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said matgagcc docs hereby Eutly ua~rant the litle to seid land. and every part theceaE. ard wi11 defend the same
against the lawful claims of all pecsons whomsoever. ~
PI20VIDED ALWAYS, aad these presents are executed a~d delivered upon the following conditions. to wit: ~
1`he mo~tgagor agcees to pay the ~ortgegee, oc o~der. the prir?cipal suo of
TW~FI,Vfi THOUSAND NINE HiJ[VDRED AND NO/100-------------------------~-----
Dollars (S 12 ~ 900.00 as evidenced by a note of even dete herewith. with intecest from date at the
~ate of five & three-quarters per centum ( 5 3/4 R) pe~ Aartum on the uapaid balance
until psid. The said p~incipal and i~terest shall be payable at.the office of
~BRAL GUARANTY MOR"'^aAGE UOMPANY, ENC., in Winter Park, Florida
or at such ~ther place as the holdei -?E the aote may desigaste in w~iti~g. ia monthly installaents of
Seventy five and 34/100------------ Dollacs (S 75.34 commeacing on ~
the first day of J2?nua,ry . 19 ~i7. and o~ the flrst day of each ~oath thereafter untilthepciacipal :
and interest are fully paid, except that the final payment of prin.,ipal ead interest, if not sooner paid. shall be due '
and payable on the first day of December , 1996 :
And shall duly, promptly, and fully pedorm. dischacge, execute. e[fect~ complete, and comply with end abide
by each and every the stipulations, agreements. conditions. aad coveaants of said pcoraissory note and of this
mortgage. then this moctgage and the estate hereby created shall cease aad be null and void.
Aad the aortgagoc further covenants as fol:ows:
1. That he will pay the indebtedaess, as hereinbefore provided. PriVilege is resecved to pay the debt in whole.
or in an amount equal to one a mae monthly payments on the principal that are next due on the note, on the first
day of any month prior to maturity: Providrd, however. that written notice of an inte~tion to exercise such privilege
is given at~east thirty (30) days prior~ to prepayment; and, provided further. that in the event the debt is paid in
Eull prior !!S maturity and at that time it is insured under the provisions of the Nation~l Housing Act. he will pay to
the mo~tgagee 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 modgage had continued to be insured until maturity; such payment to be applied by the moct- ~
gagee upon its obligation to the Seccetary of Housing and Urban Developmet~t on account of mortgage insurance. ~
2. That. in order morE fully to protect the security of this moctgage, the mortgagor, together aith. and in addi- ~
tion to. the monthly payments under the terms of the note secured hereby. on the Eirst day of each month until the ~
said note is fully paid. will pay to the mortgegee the follaaring sums: ~
(o) An amaunt su[ficient to provide the holder hereat ~vith funds to pay the nezt mo~tgaee insuraoce preauum it this iastru-
meat aadthe note secured hereb~ are insured. or a moathlr charge (in lieu ot a mortgage iasuraace premium) it they are
held by the SeCretary of Housing and Urban Developmeat, as lollows:
(I) IE and so long as said note o[ even date and this iastrument are insured a are seinsured under the provisiona of the
Nauoaal Hoasing Act. ao amount su[ficient to accumulate ia the hands of the holder one (1) moath prior to its due j
dats the annual mortgage insuraace premium, ia order to provide such dolder ~vith funds to pay such premium to the
Secretary o[ Housing and Urban Developmeat pursuant to the National Housin~ Act, as amended, and applicable Regu-
lations Wereuader, or t
(II) If aad so loag as said aote ot even date and thia instrumeat are heid by the Secrrtary of Housing and Urbaa Derelop-
meat, a mont6ly charge (in lieu ot a mortgage insuraace premium) which sball be ia aa amount equal to oae-nvelfth
(1/12) o[ one-half (~/i~ per ceatum of the average outstand'uig balauce due on t6e note computed ~rithout takiag iato
account delinquencies or prepsymeota; -
(b) A sum equel to the ground rmts, it anr, aexE dve. plus tlie premiums that will nert become due and payable oa policies
