HomeMy WebLinkAbout0843 YR()VIDED ALW;tYS, and th~.~se presents are eYecuted and delivered upon the f~y;to~~-ing conditions, to
i t :
The mortgagor agrf~es to nay the mot-tgagee, or order, the principal sum of ~
Hs ?H(I~Ul~iD I~IGR!' D~S~D FItl? ytd (~D 1pp - - - - - • - _
o] ars~ 1~~8r~~~ ~ as ev~denced by a no e of even date herewith, ~rith interest fr~~m c~ate
at the rate of ~ye ~~n~-£~~ per centum ( ~j~. ~c ) per annum on the un-
paicl balance until paid. The said princip~al and interest shall be payable at the ot~'ice of
J'. I. EISLIIS I~URZ'GAG~ CORPQR/~TIO~ QF FIARIDA in I~i~sf, Floridr?
or at such other place as the holder of the nate ma~~ ciesignatE in ~rriting, in monthly ins±allments ef
SEP'~TY-~~IZ ~d 59~I00- - - - - - - - ~ _ Dollars t$ 76.~9 commencing on
the first day of 3'til,~ , 1365 , and on the first day of each month thereafter until the
principa] and interest are fully paid, except that the final payment of principal and interest, if not sooner
paid, shall be due and payable on the first da~• of June ,19 95 +
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and cumply with and
abide by each and e~•ery the stipulations, agreements, canditiuns, and coven~nts of said promissory nate
and of this mortgage, then this mortga~e and the estate hereby created shal! cease and be null and vuid.
And the mortgagor further covenants as foliow~s:
1. That he will pay the indebtedness, as hereinl~efure provided. Privilege is reserved to pay the
deht in whole, or in an amaunt equal to one oi~ more monthly payments on the principal that are next due
oti the note, on the first day~ of an~• month pi•ior to maturity : Pro~•ided, ho~ti~e~~e?•, that ~~•rittcn notice of an
intention to exercise such pririlege is gi~•en at :east thirt.y (30) days privr to prepayment ; and, pravided
further, that in the event tl~e debt is paid in futl prior to maturity anc! at that time it is insured unde~•
the pro~~isions of the National Iiousing Act, he will pay to the mortga~ree an adjusted premium ch~rge of
one per centum (1 ~'r ) of the original principal amount thereof, exce~~t that in no ever~t shall the adjusled
premium exceed the aggregate amount of premium charges which would ha~e been payable if the ntort-
gage had contir,;;ed to be insured untit maturit~•; such payment to be applied b~• the mortgagee upon its
obligation to the F ederal Housing Commissioner on account of mortgage ~nsurance.
2. That, iii order more fully to protect the security of this mortgage, the mortgagor, together w~ith,
and in addit~on to, the monthiy payments under the ternis ~f the note secured herebti~, on the first day of
each month until the said note is fully paid, wiil p~iy to the mortgagee the foltawing sums:
(a) An amount suffi~ient to pro~•ide the holder hereof ~~•ith funds to pay the next mot•tgage
insurance premium if t}~is instrument and the note secure~ hereby are inszired, or a monthfy charge
( in lieu of a niortgage insurance premium) if they are held by the Feder~l Housing Com~nissionei•,
as follo«•s :
(t) If an~i so lanR as said nate of e~~en date and this instrument are insured or are reins~ared under the
pro~-isions of the \ational Housin~ Act, an amount sufficient to accumulate in the hands of the holder
one (1) manth J~rii~r to its due date the annual mortgage insurance pre~nium, in order to prc,cide such
hol~er ~~•ith fi:nds to ~~a}~ sueh premium to the F'ederal Housin~ Commissic~ner pursuant to thc: Nationai
Housin~; Act, as an:ended, and applicable Regulations khereunder; or
{n) If and so lorK as said note of e~•en dale and this instrument are held t~y the Fedei~al Hou;inA Commis-
sioner, a monthty charRe (in lieu of a mot~t~age ittsurance premiur») x•hich shall be in an amount
ec~ual to one-twelfth of one-half ('.i ) pei• centum of the a~•ei•aRe o~;tstanding balance due on the
note cumguted w•ithout taking into account. detinquencies or prepayments;
(h) A sum equal to the ground rents, if ahy, next due, ptus the premiums that wi11 next tzecome
due and payabl~ on polieies of fire and other hazard insurance covering the m~~rtgageu pro~~erty, plvs
tases and assessments next du~ on the mortgaged property {ali as estimated b~• the mortgagee) less
all sums already paid therefot• di~•ided b~• the number of munths to elapse before oiie month prior ~
to the date H~hen such ground rents, ~,remiums, taxes, and assessments w~ill become delinquent, such
surr~s to be held by mortgagee in trust to pay said gi•ound r•ents, premiums, taxes, and special assess-
ments ; and
(c) All pa>~ments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together and the aggregate amount
therec~f shaIl be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the following iterns in the order set f~rth:
(t) ~remium char~es under the contrac+_ of insui•ance w•ith the Federal HousinR Commissionc~r, ni• monthl~•
chai~~e (in lieu of mortRage insui~ance premium), as the case nray be;
(it? ~,rroun~t i•entc, taxe~, assessments, fire, and ather hazar~l inst~rance pz•emiums;
(tit) interest on the no~e secured hE•reby; and
(t~') amortization of the princi~~ai of said note.
Any deficiency in the amount of such aggregate mor~thty pa~•rrlent shal~, uniess made good by the
' mortgagor prior to the due date of the next such pa~-ment, constitute an e~•ent of default under this mort-
gage. The mortgagee ma~~ cullect a"late charge" not to exceed tw~o cents (2~~) for each doliar ($1) of
each payment more than fifteen (1~) da~•s in arrears to cu~•er the e!~tra expense in~•oi~•ed in handling
delinquent payments.
3. That if the total of the pa~~ments made b~- the mortgagor under (b) of ~aragraph `L preceding sha11
ercee~ the amount of pa~•mer~ts aetuall~• ?nac~e b~~ the mort~a~ee, for R?•ound i•ents, taxes and asses~ments
and ir2surance premiums, as the cas~ may- be, such excess shall be credited bv the mortgagee on subsequent
pay~nents to be m~de by the mortgagor. If, however, the monthly payrnents made by the mortgagor
under (b) of paragraph 2 preceding shalt no~ be sufficient to.pay groUnd rents, taxes and assessments
and insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagar shall pay to the mortgagee any amount necesaary 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 shall tender to the mortgagee in accordance with the provisions of the note
~ secured hereby, Iutl pay-ment o~ the entire ir.~ebtedne~ repres~nt~d Lhere?~y, t,~e mortgagee shall. :r: ~cn,_
puting the amount of such indebtedness, credit•to the account of th~ mor'tgagor all payments made ur~dei•
: the pro~~isions of (a) af paragraph 2 hereof w•hich the mortgagee has not became obligated to pa~• to the
` Federal Housing Commisaioner and any balance remaining in the funds accumul~ted under the pro~~isions
of (b) of said para~raph 2. If t~e2~e shall be a default ~znder any of the provisions of this mor•tgage, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propert~• other-
wise after default, the mortg,~gee sh811 apply, at the time of the commencement of such proceeciings or at
the time the property is other~vise ~cquired, the balance then remaining in the fands accumulated under
(b) of paragraph 2 preceding as a credit against th~ amount of principal then remaining unpaid under
said note and shall properly adjust any payments which shall have been made unde* (a) of said paragraph.
4. That he will pay all tax~:s, as~essments, water rates, and other g~vernmental or municipai charges,
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