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seid a~o~t~,egoc does hereby iully wp~rant the title to said lend. and every p4tt thereof~ end arill defend the same
against the laMrful claims ot sll pecsons whoa~sceve~. '
PROVIDED ALWAYS, and t6ese pcesents are cxecuted aad detiveced upoa the Eo1lowing candltioas. to ~vlt:
The mortgagoc agcees to pay tbe moctgagee. or order. d~e priacipal sum of ~U$'~'j~ 'j'~j~$~
iWR AY~/~Y ~i+i M~ AV/~HY~a~s~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Dutiacs (t 1~~~Is~•~. as.evideaced by a note of even date herswith, wlth taterest fcan date at the
rate of $~9M ~ ~Qe•~1:' per ceatum ( 7~'X) per anaum oa the uapaid balance
until paid. The said pcincipal aAd iaterest shall be payable et the office of w'j'j~ jr=~~j(~,~j~
00~'OIiATIO~i, a oorporatta? w~dsr tha laM~ o! tl~a Stats of Dalawara
P. O, ,Hox 3131, Ztiraia~, Florida
oc at such ot6er place as the holder of the note may deslgnate ia ~vriting. in mo~thly iastallments of Qqe
H1iRdr~ a1e a11d ls~~-~-~•~--•-•~~Dollars (S 101.LS commencing oa
the first day of Jylj/ . 19 (f9 . and at the first day of each month thereafter until tbe pcincipal
and interest are fully paid. e:cept that the final~ paymeni of principal and intecest, if not sooner paid, shall be due
and peyable on the first day of Ju~l~ , 1999 ;
And shall duly, promptly, and fully pedorm. discharge. execute, effect. complete, and comply pith aad abide
by each and every the stipulations. agreeaients. conditions, and covenants of said pcaaissory note aad of this p
mortgage, thea this mortgage and the estate hereby created shall cease and be null and void. '
Aed the matgagor further covenants as folloars;
1. That he will pay the iadebtedaes~. as hereinbefore pcovided. Priirilege is reserved to pay the debt in whole,
or ia aa amouat equal to one a more monthly payments on the piincipal that are next due oa the note, on the first
day of any moath prior to maturity: P.ovided, hoaever, that written aotice of an intei!lion to exercise such privilege
is givea at least Wirty (30) days prioc to prepeymeat; and, ptovided further, that in the event the debt is peid in
full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to
the mortgagee ap adjusted premium charge of one pec centum (1%) of the original principel aiaoont thereof, except
that in ao eveat shall tbe adjusted premium exceed the aggcegate amount of premium chacges which would have
beea payable it the matgage had coatinued to be insured until maturity; such pay~nent to be applied by the mo~t-
gagee upoa its oblig,etion to the Secretary of Housing aad Urban Developinent on account of mortg~ge insuraace.
2. Tbat~ in order moce fully to protect the secutity of this mortgage. the mortgagor, together with, and in addi-
tion to, the monthly payments under the terms of the note secuted hereby, on the first day of each month ontil the
said note is fully paid, will pay to the modgagee the following suans:
(a) An amouat aufticieet to provide the holder 6ereot wit6 tunds to pay the ne:t mortgage insuraince premium if this instea-
meat aad the note secured herebr rre iaswed. o: o moc'Slr charge (ie tieu of a mortgaqe insurance premium) If fher ~re
held b~ the Secretary of Housing aod Urban Development, as [ollo~rs:
(1) It aad so loag as aaid note ot even date wid t6ia instrumeat are insured or are reinsured under t6e pwviaions of tbe
Natioaal Housing Act, an amount sutficient to accumulate ia the hands of the 6older oae (i) month prior to Its due
date the aenaa! mortgage insurance premium, in order to provide such holder with tunds to pa~ snchpreauum to t6e
Secrctary of Housing and Urbaa Developmeat pursuant to We National Housing Act. as ameaded, and applicoble Regu-
latioos thereunder. or
, (1~ If aad so long as said note of even date and thia lnst~umeat ~re held by the Secretary ot Housing aad Orban Develop-
meat, a moathty charge (in lieu of a mortgage inauraace premium) ~vhich ahtll be ia aa amouat equal to oae-twelfth
(1/12) o( one-hal[ (yS) per ceatum oE the average outstanding ba2ance due oA the aote compnted wit6oyt tal~Iag into
