premiums, taxes, and assessments will become de- ~ z a linqurnt, such sums to be held bp mortgagee in trust tu pay said ground rents, premiums, taxes, and special assessments. and ~ ~ A{1 payments mentioned ~n the two preced~ng subsrctions of th~s paragraph and all payments to be nade under the note ~ secured hrrrbY shall be added together and the aggregate amount thereof shali be paid by the mortgagor each month ~n a ~ s~ngle payment tu be applt°d bp the mortgagre to the [ollowing items tn the order set [orth: (q premwm charges under the contract of ~nsurance with the Secretary ot Houstng and Urban De~~elopment, or monthly ~ charge (~n lieu ot mortgage msurance premium), as the case may be; ~ (lI) ground rents, taxes, assessments, [ire, and other hazard insurance prrmiums; ~ (III) mterest on ihe note secured hereby; and l1V1 emort?zat~on o[ the principal ot said note. ~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the rtext such payment, constitute an event of default under this mortgage. The mortgagee ' ~ may collect a"late charge" not to exceed taro cents (2c) for each doltar (S1) of each payment more than fifteen ~ ~ (15) da~•s in arrears to cover the extra expense involved in handling delinquent payments. . { ; 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed ; ~ the amount ot payments actuaUy made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as ihe case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- i ~ ceding shall not be sufEicient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ; ~ may be, when the same shall become due and payable, then the mortgsgor shall pay to the mortgagee any amount ` necessary to make up the deficiency, on or beEoce the date when payment of such ground rents, taxes, assessments, - or insurance premiums shall be due. IE at an~~ time the mortgagor shall tender to the mortgagee in accordance with ~ the pro~~ision~ of the note s~cured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shalf, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisio~s of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto tbe Secretary of Nousing and Urban Development and any balance remaining in the Eunds accumulated under the ;~'j provisions of (l~) of said paragraph 2. IE there shall be a default under any of the provisio~s of this mortgage, re- sult~ng in a public sate of the prem~ses covered ~ereby, or if the mortgagee acquires the property otherwise after = default, the mortgagee.shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any papments w•hich shall ha~~e been made under (a) ot said paragraph. 4. That he will pay all taxes, assessments, water rates, and dher governmental or municipal charges, fines. or ~mpositions, for which provision has not been made hereinbefore, and in default thereoE the mortgagee may pay - the same; and that he wiU promptly deliver the official receipts therefor to the mortgagee. ~ Q~~~ bt~~~ ` _ .z, _ _ _ . . g i~ . ~ . , . . .