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said mo~tgagor does he~cby fully war~a~t the title to said land. aad every patt thereof, and will defead the saa~e
against the law(ul claims of all persons whomscever. ~
PROVIDED ALIAAYS. and these preseots are executed end delivered upon the following conditions. to wit:
The mortgagor agrees to pay the mortgagee, or order. the principal sum of ~L`/$ ~j'$~$?yiD a~IId 00~100~
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pollars (S 12~000.00 as evidenced by a note of even date herewith, wit6 interest irom date at the
rate of $iZ per centum ( 6 per annum on the unpaid balance
until peid. The seid priacipal and interest shall be payeble at the o[fice of
J. T. S~~[~1' 1~IOSTQIa$ COMP~HY, IIiC. , Suite 300 - 100 Kiraole Mile, Corsl GablBiy~Florida,
or at such other place as the holder of the note may designate ia writing, in monthly installme~ts of
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the first day of ~h . 19 6Z ~ and on the ficst day of each month thereafter untiltheprincipal
and interest are fully paid, except that the tinal payment of principal a~d interest~ if not sooner paid. shall be due
and payable on the Eicst day of FebrqBry~ 19~( ;
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 this
mortgage, then this mortgage and the estete hereby created shall cease and be null and void.
And the mortgag~ further covenants as follows: ' "
1. That he wi11 pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole.
or in an amount equal to one ot moce monthly payments on the principal that are next due on the note. o~ the first
day o[ any month prior to maturity: ProLiJed, however~ that written notice of an intention to exercise such privilege
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 that time it is insured under the provisions of the National Housing Act, he will pay to
the mortgagee an adjosted premium charge oi one per centum (1%) of the original principal amount theceof, except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges ahich would have
beea payable if the modgage had continued to be insuced until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance.
2. That, in order moce fully to protect the security of this modgage, the mortgagor. together with, and in addi-
tion to. the monthly payments nnder the terms of the note secured hereby, on the first day of each month until the
said note is fully paid. will pay to the mortgagee the following sums:
(a) An amount sufficient to provide the holder hereo[ with funds to pay the nezt mort~aQe insurance psemium i[ thls insW
ment aad the aote secured hereby are insured, or a monthly charge (in lieu of a mortgaee insurance premium) if they •re
held by the Secretarr of Housing swd Urban Development. •a tollo~rs:
(I) U and so long as said aote of even date and this insttumeat are insured or are reinsured uader the provisions of the
National Housing Act. an amount sufficient to accumulate in the haads of We holder one (1) month prior to its due
date the nnnual mortQaee insurance premium. in order to pwvide such holder with tuads to pay suchpremium to the
Secretary o[ Houaing and Urban Developmeat pursuant to the Natlonal HousinQ Act, os amended, aad applicoble Regu-
lations thereunder; or -
(II) If and so long as said aote ot even date and this iastrumeat ue held by the Secretary of Housiag and Urbaa Develop-
ment. a moathty charge (in lieu ot o mortgage insurance premium) which shtll be ia an amount equal to oae-twelfth
(1/12) of one-halE (yi) per centum oE the ~verage outstaading balaace due oa the note computed without takinQ into
account delinquencies or prepayments;
!b) A sum equal to the ground reats. it aay; nezt due. plns tbe premiums that aill ne:t become due and payable on policies
''I of [ire and othe~ hasacd iasurance coveriag the mortgoged pwpeKy, plus tazes and assessmeats aezt due on the mort-
gaged property (all as estimated by the mortgaeee) less all sums •lrrady paid tberetor divided by the number of montha
to elapse before one month prior to We date whea such a,mund rents, premiums, tazes, aad assessments will become de-
( linqueat, such sums to be held by mortgagee in trust to poy said ground rents, premiums, ta=es, aad special asseasments;
ond
(t) Ali peyments mentioned in the two preceding subsectloas of thia paragraph and all payments to be made vader the aote
secwed hereby ahall be added togethe~ aad the agg~egate amount thereot shall be paid by the oartgagor each month ia a
single paymeat to be applied b~ the mortQagee to the [ollowing items in the order set fort6:
(n premium charges nader the contract of iasurance with the Secretary of Housiag aad Urban Developmeat, ot monthly
charge (in lieu of mortgaQe insnrance premium), as the case may be;
(II) ground rents, taYea, assessments. [Ire, ond other hazord i~surance premiums;
(III) iaterest on the note secured heroby; aad
(I{n amortlzation o[ the prLuip~l of sald aote. ' ' '
Any deficiency in the amount af ~nch aggregate moathly payment shal~~ unlesr made good by the matgagor
prior to the due date of the next such payment~ constitute an event af defanlt under this mortgage. The modgagee
may collect a"late charge" aot to exceed two cents (2t) for each dollar (Sl) of each payment more than fifteen
(15) days in anears to cover the extra expense involved in handling delinqueat payments.
3. That if the total of the payments made by the mortgagor ander (6) of paragraph 2 preceding shall exceed
the amoant of paymeats actually made by the mortgagee, for g~round rents, taxes and assessments and insurance
premiums, as the case may be, such excess shall be credited by the moctgagee on subsequent payments to be
made by the modgagoc. If, however, t6e monthly payments made by the moctgagoc under (b) of paragraph 2 pre-
ceding shall not be sufficient to pay g~ound rents, tauces and assessmants and insnrance premiums, as the case
may be, when the same shall become due and payable, thea the mortgagoc shall pay to the moctgagee say amount
necessary to make up the deficiency, on or befae the date when payment of such gcound cents, taxes, assessments~
or insurance premiums shall be due. If at any time the mortgago~ s6alltender to the mortgagee in accordance aith
the provisioas o# the note secured hereby, full paymeat oE the entire indebtedness represented thereby, the mod-
gagee shall, in computing the amount of such indebtedaess, ccedit to ~he account ~ the moctgagor all paymeats
made under the pravisioas of (a) af parag~aph 2 hereof whic6 the moctgagee has not become obligated to payto
the 3ecretary of Housing and Ucban Development and any balance remaining in the funds accumulated under the
provisions of (6) of said paragraph 2. IE there shall be a default under aay of the provisions of this matgage, re-
sulting ia a~ubkc sale of the pcemises covered ~ereby, a if the matgagee acquires the property othe~?ise after
default. the mortgagee shell apply. at the time of the commencement of such proceedings a at the time the prop-
erty is othe~arise acquired, t6e balaace then remaining in the f~nds accumulated under (6J of paragraph 2 preceding
as a credit agaiast the amount of principal then remauung unpaid uader said note aad shall properlyadjust any
paymeata which shall have been made under (a) of said paragcaph. •
4. That he will pay all taxes, assessmeats, water rates, and other governmental or municipal charges, fines,
or impo~itioas, for which provisian has not been mede heceiabefae, and in default thereof the modgagee may pay
t6e same; and that 6e will promptly deliver the official receipts thecefor to the mort~agee.
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