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Home My WebLink About0909 . ~ ~ € ~ $ ~ ~ PROVIDED AL1NAYS, And these presents are executed and deli~•ered upori the folluwing conditiocis, to { !ti'lt : ~ The mortgag^or agrees to pav the mortgragee, or order, the princi~zal sum of EIGHT THOUSpND ~ S~ HLIND~tID AND NO/100 _ _ _ _ _ _ _ _ - - - - - - - - - - - - - - _ _ _ _ _ - j Dollars 8,'T00.p0 as e~~idenced by a note of even date herewith, ~~•ith interest from date ~ at the rate of FNE AND JNS QU!lRT~R per centum ( 5-1~4 ~~c ) per annum on the un- paid balance untii paid. The said principal and interest shall be payable at the oflice of ~ 1~anguard ."Sor'tgag~ Compar~y~ 7100 Ri.scayae Boulevard. Mia~ai, Florida ~ oi• at such other place as the holder of the note may designate in ~criting, in monthl~~ installments nf ~ ~'ORTY-~IGIiT AND ~.1~100 - - - - - - - - -Dollars 48.11 commencing on ~ the first day of No~r~teber , 1965 , and on the first day of each month thereafter until the ~ principal and interest are fully paid, except that the final payment of principal and interest, if not sooner ~ paid. shall be due and payable on the first day of Oetober , 19q5. ; s And shall duly, pmmptly, and fuily perform, discharge, execute, effect, complete, and comply with and ~ sbide by each and every the stipulations, agi•eements, canditions, and covenants of said promissory note ~ and of this mortgage, then this mortgage and the estr~te hereby created shap cease and Ue null and void. And the mortgagor further covenants as foliow~s : ~ ~ 1. That he will pay the indeUtedness, ~s hereinl~efore pravided. Pri~•ilege is re~erved to pay the debt in whole, or in an amount equal to one or mure monthly payments on the ~~rincip~l that are neat due ~ on the note, on the first da~• of an~~ month prior to maturity : Pro~~ided, hoH•e~•er, that N•rittcn notice of an i intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepayment; and, provicled ~ further, that in the event the debt is priid in full prior to maturity and at that time it is insured under the provisions of the Natianal IIousing Act, he will pay to the mortgagee an adjusted premium charge of 4 one per centum (1 ) of the original prinripal 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 maturity ; such payment to be applieti by the mortgagee upon its . obligation to the Federal Housing Commissiot~er oii account of mortgage ~nsurance. ~ 2. Th~t, in arder mare fully to protect the security of this mortgage, the mort~agor, together with, ~ and in addition to, the monthly pa~•ments under the terms of the note secured hereby, on the first day of a each month until the said note is fully paid, wili pay to the mortgagee the follow~ing sums: ~ (n) An amount suft5cient ta pro~•ide the holder hereof ~cith funds to pay the next moi•tgage _ insurance premium if this instrument and the note secured hereby are insured, ur a monthly charge F (in lieu of a moi•tgage insui•ance premium) if they are held by the Federal Housing Commissionei•, - ~is follo«~s : ~ ± (1) If and so lonR as said note of e~•en ~ate and this instrument are insured or are reinsured un~ie: the pro~•isions of the \ational HausinQ Act, an amount sufficient to accumulate in the hands of the holder one (1) It701ltFl [11 iOC ~O its due date the annuul moi-tgage insurance preniium, in ordei• to prn~•ide such holder w•ith funds tc, pay sueh p~•emium to the Federa! HousinK Commissionc•r pur•suant to the \ational Housing Act, as an~ended, and applicable Regulations thereunder; or If and so lonR as said note of e~~en date and this instrument are held by the Fe~iera] HousinR Commis- - sioner, a monthlp charRe (in lieu of a mortKa~e insurance premium) w•hich shall be in an amount ~ equal to one-twelfth (~y of one-half ) per centum of the avera~;e outstandin~,~ balance dueon the ~ note computed without taking into account delinquencies or prepa)•ments; (b) A sum equal to the ground rents, if anv, next due, pius the premiums that ~~ill next become due and pa~~able on policies of fire and other hazard insurance covering the m~n•tga~ed property, plus _ taxes and assessments next due on the mortgaged property (all as estimated b~• the mortgagee) less all sums alread~• paid therefor di~•ided by the numher of months to elapse before one 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 rents, premiums, taxes, and special assess- ments ; and = (c) All pa~•ments mentioned in the t~•o preceding subsections of this paragraph and ali pay- ~ ments to be matle under the note secured hereby shall be added together and the aggregate amount = thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- - gagee to the following it~ms in the order set forth : ~ (I) premium char~es under the cortract of insurance K~ith the Fecleral Housin~ Commissioner, or monthl; ~ char~e (in lieu of mortt~a~e insurance premium), as the casP may be; Kround rents, taxe:, assessments, fire, and other hazar~3 insurance pren~iums; ` (1~?) interest on the note securec! h~reby; and ~ (t~~) anrortization of the princi~~al of said nute. ~ Any deficiency in the amount of such aggt~egate monthly pa~~ment shall, unless made good by the ~ mortgagor prior to the due date of the next such payment, constitute an e~•ent of default under this mort- ~ gage. The mortgagee may cullect a"late chai•ge" not to exceed tµ•o cents (2~•) far each dallar (~1) of ~ each payment more than fifteen (15) da~•s in arrears to co~•er the extra expense invol~~ed in handling delinquent payment~. 3. That if the total of the pa~•ments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of na~•ments actuall~~ made b~• the mortga~ee, for ~round rents, ~axes and asCescments r and insurance premium5, as the case may be, such excess shatl hP credited by the mortgagee on subsequent # payments to be made by the mortgagor. If, however, the monthly paymen~q made by the mortgagor ~ ~ under (b) Qf paragraph 2 preceding 3ha11 not be sufficient to pay ground rents, taxes and assessments ~ ~ and insurance premiums, a.s the case may be, w~hen the same shall become due and payable, then the mortgagor shall pay to the martgagee any amount necessary to make up the deficiency, on cr before the date when payrnent of auch qround rents, taxes, assessments, or insurance ~remiums shall be due. If at any time the martgagor shall tender to the mortgagee in accordance with the provisions of the note # secured hereby, full payment of the entire indebtedn~ss represented thereby, the mortgagee shal), ~n com- puting the amount of such indebtedness, credit to the account of the mortgagor all payments made unciei• ~ the provisions 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~~isions ~ of (b) of s~id paragraph 2. If there shall be a default under any of the provisions of this rnortgage, re- s~:lting in a public saIe of the premises covered hereby, or if the mortgagee acquires the propert~• 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 balance then remaining in the funds accumulateci under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid uncier said note and shall properly adjust any payments w•hich shall have been made under (a) of said paragi•aph. 4. That he will pay all taxes, assessments, water rates, and other governmental ar municipal charges, aoo~ 12$ 3~.0 ;