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Home My WebLink About2897 PROVIDED ALWAYS, anu these presents are executed and delivered upoa the following conditions. to ~~~it : . The mortgagor agrees to pay the mortgagee, or order, the principal sum of F~fteeA Thousand One Hundred end No/100 Dollars (a 15 ,100 . 00 as evidenced by a note of even date herewith, with interest from date at the rate of S'Lx per centum ( 6 9'0 ) per annum on the un- paid ba]ance unti! paid. The stiid principal and interest shalt be payable at the oft9ce of $OUTHEASTERN HOME MORTGAGE COMPANY, Q. Box 750 R£verside Station, Miami, Florida or at such other place as the holder of the note maS~ designate in ~vriting, in monthly installments of Ninety and 60/100 _________________.~ollars (a 90.60 commencing on the flrst day of December , 1966 , and on the first day of each month thereafter until the principal and interest are fully paid. except that the Rnal payment of principal and interest, if not sooner paid, shall be due and payable on the first day of November ,1996 ; And shall duly. promptly. and fully perform~ discharge. execute. effect, complete. and comply with and abide by each and every the stipulations~ agreements, conditions. and covenants of said promissory note and of thi.4 mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follow•s : 1, That he will pay the indebtedness, xs hereinl~efore provided. 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 da~ of any month prior to rnaturity : Provided. howe~rer, that w rittcn notice of an intention to exercise such pri~•itege is given at least thirty (30) days prior to prepayment; and, provided further. that in the event the debt is paid in fult prior ta 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 ~/o ) of the original principai amount thereof, except that in no event shall the adjasted premium exceed the aggregate amount of premium charges which would have t~een 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 account of mortgage insurance. 2, That, in order more fully to protect the security of this mortgage, the mortgagor, together with~ and in addition to, the monthiy payments under the terms of the note secured hereby~ on the first day of esch month vntil the said note is fully paid~ will ~y to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof xith funds to pay the next mortgage insurance 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 Federal Housing Commissioner. as follov~ s : (tj If and so iong as said note of even date and this instrument are insured or are reinsured under the provisions of the !~'ational Housinq Act. 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 funds to ~ay such pnemium to the Federal Housing Commissioner pursuant to the Nationat Iiousing Act. as amended~ and applicable Regulations theneunder; or (ci) If and so long as said note of even date and this instrament are held by the Fede~al HousinK Commis- sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (U•_.) of one-half ('~s ) per centum of the a~~era~e outstanding balance dueon the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the und rents, if any, next due, plus the premiums that will next become due and payable on policies fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next ue on the mortgaged property (all as estimated by the mortgagee) less all sums already paidi for divided by the number of months to elapse before one month prior to the date when su 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 pa~~ments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and tlie 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 char~es under the contraet of insurance with the Federal Housin~ Commissioner. or monthly charge (in lieu of moi-t~,?age insurance premium), as the case may be; (tt) Rround rents, taxes, asses.4ments. fite~ and other hazard insurance premiuma; (1n) interest on the note secured hereby; and ) 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 tl~e next such payment, constitute an event of default under this mort- gage. The mortgagee may cullect a"tate charge" not to exceed two cents (2t) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense in~olved in handling delinQuent payments. 3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actuallY made by the mortgagee, for Rround rents, taxes and assescments and ~nsurance premiums. as the case may be, such excess shall be credited by the mortgagee on subsequent . payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under ( b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums~ as the case may be, when the same ahall become due and pay able, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the date when payment of such ground rents, taxes, aesessmenta. or insurance premiuma shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby. the mortgagee shall, ~n com- puEing the amount of such indebtednesa~ credit to the account of the mortgagor all payments made under the provisions of (a) of parag~raph 2 hereof which the mortgagee has not become obligated to pas to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of said paragraph E. If thei~e ahall be a default under any of the provisiona of this mortgage. re- sutting in a public aale of the premisea covered hereby, or if the mortgagee acquires the prnpert~ other- wise after default, the mor+_gagee shall apply, at the time of the commencement ot such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of p$ragraph 2 preceding as a credit againat the amount of principai then remaining unpaid under aaid note and shall properly adjust any payments which shall have been made under (n~ of said paragraph. 4. That he will pay ail taxes, assessments. water rates, and other governmental or municipal eharges, k. aoaK 15~ Pa~E 496 . . . ~a_~ K ~ ~u=~: - . ~ ~ ~„x.;.:: z ~ ~ ~ ~ u _