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Home My WebLink About0280 . :,Y . " ~ ,1.. sald mortg,nga dces hereby futly •~varcaat the title to•seid ~~ud. aad every part therecf. aad will defead the sAme against t1~ lawful claims of all persoas ~homsoever. ~ ~ROVIDED ALWAYS. and these preseats are executed aad delivered upon the following conditions~ to wlt: The matgagor agcees to pay the moctgagee. o~ order, the principel sum of ~ IIIl~PE6fT ~AIID ~ ~Il~ and 1~0/1S r---- _ - Dollars (519~300:00 as evidenced 6y a aote of evea date he~ewitl~, wlth intec~t fraa date ~t tbe rate af $~j ~ per centum ( 6 3~1i J6) per anaum oa the uapaid balance uafil peid. Thc said prlncipal and interest shall be payable at the officc oE ~jCCalaghall 1rb!'~getge (~be~16~~ I~c 401 Coral way, Corsl Gablea, Florird~a oc at snc6 other place aa the holder of the note may desigaate ia writing. in monthly installn~eats of Ol~ $U~ ~-PIVE aod 26~100------Dollars (S 125 ~26 commencing oa the flrst day of . 19 , and oa the first day of each mont6 thereafter untll the principal and Interest ae+e fally paid. except that tht fiaal payment of principal and interest. IE not sooner peid. shall be due and payable aa the first day of ppy~er~ 1~ : Aad shall duly, promptly, and fully perform, discharge. execute, effect, complete. and comply ~?ith and abide by each aad every the stiQutations, ag~reemeats. conditions. aad covenaats of said promissory aote and of this modgage; then thi$ matgaget and the estate hereby cceated shall cease and be null and void. . Aad the mortgaga fudhet coveaa~ts as tolloas: ~ ~ 1. That he will pay the indebtedness. as hereinbefore provided. Pri'vilege is reserved to pey the debt in whole. a in aa amount equal to one a more moathly payments an the principal that are next due on the note. on the first day of any moath prior to maturity: Provided. ho~vever. that written notice of an intention to exercise such pilvilege is given at least thirty (30) days priac to pcepaymeat; aad, Qrovided further. that in the event the debt is peid in full prioc to maturity and at that time it is insuced uader the provisions of the Netional Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original pdncipel amount thereof, except that ia no event shall the edjusted premiunu e:ceed the aggregate amount of premiwa charges ahich aould have been payable if the mQrtgage had coatinued to be iasured uatil maturity; such payment to be applied by the mod- gagee upon.~is obligation to the Seccetary of Housing and Urben Development on account of mortgage iasurence. 2. That. in order more fully to protect the security of this moctgage, the mortgagor, together with, snd in addi- tion to, the moathly payments under the terms of the note secueed hereby, on the Eirst day of each month until the said note is fully paid, will pay to the modgagee the follawing sums: (a) An amount sufticieat to provide the holder hereof aith [unds to pay the ne:t mortQage insurance premium if this insw- meat and the note secnred hereby are insured, or a montLiy charge (in Iieu of o a?ortQage insuraace premium) if ther ~re held by the Secretary of Housing oad Urbaa Development, as follo~rs: (I) U and so loa~ ¦s said note of even date and tbis instrament are inaured~r are reinsured under the provisioas of the Natioaal Honsing Act, an amount sufticieat to accumul~te in the 6oads of We holder oae (1) mont6 prior to ita due date t6e ~onua! mortgaqe insurance premium. in order to pmvlde such holder alth fonds to p~y suc6 premium to the Secretary of Housing ~nd Urbrn Developmeat purauant to the Natlonal Housiag Act, as smended, and applicabie Regu- lations thereuader, or (Iq If aad so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment. a moathly charge (in lien of a mortgage insuronce pretaium) ~rhich shdl be in aa amount equal to oae-twelfth t: ]c (1/12) ot one-halt (yS) per ceatum of ti~e average outstaading balaace due on the note computed ~vithout t~lcing into acconnt delinquencies or prepayments; , (b) A snm equat to the