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Home My WebLink About1964 . I 1. . . ti~•i~U i ' PROVw$n ALw~YS, and these presenta are executed and delivered upon the following conditiona, to wit: • The mortgag~or agreea to pay the mortgag^ee, or order, the principal eum of SBV~ ~p~g~ BZC~i'1' HZJNDRI~ ~ NO/100- - - - - - - - - - - - - - - - - - - - - Dollara (a 7, 800.00 aa evidenced by u note of even dute herewith. with interest !mm d~te at the rate oi FIVlR ~D ONE HALF I~r centum ( 5-1/2 9b ) Per annum on the un- paid balance until p~?id. The said principal and intereat ahall be payable at the o~ce oi J. I. 1CI8IdU~ 1~RTGAGB OORPORATiON OF FLORID~A, 12Z0 Bis~ayne 8ou1'vard, lrliami, Dsde County , Florida, or at such other place aa the holder of the note may designate in writing, in monthly installments o! FORTY 1~ODR ADiD 30/100- ------Dollara (E 44. 30 coatmenciny on the tirst d~? of July , 19 66. and on the ftrst day of e~ch nwnth thereafter until the principal and intereat are fuUy paid, except thst the final p~yment of principal and interest~ if not sooner paid. ahall be due and payable on the ftrs~ day of Jut~e ~ 1996 ; And shall duly, promptly. and ~uQq periornt, discharg~e, execute, efiect, complete, and comply wit6 and abide by each and every the stipulations. agreements. conditions. and cc~vens~nts of said promissory note and of thi~ mortga,~e. t6en this mortga,~e and the estate hereby created shaU cease ~nd be null aad void. And the mortgsgor further covenants as foUowa : • 1. Thst he will p~y the indebtedness. as hereinbefore provided. Privilege is reserved 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 Rrst da~ of any month prior to maturity : Provided, ho~ ever. that written notice of an ~intention to exercise such privilege is given at least thirty (30) days prior to pre~ayment; and. pmvided further, that in the event the debt is paid in fnll prior to maturity and at that t~me rt is •insured under the provisions of the National Nousing Act. he wiU pay to the mortgagee an ac~juated premium charge of one per centum (1 ~k ) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate ~unount of premium charg?es wl}~cb would hav~ been p~yable if the mort- gag~e had continued to be insured untii maturit~ ; such payment•to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on acconnt of mortgag~e ~naurance. 2. That, in order more fully to protect the security of thia mortga~e. the mortgagor, together with. and in addition to, the monthly payments under the terma of the note secured hereby, on the firat day of each month until the said note is fully paid~ will pay to thg mortgag~ee the folbwin~ sums: ' (a) An amount suPRcient to provide the holder hereof with funda to pay the next mortgage insurance premium if this instrument and the note secured hercby are insured, or a monthty charg~e (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner. as follows : (i) If and so long as said note oi even dste nnd this instrument are inaured or are reinsured under the pmviaions of the National Housing Ack ~ smount suAfcient to atcumulate in the hands ot the holder one (1) month prior to its d~e date the annusl mortgage inwnnoe premium~ in order to pmvide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the Nationsl Houaing Act, as amended. and applicable Iiegulationa thereunder; or (tt) If and so long as eaid note of even date und th~s inatrument are held bj+ the Federel Housing Commis- sioner. s monthly cha (in lieu of a mortgage insnranee premium) which shsll be in an amount equal to one-twelfth of one-half ( 34 ) per centum of the average oubtanding balance due on the ~ note oomputed without talcing into aaoant delinquencies or prepaymenta; (b) A sum equal to the ground rents. if any, next dne, plua the premiums that w~il next become due and payable on policies of flre and other hsaard inaurance covering the mortgaged property, plus taxes and assesaments next dne on the mortgaged property (all ~a estimated by the mortgagee) less all sums already paid therefor divided by the number of montha tfl elapee before one month prior to the date when such ground rents, premiums. taxes. and assessments will become delinquent, such i sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and special assesa- ments ; and (c) All payments mentioned in the two preceding aubsectiona of thia paragraph and all psy- ~ ~ menta to be made under the note secured hereby ahall be added together and the aggregate amount thereof shall be paid by the mortgagror each nwnth in a single payment to be appL'ed by the mort- ~ gagee to the following itema in the order set forth: ~ preminm charqes under the oontnct of insnranoe with the Federal Housing Commissioner, or monthlq ~ chsrg~e (in lien ot awrtsage inaurareee preminm)~ as the can may be;_ (tt) ~ronnd rents. taxes, assessmenta. Sre. snd other hasard insurance prem~uma; (ti[) ~nterest on the note secured hereby; snd (tv) amortiaation ot tl~e prineipai oi ssid nota ~ - Any deficiency in the amount of such aggregate monthly payment shall. uniesa made good by the mortgagor prior to the due date of the next such pa~?ment, constitute an event of default under this mort- gage. The mortgagee may culiect a"late char~e' not to exceed two centa (2t) for each dollar (#1) of ~ each payment more than fifteen (15) days in arrears to cover the extra eapense involved in handling delinquent payments. _ 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exoeed the amount of payments actually made by the mortgagee, for Rround renta. taxea and assesamenta ~ad u~auranae preminma, as the caae may be, auch excess ahall be credited by the mortgagee on sub~eqne~nt paymenta to be made by the mortgs~or. If, however, the monthly payments made by the mortgago{ ~ ander (b) oi paragraph 2 preceding ahaU not be au~cient to psy d rents, tsxea and aaaess~nen~s ~ ~ and insuranc~e~ premiun~ as the case msy be, when the same beoomE due and payable, then the mortgagor aha11 psy to the mort~s~ any amount nec~uy to mslce up the deficienc~r, on or before the date whea payment oi stieh Qroand reab, tues. ~ts, or inaurance premiums shall be due. If at any time the mortgagor e~haU tender to the mortQs~ee in ~rooord~ace ~vith t~e pruviaions of the note secured hereby, fullpaym ent of the eatire indebtedness represented thereby, the arortgagee ahall. ~n com- puting the amount oi anch indebtednees, credit to the acoaunt oi the mort,~,~r ~11 psymenta made under the provisions of a) of pu~raph 2 hereof arluch the m~ has not becozne obligsted to _pa)• to the FederAl Aowing ner and say bslsnoe ~in e funds uxumulated under ttie prorisions of (b) o! ssid paragraph 2. If there ahaYl be s defaul~~ t nnnder sny oi the pmviaiona of thia mortgage, re- sultin~ ia a publie ssle oi the premises oovered heraby, or ii the awrtgaSee acquires the pmperty other- ~rise after def~ult, the mortgagee shall ap ly, at the time of the oommencement oi such prooeedings or at the time the pmperty ia otherwise acquir+e~the the~ remainin~ in the funds accumulated under (b) of psra~rsph 2 preceding as a credit;~i~~salonr~t~of principsl then remaining nnpaid under uid note snd shali properly adjtut any psyments w}iich shall hsve been made under (a) of said paragraph. 4. T6at he will pay all taues. aseeasments, wster rstes, swd other g^overnmental or municip~l g~ ~ ~ - S~i46 - ~.62 ~ - o - - ~ E . _ ~ - - ~ f ;