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Home My WebLink About2722 ,.~:d r~.~rt~;.~~;:~r duc~~ hrreb~ ful?ti ~aarr:~nt the t:t?r tu ~,~id !~+nd. and e~•rr~, pntt theteot, and wtl. ,a.ertc•;~c: ti:e ~~;•,r ~ .~~;:~in~t titie :.~~.~•ful cla~n~s i~f all pt~rsu:is wtion:sue~rr. c PI?01'lDf~D A[_11'AYS, and Ihese presents are exerutrd and deli~•ered upon the fu11u~~~nK conditi~ns, to wit: 7~he• murt~;.~Kor ~krres to pe~ the murtK~~;ee, or order, thr pnncipal sum of .c.ZG~~N '!'tiOUS~..tiD A;ID ;~O/1G0--------------------------------------------------------------------------- l?ut:ars f5 18,000.00 as r~~drnrrd by a note of eren date hereu~ith, with ~r.terest frcm date ,~t tF.~ ~a<< seven pec centum ( 7 per annum on thr unpaid ba[ance until pa~d. The said ptincip:~l and interest shall be pa~~able at the of[ice of J. T. STF~n1ART !~!O~I~G~,G~ COi~i?A`'Y, ZNC., SUITE 300 - I00 t:iracle 2di2e, Cor: Z Ga::les, r^lorica ur :~t such oiher place ~s the hoider of the note may designate in w~iting, in monthty installments of Oc;e I!e:ndrec: j ;;ineteen ar?d 88/100----------------------- Doliars (S ll~~.o~i commencing on ; th~ f~rst day ot February , 1972 . and un th.e first da~~ oi each month thereafter until the pnncipai ~ and ~nterest a~e (uUy paid, except that the f inai payme~t of principal and intecest, it not sooner paid, shall be due i dnd pay~able on the first day of 3anuaZy, 2002 - ~ i And shall du{y~, promptly, and Eutl}• perfocrn, discharge, execute, ef(ect, complete, and compty with and ablde ~ b~ ~•~ch dnd ecery the stipulaUons, agreements, co~ditions, and co~~enants of said promisso~y- rtote and of this f r.;urt~,:,~e, ther, this mo~tgage and the estate hereb~ crrated shall r.ease and be null and void. :\nd the rttwtgagor further co~•enants as follou•s: 1- That he will pa~• the indebtedness, as hereinbeEore pro~~ided. Privilege ts rssen•ed to pa~• the debt in whole. ~>r ~n an ~mount equal to one or more monthl~• pa}~ments on the principal that are next due on the note, on the ficst da~ .,f an~~ r.~onth prior to maturity: Pr,~~ :d~•:i. however. that written notice of an intention to exercise such pc~viiege is ~~~•rn at teast thirty (30} days priur to prepeS~ment: and, proi•ided fu?the~, that in the ecent the debt is paid ~n tull pno~ to maturit~• and at that t~me it is insured under the pro~~isiuns of the National Housing Act, he u ilt pay~ to the mertg~,gee an ~djusted premium charge of one per centum (1'0) of the original principal amount the~eof, except - th,,t in no r~•ent shatl the adiusted premium exceed the aggregate amount of premium charges uhich would ha~•e b~en pati~able if the mortgage had continued to be insured until maturity; such payment to be applie~ b~~ the moci- gagee upun its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. ` That, in order more fuli~~ to protect the securit~• of this mortgage, the moctgagor, together with. and in addi- ~ tion to. the monthl}• patments under the terms oE the note secured hereby, on the Eirst day oE each month until the I s~id note is fuli~• pa~d, w~ill pa}~ to the mo~tgagee the fol[owing sums: An ~^:.~unt sutficirnt t:~ procide the huldrr hrrrot urtth fun.ls to pay thr rtext mort~{~gr ~nsur~ace prrr.~iu:r, if t5is mstru- r nrnt andthe n~tr s~currd hrrrb~' arr insurrd, ur a munthly- cnarge I~n tiru o[ a mortgagr insutancr prrmtum~ if they are ~ h~-:d hy thr Srcretary of HuustnK and Urban Devrlupment, as folluw•s: ~I~ anJ ~u lun~ as sd~d notr ~f rern d-ate and this instrumrnt are tnsured or are reinsurrd ureder the prcti•isions of the ~ationei Huus?ng Act, an amuunt suffictrnt to accumulatr in !he hands ot the holdet orte (1) munth pnor to tts due detr the annual mort~eKr lnsurancr prrmwm, tn order to pru~~~dr such holder with funds to p~y suchpremium to the Srrrrtan• o( fious~ng and llrban Dr~•etopmertt pursa~nt te the ~iational Housing Act, as amended, ~nd appl~cable Regu- lati~~ns thrrrunder, or 1!) li and so long as s~id n~tr :,f r~•rn datr ~nd this mstrument are he(d by the Secrrtary o[ Neusing and lTrb~n Devriop- r.;rnt, a monihi~ charKe (in lieu of -a mortgagr insurance prrmium) vchtch