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Home My WebLink About2477 .i I PROVIDID ALWAYS, and these presenta are executed and deliverec; upon the following conditions. to ~ Wlt: ~ • ~ • ~ ~ ~ r • ~ ' The mortgagor agreea to pay tl~e mortgagee or order~ the principal aum of ~~NN~0.CW i~/ ~~I MY ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ w ~ ~ ~ ~ ~ ~ • ~ ~ ~ , Dollars (a12~200.00 as evidenced by a note of even date herewith. with intet~est irom date at the rate of P'IYS AI~ID OdiB AAI~' Per centum ( 5~~/2 ~6 ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the o~ce of QLBZiN B. 1~o0~tIC8 CO.,INC.~ 3t. Pstea~sburg~ Florida or at such other place aa the holder of the note maq designate in writing. in monthly installments of ~ Sa'PY NII~ AND 30~10~ - - - - - - • •Dollars 69.30 commencing on the tirst day of ~T . 19 66 . and on the first day of each month thereafter until the principal and interest are fuUy paid, except that the final payment of principal and intereat, if not sooner paid. shall be due and payable on the flrst day of JIJI~ , 1996 ; - And shall duly. promptly. and fully perform, discharge, execute, effect, complete. and comply with and abide by each and every the stipulations. agreements. conditiona. and covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby created ahall cease and be null and void. And the mortgagor further covenants as follov?s: 1. That he will pay the indebtedness, as hereinbefore pmvided. Rrivilege 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 first da~ of any month prior to maturity : Provided, however, that written notice of an ~ intenti4n to exercise such pri~ ilege is given at least thirty (3U) days prior to prepayment; and, provided further. that in the event the deUt is paid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he wiU pay to the mortgagee an adjusted premium charge of one Fer centum (l;h) of the original principal amount thereof. except that in no event shall the adjusted premium exceed theag gregate amount of premium charges which would have been payable if the mort gage had continued to be insured until maturit3 ; such payment to be applied by ti?e mortgagee upon its obligation to the Federal Housing Commissioner on acconnt 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 untii the said note is fully ~ud. wi11 pay 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 instrument and the note secured hereby are insured. or a monthly charg~e (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follows : (t) If and so long as said note of even date and thia inatrument are insured or are reinsured under the provisiona of the National Housing Act, an amount suflicient to aecumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Federal Housing Commissioner pnrauant to the National Housing Act, as smended~ and applicable Re~lations thereunder; or (tt) If and eo long as said note of even date snd lh~s instrument are Leld bjr the Federal Housing Commis- sioner. a manthly char~e (in lieu of a mortgage inaurance premium) which shall be in an amount equal to one-twelfth (y~=) oi one-half ( 3!r ) per centum of the average outstanding balance dae on the note compnted~ without taking into aocount delinquencies 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 i taxes and assessments next due on the mortgaged praperty (all as estimated by the mortgagee) less E all sums already ~d therefor divided by the numi~er of months to elapse before one month prior f to the date when such ground rents~ premiums. taxes, and assessments will become delinquent, such snms to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments; and ~ - (c) All payments 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 month in a single payment to be applied by the mort- gagee to the following items in the order set forth : preminm charqes under the eontract ot insurance with the Federal Housing Commissioner. or monthly ehsrge (in lieu of tnmtgag~e insnranee prenlium), as the csse may be; (ti) ground renta, taxes, assessments. fire. and other hazard insurance premiums; (tn) interest on the note eecw~ed hereby; and (tv) aawrtisation of the principsl 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 pa~?ment, conat~tute an event of default under this mort- gage. The mortgagee may cullect a"late charge' not to exceed two cents (2t) for each dollar (al) of each payment more than fifteen (15) days in arrears to cover th~ extra expense involved in handling delinquent payments. _ 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 prereding shall exceed the amount of vayment~ actually made by the mortgagee. for Rround rents. taxes and asaesaments ~nd ~nsurance premiume, as the ca$e may be such excesa shall be credited by the mortgagee on subsequent ~ pqyments to be made by the mortgagor. 'If, however, the monthly paYments made by the mortgagor - under (b) oi paragraph 2 precediu~ shsU not be sn~cient to ps~y und rents, taxea and aaaeasmenta u and inaurance premiums, aa the caae may be, when the aame ahal ~ec~ome dne and payable, then the mortgagor ahall psy to the mortgagee any amount neceaaary to make up the deficiency, on or before the date when psyment of auch gronnd renta, taxes, assessmenta, or insnrance premiuma shail be due. If at any time the mortgagor ahall tender to the mortga~ee in accordsnce with the provisions of the note secured hereby, full payment of tt?e entire indebtedness represented thereby, the mortgagee shall, ~n com- puting the amount oi such iadebtedneas, credit to the acoount oi the mortgagor all paymenta made under the prnviaiona oi (a) oi psragraph 2 hereof which the mortgagee haa not become obligated~to pay to the Federsl ~iouaing Commissioner snd any balance remaining in the funda accumulated under the pro~•isiona oi (b) o! said par~rsph 2. It there ahall be s deisttlt under sny oi the proviaion~ of thia mortgage, re- aultin~ in a pnblic sale of the premiaea oovere~ hereby~ or if the mortgagee aoquirea ttie property other- wiae ~iter defsult, the mortgagee shsll apply, st the time af the oommencement of such proceedings or at the time the property is otherwise acqaired, the I~alance thea rea~aining in the funda sccumulated under (b) of psra~rap6 2 preced~n~aa a credit ~gsinat dtie amount of principal then remaining unpaid under asid note And ahall pmperly a ust anY psymenta which ahaA have been made under (a) oi Jsaid ~aragr~ph. 4. Thst he will pay all taxes, asaeasrnenta, wateri rates, and other governmental or municipal chargea~ ~ ~ ~~47 .?5 - - _ _ a . ~ - - - - - - s~,_ z=-_-;>