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Home My WebLink About1358 PROVIDED AL\YAYS. and these presents are executeci and delivered upon the follo~ving conditions, to ~sit: The mortgagor agrees to pa~• the mortgagee~ or order~ the principal sum of ~ TgpQg,?ND T~tFg ~O~TDBSD and 00/100- - Dollars 10,300.00 as e••idenced by a note of even date here~vith, ~~•ith interest from date at the rate of Five and one-ha?lf per centum ( 5~ ~o ) per annum on tne un- paid balance until paid. The said principal and interest shall be payable at the office of J. T. 91'~I~RT 1dOHTG~t~$ CQI~APY, 1~1C. in Corsl Gsblea, Florida or at such ather place as the holder of the note may desig?nate in ~~~riting, in monthly installments of SEVI~iTY and 86~100- - - - - - - - - - - - Dollars 70.86 ) ~ commencing oi~ the first day of ~pril , 1966 . and on the first day of each month thereafter until the principal and interest are fully pxid~ except that the final payment of principal and interest~ if not sooner paid~ shall be due and payable on the first day of I~euceh . 1986 ; And shall duly, promptly, and fully perform, discharge~ execute, effect~ complete, and comply with an3 abide by each and every the stipulations, agreements, conditions~ and covenants of said promissory note and of th:4 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 will pay the indeUtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or mot~e monthly payments on the ~~rinci~~al that are next due on the note. on the first da~ of any month prior to maturity : Provided~ however~ that writtctt notice of an intenti.~n to exercise such pririlege is giren at least thirty (30) days prior to prepayment ; and~ provided further, that in the event tl~e debt is paid in full prior to maturity and at thZt time it is insured under 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 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 maturit~ ; such payment to be applied by the mortgagee upon its ubligation to the Federal Housing Commissioi~er on account of mortgage ~nsurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor. together with. and in addition 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 pay to the mortgagee the following sums: (a) An amount sufficient to pro~ide the holder hereof ~vith funds to 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 follo«s : If and so lon~ as said note of even date and this instrument am insureci or are ~rinsured under the pro~ isions of the National Housin~ Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to pro~ ide such holder N ith funds to pay such p~~emium to the Fecieral Housing Commissioner pursuant to the National HousinR Act, as amended, and ap{?licablo Regulations the~~eunder; or (tt) If and so long as said note ot even date and this instrument are held by the Federal Housing Commis- sioner. a monthly charge (in lieu of a mortgaRe insurance premium) Which shail be in an amount equal to one-t~elfth of one-half ('/s ) per centum of the avera~e outstanding balance due on the note eomputed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become ~ due and payable on policies of fire and other fiazard insurance covering the mortgaged property. plus - i taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less I, all sums already paid therefor divided by the number of months to elapse before one month prior j to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such E sums to be held by mortgagee in trust to pay said ground i~ents, premiums, taxes, and special assess- I ments ; and ( (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made unde* 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 items in the order set forth: premium charAe~s under the contract of insurance with the Federal Housing Commissioner, or monthly charRe (in lieu of mortRage insurance premium), as the case may be; (tt) R~round rents, taxes, assessments, fim. and other hazard insurance premiums; 1iu) interest on the note secured hereby; and (tv) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment 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 charge" not to exceed tv~o cents (2C) 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 made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~•ments actually made by the mortgagee. for Rround rents, taxes and asseagments ~ and ~nsurance premiums, as the case may be. such excess shall be credited by the mortgagee on subsequent ~ payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under ~b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes anc.` b~essments ~ and insurance premiums, as the case may be~ when the same shall become due and pa~a~le, :hen 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, taxes, assessments, or inaurance premiums shall bt• due. lf at any time the mortgagor ahall tender to the mortgagee 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 indebtedness, credit to the account of the mortgagor all payments made under s ~ the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to paS• to the t Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isions ~ of (b) of said paragraph 2. If thei~e ahall be a default nnder any of the provisions of this mortgage, re- _ ~ sulting in a public sale 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 proceed~ngs or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under ~ (b) of paragraph 2 preceding xs a credit against the amount of principal then remaining unpaid under ~ said note and shall properly adjust any payments which shall have been made under (a) of sa~d paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, ~ 6:R~141 155 ~ ~ - r ~ _ - - : a~e '^`^4.~° , . . _ .c _ . . . . _ ~ _~,_za +'YZ_ . g