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HomeMy WebLinkAbout1627 l . , . . ! ` ~.~?d r.iott~;,.~;~~~ dut~~ hrreb~• (ull~ wa~r,~nt ihr t~tlr tu s.ud land, and r~~rc~ patt thereof, and ~vt'il delen~! ttie• s:une ~ ,~K,i~nst tht I.,Hful cla~ms of all pcrsuns wfiumtioe~•er. PRn\'IDEU AI.H'A1'S, end these p~es~nts are execut~d und del~~~eced upon the follow?n~ conditior.s, to wit: Thc• mortKagut aKrres to pay the murtKaKre. or order, the principat sum of ~GH~EQi TIi~USAND FNE ' , Huxntt~n nxn xo/loa---------------------------------------------------------------- Uuila~ti ~S]_$~SQQ~QQ as ec~drnced b~~ a note uf even date herew~ith, with interest fn~m date at the r.~te ot Seven pe~ centum ( ? ~o) per annum on the unpaid balance until paid. The said pnnci~wl and ~nterest shall be pa~~able at the office of J. T. ST~)ART MOATGAGE COMPANY, INC., a corporation under the laws of the State of Florida~ ur :,t such other place as the holder uf the note ma~~ designate ~n wr~ting, in monthly installments of ~e j~n~~ Z~lerit5'-Th~'C@ 8rid 21~100------------------ Dollars (5 123.21 comrt~enc~ng un i the first d~~~ oE J~e , 19 'jQ , and on the first day of each month thereafter until the principal j and interest ecr tull~~ paid, except that the final pa~~ment of principal and interest, if not sooner paid, shali be due and pa~~able on the first day of ]~y Q~~. And shall dul~, promptly, and [ully per[orm, discharge, execute, effect, complete, and compl}• with and abide b~~ e~ch and e~•er~~ the stipulations, agree?nents, conditions, and coeenants of said promissory note and of this mort~~ge, then th~s mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further co~•enants as follo~s: 1. That he wili pay the indebtedness, as hereinbefore pro~•ided. Pri~~ilege is reserved to pa~~ the debt in whole, i.^. an amount equal to one or more monthl~~ pa~~ments on the principal that are next due on the note, on the first da~• of any month prior to maturity: f'r~~i idt•J, however, that written notice of an intention to exercise such pri~~ilege ~s given at least thirty (30) days prior to prepayment; and, provided turther, thai in the event the debt is paid in tull prior to maturit~> and at that time it is insured under the provisions of the National Housing Act, he wili pa~~ to the mortgagee an adjusted premium charge ot one per centum (1 0) of t~ original principal amount thereoi, except that in no e~•ent shal) the adiusted premium exceed the aggregate amount of premium charges which ~ould ha~•e been pa~•able if the mortgage had continued to be insured until maturity; such pal~ment to be applied by the mort- gagee upon its obtigation to the Secretary of Housing and U:ban Development on account of mortgage insurance. ~ 2. That, in order more Eully to protect the security of this mortgage, the mortgagor, together with, a~d in addi- s tion to, the monthl~ payments under the te~ms of the note secured hereby. on the first day of each month until the said note is fully pa~d, will pay to the mortgagee the following sums: i.~ ~ An amuunt suff~cirnt to provtde the holder hereot w•sth [unds to pay thr ne:t mort~age insurance prrmwm if tF.is ins:ru- mrnt :+ndthe note secured hereb~• are ~nsurrd, or a monihly charge (tn lira ot a mortgaKe ~nsurance prrmium) if the~• are hc•Id t>y- the Secrrtary of Houstng and Urban De~•elopment, as tollow~: (I1 If end so long as sa~d note o( even date and this ~nstrument are insured or are re~nsured under the provisions ot the ~ ~ationai Hous~n~ Act, an amuunt sut!?cirnt to accumulate in the hands ot the holder one (1) :aunth pnor to its due ; ' datr the annual mottgage iosurance premium, i~ order to pro~•tde such holder wtth fuads to pa~ suc;i premsum to the ~ Secretan• of Nousing and Urban Decelopment pursuant to the Nationa) Housjng Act. as amended, and appl?cable Regu- ~ lat~uns thereunder, or i ' (1I) !f and so lonq as said note uf evrn date and this insttumrnt are held by the SeC.