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Home My WebLink About2996 said modgagor does hereby fully warrant the title to said land, and every pact thereof. aad will detend the same against the lawtul claims of all persons whomscever. PROVIDED ALWAYS. and these presents are executed and delivered upon the following cor~ditions~ to wit: The matgagoc agcees to pay the mortgagee, o~ order. the Qrinclpal sum of ELEVEN THOUSAND ONS HUNDRED FIFTY AND NO/100------------------------ Dollars (S 11 ~ 150.00 as evidenced by a ~ote of even date herewith. with interest fcom dste at the rate of--------Six---------------- pet ceatum ( b R) per snnum oa the unpaid balance until paid. The said principol end interest shall be payable at the office of GENERAG GUARANTY- MOjt1~GAGE OOINPANY, INC. , in Winter Park, Florida u~ at sach dher place as the holder of the note may designate in writing~ in monthly installments of Sixty six and 90/100---------------~11a~ (s 66.90 commencing on the first day of June , 1967 ~ and on the ficst day of each month thereafter untiltheprincipal ~ • and iaterest are fully paid. except that the final payment of principal and Ynterest. if not sooner paid, shall be due and payable oa the first day of May, 1997 ; - Aad shall duly, praaptly. aad Eully pecform. discharge. execute. effect. complete. and comply with and abide by each aad every the stipulations. agreements. conditions, end coveaertts of said pranissory note and of this arodgage. then tbis mortgage and the estate heceby created shall cease and be null and void. And the moctgagor further covenants as follows: 1. That he will pay the i~debted~ess. 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 aext due on the note, oa the first day of any ma~th prior to matarity: Provided. however, that written notice of en intentio~ to exercise such privilege is given at least thidy (30) days prior to prepeya~eat; and, provided further, that in the event the debt is peid in Eull prior to a~aturity end at that time it is insured under the provisions of the National Housing Act, he will pay to the modgagee an adjasted premium charge of one per centum (1%) of the original principel amount thereof. except that in no event shall the adjusted premium e:ceed the aggcegate amoant of premium charges arhich would have been payeble iE the mortgage had continued to be insured nntil maturity; such paymeat to be applied by the mod- gagee upon its obligetioa to the Seccetery oE Housiag and Urban Development on accoaat of moctgage insuraace. 2. That. in oider nace fully to protect the security of t6is moctgage, the mortgagor, together vvith, aad in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month antil the said note is fully paid, aill pay to the modgagee the following sums: , (oJ M amount sutficleat to provide the holder hereof ~vlth funds lo pay the ne:t morteaQe insurance premium i[ thls instru- ment and the aote secured hereby are insured. or a- monthly charge (in lieu ot a mortgage insuraace premium) if they ue held by the Secrotary of Housing and Urbaa Development. os tollo~va: (I) U and ao lonQ os said note ot even date and this instmment are insured or are reinsured under the provisioas ot the National Housing Act, aa amount su(~cient to accumulate ia the haads of the holder one (1) month prior to Ita due date the aanual mortgaQe iaswaace premium. in order to provide auch holder wIW funds to pay auch premium to the Secretary ot Housing and Urbaa Developa?est pursuont to the Nation~l Housina Act, as ameaded, ~nd applicable Reeu- lat~qns thereunder. or (In I[ ana so long os s~id note of even date aad t6is instrumeat are held by the Secretary ot Houaing aad Urban Develop- ment. a.monthly charge (in lieu ot a mortgage iasuraace preatium) w6ich shall be in aa amouat equal to oarhveltth (1/12) ot one-h~lt (yi) per ceatum oE the average outstanding balaace due oa the note computed ~vithout taking into ~ account delinquencies or prepaymeats; . (6) A sum equal to the ground rents, if any. nezt due. plus the premiums that ~rilt nezt become due aad paqable on policies of ~re and other hazard insurance covering the mortgaQed property, plua ta:es and auessments ae:t due on the mort- ~ I~ gaged property (all as estimated by the mortgagee) less all sums already paid ffierc[or divided by the number of months ~ to elapse before one month prior to the date ahen such ground rents, premiums, ta:es, aad assessments aill become de- ~ linquent, such sums to be held by mortgagee in truat to pay said gtound rcnts. premiums, ta=es, aad special ossessmeats; and (c) All paymenta mentioaed in the t~ro preceding subsections of this pangraph and all paymeats to be made undes the aote secured herebr shall be added together and the aggregate amount thercof shali be paid by the mortgagor eac6 month in a single paymeat to be applied bq the mortQagee to the [olloaing items in fhe order set [orth: (n premiwn charges uader the coatract of insurance with the Secrctary ot Housing and Urban Development, or monthly charge (in lleu of mortga~e inaurance premium), aa the case may be; - (In ground rcats, ta:es, assessments, fire, aad other hazard insuronce premiums; (IIn iaterest oo the note secured hercby; ~nd (IV) amortisation of t6e p~iaciprl ot aaid note. Any deficiency in the amount of -such eggregate monthly payment shall, unless made good by the matgagor prior to the due date of the next such payment. constitute an event of default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (2i) for each dollar (Sl) of each payment mae than fifteen (15) days in anears to cover the extra expense involved in handling delinquent payments. . 3. That if the tatal of the paymeats made by the mortgegor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the matgegee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shell be credited by the mortgagee oa subsequent payments to be made by the modgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shell not be sufficient to pay ground ceats, taxes and assessments and insurance premiums, as the case may be. when the same shell become due and payable, thea the matgagor shall pay to the modgagee any amoant necessary So make up the deficiency, on a befae t6e date whea peyment of such ground rents. taxes, assessments, or insntanre premiu~ shdl be due. If nt eny time tbe mortgsrgoc s6a11 tender to the modgagee in sccordance with _ the provisions ot the note secured hereby, full payment of the eatire iadebtedaess represented thereby, the mort- ~ gagee shall, in computing the amounf of such indebtedness. credit to the account of the modgagor all paymeats ~ ~ made ucede~ We pravisions of (a) of paragxaph 2 hereof which the matgagee has not become obligeted to payto ~ thE~S~cretary of Housing and Urban Development and any belance remaining in the funds accumuleted under the provisiona of (6) d seid paragraph 2. If there shall be a default under any of the provisions of this matg,age, re- ~ sulting in a public sale of the pcemises covered_ ~ereby, or if the moctgagee acquires the propedy othervvise after default, the matgagee shall apply, at the time of the commencemeat of such proceedings or at the time the prop- edy is othecwise acqnired, the balance then remeining in the funds accumulated under (bJ of paragraph 2 preceding as a credit agaiast the amount of principel then remaining unpaid under said note and shall properly adjust any peymeats which shall have been mede under (a) of said paragraph. 4. That be wiU pay sU tases, assessments, water rates, aad other governmental or municipal cherges, fines, or impb~itioas, for ahich prvvisim has not been made hereinbefae, ead in default thereaf the mortgagee may pay , ~ the same; and that he ~vill promptly deliver the dfkial receipts therefor to the mortg,agee. s~K165 P~2991 i . ~ C~ . ; _ ~:s>:.: y ~ ~ ~ ,F - ~ ~ ~,x-..._ - :