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Home My WebLink About1846 . ~ PROVIDED ALWAYS, and tiiese presents are executed and delivered upon the following conditiona. to wit: The mortgagor agrees to pay the mortgagee, or order~ the principal sum of Fif'tieeu T2:ousand T'~cee Huucired aad Ro~100----------------------------------------- Dollara 15~300.00 as evidenoed by a note of even date herewith~ with interest irom date at the rate of fiv~e and three-quartera per centum ( 5-3~496 ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the oBlce of 3outheastera 8o~os ld~rt~,-age Caa~at~y~ P. 0. Hcz 750~ Riverside 8tation~ Mieimd~ F'~orida ' or at auch other place as the holder of the note may designate in writing, in monthly installments of Eighty-niue aad 3S/100--------------------Dollars (~89.35 commencing on the ftrst day of J~ine , 19 66 . and on the first day oi each month thereafter until the principal and interest are fully paid. except that the flnal payment of principal and interest, if not sooner paid, shall be due and payable on the ftrst day of ld~y . 1996 ; And shall duly. pmmptly, and tuUy 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 shali cease and be null and void. And the mortgagor further covenants as foAows: 1. That he will pay the indebtedness, as hereintufore provided. Privilege is r~served to 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 written notice of an intention to exereise such pri~~ilege is g~ven 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 National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1 ifo ) of the original principal amount thereof. except that in no event shall the adjusied premium exceed the aggregate am~unt of premium chargea which would have been payable if the mort- gage had continued to be insured until maturit3 ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. 2. Thak in order more fuUy 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 fuliy paid. will pay to the mortgagee the following sums: (a) An amount suff'icient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note aecured hereby are insured, or a monthty charge (in lieu of a mortgage insurance premi~m) if they are held by the Federal Housing Commissioner, as follows : (t) Ii and so long as said note of even date and this instrument are inanred or are reinaured under the pmvisions of the National Houaing Act. an amonnt sulHeient to accumulste in the hands of the holder one (1) month piior to its due date the annual mortgag~e inanrance premium~ in order to provide such holder with funda to pay auch premium to the Fedetal Rousing Commissioner pursuant to the National Housing Act, as amended, snd applicable Re~ulations thereunder; or (u) If and so long sa said note o! even date and th~s inatrnment sn held by the Federal Housing Commis- sioner, a monthly charg~e (in lieu of a mortgage insuranoe premium) which shall be in an amount equal to one-twelfth (~z) ot one-half (~,4 ) per cenWm oi the average outatanding balanee due on the note eomputed arithout taking into aocount delinquenciea or prepaymenta; (b) A sum equai to the ground rents, if any~ next aue, plua the premiums that will next become dne and payable 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 sll sums already paid therefor divided by the number of months to elapse before one month prior ~ to the date when such ground rents, premiums, taxes, and assessments wiU become delinquent. such sums to be held by mortgagee in trust to pay said g?round rents, premiums, taxes, and special assesa- menta; snd ~ (c) All paymenta 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 tlie aggregate amount • ~ thereof shall be paid by the mortgagor each month in. a single payment to be applied by the mor~ gagee to the following items in the o~^der set forth: ' ~ (t) premium charqea under the contract of insurance with the Federal Housing Commissioner. or monthly charqe (in lieu of mortgage insurance preminm). sa the caae msy be: (tt) g~nund renta. ta~ces, saeeasments, Sre. and other hazard insuranee premiums; (nt) interest on the note secured hereby; and ([v) 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 sach pa~?ment. constitute an event of default under this mort- gage. The mortgagee may cullect a"late charge' not to exceed two 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 paymenta. 3. That if the total of the paymPnts made by themartgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for p~round rents. taxes and assesaments snd inaurance premiums, as the caee may be, euch excess ehall be cre~ited by the mortgagee on subsequent ~ psymenta to be made by the mortgagor. If, however. the monthly paymenta made by the mortgaeor under (b) of paragraph 2 preceding ahall not be aufficient to payground renta, taxes and aasessments and insurance premiuma, aa the case may be, when the aame shall become due and payable, then the um ~ mortgagor ahall pay to the mortgagee any amount neceasary to make up the deficiency~ on or before the date when payment of such ground renta, tazes, sssesamenta, or insurance premiuma ahall be due. If at any time the mortgagor shaU tender to the mortgagee in ac.cordance with the pmvisions of the note secured hereby. full payment of the entire indebtednesa represented thereby, the mortgagee ahall. :n com- puting the amount of such indebtedness, credit to the acc~ount oi the mortgagor all paymenta made under the prnvisiona of (a) of paragraph 2 hereof which the mortgagee has not become obl~gated to pay to the Federal Housing Commiasioaer and aay balance remaining in the funds accumulated under the pro~ isiona oi (b) of said paraglraph 2. If there shall be a defanlt under any of the provisions of thia mortgage~ re- sultin~ in a public sale of the premiaea c~overed hereby, or if the mortgagee scquir~ tlie pmperty other- wise after default, the mortgagee ahall app1Y, at the time of the commencement oi auch proceedings or at the time the property ia otherwise acquired. the balance then remaining in the funda accumulated under (b) of paragraph 2 precedu'~g aa a credit agsinst the amount of princi~wl then remaining unpaid under said note 8ad shsU pmperly adj'ust say paymenta which ahall have been made nnder (a) of aaid paragraph. ~ . : , . 4. Thst he will pay all taxea, saaessmenta, wster ntea. and other governmental or nwwci~il eh~rgea, ° R ~ .44 • i aooK 1 -y - - - - - .r _ - . - - _ - - - - - _ - - - _ :