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Home My WebLink About2484 . j PROVmEn ALw~YS, and these presents are executed and delivered upon the following conditions, to ~vit: The taortgagor agrees to pay the mortgagee. or order, the principal sum of Tea Thousand P'our Huadred aad No/100 ~ollars 10 400.00 as evidenced by a note of even date herewith, with interest from date at the rate oi ~ive 8c Three Quertere per centum ( 5 3~496) per annum on the un- , paid balanoe until paid. The said principal and interest shall be payable at the b~ice of VANGUARD MORTGAiGE C02~ANY, 7100 Biacayne Boulevard or at such other place as the holder of the note may designate in writing~ in monthly installments af Sixty and 74/100 -----------------Dollara (~60.74 commencingon the flrst day of July , 19 66 , and on the first day of eaah month thereafter until the principal and interest are fully paid. except that the flnal payment oi principal and intereat, if not sooner paid, ahall be due and payabte on the first day of Jut~e ,19 9fj And shall duly. promptly. and fully perform, discharge. execute. effect, complete. and comply with and abide by each and every the stipulations, agreements, conditians~ and covenants of said promissory note and of thi.4 mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as followa: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equai to one or moi-e monthiy payments on the principal that are next due on the note. on the first da3 of any month prior to maturity : Provided, however. that writtcn notice of an intention to exercise such pri~ ilege 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 ~/o ) 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 be insured until maturit~•; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ir?surance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addit~on 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. wiU ~y to the mortgagee the following sums: (a) An amount suf~'icient to provide the holder hereof with funds to paq the next mortgag~e insurance premium if this instrument and the note secured hereby are insured. or a monthty charge (in lieu of a mortgage insurance premium) if they are held by the FederAl Housing Commisaioner, as follows : (i) If snd so long as said note of even date and this insttument are inaured or are reinsured under the pmvisions of the National Housing Aet, an amount su8icient to accumulate in the hands of the holder one (1 j•month prior to its due date the annnal mortgage insuranae premium~ in order to provide such holder with funds to pap such premium to the Federal Iiouaing Commissioner pursuant to the National Housing Act, as amended. and applicabie Re~alations thereunder; or (tt) If and so long as said note of even date and thia inatrument are held by the Federal Housing Commis- sioner. s monthlp char~e (in lieu of a mortgage in$urance premium) which shall be in an amount equal to one-twelfth (~/r) of one-half ('fs ) per eentum of the average outstanding balance due on the note rnmputed without taking into account delinquencies or prepsyments; (b) A sum equal to the g?round rents, if any. next due, plua 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 next due on the mortgaged property (all as estimated by the mortgagee) lesa all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when such gmund rents, premiums~ taxes. and assessments will beco.-ne delinquent. such sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes. and special assess- ments ; and (c) Atl 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 mvr`- gagee to the following items in the order set forth : ! (I) premium charqes under the contract of insurance with the Federal Housing Commissioner, or monthly ~ charge (in lieu of moitgage insuranee premium). as the case may be; ~ (tt) ground rents. taxes. assessments. fire. and other hazard insurance premiums; (ttt) Ente?~est on the note secured hereby; and ~ (tv) amortisaiion 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 such payment. 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 e~cpense invotved in handling ~ delinquent payments. . ; 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall ~ exceed the amount of pay ments~ actually made by the mortgagee. #or Rround rents. taxes and asseaaments ~ and msurance premiums, as the case may be, such excesa ahall be credited by the mortgagee on subaequent - payments to be made by the mortgagor. If, however, the monthly payments made by the mortgaeor ~ nnder (b) of paragraph 2 preceding ahall not be au~cient to pay und rents, taxea and assessmenta E and insurance premiuma, as the case may be. when the same ahal~tiec.ome due snd paysble, then the ~ mortgagor ahall pay to the mortgagee any amonnt ne~essary to make up the deficiency, on or before the date when payment of such ground rents, tax~, asseasmenta, or insurance premiuma shall be due. If ~ at any time the mortgagor shall tender to the mortgsg~ee in acxordatice with the prnvisions of the note ~ secured hereby, full payment of the entire indebtednesa repreaented thereby, the mortgagee shall, ;n com- : puting the amount of such indebtedne~a. credit to the account of the mortgagor all payments made under E Lhe proviaions of (a) oi paragraph 2 hereoi which the mortgagee has not become obligated to paS to the ~ Federal Houaing Commisaioner and .wy balance remaining in the funds accumuiated under the prorisions ~ of (b) of aaid paragraph 2. Ii thei~e ahall be a default nnder aay of the pmvisiona of thia mortgage, re- ~ sultin~ in a public sale of the premisea covered hereby, or i~ the mortgagze acquirea tlie property other- wise aiter default, the mortgagee shaU apply. at the time of the commencement of such proceedings ~r at ~ the time the property is otherwise acquired. the balance then remaining in the funda accamulated under (b) of paragraph 2 preceding ss a credit sgainat the amonnt of principal then rem,~ining unpaid under ~ said note and 8hs11 prnperly adjust any psymenta which shall have been made under (4) of sRid paragraph. ~ 4. That he w~l pay all taxes, assesamenta~ water ratea, and other governmental or municipal charges, ~ ~ gooxl4? 82 ~ . ~ _ - - - ~ - - _ . { ~ ~ . _ - . - - -~~w`