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said mortgagor does hereby fully warrant the title to said land, and every pa~t thereof~ a~d will defend the same
against the lawful claims of all persons whomsoevet.
PROVIDEU ALWAYS~ and these presents are executed and deliveted upoa the following conditions~ to wit:
The mortgagor agcees to pay the mortgagee. oc order. the principal sum ot
EIGHTEEN THOUSAND NINE HUNDRED AND NO/100-----------------------------
[~ollacs (S 18 ~ 9~• ~ as evidenced by a note of even date herewith, with intecest from date at the
rate of five & three-quarters per centum ( 5 3/4 'Ye) per annum on the unpaid balance
until peid. The said principal and i~terest shall be payadle at the office of
GENERAL GUARANTY MORTGAGE C(X+~IPANY, INC., in Winter Park, Florida
or at such other place as the holder of the note anay designate in writiog~ in monthly installments of
One hundred ten atZd 38/100--------- Do1lacs (S 110.38 commencing on
the Eirst day of December . 19 66. and on the first day of each month thereafter until the principal
and intecest ace fully paid. except that the tinal payment oE principal and interest~ if not sooner paid. shall be due
and payable o~ the first day of November, 1996 ;
And shall duly. promptly, and fully pedorm. discharge, execute. effect~ complete. and comply with at~d abide
by each and every the stipulations, agreements. conditions, and covenants of said promissory note and of this
mortgage. then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows:
1. That he will pay the indebted~ess. as hereinbefore provided. Privilege is resetved to pay the debt in whole,
or in an amount equal to one or more monthly payments on the principal that are next due on the note. on the first
day of any month prior to maturity: Provided, however. that writte~ notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and. provided fuKher, that in the event the debt is paid in
full prior to maturity and at that time it is insured under the pro~~isions oE the National Housing Act, he will pay to
the modgagee 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 mongage had continued to be insured until caaturity; such payment to be~applied by the mort-
gagee upon its obligation to the S~cretary of Housing and Urban Development on arcount of mottgage insurance.
2. That. in arder more fuily to pcotect the secnrity of this mortgage, the mortgagor, together with, and in addi-
tion to, the monthly payments under the terms of the note secuced hereby. on the first day of each month until the
said note is fully paid. will pay to the mortgagee the follawing sums:
(oJ Aa amount suf[icient to provide the holder hereof with [unds to pay the ne:t mortgage insurance premium i[ this instru-
ment andthe note secured hereby arc insured, or a monthly charge (in lieu of a mortgage inswance premium) if they are !
held by the Secretary of Housing end Urban Development, as follo~vs; ~
(I) If and so long as said note of even date and this instrument ore insured or are reinaured under the pwvisioas o[ the ~
Nationat l~ousing Act, an amount sutficient to accumulate in the handa of the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with tunds to pay suc6 premium to the
Secretary of Honsing and Urban Development pursuant to the N~tionat Housi~g Act, as amended. and applicable Regu-
latiaas thereunder; or
(II) I[ and so long as said note of even date and this iestrument are held by the Secrctary of Housing and Urban Develop- ~
ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in en amount equal to one-tweltth ~
(1/12) oi one-hoit per centum of the average outstanding balance due on the note computed without taking into ~
account delinquencies or prepaymeqts; ~
(6J A sum equat to the grouad rents, i[ any. nezt due, ptus the preminros that wil! aext become due and payable on policies
of [ire and other hazard insurance covering the mortgeged property, plus ta:es and assessments nezt due on the mort- ~
gaged propertq (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of montds (
to elapst be[ore one moath prlor to Ute date when such ground rents, premiums, tazes, and assessments will become de- ~
linquent, such sums to be 6eld by mortgegee in trust to pay said ground rents, premiums, taxes, and special assessments; ~
and
(cJ All payments mentioned in the t~vo preceding subsections of this paregraph and ail payments to be mede under the note
secured hereby shell be added together ~nd the aggregate amount thereo( shal! be paid by the mortgagor each month in a '
single payment to be applied by the mortgagee to the follo~rine items in the order set [orth:
(n premium charges under the coatract of insurance witb the Secretary of Housing and Urban Development, or monthiy
charge (in lieu of mortgage insuroace premium), as the case may be;
(II) ground rents, tazes, assessments, fire, and other hazatd insurance premiums;
(III) interesf on the note secured hereby; end
(I~ amortisation of the priacipal ot said eote.
Any deficiency in the amount af such aggregate monthly payment shall, unless made good by the morigagor
prior to the due date of the reext such paymept, constitute an event of default under this mortgage. The modgagee
may collect a"late charge" not to exceed two cents (2t) for each dollar (Sl) of each payment more than fifteen ~
(15) days in arrears to cover the extca expense involved in handling delinquent payments. _
3. That if the total of the payments made by the modgagor under (bJ of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance
premiums. as the case may be, such excess shalt be credited by the mortgagee on subsequeni paymeats to be
made by the mortgagor. If, however. the monthly payments made by the matgagor under (6) of paragraph 2 pre-
ceding shail not be sufficient to pay ground rents, taxes and assessments and insurance.premiums, as the case
may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount
necessaty to make up the deficiency~ on oc before the date when payment of such ground rents, taxes, assessments,
or insacance premiums shall be due. IE at aay time the modgagor shall tender to the mortgagee in accordance with
the provisia~s of the note secured hereby, full payment of the entire indebtedaess represented thereby, the mod-
gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments
made under the provisions of (a) of paragraph 2 hereoE which the mortgagee has not become obligated to payto
the Secretary ot Housing and Urban Development and any balaece remaining in the funds accumulated under the
provisions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- ~
sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the propedy otherwise after ~
default, t6e mortgagee shall apply. at the time of the commencement of such proceedings or at the time the prop-
edy is othecwise acqnired, the batance then remaining in the funds accumalated under (6J of paragc3ph 2 preceding
as a credit egainst the amount of principel then remaining unpaid under said note and shall ptopprly adjust any
payments which shall heve been made under (a) of said paragraph.
4. That he will pay all taxes, assessments. watet rates, and other governmental or municipal chaiges, fines,
oc impositioas, for ahich provision has not been made hereinbefae, end in defautt thereof the mortgagee may pay
the same; and that he will promptty deliver the official receipts therefor to the mortg,agee. ~
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600K ~57 PA~E 4~~
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