ot Cue and otl~er hazard insurance coveriag the mortgaged property, plus ta:es aad ~ssessments aezt due on the mort-
gaged property (all as estimated by the mortgagee) less all aums already paid thtretor divided by the nnmber of months
to elapse be[ore one month prior to We date when such around rents. premiums. taxes, and ~ssessmeata ~vill become de-
linquent. such suma to be heid by mortgagee in trust to pay said ground rents, premiums. ta:e~, aad special assessments;
and
~ (c) All p:yments meationed in the two preceding subsectioas of thia par4grap6 md all paymeats to be made mder the aote
secured herebr shali be added fogether and the aggregate amoaat thereof shall be paiA br the mortgagor each month ia a
~ single payment to 6e applied hy the mortgagee to the folloaing items in the order set (ortb: ;
(n premium charges under t6e contract oE insurance wiffi the Secretary of HousinQ and Urban Development, or monffily
charge (in lleu of mortgage iasurance premium), as the case may be;
~ ~II) ground rents, tazes, assessments, fire, aad ot6er hazard insuraace premiums; ~
(III) interest on the note secured 6erebp; ond i
~ (I~ amortiza4on of the principal of said note. ~
Any deficiency in the amoant of such aggregate a:onthly payment shall, unless made good by the mortgagor s
prior to the due date of the ne:t such payment, constitute an event of default uader this mortgage. The mortgagee ~
may coltect a"late charge" not to exceed two ceats (2~) foc each dollar (Sl) of each payment mae than fifteen _
(15) days in arrears to cover tbe extra expense involved ia handling delinquent payments. _
3. That if the totat of the payments made by the matgagor under (b) of paragcaph 2 preceding shall exceed
the amount of payments actually made by the moctgagee, fot ground.cents, taxes end assessments and insurance
premiums, as the cas~ may be, such excess shall be credited by the mortgagee on subsequen! payments to be =
made by the mortgagor. If, 6owever, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ~
ceding shall not be sufficieat to pay ground rents, taxes end assessmants and insurance premiums, as the case
~ may. be, when the sa~re shall become due and payable, thea the matgagot shall pay to the mottgagee any amount
~ necessary to make up the deficie~y. on a befae the date when payment of such ground rents, taxes, assessments,
or insurance premiums shall be due. If at any time the mortgagor shalltender t~ the mortgagee in accordance ~vith
~ th~e provisions of the note secnred hereby, fuli peyment of the entire indebtedness represeated t6ereby, the mort-
gagee shall, in computing the amount of such indebtedaess, credit to the account aE tbe mortgagor all payments
~ made under the provisions of (a) af paragraph 2 hereof which the moctgagee has aot become obligated to pay to E
~ the Secretary of Housing and Urban Developsnent and any balance remaining in the fuads accumulated under the
~ provisions d(6J oE said paragraph 2. If there shall be a default under aay of tbe provisions of this mortgage, re- p
sulting in a public sale of the premises covered ~ereby. or if the moctgagee acquires the property othe~rise after ;
- default, the moctgagee stell appty, at the time of the commencement of such proceedings or at the time the prop- `
erty is other~vise acquired, the balance then remaiaing in the funds accumulated under (6) of paragraph 2 pceceding ~
~ as e credit ageinst the amount of principal then remaiaing uapaid under said note aad sha;l properlyadjust aay ~
~ payments which s6a11 have beea made under (aJ of said paragrap6. 1
~ 4. That he will pay all ta:es, assessments, waler retes, and ather govemmeatal a municipel charges, fines, :
or impositioas, for which pravision hes not been made hereinbeface, and i~ default thered the mortgagee m~y pay f
the same; and that he will promptly deliver the dficial receipts therefor to the mortgagee.
~o~ ~59 379 r _ - .
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