The URL can be used to link to this page

Home My WebLink About0849 . ! i i 't ~ ' ~ - PROVIDSD ALWAY3. and these presents are executed and delivered upon the following conditions~ to w'tL : The mortgag~or agrees to pay the mortg?ag^ee, or order, the principal sum of Ten Thousaad Eight Hundrad Fifty aad ao/100 Dollara (a 10,850.00 as evidenced by a note of even date herewith. with interest from date at the rate of five and oae half per centum ( ~ 9'0 ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the oftice of North American Pbrtgaga Corporatioa PO Box 12349, St. Petereburg, Florida or at such other place as the holder of the note may designate in writing, in monthly installments of SixCy One and 63/ 100 Dollars 61. 63 commencing on the first day of suguat , 19 66 . and on the first day of each mon~h thereafter until the principal and interest are fully paid~ except that the final payment of principal and interest, if not sooner paid. ahall be due and payable on the flrst day of July .1996 ; And shall duly. promptly. and fuDy periorm, discharge, execute, effect~ complete. and comply with and abide by each and every the stipulations. agreements. conditions; and covenants of said promissory note ~nd of this mortgage, then thia mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as foAow•s: 1. That he wiU pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equxl to one or moi~ 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 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 ~k ) of the original principal amount thereof, except that in no event shall the adjusied premium exceed the aggregate amount of premium charges which would have been payable if the :nort- 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, aad 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 pay to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay 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 Commissioner. as follows : (t) If and so long as said note of even date and this instrament are insured or are reinsured under the provisiona of the National Housing Ac~ an amount suflicient to accumulate 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 funda to psy such premium to the Federal Hous~ng Commissioner putsuant to the National Housing Act, as amended, and spplicable Re~ulations thereunder; or (u) If snd so long aa said note of even date and th~s inatrument are held by the Federal Housing Comn~ia- sioner, s monthly chsr'~e (in lieu of a mortgaBe insurance premium) which shall be in an amonnt equal to one-twelfth ('~iz) of one-half ('~3e ) per eentum ot the average outstanding balance due on the note compnted without taking into account delinquencies or prepaytnents; (b) A snm 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 next due on the mortgaged property (all as estimated by the mortgagee) less all sums already gaid 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 mortgagee in trust to pay said ground rents, premiums, taxes. and specisl assess- menta ; and ~ (c) A~11 payments mentioned in the two preceding subsections 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: (t) premium charqea under the contract of insurance with the Federal Housing Commissioner, or monthly charge (in lien ot mortgage insnrsnce premium), as the case may be; (n) gnound rents, taxes. aseeasmenta. 5re, and other hazard inaurance premiums; (ttt) intetest on the note secuned herebq; and (tv) amortization 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 pa~ment, constitute an event of default under this mor~ 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 total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of vayments actually made by the mortgagee, for R?~ound rents, taxes and assesamenta and insurance premiums, as the case may be, such excess ahall 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 precedina shall not be au~cient to payground rents, taxes and assessments and inaurance premiums~ as the caae may be, when the same ahall tiec:ome due and payable, then the ~ mortgagor shall pay to the mortgagee sny amount necesaary to mske up the deficiency, on or before the ~ date when payment of such ground renta, taxes, ass~amenta, or inaurance premiuma shall be due. If ~ at any time the mort8agor shall tender to the mortgagee in acoordance with the provisiona of the note ~ aecured hereby, full payment of the entire indebtednesa repreaented thereby, the mortgagee shall~ ;n com- ~ puting the amount of such indebtednesa, credit to the account oi the mortgagor all payments made under _ the provisions of (a) of parsgraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Housing Commiasioner snd aay balance remaining in the funda accumulated under the pro~•isions oi (b) oi asid paragraph 2. Ii theie shall be s defsult nnder auy of the proviaions of this mortgage. re- ~ sultina in a public aale of the premiaea oovered hereby, or if the mortgagee aoquirea tiie property other- wiae after default, the mortgagee ahall apply. at the time of the oommencement of such proceedings or at ~ the time the property is otherwiae acquired. the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit agsinst the ac~wunt of principsl then remaining unpaid under asid note and shall pmperly adjuat any paymenta which shall have been made under (a) of said paragraph. 4. Thst he will pay all taxes, assesamenta, water ratea, and other governmental or munio~psl charges~ $ooK ~.49 Z48 ~ ~.~F. ~ ~ r: ~ ~ ~ ~ , - _