HomeMy WebLinkAbout0542 PROVIDID ALWAYS, and these presenta are executed and delivered upon the following conditions, to
wit :
The mortgag~nr agrees to pay the mortgag~ee, or order, the principal sum of l~i~~ ~/D
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Dollars -11~~40.00 as evidenced by a note o~ even da herew~th, with interest from date
at the rats o~. li~~ i do~e-fb~urtb per centuYn per annurn an the un-
~ paid batanoe until paid. The said principal and intereet ai?sll be p~?,yable at the office of
J. T. ~i~AT ~ CQti~1~'Y, ~C. ia Corsl O~b1N, !'losida -
or at such other place as the holder of the note may designste in vrriting, i~ monthIy installments af
~ ,~~/1~~ • ~ • r ~ • • +r •~pi]~~ ~~3,5 ~r commenc~t~gon
the first day of ~pt~a~s , 19 65 , and on the firet day of each month thereafter until the
principal ~?nd interest are fully paid, excspt thst the final pqyment of principal and interest, if not sooner
paid~ shall be due and payable on the first day of >t~e~t ,1995 ;
And ahall duly, promptly, and fullp perform, discharge, eaecute, effect, complete, and comply with and
abide by each and eve;y the stipulationa, agre~ements. conditions, and covenants of said promissory note
and of thia 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 witl pay the indebtedness, as h~reinbefore provic~ed. Privilege is reserved ta pay the
debt in whole, or in an amount equal to one or moi•e monthly payments on the principal that are next due
on the note, on the first da~~ of any month prior to maturity: Provided, however, that writtcn notice of an
intention to exercise such privilege is given at teast thirty (30) days prior to prepayment; and, provided
further, that in the ev~nt ihe debt i~ paid iA full ~riar to rnstua~ity and .at tt?at time it is insured undei•
the provisions of the National Housing Act, he will pay~ to the mortgagee an adjusted ~remium charge of
one per centum (1%) of the original principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate arnount of premium ch~rges which would have been paysble if the mort-
gage had continued ta be insured until maturit3~; such payrnent to be applied by the martgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage !nsurance.
2. That, in order tnore fally to protec.t the 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 first day of
each rnonth until the said note is fuliy ~iaid, will pxy to the mortgagee the following sums :
(a) An arnount sufficient to provide the holder hereof with funds Lo pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, or a monthty charge
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner,
as fallows :
(t) If and so long as said note of even date and this instrument are insured or are reinsared under the
pro~•isions of the Natianal Housinq Act, sn $rnount sutficient to accumulate in the hands of the holder
one (1) month prio!• to its due dale the annual mortgage insurance premium, in order to pro~•ide such
halder with funds to pay such premium to the Federal Nousing Commissionei• pursuant to the National
Housing Act, as amended, and applicable Regutations the?~eunder; or
(i~) I# and so long as said note of even date and this instrument are held bp the Fedei•a1 Housing Commis-
sioner, a mohthly charge (in lieu of a mortgage insurance premium) which shall be in an amount
• equal to one-twelfth of one-haif (1/a ) per centum of the ave?•aRe outstanding balance due on the
note computed without taking into &ccounL delinquenCies or prepayments;
(b) A sum equai to the gravnd rents, if any, next due, plus the premiums that will next become
due and ~ayable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less
aIl sums already paid therefor divided by the number of munths to elapse before one month prior
to the d~te when such grovnd rents, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trust to pay said g~ound rents, premiums, taxes, and special assess-
ments ; and
(c) All payments mentioned in the two preceding subsections of t.his paragraph and ail pay-
ments to be made under the note secured hereby shsll be added together and tlie aggregate amount
thereof shall be paid by the mortgagor each month in. s single payment to be applied by the mort-
gagee to the f~llowing itexns in the order set forth:
premium char~,?es under the contract of insurance with ~he Federal Housing Commissioner, or monthly
char~e (in lieu of mortgage insurance premium), as the case mal~ be;
(ri) ~round rents, taxes, assesaments, fire, and other hazard insurance pi•emiums;
(III) intei•est on the note secured hereby; and
(iv) amortization of the principa! of said note.
Any deficiency in the amount of such aggregate monthiv payment shall, unless made good by the
mortgagor prior to the due date of tlie next such pavment, constitute an e~•ent of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed t«•o cents (2~ ) far each dollar ($1) of
each payment more than fifteen (t5) days in arrears to cover the extra expense invol~~ed in handling
delinquent payments.
3. That if the total of the payments made by the mort,gagor under (b) of paragraph 2 preceding shall
exceed the amount of pay~ments actually made by the mortgagee, for ~tround rents, taxes and assesgments
and insurance premiums~ as the case may be, such excess shall be credited by the mortgagee on swbsequent
paymen#,~ ta be made by the mortgagor. If, however, the monthly gayments made by the mortgagor
~ under (b) af paragraph 2 preceding shall not be suflicient to pay ground rents, taxes and assessments
~ and insurance premiums, as the case may be, when the same ahall become due and payable, then th~
mortgagor shall pay to the mortgagee any amount necessary f,a make up the deficiency, on or before the
date when payment of auch ground, rents~ taxes, assessments, or insurance premiums shall be due. If
at any time the mortgagor shall tender to the mortgagee in ~ccordance with the provisions of the note
aecured hereby, ful. payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com-
puting the amount of such indebtedtie~e; credit to the aceoumt of the rnortgagor al1 payment~ made under
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the
Federal Houaing Commissioner and any balance remaining in the funds accumulated under the pro~•isions
of ( b) uf said psragraph 2. If there shall be a default under any of the provisions of this moi•tgage, re-
~ sulting in a~ublic sale of the premises covered hereby, or if the mortgagee acquires the properts• other-
wise after default, the mortgagee shatl apply, at the time of the commencement of such proceedings c,r at
the time the property is otherwise acquired, the balance then remaining in th~ funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount of principai then remaining unpaid under
said note and ahall properly adjust any payments which shall have been made under of said paragraph.
4. That he will pay all taxes, assessments, water ratea, ancl other governmental or municipal charges,
4 ~ ~ $aoK1~3 54O
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