HomeMy WebLinkAbout2806 PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions~ to
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The mortgagor agrees to pay the mortgagee, or order. the principal aum of
ELEVSN'THOUS~ND SIZ ~1ND~BD FIFTY AND NO/100-------••---••---•--•-------•-•--••-----
Dollara (a 11,650.00--•---- as ~videnced by a note of even date herewith. with interest irom date
at the rate of-----•----Siz------------•--•----P~r centum (-----6--•~6) Per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the oft3ce of ~tional riooea
Acceptance Corporation, Orlando, l~lorida
or at such other place as the holder of the note may designate in writing. in monthiy instaUments of
Sixty Nine and 90/100--------------------Dollara 69.90--------•---•~. commencing on
the flrst day ~ of Jume ' ~ 19 67 , and on the first day of each month thereafter until the
principal and interest are fully paid, e~ccept that the flnal payment of principal and interesk if not sooner
paid. shall be due and payable on the ftrst day of Haq , 1997 ;
And shall duly, pr+omptly, 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 th~s mortgage and the estate hereby created ahall cease and be null and void.
And the mortgagor further covenants as follow•s :
l. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or mot~e monthly payments on the principal that are next due
on the note. o~i the first da~ of any month prior to maturity : Provided. hovrever, that writtcn notice of an
intention to exercise such pri~ 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 that time• it is insured under '
the provisions of the National Housing Ac~ he will pay to the mortgagee an adjusted premium charge of
one per centwn (1%) of the original principal amount thereof. except that in no event shall the adjusied
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturit3•; 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 more fully to protect the security of thia mortgage~ the mortgagor, tog^ether with.
and in addition to. the monthly payments under the terms of the note secured hereby. en the first day of
each month until the said note is fully paid. will pay to the mortgagee the following sums:
(a) An amount sutl'icient to provide the holder hereof with funds to pay the next mortgage j
insurance premium if this instrument and the note secured hereby are insured, or a monthly charge !
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner.
as follows :
(t) If and so long as said note of even date and this instrament are insured or are reinsured under the ;
provisions of the National Housing Ack sn amount suRRcient to accumulate in the hands of the holder !
one (1) month p~•ior to its due date the annual mortgsge insurance premium, in order to pmvide such ~
holder with funds to pap such premium to the Federal Housing Commissioner pursuant to the National
Housing Aet, as amended, and applicable Regnlations thereunder; or
(ti) If and so long as said note of even date and this instrament are held by the Federal Housing Commis-
aioner. a monthly charge (in lieu oi a mortgage insurance premium) whieh shall be in an amount
equal to one-twelfth (~Z) of one-half (',4 ) per centum of the average outstanding balance due on the
note computed without taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents. if any, next due, plus 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 mortgaged property (all as estimated by the mortgagee) less
all sums already paid therefor divided by the number of months to elapse before one month prior
; to the date when such ground rents, premiums, taxes, and assessments wiU become delinquent. such
~ sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes. and special assess-
i ments; 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 shall be added together and the aggregate amount
thereof shall 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:
premium charqes under the contract of insurance with the Federal Housing Commissioner. or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
(11) ground rents, taxes, assessments, fire. and other hazard insurance premiums;
(tt[) interest on the note secuned hereby; and '
([v) amortization of the prineipal 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 payment. constitute an event of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed two cents (2R) for each doliar ($1) of
each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling
delinquent paymenta.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of uayments aetually made by the mortgagee, for Rround rents, taxes and assesiemmenta
and inaurance premiums, sa the case may be, such exceas ahall be credited by the mortgagee on subsequent
paymenta to be made by the mortgagor. If, however, the monthly payments made by the mortgagor
~ under -(b) of paragraph 2 preceding shsll not be au~cient to psy ground rents, taxes and assessments
and insurance premiuma, as the case may be, when the same shall become due and payable, then the ;
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the ~
~ date when payment of such ground rents, taxea, assesamenta, or inaurance premiums shall be due. If `
at any time the mortgagor shall tender to the mortgagee in accordance with the proviaiona of the note
aecured hereby, full payment of the entire indebtednesa represented thereby, the mortgagee shall, ~n com-
puting the amount of auch indebtednesa, credit to the account of the mortgagor ali payments made under
the proviaions of (a) of paragraph 2 hereof which the mortgagee has not become obl~gated to paS to the ;
Federal Houaing Commiasioner and sny balance rem~ining in the funds accumulated under the pro~•isions
o! (b) of said paragraph 2. If there ahall be s default under anq of the proviaions of this mortgage, re- ;
sultin~ in s public sale of the premiaea covered hereby, or if the mortgagee soquirea t~?e propert~ other-
wiae after default, the morteagee ahall apply, at the time of the commencement of such proceedings or at
the time the property ia otherwiae acquired, the balance then remaining in the funda accumulated under _
(b) of paragraph 2 preceding aa s credit agsinst the amount of principal then remaining unpaid under
asid note and ahall pmperly adjust any paymenta which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, asseasmenta, water rates, and other governmental or mu~f ~i~a! cha~ta,
~ 8~16
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