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Home My WebLink About0371 . . ~ ~ ~ ~ , P[wvtn~ A~.w~YS~ and these presenta ~re executed and delivered upon the follawing conditions~ to wit: The mortgagor agrees to pay the mortgagee, or or~er. the principal sum of FOQR~~ 'PH~Q8AND !~8 ~~ID ~i~'!? aud 00~100- • • • - • - - • • • - - - • - • • - • - . • - - - - - Dol~ara (i 14,450•~ as evidenced by a note of even date here~vith~ with interest irom date at the rate of ~iw ond tbrts-fourth per centwn ( g 3/4 96 ) per annum on the un- paid balance until paid. The said principal and interest ahall be payable at the o~ce of J. T. 8~~11R'P ~'(il4s C~, I]IQ. in Costi?1 ~iabl~e ~ Florida or at such other place as the holder of the note may designate in w•riting, in raonthly instaUments of ffiGSYY•F~8 and 39~100- - - • - • - • - • Dollara (i 84•39 commencing on the flrst day of dn~j , 19 66 , and on the ftrst day of each month thereafter until the principal and interest are f~Uy p~aid. except that the flnal payment of principal and interest, ii not sooner paid. ahaU be dae and payable on the flrst day of ~'vuu~ , 1996 ; And ahall duly. promptly. aud fully perform, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations. agreements, conditiona~ and covenants of said prnmissory note aad of this mortgage, then this mortgage and the estate hereby created shaU cease and be nuU and void. And the mortgagor further covenants aa follows: 1. That he will pay the indebtedness~ as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount e~ual to one or moi~e monthly payments on the principal that are next duQ on the note. on the flrat d~• of any month prior to maturity: Provided. however. that writtcn 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 msured under the provisions of the National Housing Act~ he will pay to the mortgagee an adjusted premium charge of one per centum (1 ~6) of the original pr~ncipal amount thereof, except that in no event shall the adjusted premium exceed thea~gregate 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 aocount oi mortgage insurance. 2. That, in order more fully to protect the securitq of this mortgage. the mortgagor~ together with, and in addition to. the monthly p~ayments under the terms of the note secured hereby, on th~ first day of each month until the said note is fully paid. will pay ta the mortgagee the following sums: (a) An amount suflicient 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 monthty charg~ (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follovrs : (t) If and ao long as said note of even date snd thia inrtrument are insur~d or are reins~red under the pmvisions of the National Housing Act, an amoant suftkient to atcumulate in the hands of the holder one (1) month prior to ita due date the annwl mortgage insurance premium. in order to pmvide such holder with funda to pay such premium to the Federal Housing Commissioner pursuant to the National Housing Act, as amended~ and applicable Regulations thereunder; or (~t) If and eo long as said note of even date and thia inattument are held by the Federal Aousing Commia- sioner, a monthly chs (in lieu of a mortgsge inaurance premium) which shail be in an amount equal to one-twelfth of one-half ( 34 ) per centnm of the average outatanding balance due on the note compnted vnithout taking into sccount delinquenciea or prapsyments; _ . (b) A sum equal to the ground rents, if any, neut due, plaa the premiuma that will next become due and payable Qn 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 j ' all sums already paid therefor divided by the number of months to elapse before one month prior ! to the date when such gro~und rents. premiums, taxes. and assessments wiU become delinquent~ such ~ sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and special assess- menta ; and (c) All paymenta mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secnred hereby shall be added together and tlie aggregate amount thereof ahaU 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 charqes under the contract of insurance with the Federal Housing Commissioner, or monthly charge (in lieu oi mortgage insnrance pre~nium)~ as the case may be: (II) ground rents. ta~ces, assessments. flre, and other hasard ins~rance premiums; (m) interest on the note aecw~ed hereby; and (iv) amortisation ot the principal oi 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 nnder 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 the extra expense involved 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 payments actually made by the mortgagee, for Rround rents. taxes and asses.Qmenta and insurance premiums, as the case may be, such excesa ahall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preoeding ahall not be su~cient to ps~ygronnd rents, taxea snd assessments and insurance preaaiuma, aa the case may be. when the same ahaU beoome due and payable, then the ~ mortgagor shall pay to the mortgag~ee any amount necessaty to mslce np the deficiency~ on or before the date when payment of such ground rents, taxes, saseasmenta, or insurance premiums shall be due. If ~ at any time the mortgagor shall tender to the mortgs~gee in sccordance with the proviaiona of the note secured hereby, full payment of the entire indebtedness repreaented thereby, the mortgagee shall, ~n com- puting the amount of auch indebtedness, credit to the acoount of the mortgag~or all payments made under the provisions oi (a) of paragraph 2 hereof which the mortgagee haa not become obl~gated to pa~• to the Federal Hoaain~ Commisaioner and any balance remaining in the funds accumulated under the pro~ isions of (b) oi said paragraph 2. If thei~e shall be a default under any of the proviaiona of this mortgage, re- sultin~ in s public aale of the premiaea eovered hereby, or if the mortgagee acquirea tlie propert~ other- wiae after default~ the mortSagee shall apply, at the time of the ooramencement of auch proceedmgs or at the time the property ia otherwise aoquired, the balsnce then remaining in the funds accumulated under (b) of paragraph 2 precedin sa a credit against the amount of pnncipal then remainin un~aid under aaid note and ahall pmperly a~uat any payments which ahafl have been msde under (a) pf ~i2~para~raph. 4. That he will pay all taxes, asseasments, water rates, and other g?overnmental or municipal charges, ~ aoox148 3?0 ~ - t f ~ ~.z.. ~ _ F~;;