The URL can be used to link to this page

Home My WebLink About2578 PROVIDEA AGWAYS~ anci these presents are exeeutecl and delivered upon the follo~v?t~g eonditions, to u•it: The mortgagor agrees to pay the mortgagee~ or order. the principal sum of EleVen Thousand, Six Hundred Fifty and No/100_____________________ Doliars 11, 650.00 as evidenceci by a note of even date herewith, «ith interest from date at the rate of ~ Five and One-Half per centum ( 5~ ~'o) per annum on the un- paid balance until paid. The said principal attd interest shall be payable at the ofl9ce of General Quaranty Mortgage Company, Inc., 850 West Morse Boulevard, Winter Park Florida or at sach other p~ace as the ho~der of the note may designate in «~riting, in monthly installments of Sixty-Six & 17~100---------------- Dollars (a 66.17 commencing on the first day of Ju y . ls 66 ~ and on the first day of each month ~thereafter until the grincigal and interesk are fully paid, except that the final papment of principal and interest, if not sooner paid~ shall be due and payable on the first day of June ,1996 ; t And shall duly~ promptly, and fully perform, discharge. execute, effect, complete. and comply with and abide by each and every the stiputations, agreements, conditions. and covenanLs of said promissory note and of thig mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenanis as follow•s: 2. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an xmount equal to one or mo~~e monthly payments on the principal that are next due ! on the note. on the first da~ of any month prior to maturity : Provided~ hoH•ever, that K•rittcn notice of an intention to exercise such pri~~ilege is giti~en at least thirty (30) days prior to prepayment; and, provided further. that in the event the debt is ptiid in full prior to maturity and at that time it is insured under the provisions of the National Iiousing Act. he will pay to the mortgagee at? adjusted premium charge of one per centum (1 ) of the original principal amou~t thereof. except that in no event shal! the adjusted prem~um exceed the aggregate amount of premium charges which would have been payable if the .nort- gage had continued to be insured until maturitl ; such pay~nent to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ~nsurance. 2. That. in order more fully to protect the security of this~mortgage. the mortgagor, together wiEh. 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 ~aid, wil! ~ay to the mortgagee the following sums: (a) An amount saf~cient 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 monthiy charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as fo11oN s : (t) If and so tong as said note of e~en date and this instrament are insured or are neinsured under the pro~ isions ot the National Housing Act, an amount suflicient to accumulate in the hands of the holder one ( l) month pri~_ :v its due date the annual n?urtgage insurance premium, in order to pro~•ide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the National HousinR Act~ as amended, and apPlicable Regulationa thereunder; or (~t) If and so long as said note of e~en date and this instrument are held by the Federal Housing Commis- sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount eryual to one-twelfth of one-half ( S4 ) per centum of the a~eraKe outstanding balance due on the note computed without taking into account delinquencies or prepayments; ~ (b) , A sum equal to the ground rents, if any, next due, plus the premiums that will next become i ~»P and i~vable on nolicies of fire and other hazard insurance covering the mortgaged property. plus taxes and assessments next due on the mortgaged property (ail as estimated by the mortgagee% iess ali sums already ~,aid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes. and assessments will become delinquent, such sums to be held by mort~agee in trust to pay said ground rents. premiums~ taxes~ and special assess- ments; and Lc? ~ All YayrnPntiQ mentioned in the two precedin~ subsections of this paragraph and all pay- ments to be made vnder the note secared hereby shal) be added together and tlie aggregate amount -thereof shall be paid by the mortgagor each m~nth in a single payment to be applied by the mort- gagee to the following items in the order set forth: (t) premium charRes under the contract of insurance with the Federal HousinR Commissioner, or monthly ; charge (in tieu of moitRage insurance premivm). as the case may be; (tt) R~nund rents, taxes. asse~.~mcnts, fire, and uther hazarci insurance premiums; (ttl) interest on the note secu~rd hereby; snd i (lv) amartization 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 ti~e next such payment, constitute an event of default under this mort- I 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 im~olved in handling t delinquent payments. 3. That if the total of the pay ments made by the mortgagor under (b) of paragraph 2 preceding shall ` exceed the amount of pa~•ments ac~ually made b~ the mortgagee. for Rround rents, taxes and asses.~ments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent paymenta to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under ( b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments ~ and insurance premiums, as the case may be, when the same ahall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the ; date Khen payment of~ $uch gronnd rents, taxes, as,4essments, or insurance premiuma shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com- puting the amount of such indebtedness, credit to the account of the mortgagor ait payments made undei• the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~ to the Federal Housing Commisaioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of said paragraph 2. If thei~e ahall be a default under any of the provisions of Ehis mortgage~ re- sulting in a public sate of the premises covered hereby~ or if the mortgagee acqnires the propert~ other- wise after default. the mortgagee shall apply, at the time of the commencement of such prceeedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall pmperly adjust any payments which shall have been made under (a) of aaid parag~•aph. 4. That he will pay all taxes. assessments. water rates, and other governmental or municipal charges. ~ ~ ~~14~ 176 . _ ~ - ~ . Y: