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PROVtnsn ALw~YS~ and these presents are executed and delivered upon the following conditions, to
wit:
The mortgagor agreea to pay the mortgagee, or order~ the principal sum of ~l~e ga~
~andred Fi!'ty aad No~100--------•--•----•-----------------------•-----••----•----•----
Dollars (a ]r2~450.00 as evidenced by a note of even date herewith. with interest fmm date
at the rate of s~x per centum ( ~6 ) per annum on the un-
paid balance until paid. The said princi~?al and interest shall be payable at the o~ioe of
McCe?ugha~n I~rtgage C~p~t, Inc., I~bat OfPice Box 1429, Coral liablea, Florida 33734
or at such other place aa the holder of the note may designate in writing~ in monthly installments of
8ev~enty-Four aad 70/100------------•------ Dollara 74•70 ) ~ commencing on
the ftrst day of 3eptember , 19 67 ~ and on the first day of each month thereafter nntil the
principal and interest are fully paid, except that the A~8 p~y~nent of princi ! and interest, if not sooner
paid, shall be due and payable on the first day of ust ~ Ig ~
And shall duly. promptly, and fully perfarm, discharg~e. execute, effect. complete, and comply with and
abide by each and every the stipulations. agreements, conditions, and covenants of said promissory not8
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
Aud the mortgagor further covenants as follows: "
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 moi~e monthly payments on the principal that are neut due
on the note, on the first da~ of any month prior to maturity: Provided, 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 matutity and at that time it is insured under -
the provisions of the National Housing Act. he :vill pay to the mortgagee an adjusted premium charge of
one per centum (1 ~,h ) 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 beer. payable if the mort-
gage had continued to be insured until maturit~~; such pa~rment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage 2nsurance,
2. That. in order more fully to pmtect the security of this mortgage. the mortgagor. together with,
and in addit~on to, the monthly payments under the terms of the note secured hereby, on the first day of
eac.'~ month until the said note is fully paid, will pay to the mortgagee the following sums •
(a). An amount sufficient to provide the holder hereof with funds to pay the next mortgage
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 Houaing Commissioner,
as foltows : -
~ (t) If and so long as ssid note af even date and this inatrument are insured or are reinsured under the
provisions of the National Rousing Act, an amount a~Ricient to aceumulate in the hands of the holder
one (1) month prior to its due date the annusi mortgage insarsnce premium, in order to provide such
holder with funds to pap such premium to the Federal Housing Commissioner pursuant to the National
Housing Act, as amended; and spplicable Re$ulations thereunder; or
(u) If and sn long as said note of even date and this instniment are held by the Federal Housing Commis-
sioner. a monthly cha (in lieu of s mortgsge insurance premium) which shall be in an amount ~
~ equat to one-twelfth of one-halt (~i4 ) per centtim ot the average outstanding balance due on the
note computed without tsking into account delinquenciea or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that wilt 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 munths to elapse before one month prior
to the date when such ground rents~ premiums, taxes. and asse~sments will become delinquent, such
sums to be held by mortgagee in trust td pay said ground rents, premiums, taxes, and special assess-
ments; and
(c) All payments mentioned in the two preceding sabsections 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 :
(i) premium charRes under the rnntract of insurance with the Federal Housing Commissioner~ or monthly
charge (in lieu ot mortgage insnrance pre~mium), as the case may be;
(II) ground rents. taxes, assessments, fire~ snd other hazard insurance premiums;
(nl) interest on the note secured hereby; and ~
. (tv) amortization of the principal of said note.
Anq deficiency in the amount of such aggregate monthly payment shall~ unless made geod by the
mortgagor prior to the due date of the next such pa~vment, constitute an event of default under this mor~
gage. The mortgagee may cutlect a"late charge' not to exceed two cents (2¢) for each dollar (~1) of
each payment more Lhan fifteen (15) days in arrears to cover the extra expense involved in handling
delinquent payments.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding sha[I _
exceed the amount of payments actually made by the mortgagee. for Rround rents, taxes and asses.Rments
and insurance premiums, as the case may be, snch excess shall be credited by the mortgagee on subsequent
payments to be made by the mortgagor, If, however, the monthly payments made by the mortgagor
under (b) oi paragraph 2 preceding ahall not be sufflcient to pay ground rents, taxes and assessments
and inaurance premiuma, as the case may be, when the same ahall become due and payable. then the
mortgagor shall pay to the mortgagee any araount necessary ta make up the deficiency, on or before the
date when payment of auch ground rents, taxes, asa~ssmeats, or ittaurance preiniums shall be due. If
at any time the mortgagor ahall teniier to the mortgagee in a~cordance with the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby. the mortgagee ahall~ ~n com-
puEing the amount of such indebtedneas, credit to the acoount of the mortgagor all payments made under
the proviaions of (a) of psragrsph 2 hereof which the mortgagee hss not become obligated to pay to the
Federal Housing Commiaaioner and any balance remaining in the funds accumulated under the pro~ isions
af (b) of said paragraph 2. If thei~e ahall be a default under aa~ of the provisions of this mortgage~ re-
sultit?~ in a public sate of the premisea oovered hereby, or if the mortgagee acquires t}ie pmperty other-
wiae after default, the mortgagee ahall apply, at the time of the commencement of such proceedings or at
the time the prnperty ia otherwiae acquired, the balance then remsining in the funds accumulated under
(b) of paragraph 2 preceding ss a credit against tt~e amount of prtncipai then remaining unpaid under
ssad note and shall properly adjvat atty paynaenta which ahall have been made under (a) of said paragraph. .
4. That he will pay all taxes~ asaesaraenta, water rates, and other governmental or municipsl charges, -
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