~etary o[ HQ~sing und Urban Develop- ; r..rnt, a munthly charge (m lieu of a mortgage msurance premt~ml whicA' shall~ be in in amouflt equal to one-twrlEth { (1 121 0( one-half per centum o( the average ouistandmg balance d~e oti th1'AOte eomputed withoet,taking into ~ account deltnquenc~es or prrpayments; t ' i ~ A sum egual to thr ground rrnts, i( any, next due, plus the premiums that w~ll next become dve and poy~ble on policies f i of hre and other hazard ~nsurunce covering the morigaged property, plus taxes and assessments Aeit due op the mort- _ ~ Kaged proprrty (atl as rsUmatrd by the mortgagee) less a11 sums already paid therefor di~•ided by the nuewbCr of modths :s to rlapse betore une month pnor to the date when such ground rents, prem~ums, taxes, and assessments will beco~he de- ~ 7 t~nquent, such sums to be held by mortgagee tn trust to pay sa~d ground rents, premtums, taxes, and special assessments, ~ and Q I All paytnents mentionrd ~n the two preced~ng subsrctions ot th~s paragraah ~nd all paymenis :o be rnade under thr note s srcurrd hrrcby shatl be added togrther and the aggreg~te amount thereot sh~ll be patd by the mort~agor each munth ~n a ~ single payment to be apptied by the mortgagee to the following ~tems in the order set (orth: ~ (1) prrm~um charges under the contr~ct o( insurance with the Secretary o[ Housing and Urban Deveiupment, or monlhl~• ~ ~ charge (~n l~eu ot mortgage insuranre prem~um), as the case may be; (II) ground rents, taxes, assessments. (ire, and other hazard ~nsuronce premtums; (!II) ~nterest on the note secured hereby; and ~ (IV) amortuation of the princtpal o[ sa~d note. ~ Any deEiciency in the ar~ount of such aggregate monthly payment shall, unless mad~ good by the mo:tgagor prior to the due aate of the next such payment, constitute an event of default under this mortgage.' The mortgagee i may coltect a"late charge" not to exceed two cents (2C) for each dollar (S1) ot each payment more than fiEteen ~ ~ ~ t15) da~•s in arrears to co~er the extra expense involved in handling delinquent payments. ~ ~ 3. That if the total ot the payments made by the mortgagor under (6J ot paragraph 2 preceding shall exceed ~ `3 the amount of pa}•ments actuatly made by the mortgagee, for ground rents, taxes aid assessments and insurance ± ; premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ' E; made by the mortgagor. If, however, the monthly payments made by the moctgagor under (b) of paragraph 2 pre- ` ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgsgor shail pay to the moctgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments. - or insurance premiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance with " the provisions of the note secured hereby, [ull payment ot the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount oE such indebtedness, credit to the account of the mortgagor all payments - made under the provisions of (01 of paragraph 2 hereof which the modgagee has not become obligated to payto - tbe Secretary oE Housing and Urban Development and any balance remaining in the funds accumulated under the - proeisions of (1.) of said paragraph 2. lf there shall be a default undet any of the provisio~s of this mortgage, re- sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, at ihe time of the commencement of such ptoceedings or at the time the prop- - erty is otherwise acquired, the balance then remaining in the funds accumutated under (l,) of paragraph 2 preceding - as a credit against the amount ot principal then remaining unpaid under said note and shall properlyadjust any = payments which shal! have been made under (a1 of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, - or impositions, for which provision has not been made hereinbefore, and in default thereoE the mortgagee may pay - the same; and that he will promptly deliver the o[ficiat receiQts therefor to the mortgagee. < ~ i t~ 8a~199 Q,,~16~6 ~ . ~ _ _ .