account delinquencies or prepayments;
(b) A sum equ~t to thc ground rcats, it any, nezt due. plus We premiums t6~t aili ne:t become duie and payable on policies
of ~re aad other hazard insurance coveriag the mortgaged Qroperty, plas tazes and assessments ne:t due on tbe mart-
goged property (all as estimated by the mortgagee) less ~Ii sums a[ready paid theretor divided by We number ot months
to el4pse be[ore one montb prior to the date ~rhen such ground reats, ptemiuma, taxes. and assessmeats will become de-
tinqueat, such sums to be held by mortgagee in trust to pay said ground renta, premiums, tues, ead special aasessments;
and j
i
(cJ All payments mentioned in the two preceding subsections of this pangrap6 aad all payments to be made under the note
aecured hcreby shall be ~dded together and tbe agg,regate amwnt thereof shall be paid by the mortgagor each moath in a
single paymeat to be applied by the mortgagee to We following items in the order set torth:
(n premium charges under the contract oE insuraqce with the Sectetary ot Housing and lJrbaa Development, or month[q
charge (in lieu of mortgage Insurance premium), as the case may be;
(II) around reats, ta:ea, assessments, tire, and other hasard inaurance premiuma;
(IIn intercst on the note secared bereby; and
(I~ amortlzation ot t6e principal ot said note. '
Aay deEiciency in the amount af such aggregate monthly paymeM shall, unless made good by the mortgagor
prior to the dae date of the next siich paymeat, canstit~e an event af defeult `under this mortgage. The mortgagee
may collect a"late charge" aot to e~eed t~ro cents (Zt) for each doltar (=1) of each payment more than fifteen
(15) days in arrears to cover !be extra e:pense involved in hondliag delinquent payments.
3. That if the totai af the peyments made by the mortgagor nnder (b) of paragraph 2 preceding shall e:ceed
the amouRt oE payments actually made by the mortgagee, for gcaind rents, taxes and assessments and insurance
premiums, as the case may be. such excess shall be credited by the mortgagee on subsequent payments to be
made by tbe mortgagor. If. however, the monthly payments made by the moctgagor under (b) of paragreph 2 pre-
ceding $hall not be. sufficient to pay g~ound rents, teuces and assessm~~ats end insuraace premiums, as the case
may be, when the same shall become due and peyable, then the mortgagor shall pay to tbe modgagee aay amount
necessary to make up the deficiency, on a befae the dete when payment of such ground reats, texes, assessmeats,
or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordaace with
the provisions of the nde secnred hereby, full payment of the entire indebtedness represented thereby. the mort-
gegee shall, in canputing the amount of such iudebtedness, credit to the sccount of the mortgagor all payments
made under ihe provisiqas of (aJ of paragraph 2 bereaE which the mortgagee has not become obligated to pay to
the Secretary oE Housiag and Ucba~ Development end any balaace remaining in the funds accumulated under the
provisions of (6) of said paragraph 2. If there shall be a default under any of the provisioas of this mortp,ege, re-
. sutting in a pubilc seLe of the pcemises cavered hereby, a if the mortgegee acquires the property otherwise aEter
default, the matgegee shatl appiy. at the tieoe of the commencement of such proceedings a at tbe time the prop-
erty is otbervv,i~ acquj~d, the b~lence then cemaining ia the Eunds accWqplated,under (b) oE paragraph 2 preceding
as a credit ag~Inat the emount of pclnclpol theo remaining unpeid under said ~note and shall properlyadjust any
payments which shell have been made uader (uJ of said paragrapb.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipel charges, Eiaes, .
a impositioos, foc which provision has not been ~de bereiabefore. and in default thereof the mortgagee may pay
the same; and tha! he ~vill promptly delivet the afficial receipta therefoc to the mortg,sgee.
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