HomeMy WebLinkAbout1052 PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
~1'lt:
The mortga r agrees to pay the rnortgagee, or order, the principal sum of Piine 2Yiousand Seven
Hundred and No~100------------------------------------------------------------------
Dollars 9~7~•~ as evidenced by a note of even date ~hgrewith, ~ti•ith interest from date
at the rate of ~`ive and ~ne-quarter per centum ( 5-~/ ) per annum on the un-
paid balance antil paid. The said principal and interest shall be payable at the office of
Vanguaard Mor~gage C~npany~ 7140 Biscayne Bailevard
I~Siami 38 ~ Florida
or at such other place as th~ holder of the note may designate in ~~•riting, in monthl~~ installments of
~Yfty ~ree ~r?a 64/LOO_______________..___ Dollars 53.G4 commencing on
the first day of Dece,mber , 19 65 , and on the fi:st 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 November , 19q5 ;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and 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 shall cease and t~e null and void.
And the mortgagor further covenants as follaw~s :
1. That he will pay the indebtedness, as hereinl~efore provided. Pri~•ilege is reserved to pay the
debt in whole, or in an amount equal to one ~~r more munthly paymeitts on the principal th~t are next due
on the note, on the first da~• of any month prior to maturity: Provided, ttON'N~•er, that ~ti~rittcn notice of an
intention to exercise such pririlege is given at Ieast thirty (30) days prior to prepayment; and, provided
further, that in the event tiie debt is paid in full ~~rior to maturity and at that time it is insured under
the provisi~ns of the National liousing Act, he will pay to the mortgagee an adjusted prernium 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 insvred until maturity; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissior~er on account of mortgage ~nsurance.
That, in order more fully to protert thc security of this mortgage, the mortgagor, together with,
and in addition to, the monthly payments under tlie terms of the note secured hereby, on the first day of
each month until the said note is fully paid, will pay to the mortgaRee the following sums:
(a) An amount sufficicnt to pro~•ide the holder hereof ~cith funds to pay the next moi•tgage
insui•ance pi•emium if t}-~is insti•ument and the note secured hereby are insui•ed, or a monthty charge
(in lieu of a rnortgage insurance premium) if they are held by the Feder~l Housing Commissinnei•,
as follo«•s :
(t) If and so long as said note of e~•en date and this instrument are insured or are reinsured under the
provisions of the National Housin~ Act, an amount suflicient to accumiilate in the hands of the holder
one (1) month prior to its due date the annual mortgage insurance premium, ir. order to pro~•ide such
halder with funds to pay such p?•emium to the ~'ederai Housing Commissionei• pursuant to the \ atinnal
Housin~ Act, as amended, and apFilicable Regulations thei~eunde?•; or
(ii) If and so long as said note of e~•en date and this instrument ai•e held by the Fecieial Housin~ Commis-
sioner, a rrionthly charge (in lieu of a mort~{aRe ~nsurance premium) w•hich shail be in an amount
equal to one-twelfth (~;'i~) of one-half ('~a ) per centum of the avera~e c~utstandin~ balance duoon the
note computed without taking into account delinqueneies or prepayments;
(b) A surn equal to the ground rents, if any, next due, plus the premiums that ~•ill next become
due and payable on policies af fire and other hazard insurance co~•ei•ing the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estirnated b~~ the mortgagee) less
all sums already paid therefor divided by the number of months to elapse before one ;nonth 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) All pa~~ments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note s~cured hereby shall be added together and tlie aggregate amount
thereof shall be paid by the mortgagor each month in a singie payment to be applied by the mort-
gagee to the following items in the order set forth :
(i) premium charges under the contract of irsurance w~ith the F'edea•al Housin~ Commissioner, or monthl~-
charRe (in lieu of mortaaqe insurance premium), as the case may be;
(n) ~round rents, taxes, assessments, fire, and other hazaril insurance premiums;
(iu) interest on the note secured hereby; and
(n•) amartization of the principal of said note.
Any deficiency in the amount of such aggregate monthly~ pa~~rnent shall, unless made good by the
mortgagor prior to the due date of tl~e next such payment, constitute an e~•ent of default under this mort-
gage. The mortgagee may culiect a"late charge" not to exceed t~-o cents (2~) for each dollar ($1) of
each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling
delinquent payments.
3. That if the total of the payments mac~e by the mortgagor under (b) af paragraph 2 preceding shall
exceed the amount of na~•ments actuall>~ made b~• the mortga~ee, for ground rents, taxes and assescments
and ansurance premiums, as the case may be, such excess shali be credited by the mortgagee on subsequent
y~ayments to be made by the niortgagor. If, however, the monthly payments made by the mortgagor
~ under (b) of paragraph 2 preceding shall not be sufficient to pay ground renta, 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 payrnerct of such ground rents, taxes, a.gsessments, or insurance premiums shall be due. If
at any time the mortgagor shall tender to the rnortgagee in accordance with the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, :n com-
puting the amount of such indebteciness, credit to the account of the mortgagor all payments made under
the provisiona of (a) of paragraph 2 hereof which the mortgagee hss not k>ecome obligate3 to pa~~ to the
Federal Housing Comm~ssioner and any balance remainin~ in the funds accumulated under the p?-o~~isions
of (b) of aaid paragraph 2. If thei•e shall be a default under any of the provisions of this moi~tgage, re-
sulting in a public sale of the premises eovered hereby, ar if the mortgagee acquires the propert~• other-
wise after default, the mortgagee shall apply, at the tirne of the comrnencement of such prceeedings or at
the time the property is otherwise acquired, the balance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit againat the amount of principai then remaining unpaid uncier
asid note and ahall properly ad~ust any payments which shall have been made under (a) ot sa~d paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmenta] or municipal char~es,
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