shall be in an ~mour.t equa2 tu one-twe:fth ; 11 1'_) uf one-half prr crntum et the averagr outstand~ng baluncr due on the note computed vetthuut talcing intv t a: ruun~ drlinqurnc~es or prrpaymrnts, ~ A~um ryudl to thr ~;round rrrtts. :t ani~. nrxt due, plus the premiums that u~lll ne:t become due and payable on pol~cies ~1 lirr and uthrr hacard insurancr cocrrin~ the r.l~rtgagrd propert~. plus taxes and asses~ments next dye on the mort- kaK~•d pruprrt~• tall ~s rstimatrd b~~ thr murtgager) less aIl sums alread~• pa?d therefo~ dia•tded by the aumber of months t~~ rlepsr brforr ~nr munth prtor tu thr date whrn such grou~~ rents, premiums, t~xes, and assessments veill brcunr de- lenyurnt. such surr:s to br held bc e:urtKa~;ee in trust tu pay said gruund rents. premiums, taxes, and special assrssments, and AI! pay^:rnt~ rr.c~nt~.~nrJ in the two precrding subsrcttons ot th~s pyra~raph ~nd a1l paymrnts to ue made under thr nu[r srcurrd hrrcty shall br •ddrd togrther and thr agg:rgate amount thereo( shall be paid b~ the r.iortdagur each munth tn a s~n~;lr p:a~~~;rnt to be appt~~d by the mortgaKre [o thr folluwtng items trt the order sCt fvrth~ jl) prrr.:ium chaiges under thr cuntracc o[ ~nsuran:e veuh the Secretary• o( Housing and Urban Deve2opment, or monthly charke (in l~ru uf rnvrtKasr ~nsurancr prrm~um), as thr case m~y be, t[U groun4 rrnts, taxrs. ~ssrssmrnts, [~rr, an3 other hazard insurance premiums; 1111) ?ntrrest on the nutr secured hrreby; and i!\'1 am~rttzation u( the prlnctpal ot s~id note. An~• def~ciency ~n the ar.iount of such a~regate munthly pa~-ment shall, uniess made good by the mortgagor pnur to the due date ot the next such papment, constitute an event oE default under this mortgage. The mortgagee ma~ collect a"late charge" not to exceed two cents (2C) for each dollar (S1) uf each payment more than fifteen lli} da}~s ~n ar~ears to covec the extra expense involved in handling delinquent payments. ' 3. 'fhat if the toial uf the payments made by the mortgagor under (5) of paragraPh 2 preceding shall exceed the amount of pa}•ments actually made by the moctgagee, foc ground rents, taxes and assessments and insurance premiums, as fhe case may~ be, such excess shal! be credited by the mortgagee on subsequent payments to be made bt~ the mortgagor. !f, howe~~er, the monthiy payments made by the moctgagor under (b) of paragraph 2 pre- cedmg shail not be sufficient to pay ground rents, taxes and assessm~ents and insurance premiums, as the case may be, w•hen the same shall become due and payable, then the mortg~gor shall pa~ to the mortgagee any amount necessar~~ to make up the deficiency, vn or beEore the date when payment of such grourtd rents, taxes, assessments, ur insurance premiums shat! be due. If at an~• teme th~ mortgagor shaU tender to the mortgagee in accordance with the prorisions of the note secured hereby, fuil payment of the entire indebtedness represented thereb~•, the mort- i g~~~;ee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments i made under the provisions of /u) of paragraph 2 hereof which the moctgagee has not become obligated to payto ~ ~be Seccetary~ of lious~ng and Ucban Devetopment and any balance remaining in the funds accumulated under the ~ prot~itieun~ of 1!~) of said paragraph 2. lf there shall be a default undet any oE the provisio~s of this mortgage, re- ' sult~nK ~n a public sale of the prem~ses covered ~ereby, or if the mortgagee acquires the property otherwise after default. the modgagee shall appl}~, at the time of fhe commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (h/ oE paragraph 2 preceding as a credit against the arr,ount of principal then remain~ng unpaid under said note and shal{ properlyadjust any payments which shall hace been made under (ul of said paragraph. ~i. That he will pay all taxes, assessments, water rates, and other go~•ecnmental or municipal charges, fines, ur impositiuns, for wh~ch prortsion has not been made hereinbefore, and in default thereof tne mortgagee may pay the same; ~nd that he wiU prompt(y deli~•er the o(ficial receipts therefor to the mortgagee. ~ s~v'R ~1~ ; . t ~