HomeMy WebLinkAbout2815 PROVIDF.D AI.w~Y~, and these presents are PXE'CUtE'ci and dctli~°erc~d u~~on the following conditions, to
it :
The mortgagor Agrees to pay~ the mort~agee, or order, ±he principal sum of ~~gpIIg~D
$IGH'!' S~DB~D ud /70~100- - - - - - - - - - - - - - - _ _ _ ~ _ _ _ ~ _ _ _ _
Dollars 11~800.00 ),-as e~~ic~enced b~• a n~te of e~~en date herew•ith, t~•ith interest from date
at the rate of Fitt a~td rntt-tonurth p~r centurn ( 5} rC ) per annurn on the un-
paid balance until paid. The said principal and interest shall be payak~le at the office of
3TOCICl~ft, YH?TL87[, ILLYI~ b CQ~'tl~R i.~ Jsakso~rf,lle, Florid,a,
or at such oCher place as the holder of the note may designate in ~~•riting, in monthly instaliments af
$IZTY-FIT! Azd 25~100- - - - - - - - - _ Dotlars 65•25 commencing on
the first day of Ju]~ , Y96~ , and on the first da3~ of each month thereafter until the
principal and interest are fully paid, except that the finxl payment of principal and intei•est, if not sooner
paid, shall be due and payable on the first day of Jmae ,19 95 ~
And ~hall duly, promptly, and fully perform, discharge, execute, effect, complete, anci comply with and
abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby created shatl rease and be nul! and void.
And the mortgagor further covenants as follows :
1. That he will pay the indebtedness, as hereiiibefore provided. Pri~~ilege is i•eserved to pay ihe
debt in whole! or in an amount equat to one or more n~onthly payments on the principal that are next due
an the note, on the first da~~ of any month prior to maturity : Provided, ho~~•e~•er, that ~~•rittcn notice of an
intention to exercise su~h pri~•ilege is given at least thirty (30) days prior to pre~ayment ; and, provicted
f~rther, that in the event the debt is paid in full prior to maturity and at that time it is insured unde~•
the provisions of the National Iiousing 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 e~~ent shall the adjusted
premium exeeed the aggregate amount of premium charges which woutd 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 Housing Commissioner on account of mortgage ~nsurance.
That, in order more ful3y to protec.t the security of this mortgage, the mortgagor, together with,
and in addition to, the monthly payrnents un~ier the terms of the nate secured heret~y, on the first day of
e.ach month until the said note is fully paid, witl pxy to the mortgagee the following sums :
(a) An amoun~ sufficient to ~ro~~ide the holder hereof ~°ith funds ta pay the next mortgage
insurance premium if tliis insti•um~nt Rnc~ the note secured hereby are insui•ed, or a monthly charge
(in lieu of a mortgage insurance premium) if the~~ are held by the Feder~il Housing Commissioner,
as follo~~~s :
If and so IonK as said note of even date and this instrument sre insured oi• are i•c~insured under the
procisions of the lational Housing Act, an amount sufficient to accumulate in the hxnds of the halder
one (1) month prior to its due date the annual mortgage insurance premium, in order to pro~•ide such
hotder with funds to pay such premium to the Federal Housing Cotttmissivner parsuant to the :~iational
Hou~in~ Act, as amended, and applicable Regulations thereunder; or
(tt) If and so long as said note of e~•en date snd this instrument are held b}~ th~e I'eciei~al Housin~ Commis-
sioner, a monthly charge (in iieu of a moi•t~aRe insurance premium) w•hich shal! be in an amount
equal to one-tµ-elfth of one-half (':z ) per centum of the a.•ei~a~e outstanding balance duo ~n the
note c~mputed w•ithout taking into account delinquencies or prepayments;
(b) A sum equat to the ground rents, if any, next dtte, plus the premiums that will next become
ciue and payable on policies of fire and other ha:aard insurance covering the mortgaged property, plus
taxes and assessments next due ~n the martgaged property (ail as estimated b~• the mortgagee) Iess
a~l sums already ~~aid therefor di~~idPd by~ the number of munths to elapse befor•e orie month prior
to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trust to pay said ground i•ents, premiums, taxes, and special assess-
ments ; and
(c) Atl pas~ments mentioned in the t~•o preceding subsections of this paragraph and ati pay-
ments to be made unde?- the note secured heret~y shall he. added together and tlie aggregate amount
thereof shalt be paid by the mortgagor each month in a single paym~nt ta be ~pplied by the mort-
gagee to the following items in the order set forth :
(t) premium char~es under the contiact of insurance with the Federal HousinR Commissianei~, oz~ monthl~~
char~e (in lieu of morf~age insursnce pi•entiumi, as the case may be;
(ii) ~~•ound rent~, ;axes, assescments, fire, and othei• hazanl insurance prcmiutns;
(ttt) intere,t on the note secured hereby; an~
(i~') amortization of t~e princi~al of said note.
Any defi~ienc~~ in the amount of such aggregate monthly pa5•ment shall, unless made good by the
mortgagor prior to the due date of tl~e ne~t such pa~•ment, constitute an e~~ent ~f default under this mort-
gage. The mortgagee ma~• cullect a"late charge" not to exceed t~5•o cents (2r) for each dollar > of
each payment more than fifteen ( t5) days in arrears to co~•er the extra expense in~-olti-ed in handiing
delin~uent payrnents.
3. That if the total of the pa~•ments rnade b~~ the mortgagor unc~er (b) of paragraph 2 preceding shali
eYCeed the amount of pa~•ments actu~ail~• made b~• the mort~aqee, for ~raund rer~ts, taxes and assescments
and insurance premiums, as the case tnay be, such excess shall be credited by the mortgagee on subsequent
~ payments to be made by the mortgagor. If, how~ei~er, the monthly pa~~ments made by the mortgagor
under (b) of paragraph 2 preceding shali not be sufficient to pay grovnd rents, taxes and assessments
and insurance premiums, as, the case rnay be, rvhen the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary t~o make up the deficiency, on or before the
da~e when payrrient of such graund, rents, taxes, as.qes~ments, or insurance premiums shal] be due. If
at any Lime the mortgagor shall tender Lo the mortgagee in accordance with the provisioris of the r~ote
secured hereby, f~ll payment of the entire indebtednQSS represented thsreby, the mortgagee shall, ~n com-
puting the arnount of such indebtedness, cr~dit to the account of t~e mortgagor all payments made undei•
the provisions of (a) of paragraph 2 hereof which the martgagee has not become obligated to pa~• to tlie
Federal Housing Commissioner and any balance remaining in the funds accumulated under the pi•o~~isioi~s
of (b} of said paragraph 2. If thei•e shall ~,e a default under any of the provisions of this moi•tgage, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propert~• other-
wise after defauit, the mortgage~ shall apply, at the time of the commencement of such proceedirsgs or at
the time the property is otherwise acquired, the balance then remaining in the funds accumulated uncler
(b) of paragraph `L preceding as a credit against the amount of principal then xerriaining unpaid unc~er
said note and shalt property adjust any payments which shall have been made under (a) af sai~ parag~•aph.
4. That he will pay all taxes, assessments, w~ater rates, and other governmental or municipal charges,
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