HomeMy WebLinkAbout1363 YROVIDF.D AI.N'AYS, a11c~ these pl•esents arn executed and deli~•ered upon the follo~ving conditions~ to
it :
The moi~tgagor agrees to ~y the mortgagee, or order, the principal sum of SI7(Tffi~I THOiTSAND
THItEB ~1D~RED and 00/100- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Dollars 16,300 00 as e~•idenced by a note of e~~en date here~vith, ~~•ith interest from date
at the rate of per centum ( ) per annum on the un-
paici balance until paid. The said principal and interest shall be payable at. e office of
J. gi'~I~Ai' ~E O~i01Y, I~C. ia Corsl Oabl~~, llor~da ~
or at such other place as the holder of the note may designate in ~i•riting, in monthly installments of
NINETY-TYO aad 58~100- - - - - - - - - - -Dollars 92.58 commencing on
thc first day of April , 1966 , 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 da~ of Mareh , 1996 ;
And shall duly, promptly. and fully perform, discharge, execute. effect, complete. and comply with and
abide by each ~tnd every the stipulations~ agreements, conditions. and covenants of said promissory note
and of this mortgage, then this mortgage and the est~lte hereby created shall cease and Ue null and void.
And the mortgagor further covenants as folloH•s: ~
1. That he will pay the indebtedness, as herein{~efore provided. Privilege is reserved to pay the
debt in whole~ or in an amount equal to one or more monthly payments on the ~~rincil~al that are next due
on the note. on the first da~~ of any month prioi• to maturity: Provided, ho~~•e~•er. that H rittcn notice of an
intention to exercise such pri~•ilege is gi~en at least thirty (30) days prior to prepayment; and. provided
further. that in the event the debt is paid.in full prior to maturity and at that time it. is insured under
the provisions of the NationallIousing 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 Ue insured until maturit~•; such payment to be applied by the mortgagee upon its •
obligation to the Federal Housing Commissioner on account of mortgage ~nsui•ance.
2. That, in order more fully to protec.t 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 provide the holder hereof K ith funds to pay the next mortgage
insurance pi-emium if this instrument and the note secured hereby are insured~ or a monthly charge
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner,
as follows :
If and so long as said note of even date and this instrument are insured or am reinsured under the
Pro~ isions of the \'ational HousinQ Act, an amount suflicient to accumulate in the hands of the holder
one (1) month prior to its due dale the annual mortgage insurance premium. in order to provide such
holder w ith funds to pay such pirmium to the Federal Housing Commission~r pursuant to the National -
HousinR Act, as amended~ and applicable Regulations thereunder; or
(n) If and so long as said note of e~•en date and this instrument are held bj the Fecieral HousinR Commis-
sioner. a monthly charqe (in lieu of a mortgage insurance pmmium) which shall be in an amount .
equal to one-twelfth of one-half ( 34 ) per centum of the averaRe outstandin~ balance due on the
note computed 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 hazard insurance covering the mc~~•tgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated bv the mortgagee) less
, all sums already paid therefor dieided by the number of months to elapse before one month prior
to the date when such ground rents~ premiums~ taxes, and assessments wilf 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 two preceding subsections of this paragraph and all pay-
~ ments to be made under the note secured hereby shall be added together and the aggregate amount
~ thereof shall be paid by the mortgagor each m~nth in a single payment to be applied by the mort-
~ gagee to the following items in the order set forth:
(t) premium char~es under the contract of insurance v~ith the Federal Housinq Commissioner, or monthly
charRe (in lieu of mortqaqe insurance premium), as the case may be;
(II) Rnound rents, taxes, assessments, fire, and other hazard insurance premiums;
(Ili) interest on the note secured hereby; and
(IV) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly pay 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 cullec;t a"late charge" not to exceed t~+o cents (2t) 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 themortgagor under (b) of paragraph 2 preceding shall
~ exceed the amount of pa~•ments actually made b~ the mortgagee, for Rround rents, taxes and asses.cments
z and insurance premiums, as the case may be, such excess ahall be credited by the mortgagee on subsequent
paymenta to be made by the mortgagor. If, however, the monthly payments made by the mortgagor
°i under (b) of paragraph 2 preceding shall not be suff'icient to pay 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, taxes, assessments, or insurance premiums shall be due. If ;
` at any time the mortgagor shall 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
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the
Federal Housing Comm~ioner and any balance remaining in the funds accumulated under the pro~•isions
of (b) of said paragraph 2. If th~i-e ahall be a default under any of the provisions of this mortgage, re-
` sulting in a public sale of the premisea 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 accumulated under
(6) of paragtaph 2 preceding as a credit agsinst the amount of principal then remaining unpaid under
~ aaid note and shall properly adjuat 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 governmenLal or municipal charges,
~ BooK 141 160
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