ground renta. if any. nezt due, plus tl~e premiuma that ill ne:t become dne aad p~yable on policlea ~j~ of Cue and other hazard insurance covering tLe mortgaged property, plus ta:es aad assessmeata ne:t dve oa the mort- f; gaged property (all as estimeted by t2~e mortgagee) less ail aums already paid therefor divided by the number of months r to elapae before one month prior to the date-ov~en auch ground rents. premiums, taxes, ~nd asseasmeats will become de- ' linquent. snch sums to be held by mortgagee in trust to paf said ground rents, premiums. t~es, ~ad special assessmeats; f: and (c) All payments mentioned in the t~ro precedinQ subsections of t6is paragraph and all paymeats to be made under the note i secured hereb~ shalt be added together and the aggregate amount thereof shall be paid by the mort~agor each month in a siagle paymeat to be applied by the mortgagee to We [ollowufg items in the order set torth: ~ (n premiwa char~es under the coetract ot iasuraace wlth the Secretary of Housing and Urban Developmeat, or monthly chuqe (in lieu of mortg~Qe lasarance premium). as the cese may be; . (U) Qrour?d reots. t~:es, assessmeats. Cue. ~ad_ other hazard insnrance premiums; • ~ (III) interest on the note secured herebr; and ~ (IV) amortis~tion oi the principal of said note. Any deficiency in the amoant oE such aggregate monthly payment shall. unless made good by the mortgagor _ prior to the due date of tbe ae:t such peyment. coastitute an event d default under this mortgage. The moctgagee may collect a"lete charge" not to exceed two cents (2~) fa each dollar (Sl) of each peyment moce than fiheen ~ (15) days in arrears to Cover tt~e eutra expease iavolved ia handling delinquent peyments. . 3. That if the tdal aE the meets made b the mort or uader (b) of parag~aph 2 preceding shall exceed ~ PeY Y Ba8 the amount of paymeats actually made by the matgagee, fa g~round rents, taues and assessments and insurance premiums, es the case may be, such excess sball be credited by the mortgagee on subsequent payments to be made by tbe mortgagor. If~ bowever. the moat6ly payments made by the matgegor under (b) of paragraph 2 pre- ceding shell not be sufficient to pey ground rents, te~ces and assessmants ead insnrance premiums, as the case ~ may be,'~vhen .the same sball become due and payable, then thr matgagor sbell pay to the matgagee any amount = necessary to awke up the deficieacy, on a beEore the date when peyment of such graud rents, tases. assessments, ~ oc insurance premiwas shall be due. If at any time tbe moctgaga shall tender to the moctgagee in accordaACe with tha provisions of the ade secuced hereby, full payment ef the eatire indebtedaess repcesented thenby. the mort- ~ g~gee shall, in compnting the amount of such iadebtedaess, ccedit to the ecconnt ot the aiatgegor all payaeats nwde under the pravisioas of (a) oE perag~aph 2 beceof whlch the matgagee hes not become obligoted to poy to the Secretary ef Nonsiag and Urbaa Development aud any b~lance remaining ia the fuads accumulated under the ~ prroviaions of (b) af said paragraph 2. lf there shall be a default under any d the proviaio~s oE this mortg,oge, re- ' sulting in a pu¢lic sale of the preinises covere~ t~er~by, a if the matgagee acquires the property dhenvise aEter ~ default, tha matgagee sf~il apply, at tbe time of tbe cann~encea~ent of such preceedings or at the time the prop- erty is oti~erwise acqulctd, the b~lance then cemaining in the fnnds accumulated under (bJ of patagrapb 2 ptecedit~ as a credit a~,aiast the amouM af priacipal tben. rea~~nin~ unp~id uadec ~aid aote and shall pcoperly ad just aay ppymeats wbich slwll bave beea m~de under (aj d sold paraQaph. - 4. T6at 6e will pay all taxes, assessaieats~ w~ter rotes, aud dher govemmentol oc municipol ch~r~es, flnes. a iaipositiaos. Eor whic6 pca"visian Iws not been ~ade hereinbefae. ~nd in default tbered tbe ooctgagee may pay ~ the same; Add tlwt he will pco~ptly deliver th~ elEicLl nceipts tLee~efor to tl~e mort~~ee. ~ , : ~ ~cl'74 ~ ~80 ~ ` ~ ~ ~