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said mo~tgagor does hereby fully wacrant the litle ~to said ipnd, and evecy pact the~eof. end will dete~d the same
against the law[ul claims of all pecsons whomsoever.
PROVIDED ALWAYS. and these presents are executed aad delivered upon the following conditions, !o wIt:
The moitgagor agrees to pay the mortgagee~ or order~ the principal sum of ~I~ga ~p~,p ~p~
and 00/100 - - - - _ - ~ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Dollars (S 15,~00.00 as evidenced by a note of even date herewith, with interest from date at the
rate of si7t per centum ( 6 9(,) per a~num oe the unpaid balance
until paid. The said principal and interest shall be paypble at the office of
J• s• CCM~1~lY, Z~C• ,~ite 300 - 100 ~tracie Mile, Oorai Gabl~s, l~lorida
or at such other place as the holde~ of the nofe may designate in writing, in monthly installraents of
MI~TY~Z~O ~OnOO~ ~ ~ ~ ~ ~ ~ ~ ~ DOIIA[S ~.j 9Z~~O COAlA1CQClOg OA
the first day of Lpi=il , 19 68 . and on the first day of each month thereafter untiltheprincipal
and interest are fully paid, except that the final payment oE principal and interest~ if not soonec paid. shall be due
and peyable on the first day of Mi]~Ch, 1998 ;
And shall duly, praaptly, and fully pedorm, discharge, execute, e[fect, complete, and comply mith and abide
by each and every the stipulations, agreements, conditions, and covenants of said proroissory note and of this
mortgage. then this mortgage and the estate hereby created shall cease end 3e null and void.
And the mortgagor fudher covenants as follows: - ~
1. That he will pay the indebtedness. as hereinbefore pravided. Pcivile¢e is reserved to pay the debt in whole, '
or ia 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: Provid~d, however, that Svritten notice of an intention to exercise such privilege
is given at least thirty (30) days prioc to prepayment; and, provided further. that in the event the debt is paid in
full prior to roaturity artd at that time it is insured under the provisions of the National Housing Act. he will ~ay to
the mortgagee an adjusted premium charge of one per centum (l~) 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
been payable if the mortgage had continued to be insured uniil maturity; such payment to be applied by the mort- '
gagee upon its obligation to the Secretary o[ Housiag and Urban Development on account of modgage insurance.
2. That, in order more fu11y to protect the security of this mortgage, the modgagor, together with, and in addi-
tion to. the monthly payments undet the terms of the note secured heteby. on the first day of each month until the
said note is fully paid. will pay to the mottgagee the following sums:
(aJ An amount sutficient to provide the holder hereo[ with tunds to paq the aext morLgage iasuraace p:emium if this i~stru-
ment_andthe note secured hereby are insured, or a monthly charge (in lieu of a mortgage insnrance premium) i[ they are
held by the Secretary of Housing and Urban Development, as follows;
(I) If and so long as said note of even date and this instrument are insured or are reinsured uader the provisions of the
National Housing Act, an amount sufficient to accumulate in the ~aads of the holder one (1) month prior to its due
date the annual mortgsge insuraace premium, in ordes to provide such holder with funds to pay such prea?ium to the
Sec~etarq ot Housing and Urban Developmeat pursuant to L~e Natioaal Housing Act, as amended, and applicable Regu-
tatians thereunder; or
(II) I( and so tong as said aote oE even date and this instrument are held by the Secretary of Housing and Urban Develop-
ment, a monthiy charge (in Ueu of a mortgage insuraace premium) which shalt be io an amount equal to oae-twe2ith
(i/12) of one-half per centum of tbe average outstanding balaace due on the note computed without taking into
accouat delinquencies or prepayments;
(6J A sum equal to the gsouad reats. if aay, aext due, plus We premiums tdat will aezt become due and payabte oa poticies
of fire and other hazard insurance covering the mortgaged pmperty, plus taxes and assessments nezt due on the mort-
gaged property (all as estimated by the mortgagee) lesa ali sums already paid therefor divided by the number oE months
to elapse before one month prior to the date whea such ground rents, premiums, ta:es. aad assessments will become de-
]inquent, such sums to be heid by mortgagee in trust to pay said ground rents, premiums, tazes, aad special assessments;
and
(cJ Ail payments mentioned in the iwo preceding subsections o[ this paragraph aad all payments to be made under the note
secured hereby shall be added together end the ag~egate amount thereof shall be paid by the mortgagor each month in a
single payment to be applied by We mortgagee to ffie following items in the orde~ set fortd;
(n premium charges under the contract of insurance wiW the Secretary of Housiag ~nd Urbsen Development, or monthly
charge (in lieu of mortgage insurance premium), as the case moy be;
(II) ground rents, t~+zes. assesameats. Ctre, aad other hazard insurance premiums;
(III) interest on the aote secured hercby; a::~
(I{~ amortization of the priacipol of said note. . ,
Any deficiency in the acnount of such aggregate monthly payment sha11, unless.coade good by the moctgagor .
prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2`) for earh dollar (=1) of each payment more than fifteen
(15) days in anears to cover the eutra expease involved ia handling delinquent payments.
3. That if the total of the peyments made by the modgagor under (b) of paragRaph 2 preceding shall exceed
the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance
premiuros, as the case may be. such excess shall be credited by the mortgegee on subsequent peyments to be
made by the mortgagor. If, however. the monthty payments made by the matgagor under (b) of paragreph 2 pre-
ceding shall not be sufficient to pay ground reats, tazes and assessmants and insurance premiums, as the case
may be;'when the same shatl become due and payable, thea the matgagor shall pay to the modgagee any amount
necessary to make np the deficiency, on at befoce the date whea peyment of such ground cents, taxes, assessments,
or insurance pcemiums shall be due. If et any time t6e moctgagor shall tender to the mortgagee in accordance with
the provisions of the note secured hereby, full payment of the eatire indebtedness represented thereby, the mort-
gagee shall, ia compnting the amount of such indebtedness, credit to the account of the modgagor all paymeats
made under the pravisions of (aJ of paragRaph 2 hereof which the matgagee has not become obligated to payto
the Secretary of Housing aad Urban Development and any balance remaining in the funds accumulated under the
provisions of (bJ of said pacagraph 2. If there shall be a default under any of the provieions of this morEEgege. re-
svlting in a pablic sale. of the pcemises covered ~ereby, or if the mortgagee acquires the propedy othecwise after
default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop-
erty is othe~rise acquired, t6e belance then remaining in the fnnds accumulated under (6) of paragraph 2 precediag
as a credit ageinst the emount of principel then reawiniag unpaid under said note and shall properlyadjust any
payments which shalt have beea made under (aJ of said paragraQh.
4. That he will pay all taxes, assessmeats, water rates, and other governmental or municipal charges, fines,
or impositions, for which pravision has not been made hereinbefore, and in default thereof the mortgagee may pay
the same; and that he will promptly deliver the official receipts therefor to the mortgagee.
~ doo~ 171 P~ 271
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