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FROVIDF.n A[.~r~aYS, and these present.s a~~~ executed and delivered upon the following conditions, ta
it :
The mortgagot° agrees to pay the mortgxgee, or orcler, the principai sum of THIRTF.'~I THOU5~23D
FIVE HtTNDRED FIF27 and 00~100_ _ ~ _ _ _ - - - - - - - - - - - - - - - - -
Dollsrs 13i55p•Qp as evidenced b~• a note of even date here~vith, ~~•ith interest from date
at the rate of Five and one-fourth per cantum ( 5-~ rc) per annurn on the un-
paid balance until paid. The said principal and interest shall be payable at the office of
J. I. KI~LAK MORTGAG~ CORPGRATION pF FLORIDA,~in Miami, Florida
or at such other piace as tne hoider of the note may clesignate in u~riting, in monthly installme;~t~s of
Seventy-four and 93/100- - - - - - - -Dollars 74•93 commencing on
the first day af Augus t , 19 65 , and on the first day of each month thereafter until the
principal and interest are fully paid, except that the final payn~ent of principal and interest, if not sooner
paid, shall be due and payable on the first day of July ,1s95 ;
And shall duly, promptly, and fully perform, discharge, exec~te, effect, comptete, and comply with and
abide by each and every the stipulatians, ~greements, conditions, and covenants 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 as follow~s:
1. That he will pay the indebtedness, as herein~efore provided. PrivilegP is reserved to pay the
riebt in whote, or in an amount equal to one or more monthly payments on the principal that are next duc
on the y~ote, on the first da3~ of any month prior to maturity : Provided, however, that written notice of an
intention to exercise such pri~~ilege is gi~•en at least thirty (3d) days prior to prepayment ; and, pro~•ided
further, that in the e~ent the debt as paid in fuli prior to maturity and at. that time it is insured undei•
the pravisians of the IVational ~iousing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1!'~) of the original principal amount thereof, except that in no event shali the adjusted
~remium exceed the aggregate amount of premium charges which would have been payab!e if the mort-
gage had continued to t~ insured until maturit~•; auch payment to be applied by the mortgagee upon its
obli~ation to the Federal Housing Commissio~?er on account of mortgage ~nsurance.
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 ttie first day of
each month until the said note is fully paid, will pc~y to the morLgagee the following sums:
(tc) An amount sufficient to provide the holder hereof K~ith funds to pay ths tt~xt mortgage
insurance premium if this instrument and the note secured hereby are insured, or a rnonthly charge
(in lieu of a r~nortgage insurance premium) if they are held by the Federal Housing Commissioner,
as follo~~s :
(t) If and so long as said note of e~en date snd this instrument are insured o~• are i•einsured under the
provisions of the National Housin~ Act, an amoun~ sufTieient to accumulate in the hands of the holder
nne (1) manth prior to its due date the annual mortgage insurance premium, in order to pro~~ide such
hoider with funds te pay such pi•emium to the Federal Housing Commissionei• pursuant to the Natiunal
Housing Act, as amended, and applicable Regulations thereunder; or
(ii) If and so ]ong as said nnte of e~-en ~ate and this instrument are held by the Federal }iousinR Commis-
sioner, a monthly charge (in lieu of a rnort~,*age insurance premium) which shalt be in an amour.t
equal to one-t~•elfth of one-haif (1~'a ) pei• centum of the areraRe outstanding balance dub an the
note computed withovt taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
due and ~~ayable on policies of f~re anc~ other hazard insurance covering the mortgaged praperty, plus
taaes and assessments next due on the mortgaged prop~rty (all as estimated by the mortg~gee) less
all sums already paid therefor divided by the numk>er of n:unths to elapse before one month grior
to the date when sach ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be hetd by mortgagee in trust t~ pay said ground i•ents, premiums, taxes, and special assess-
ments; and
(c) All }~~yments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note secured herebv shall be added together and tlte aggregate atnount
thereof shall be paid by the mortgagor each month ir~ a single gayrnent to be applied by the mort-
gag~ee to the fotlowing items in the order set forth:
(t) pren:ium charRes under ihe cont~•act uf insurance with the Federal Housin~ Commissioner, ar monthly
char~e (in ]ieu of mo~2~;a~e insui•ance premium), as the case may be;
(~t) ~~•ound rents, taxes, assessments, fire, and athe: hazarcl insurance premiums;
f (u~) interest on the note secu~ed hereby; and
~ ([v) amortization of the principal of said note.
~ Any deficiency in the amovnt of such aggregate monthiy payment shall, u:~less made good by the
rnortgagor prior to the due date of tlie ne~t such pay~ment, constitute an e~•ent of default under this mort-
~ gage. The mortgagee may cullect a"late charge" not to exceed two cents (2~) for each dollar ($1) of
each payment more than fifteen (1~) ciays in arrears to co~~er the extra expense in~~olved in handling
f delinquent payments.
3. That if the tota! of the payrnents made by the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of pa~•ments actuallt~• made by the mortgagee, for ~round rents, taxes anr~ assessments
and insurance prem,iums, as the case may be, such excess shall be credited by t.he mortgagee on subsequent
payments to be made by the mortgagor. If, howe~er, the monthly payments made by the mortgagor
~ under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments
and insurance premiuma, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to the martgagee any amount nece~sary ta make up the deficiency, on or before the
date when payment of such ground, rents, taxes, assessments, or insurance premiums shall be due. Tf
at any time the mnrtgagor shall tender to the anortgagee in accordance with the provisions of the note
secured hereby, full payment nf the entire indebtedness represented thereby, the mortgagee shall, ~n com-
puting the amount of such indebtedneas, credit to the account af the mortgagor all payments made under
the p.rovisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the
Federal Housing Commissioner and any batance remaining in the funds accumulated under the pro~•isions
of (b) af said paragraph 2. If there ahall be a default under any of the proviaions of this moi•tgage, re-
sulting in a public 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 time the property is otherwise acquired, the batance then remaining in the funds accumulated under ~
{b) of paragraph ~ preceding as a credit against the amount of principal then remaining unpaid under ~
said note and shall praperly adjust any payments which shall have been made under (a,) of said paragraph.
4. That he will pay all ~axes, assessments, water rates, and other ga~~ernrr?ental ar municipal charges,
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