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Home My WebLink About2430 . Y • +J PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions. to wit : The mortgagor agrees to pay the mortgagee. or order, the principal sum of ~s ?H4IISJ~D !IR Hl11Dit~D and 00~100• • • • - • - • • - • - - - - • • - • • • • - • • • • • • - - • - Dollara (S 9~500•00 as evidenced by a note of even date herewith. with interest from date at Lh€ ratt~ of ~''ltra s~ ~hrtsattt~rt2t ~?r ~?ntnm f~ per annum on the un- paid balance until paid. The said principal and interest shall be payable at the oftice of J. 8liY~t ~~0~ C~P~, I1C. in Cor~l C~bl~~, ~lo~ida or at such other place as the holder of the note may designate in writing~ in monthly installments of !IM'!-~I~ and 85/100- - - - - - - • - - Dollars (a y9•85 commencing on the flrst day of Jt~ . 1966 , and on the first day of each month thereafter until the principal and interest ar~ fully paid, except that the Snal payment of principal and interest, if not sooner paid. shall be due and payable on the first day of ~j . 1991 ; And shall duly, promptly. and fuUy perform, discharge. execute~ effect, complete. and comply with and sbide 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 be null and void. And the mortgagor further covenants as follo~s: i. That he wiU pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or mo~~e monthly payments on the principal that are next duo on the note. on the first da3~ of any month prior to maturity: Provided. hov?•ever. that written notice of an intention to exercise such privilege is given 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~~) of the original prmc~pal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charge$ which would have been payable if thz mort- gage had continued to be insured until maturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. 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 ~ay to the mortgagee the following sums: (a) An amount sufRcient to provide the holder hereof with funds to pay the next mortgage insurance premium if this iustrument and the note secured hercby are insured. or a monthty charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follows : Ii and so long as said note of even date and this inatrument are insured or are reinsured under the provisions of the National Housing Act, an amount aufRcient to aecumulate in the handa ot the holder one (1) month prior to its due date the annual mortgage insurance premium. in order to pmvide such holder with funds to paq such premium to the Federal Houaing Commissioner pursuant to the National Housing Act, as amended~ and applicable Ae~ulationa thereunder; or (n) 1f and ao long as said note of even date and th~a instrument are held by the Federal Housing Commis- aioner, a monthiy charge (in lieu of a mortgsge inaurance premium) which shall be in an amount equal to one-twelfth (54z) of one-half (',4 ) per centum of the average outatanding balance due on the note computed without taking into sccount delinqueneiea or prepaymenta; (6) 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 mortgaged property~ plus ~ taxes and assessments nexf due on the mortgaged pmperty (all as estimated by the mortgagee) less ~ all sums already paid therefor divided by the number of months to elapse before one month prior ~ to the date when suctr ground renta, premiums~ taxes~ and assessments will become delinquent~ such sums to be held by mortgagee in trust to pay said ground renis. premiums, iaxes, and specisi sssess- ments ; and (c) All payments mentioned in the two preceding subsectiona of this paragraph and all pay- ments to be made under the note secured hereby ahall 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 charRea u~der the contract of insurance with the Federal Housing Commissioner, or monthly charge (in lieu o! mortgage insurance premium), as the case may be; (tt ) gnound rents, taxes. asseasments. Sre, and other hazard insunnce premiums; (tn) interest on the note aecured hereby; and (tv) amortization of the principal of aaid 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 pa~vment, constitute an event of default under this mort- gage. The mortgagee may cullect a"late charge' not to exceed two 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 totul of the paymenta made by the mortgagor under ( b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgaqee, for ~tround rents. taxes and assesamenta and inaurance premiums, as the case may be. euch excesa shall be credited by the mortgagee on subsequent paymenta to be made by the mort~agor. If. however, the monthly paymenta made by the mortgaSo= ~t under (b) of paragraph 2 preceding ahall not be su~cient to psygcound renta, taxes and asseasmenta and insurance premiuma, aa the caae may be, when the satne ahall ~ecome due and payable, then the mortgagor shall pay to the mortgagee any amount necesaary to make up the deficiency, on or before the date when psyment of auch ground renta, taxes. aesesaments, or inaurance premiuma shall be due. If at any time the mortgagor ahall tender to the mortgagee in accordance with the provisions of the note aecured hereby, full payment of the entire indebtedness repreaented thereby. the mortgagee ahall, :n com- puting the amount of such indebtedneas, credit to the account of the mortgag~or all pa~rmenta made under the pmvisions of (a) of paragraph 2 hereof which the mortgagee haa not become obligated to pay to the Federal Housin~ Commisaioner and any balance remaining in the funda accumulated under the pro~ isiona of (b) o! aaid paragtaph 2. If there ahall be a default under any of the provisions of thia mortgage, re- _ sultin~ in s public aale of the premiaes oovered hereby, or if the mortgagee scquirea tiie property other- wiae after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the pmperty ia otherwise acquired, the balance then remaining in the funda accumulated under (b) of paragraph 2 precedin ss a credit against the amount of principal then remaining unpaid under Baid note and shall pmperly a~just any payments which ahall have been made under (a) of sai .pa~I~r~ph. ~ F ' ~ 4. That he will pay all taxea, asseasmenta. water ratea, and other governmental or municipal cliargea, ~ aooK 147 z8 -~r~-~~~~ ~ ~ _ _ ~ = - - - - _