HomeMy WebLinkAbout0091 Prto'vt1~ID ALw,~YS, and these presents are ex~cuted and delivered upon the following conditions, to
w•it :
The mortgagror agrees to paY the mortgagee, or order, the principal surn of ~ea Thoruzsad Fiv~c
Jiundr~d Filty and Ao~1A0---~---•-~------------------------------------~------------~
Dallars ]Ai550•00 as evidenced by a not~ of even date herewith, with interest from dste
at the rat~ of Fiv+e and. c~ue~qusrter per centum ( 5-].~4 per annum on the un-
paid balance until paid. The said principal and int.~xest shall be payable at th~e office of
5outheaatex~n Ham~e l~art~ge C~an~r~ 1'bat Oftice Boac 75~s Riv~er~ide Ststion,
Mi.e~o3, l~lorfda
or at such other place the holder af the nate may desigmate in writing, in monthly inst.allments of
Fl.ttjr Eig~it aa3 34~100----w__-__~.._.,..__~__Dollars 58•34 comrnencing on
the first day of Auguet , ~s 65 , and on the first day of each~month thexeafter until the
principal and intereat are fully pa.id, except that the finaI paymenf of principal and interest, if not sooner
paid, shall be dve and payable on the first day of J'1~y , Ys qg ;
And shall duly, promptly, ~nd fully perform, diseharge, execute, effect, complete, and comply with and
abide by each and every the stipuiations, agreements, conditions, and covenants of said promissory note ,
a.+~d of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor ~urther covenants as follow•s:
1, That h~e will pay the indebtedness, as hereinLiefore provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or moi•e monthly payments on the principat that are n~xt due
on the note, on the first da~• of any month prior to maturity: Provided, how•eti~er, that written notice of an
intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepayment; and, provided
farther, that in the event the debt is paid in full ~rior to maturity and at that Lime it is insured under
Lhe pmvisions of the National ~iousing Act~ he wiil pay to the mortgagee an adjusted premium Charge of
one per centum (1 ) of the original principal amount thereof, except that in no event 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 maturit3• ; such payment to be applied by the mortgagee upon its
obligxtion to the Federal Housing Commissior?er on account of mortgage insurance.
2. That, in order more fully to protect the security af ~his mortgage, the rnortgagor, together with,
and in addit~on to, the monthly payments under the terms of the note secured hereby, on the first day of ~
each month until the said note is fully paid, will pxy to the mortgagee the following sums:
(a.) An amount sufftcient to provide the hnlder hereof v~ ith funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, ar a monthly charge
(in lieu of a mortgage insurance premium) if they are held by the Feder~l Housing Commissioner,
as fullows :
- (z) If and so long as said note of even date and this instrument are insured ot• are reinsured under the
pro~•isions of the National Housin~ Act, an amount sufl5cient to accumulate in the hands of the holder
one (1) month pj-ior to its due date the annu~l mortgage insurance prEmium, in order to provide such
holder u•ith funds ta pay such pi•emium to the Federal Housing Commissioner pursuant to the h'ational
Housing Act, as amended, and applicable ftegulations thereunder; or
(it) If and so tong as said note af even date and this instrument are held by the Fecie?•al HousinR Commis-
sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount
equal to one-twelfth (1'~~~) of one-half (~i ) per centum of the averaqe outstanding balance due on the
note compnted without taking into aceount delinquencies or prepayments;
(b) A sum ec~ual to the ground rents, if any, next due, plus the premiums that will next become
due and payable on palicies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated b,r• the mortgagee) less
all sums already paid therefor divided by the number of munths to elapse before one month prior
tv 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 rents, premiurns, taxes, and special assess-
ments ; and '
(c) Ali payments mentioned in Lhe two p~eceding subsections of t~is paragraph and all pay-
ments to be made under the note secured hereby shall be added together and the aggr~gate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the following items in the order set forth: -
(1) ~remium charRes under the conti•act of insurance w•ith the Fedei•al E-iousin~ Comrnissione~•, or monthi~~
charge (in lieu of mortRage insurance premium), as the case may be;
(7t) R~round rents, taxes, assessments, fire, and other hazard in,urance premiums;
(iit) interest on the note secui•ed hereby; and
(tv) amortization of the principa! oi said note.
Any deficiency in the amount of such aggregate monthly payment shall, unl~ss made good by the
mortgagor prior to the due date of tlie next such payment, constitute an e~•ent of default under this mart-
gage. The mortgagee may cullect a"late eharge" not to exceed two cents (2~{) for each dollar ($1) of
each payment more than fifteen (15) days in arrears to cover the extra expense inr•ol~~ed in handling
delinquent payments.
3. That if the total of the payments maE~e by the rnortgagor uiider (b) of paragraph 2 preceding shall
exceed the amount of UaS-ments actuallY made bv the mortgagee, for Rround rents, taxes and assescments
and insurance premiums, as the case may be, such excess shall be credited by t.he mortgagee on subsequent
~ paymenta to be made by the rnortgagor. If, however, the monthly payments rr~acie by the mortgagor
under (b) of paragraph 2 preceding shall not be sufficient to pgy ground rents, taxes and assessments
and insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the
date when payment of such ground, rents, ta~ces, assessments, nr insurance premiums shall be due. If
at any time the inortgagor shall tender to the mortgagee in accordance with the provisions of the note
secured hereby~ full payment of the entire indebtedness repxesented thereby, the mortgagee shall, ~n con~-
puting the amount of such indebtednes~, credit to the accnur.t of the mortgagor alI payments made undei•
the provisians of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the
Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isi~ns
of (b) of asid paragraph 2. If there shall be a default under any of the provisions of this mortgage, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other-
~ wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at
the time the praperty is otherwise acquired, the balance then remaining in the funds accumulated under
(6) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said note and ahall properly adjust any payments which shall have been made under (a} of said paragraph.
4. Th~t he will pay all taxes, assessments, w ater rate~, and other governmental or municipal charges,
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