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Home My WebLink About0543 t P[~vinau ALw~YS, sad t~iese preaents are executed and delivered upon the following conditions~ to wiL : • The mortgag~or a~re~s to pa~y the mortR~,, or ~nier, the primcipal aum of 'l~pl'~ ?~QBIJ~I,D ~ ~ ~ ~ W/1W~ ~ ~ ~r w w • • ~ ~ ~ • ~ ~ • ~ ~ • • w • • • ~ ~ ~ llollars 13~750•00 ~s evidenced ~p ~t note of ev~n date herewith, with interest ibm dabe at the rate oi !'i~~ $a~: tbsy~-lwrth per eentum t 5 3/4 96 ) Per annum on the un- paid bslance until paid. The said principal and intereat shxll be ~ayat,te at the oli~oe of J. T. ~~B!' M~%'GA4s C~7, II~C., Sidts 300 - 100 Mirscl~ Mil~~ Cossl GaDlss, Florids, or st such oiher place as the holder of the t~ote may designate in writing, in monthly instatlments oi ffiQ8~'? e?ad 30~144~ - - • - • - - - • - Dollars (a 80.30 commencing on the flrst day of ]~o~~r . , 1966 , and on the flrst day of each month thereafter until Lhe principal and interest ar~ fuUy paid. ex~,~ept that the ttnal payment of principal and intereat, if aot sooner paid, shsll be due ana p~yable on the first day of po{~~ , 1~ ; ~ And shaU duly, promptly. and it~11y perfarm, disr.harge~ execute, effect, complete. and oomply with and abide by each and every the stiputations. agreements. c4nditions, and covenants of said pramissorlv not~ aad o# this martgage, theu thi~ mortgage and the estate hereby Lreated shall cease and be null and void AAd the mc~rtgagor further covenants as foUo~~s; - I. That he will p~ay the indebiedness, as hereinbefore pmvided. I'rivilege is reserved to p~ay the debt in whole, or in an amount equul 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 maturity: Provided. however, that written notice af an intention to exereise such prit•ilege 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 wiU 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 adjusted premtum exceed the aggregate amount of premium charges which would have been payaUle if the tnort- gage had continued to be insured until maturit~•; such payment to be applied by the mortgagee upon its obligation to the Federal Hausii~g Commissioner on aiccount of mortgage insurance. . 2. That, in order mor~ fvlly 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 eactiinonth until the said note is fully paid. will pay to the mortgagee the followir.g_snms• (a) An amount su~'icient to provide the holder hereof with funds to pay the next mc+rtgage ~ insurance premium if this instrument and the note secured hereby are insured, or a monthly charge (in lieu of a mortgag~e insurance premium) if they are held by the Federal Housing Commissioner, as follows : (t) If and ~0 long as said note oi even date and lhia instrument are insured or are reinsured under the provisiona of the National Houaing A~t, an amount autfleient to aecumulate in the hands of the holder one (1) month prior to its due date the annual mortgag~ insuran~e premium. in order to provide sucb Aolder with funds to pay such premium to the Federal Housing Commissioner parsuant to the Natioasl HQUSing Act, as amended~ and applicable Re~ulations thereunder; or (tl) If and so long as said nots ot even dste and this instrument are held bj+ the Federal Housing Commis- sioner. a monthly eharge (in lieu of a mortgage inaurance premium) which shall be in an amount equal b one-tweifth (yS=j of one-halt (~s ) per centum of the average outatanding bulance doe on Rhe note eomputed without taking into aocount deliaqyencies or pnpayments; {b) A sum equal to the ground rents. if any, nex~ due, plus the premiuma that will next become due and payable on policies of fire and other hazard ins~rance covering the mortgaged property, pIus - taxes and assessments next due on the mortgaged property (a11 as estimated by the mortgagee) less all sums already paid therefor divided by the number of months ~o 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, pr~miums~ taxes, and special assess- - menta; and (cj Atl payments mentioned in the two preceding sut~sections ~f this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate. amount thereof shaU 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) premiw~t charRes under the contract of insuranoe vrith the Federai Houaing Commissioner. or monthly c}~~rqe (in lieu oi mortgage'insuranee premium), ss the caae may be; - - {u) ground rents. taxea, asaeasinenta, flre. and other hazard insnrance pre~miutns; (ttt) interest on the aote secured hereby; and ([v) amortization of the Rrincipal of said note. . Anq deficiency in the amount of such aggregate monthly payment. shall, nnless made good by the ' mortgagor prior to the dne date pf the next such payment, conat~tute an event of default under this mort- gage. The mortgagee may cullect a"late charge" not to exc~.~ed two cents (2~) for each doilar (;1) of each payment in~re than fifteen (15) days in arrears to cover the extra expense invoh?ed 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 actuaily made by the mortgag~ee, for Rround rents. taxes and aa$essments aad inaurance premiums, as the case may be, auch e~ccess shall be credited by the mortgagee on subsequent , p~Ymeats to be made by the mortgagor. If, hov~?e~•er, the monthly paymenta made by the mortgagor ' under (b) oi paragraph 2 pr~ceding shall not be aufficient to p~?ground renta, taxes and assesaments snd insurance premiunis. a~ the caee msy be, when the same ahalI become due and payabte, then the mortgagar shall pay to Lhe mortgagee any atnount ae~aaary to a.ake up the deficiency. on or before the ~ date when payment of such ground rents, taxes, asa~smenta, or insurance premiw~ns shall be due. If at any tirne the martgagor shall #ender to the mortgagee in ~cxordnace v~rith the. pmvisions of the note aecured bereby. full pa~yment of the entire indebtedness repreeented thereby, the mortgag~e shall. ~n com- putu~g the amount o such indebtedness„ credit to the accAUnt of the mortgagor all pay~nents made under the provisions of (a~ of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Houaing Coma?iaaioner ar.d any balance remaining in the funds accumulated under the pro~•isions oi (b) of s~tid ps?ragrsph 2. Ii there shall be a d~..fauft t~nder nny of the prnvisions of thia mortgage, re- aulting in a gublic aale of the premiaes oovered hereby, or if the mortgagee aoquires tlie propert} other- wiee after default, the mortgagee shall apply, at the time of the oommencement of auch proceedings or at _ the time the prnperty is otherwise acquired~ the baiance then remaining in the funda accumuiated under ~ (b) of psragraph 2 precedin us a credit againat the amount of priacipal then remaining unpaid under ssid note and ahall properly a~just any payments which shaU have bern msde under (a) of said p~r~ra~h. 4. That he will pay al1 t,tucea, aasessmenta, water rstea, snd other governmental or municipal charges, ~158 ~ 5~ - J 3-s .s @'~~,x~ ~R . _ . . . . _ _ . _ . . j j,4,= ` x j 1 ~ ~ - '!~i ~ ; ~ ~ ~ 1 ~ .z ~ - -n _ -