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PKOVIDF.I) ALWAYS, and these pi•esents are executed and deli~~ered upon t.he following conditions, to
it :
The mortgagor a~rees to pay the mortgagee, or order, the principal sum of THIRTffi~t THQUSAND
FOIIR HUPTb:tED and 00~ 100 - - _ _ _ _ - - - - - - - - - - - - - - - - - - - - - - -
Dollars 13,400.00 as evidenced b~ a note of even date herewith, ~ti•ith interest from date
at the rate of g~~ ~ Qpe~fp~}~ per centum ( ) per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the oflice of
J. I. LISIJ~ MQRTGAGB CORPOdtATI~ aF lIA~D~ in K3,isi, Florid+a
~ or at such other place as the holder of the nate may designate in writing, in monthly installments of
Seaenty-fot~r and 10~100- - - - - - - - - -Aollars ?4.10 commencing on
the first day of Auguet , 19 65 , and on the first day of each mont}i thereafter until the
principal and interest are fully paid, except that the final payrnent of principal and interest, if nat sooner
paid, shall be due and payable on the first day of July ~ 19 95 %
,And shall duly, prornptly, and fully perfarm, discharge, execute, effect, complete, and comply with and
abide by esch and every the stipulatians, agreements, conditions, and covQnants of sAid promissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants a~s follow~s :
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or mui•e monthly payments on the princi~~al that are next due
on the note, on the first da~' of anv month prior to maturity : Provided, hoH•e~~er, that ~•rittcn notice nf an
intention to exercise such pri~•ileg~ is given at least thirty {30) days prior tu pre~~ayment; and, ~rovided
further, that in the event t}ie debt is paid in full prior to rnaturity and at that time it is insured under
the provisiona of the National Housing Act, he will pay to the mortgagee sn adjusted premium charge of
one per centum ~ 1 rf ) of the original principal amount thereof, except that in no e~~ent shall the adjusted
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturit~~; such payment to be applied by the mortgagee upon its
obligation to the Federal ~iousing Commissiar~er on account of mor±gage ~nsui•ance. •
2. That, in order more fully to protect thc security of this mortgage, the mortgagor, together with,
and in addit~on to, the monthly payments under the terms of the note secured hereby, on the firs~ day of
each month until the said note is fully ~aid, will pny to the mortgagee the following sums:
(a) An amount sufficient to provide the holder hereof taith funds to pay the nest mortgage
insurance premium if this instrumer?t and the note secured hereby are insured, or a monthly charge
(in lieu of a mortgabe insurance premium) if they are held by- the Fecleral Housing Commissioner,
as follo~~•s :
(t) If and so lon~ as said note of even date and this instrument are insured or are reinsured under the
provisions of the National Housin~ Act, an amount sufticient to accumulate in the hands of the holder
one (1) month pcioi~ to its due date the annual mortgage insurance premium, in order to pro~-ide such
holder H•ith funds to pay such premium to the F'ederat Hoasing Commissioner pursuant to the :`'ational
HousinK Act, as amendecl, and applicable Regulations thereunder; or
(ii} If and so long as ~sid note of e~~en date and this instrument ai•e held by the Fecieral Housin~ Commis-
sioner, a monthly charge (in lieu of a mortgaRe insurance premium) which shall be in an amou:~t
equal to one-tweifth of one-half (':i ) per ccntum of the avera~e outstanding balan~e duo on the
note com~uted without taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that ~•ill next bec~ome
due and pati~able on policies af fire and other hazard insurance covering the rncirtgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less
all sums already paid therefor di~~ided by~ th~ number of m~nths tc elapse before one month prio:
to the d~te when such ground rents, premiu~ms, taxes, and assessments will become delinquent, such
sums ~o be held by mortgagee in trust to pay said graund i•ents, premiums, taxes, and special assess-
ments ; and
(c) All pa~•ments mentioned in the tw•o preceding subsections of this paragraph and all pay-
ments to be made uncier the note secured heret~y shall be added together and the aggregate amount
thereof shall be paid by the mortgagor each munth in a single payment to be applied by the mort~
gagee to the following itetns in the order set forth :
(i) premium charqes under the contract of insurance with the Fecierai FiousinA Commissioner, or monthly
charge (in lieu of mort~age insurance premium), as the case may be;
(II) gir,imd rents, taxes, assessments, fire, ar.d other hazard ins~_irsnce premiums;
(ttt) interest on t.}~e note secured heceby; anci
(t~•) amortization of the princiE~al of said note.
Any deficiency in the amount of such aggregate monthly pa~~ment shall, unless made good by the
mortgagor prior to the due date of ti~e next such payment, cunstitute aii e~•ent of default under this mort-
gage. The rnartg~ge~ ma~~ cullect a"late charge" not to exceed t~~•o cents (2c*) for eaeh dollar ($1) of
each pay~ment more than fifteen (1~) da~•s in arrears to co~•er the extra expense im•olved in handling
delinquent payments.
3. That if th~e total of the pa~•ments made by the mortgagor under ( b} of paragraph 2 preceding shall
exceed the amount of t~a~•ments actuall~~ made bv the mortgagee, for ~round rents, taxes anc~ asses~ments
and insurance premiums, as the case may be, such excess shall be credited by t.he mortgagee on subsequent
payments to be made by the mortgagor. If, however, 'the moiithly ~?aymen~.s made by the martgagor
~ under (b) of paragraph 2 prececiing shall not he sufficient t~ pay ground rents, tases and assessments
and insurance premiums, as the case may be, v~~hen the same shall become due and pay~able, then the
mortgagar shall pay to the mortgagee any amount necessar3~ to make up the deficiency, on or before the
date when payment of euch grourid, rents, taxes, assessment~, or insurance premiums shall be due. Ii
~t any time the mortgagor shall tendsr ta the mortgagee in accordance with the provisions of the note
secured hereby~ full payment of the entire indebtedness rep~esented thereby, the mortgage~ shall, ~n com-
puting the arnount of such indebtednes~, credit to the acooant of the mortgs4gOr all payments made under
the provisiuns of (a) of paragraph 2 hereof which the rnortgagee has not become obligated to pa~• to the
Federal Housing Commissionsr and any balance rem~ining in the funds accumulated under the prc~~~isions -
of (b) of said paragraph 2. If thei•e shall b+e a default under any of the provisions of this mortgage, re-
sulting in s pablic sale of the premises covered hereby, or if the mortgagee acquirea the property other-
wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at
the tirne the property is otherwise acquired, the balance then remaining in the funds accumulatec~ under :
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said note and shall properly adjust any payments which shail have be~n made under (a) of said paragraph. ~
4. That he w i11 pay all taxes, assessments, water rates, and other governmental or municipal charges, ~
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