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s:,?J .<'e..goc doe~ hec~by full~ w.+rs.+nt the title to said l~nd, and evecy part tlu:ieoi. and witl defend the same
again~: :he lawful claims o[ all pe~~uns whomscevec.
t'nv\'IDED AI.WAYS. and these presents are executed and delivered upon the following conditions. to Kit:
i i..- ~r,ortgagor agrees to pay 1he moctgagee~ or ocder, the principal sum of '1Yj'LTti ~1'~BITD 812 ~DR6D
sad00~100-••__-••-•-••.-•-_••-•-•-•--•.•_.-•__•
Dollai~ la 12~(00.00 as evidenced by a nate ot even date herewith. with interest from date at the
rate vf ~ per centum ( 'X.) per annum on the unpaid balance
unlil ~,..~J. The said principal and interest shall be payable at the office of J. 8~~' ~$~G~s
OQ~~i?~ I~C. ~~ite 300 - 100 Kiraol~ ~il~ ia Coral 6a?bles~ lrlerida
oc at ~~:h uther place as the holder of the ~ote may designate in writi~g. in monthly installments of
B,~P~R?~p11?, a~+d 6p~lQQ~ ~ ~ ~ ~ ~ ~ ~ ~ Dollacs (S 75.60 comn~encing on
the [i~at day ot ~T~ , 1967 , and on the ficst day of each month thereafter until the pcincipal
and u?t~test are fully paid, except that the final payment of principal and interest. it not sooner paid. shall be due
and pa}•able on the first day of D~Ol~bi=~ 19~ ;
Aud shall duly. promptly. and [ully 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 this •
mortg:ige, then this modgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows: ' '
1. 7'hat he will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved 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: P~ovided. however~ that written notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and~ pcovided further. that in the event the debt is paid in
full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to
the moctgagee an adjusted pr~mium charge of ~ne E•er centum (196) of the ociginal principel 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 mort-
gagee upon its obligation to the Secretary of Housing and Urban Development pn account of modgage insurance.
2. That, in order more fully to protect the security ot this modgage; the mortgagor. together with. and in addi-
tion to, the monthly payments under the terms of the not~ secured hereby. on the first day of each month until the
said note is fully paid. will pay to the mortgagee tre follawing sums:
(a) An amouat su[ficieat to provide the holder hereoi with [unds to pay the ne:1 mortgage insurance premium i[ this i~stru-
ment and the note secured hereby are insured, or a monthly charge (in lieu o[ o mortgage insurance premium) if they are
held by the SeCretary of Housing and Urban Developmeat, as followrs:
(1) If and ao long as said note ot even date and this instrument are insured ot are reinsu~ed mder the provisions of the
National Honsing Act. an amouat sufCcieat to accumulate in the hands o[ 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 such premium to the
Secretary o[ Housing and Urben Developmeat pursuent to the National Housing Act, as amended, and applicabie Regu-
tations thereunder; or
(II) I( and so long as said note o[ even date and this instrumeat are held by the Secretary ot Housing aad Urban Develop-
ment. a monthly charge (in lieu oi a mortgage insuronce premium) which shnli be in aa am~unt equal to one-twelfth
(1/12) of one-half (5~i) per centum ot the average outstanding balance due on the aote computed ~rithout takiag into
accouat delipquen~iea or prepayments;
(bj A sum equal to the ground rents. iE any, nest due. plus the preeniums that will nezt become due and payable on policies
ii of tire and other hazard iasuraace covering the mortgaged prope~ty, plus tazea and assessments aezt due on-the mort-
r gaged property (all as estimated by the mortgagee) lesa ali sums already paid theretor dlvided by the aumber ot months
to elapse before oae moath pdor to the date when such ground rents, premiums, tozes. and assessments aill become de-
linqueat, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, aad special assesaments;
and
(c) All payments mentio~ed in the two preceding subsections of this paragcaph aad all payments to be mQde under the aote
secwed hereby shall be added tog~clhes-amd the agg~egate amount thereof shall be paid by the mortgagor each month in a
single payment to be applied by the mortgagee to the following items in the order set forth:
(n premium charges under the contract of insurance with the Secretary of Hausing and Urban Developmeat, or monthly
charge (in lieu of mortgage insurance premium), as the case moy be; ~
(II) Qround reats. te:es, assessments, fire, and oWer hazard insurance premiums; -
(III) interest on the note secured hereby; and . ~ .
(I~ amortlzatioa of the principel of said aote.
Any deficiency in the amount of such aggregate monthly paymeat shall, unless made good by the mortgagor
prior to the due date of the next such payment, constitute an event af default under this mortgage. The modgagee
may collect a"late charge" not to exceed two ceats (2¢) for each'dollar (Sl) of each payment more than fifteen
(15) days in arrears to cover tbe eutra expense involved in handling delinquent payments.
3. That if the total of the payments made by the modgagor under (6J 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 shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If, howevec, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case
may- be, when the same shall become due aad payable, then ihe,mortS~ot shall pay to the modgagee any amount
necessary to make up the deficiency, on or befae the date whea payment of such ground rents, tazes, assessments.
or insurance premiums shall be due. If at any time the modgagor shall tender to the modgagee in accordance vrith
the provisions of the note secured hereby, full payment of the eatire indebtedness represented thereby, the mod-
gagee shall, in computing the amount of snch indebtedness, credit to the account of the mortgagor all payments
made under the provisions of (o) of paragraph 2 hereof which the mortgagee has not becoe~e obligated to pay to
the Secretary of Housing and Ucban Development and any balance remaining in the funds accumulated under the
provisions of (6J 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 lereby, or if the matgagee acquires the propedy otherwise after
default, the'matgagee shall apply, at the time oE the codimencement of such proceedings or at the time the pcop-
edy is otherwise acquired, the balance then cemaining in the funds accumulated under (b) of paragraph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note and shalt properlyadjust eny
payments which shall have been made udder (aJ d said paragreph.
4. Thet he will pay all taxes, assessments, water rates, and other governmental or municipel charges, fines,
or impositioas, for which provision has not been made hereinbefae, and in default thereoE the modgagee may pay
the same; e~ that he aill promptly deliver the official receipts therefor to the modgagee.
~ - ~164 P~ 981 -
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