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Home My WebLink About0548 ` j , - ~ ~ . 1. ~ .i PROVID~ ALwi.Y3. a~d thage preaenta are executed utd deliver¢d upon the following conditiona. to wit: ~ The mortgagor agrees to pay the tnortgs~ee, or ordRr, the priacipsl sum of '1y18LYS 'P~Il81?iD TY~ 8IA[~ and 00/100- ~ • • • • • • • - ~ - - - - • • ~ - - • - - • - - - - • - Dollara (a 12, 2CD.00 as e~~idenced by a note of even date herewith. with intex~est irom date at the rate of lY~~ and thtes-tourth per centum ( 5 3/4 `~b ) PEr annum on the un- paid balance until paid. The said principal and in~ere~t ahall be payable at the o~ce of J. T. BT~IABT I~TGA~ CQ~AHT, IUC., 9ait.~ 300 - 200 1liraole Mil~, Coral Cabl~a~ 1~'lori~s, or at such other place as the holder of the note m~r designate in writing. in monthly insta?limenta of SSY~ITY-~S and 2~~100- - - - - = - - • -DoUsra (S 71.25 cammencing Qu the tirst day of aoT~~s . . 1~ ~ afld on Lhe flrst day of each month thereafter until the principsl and intere,~t are ful~y paid. except that the flnal p~yment of principal and interest, i# not aooner - paid, shall tse due and payable on the first d~y oi ~otob~r ~ 1996 : And shait dnly. promptly. and fis11Y pertorm. diacharge. execute, effec~ complete, and ~omply with and abide by each and every the stipulat.~ons, agreements. coaditions~ and covenants of sai~' promissory note and of thi~ mortgage, then this mortgag~e and the esta+te hereby creafi.ed shall cease and be null and void And the mort~agor further covenants as follov?•a : ~ 1. That he will pqy the indebtedness, as hereinbefore provided. Privilege is reserved to psy the debt in whole. or in an amount equal to one or mot~e monthly payments on the principai that are-next due on the note. on tlie firat da3 0~ any month prior to maturity: Pmvided. however..that writtcn n~tice of an intention t~ exercise such pri~ilege is gi~en at least thirty (30) days prior to pre~ayment; and, provided further~ that in the event the debt is paid in full prior to maturity anci at that time it is insured under the pmvisiona of the National Housing Act, he wiU pay to the mortgagee an ac~juated premium charge of one per centum (l;h) of the original principal amount thereof. except that in no event shall the adjusted pr~mium exceed the aggregate amount of premium chargea which v~auld have been 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 mare 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 secured hereby. on the first day of ea~ch month until tha said note is fuUy paid, wip ~y to the mortgagee the followir~g sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured. or a monthly charg~e (in lieu of a mortgage inaurance premium) if they are held by the Federal Housing Commisaioner, as follows : (t) If and so long as said note of even date snd thia inattvment sre inaured or are rsinsured under the provisions of the National Housing Ac~ sn amonnt sufticient to accuraulate in the hands of the holder - one (1) month prior to its due date the annual mortgage insnrance premium. in order to provide auch holder vvith funds to pa such premium to the Federal Housing Commissioner pursuant to the National v Hovsing Act, as amen ~ and applicable Re~ulationa thereunder; or (n) If and so long as said nate of eren date ansl th?s instrument are heW by the Fedaral Housing Commis- sioner. a monthly chat~e (in liw of a mortgage insurance premium) vvhich shall be in an aawunt equal to one-twelfth (y~_) of oae-half ( S4 ) per eentum oi the average outstsnding balance due on the note eomputed without taking into aocount delinquencies or pnpsymente; (b) A sum equal to the ground renb. if any. ne~ct due, pius 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 mbrtgaged property (all as estimated fiy the mortgagee) less all sums already p~d therefor divided by the number of months to elapse before one month prior ' to the date when such ground renta, premiums. taxea. and assessments will become deli~quent, such ; sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and speciai assess- ~ meuts; and (c) All 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 sggregate amount thereof shall be paid by tl~e mortgag~or each mpnth in s single payment to be applied by the mor~ E gagee to the following items in the order set forth: (t) premium charqes upder the oontract oi insnrance with the Federal8cwsing Commissioner. or monthly charge (in lieu ot }nortgage insarance premium), sa the aae ma~ be;. (tt) ~round rents. tazes..as~e~smenta, 5te, and otlier haa.ard insursnce preraiums; (in) ~nter~t on the note seeu~~ed hereby; and (tv) amortization of the princigal 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 payyment. const~tute an event of default under this mor~ The mortgagee may cull~rct a"iate charge' not to exceed two cents (?R) for each dollar (~1) of ea h 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 ~xceed the ar~ount of payments actusliy made by the mortgagee. for Rround rents. taxes and assesaments aad insurance premi~ma, as the case ruay be, such e~ccr~ss shall be credited by the mortgagee on subsequent pa,ym~nt8 to be made by the mortgagor. If, however, the month~y payments made by the mortgagor ~ under (b) of paragraph 2 preceding ahall not be su~cient to pay gcound rents, taxes and assessments ~ and insurance premiams, as the case may be. when the aame a6al1 beoome due and payable. then the ~ mortgagor shall pay to the mortgagee any amount neceasary to mske up the deficiency, on or before the ~ date when pa?yment of such ground rents, taxes, se~aeasments, or insurance premiums ahall be due. If ~ at any time the morteagor ahall tender to the mortgagee in aocordsnce with the provisions of the note ~ secured hereby~ full payment of the entire indebtgdnesa repreaented thereby, the mortgagee ahall~ ;n com- puting the sinount of auch indebtednesa, credit to the acoount of the mortgagor all payments made under f ~ the prnvisions of (a) of paragraph 2 hereof which L6e mortgagee has not become obtigated to pay to the Federal liousing Commiasioner and any balance remaining in the funda accumulated under the pro~ isions of (b) of said psragraph 2. Ii there shall be s defsult nnder any of the p'rovisions of this mortgage, re- sultir.g in s public sale o! the premiaes o~ver9d hereby, or if the mortgagee acquirea tfie property other- wiee after defaul~ the mort8agee ahall apply, at the time of the commencement of auch proceedmgs or at - the time the property is otherwise acquired, the balarice then remaining in the funda accumulated under (b) of paragraph 2 preceding as a credit ~gsinat the saaunt of pruicipal then remaining unpaid under . said note ~nd shall properly a~d,jus~ aqy payments which shall have been msde under (a) of sa~d paragraph. 4. ~hat he will pay all taxea, ~aments, water rat~, and other qovernmental or monicipal chargea, ~ e°ooRU158 ~ : . 5~ ~ r - _ _ - ~ ` ~ ~ ~ ~ ~ ~ ~ ~ ' - ,;LL~ _ . # _