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Home My WebLink About2034 , Y ~ • , , ~ ' PROVIDED ALWAYS~ and these presents ar~ execlit~ and deliver~ upon the following conditions~ to K It : • The mortgagor agreea to pay the mortga~ee~ or order~ the prer~cipal sum of Nine Thousand Four Hundred and No/100--------------------------------- Dollara (a 9~ 400.00 as evidenced by a note of even date here~vith. ~vith intereat from date at the rate of Five and three-fourth Per centum ( 5 3~1}~'0) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the oftlce of l3en~ral (~uaranty Mortgage Company, Inc., 850 West Morse Boulevard, Winter Park, Florida or at such other place as the holder of the note may designate in writing, in. monthly installments of Fifty-Four & 90/100--------------- Dollars 51~ ~9p commencing on the ftrat d~y of September , 29~ , and on the ftrst day of each month thereafter until the principal and interest are fuUy paid. except that the flnal payment oi principal and intereak if not sooner paid, shall be due and payable on the first day of August, 1996, ; And shall duly~ promptly, and fuUy perform, discharge~ execute, effect, complete, and comply with and abide by each and every the stipulations. agreements. conditions. and covenants of said promissory note aad of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgag+or further covenants as fotlowa: 1. That he will pay the indebtedness. as hereinbefore provicled. Privilege 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 da3 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 thnt 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%) 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 untii maturity; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage tnsurance. 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 aecured 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 suf~'icient to prnvide the holder hereof with funds to pay the next mortgage inaurance premium if this instrument and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federnl Housing Commissioner, as follows : If and so long as said note of e~en date and this inatniment are insured or are reinanred under the provisions of the National Housing .~ct, an smonnt su8icient to aceumulate in the hands of the holder one (1) month prior to its due date the annuai mortgage inaurance premium, in order to prnvide such holder with funda to pay such premium to the Federai Housing Commissioner pursnant to the National Iiousing Act, ss amended, and applicable Re~ulstions thereunder; or (ti) If and so long as said note of even date and thia instrument are heid by the Federal Housing Commis- aioner, a monthly charg~e (in lieu ot a mortgsge insurance premium) which shall be in an amount equal to one-twelfth of one-half ('4 ) per centum of the average outstanding balance due on the note rnmputed without taking into account delinqaencies or prepayments; (b) 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 taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid 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 special assess- ments; and (c) All payments mentioned it? the two preceding subsections of this paragraph and ali pay- ments to be made under the note secured hereUy 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 or~er set forth: (i) premium char~es under the contraet of insurance with the Federal Housing Commissioner, or monthly charge (in lieu of mortRage insurance premium)~ as the case may be; (t[) Rivund rents, taxes. sssessme~ts, fire, and other hazard insurance premiuma; (tti~) interest on the note secured hereby; and i (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 payment, constitute an event of default under this mort- r gage. The mortgagee may cullect a"late charge" not to exceed two cents (2~) for each doilar ($1) of ~ each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amonnt of vayments actually made by the mortgagee, for Rround rents, taxes and asses.aments and ~nsurance premiums. as the case may be. such excess ahall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If. however, the monthly payments made by the mortgaSor under (b) of paragraph 2 preceding shsll not be sutficient to payground renta, taxes and assessments and insurance premiums, as the case may be, when the same ahall recome due and payable. then the mortgagor shall pay to the mortgagee any amount neceasary to make up the deficiency, on or before the date when payment of such ground renta, taxea, assessments. or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accurdance with the provisions of the note secured hereby, fnll payment of the entire indebtedness represented thereby, the mortgagee shall. ~n com- puting the amount of such indebtedness~ credit to the account of the mortgagor alt payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obl~gated to pay to the Federal Honaing Coramissioner and any balance remaining in the funda accumulated under the pro~•isions of (b) of said paraSraph 2. If thei~e shall be a default nnder any of the provisions of this mortgage~ re- ~ sultinQ in a public sale of the premises covered hereby, or if the mortgagee acquirea the properts other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property i$ otherwise acquired, the balance then remaining in the funda accumulated under (b) of paragraph 2 preceding as a credit againat the amount of principal then remaining unpaid under aaid note and shall properly adjust any paymenta which shall have been made under (aj of ssid paragi•aph. 4. That he will pay all taxes, assessments, water ratea. and other governmental or municipal charges, . ~ ~ ~ ~ ~~51 233 : . ~ . . _ 3~ ~ . - t: _ - _ ~ - _ ~ ~ 3 ~