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Home My WebLink About1312 f ~ ~ ~j~~ ~ss~;~~'~~ i • PROVIDED ALWAY3~ and these presents are executed and delivered upon the following conditions, to ~ wit: ~ ; The mortgagor agreea to pay the mortgag~ee. or order. the principal aum of Fi f teen Thousand and no/100-- ' Dollara (aJ 15,000.00 aa evidenoed by a note of even date herewith. with inter~t fmm date at the rate oi Seven and o~e-hal f per centum ( 7. 5 y6) per annum on the un- paid balance until paid. The said principal and interest shaU be payable at the of~ce of Citizens Federal Savtngs and Loan Association of St. Lucie County or at such other place as the holder oi the note may designate in writing, in monthly inatallments oi One Nundred Five and no/100---------------~11~ (a 105.00 coa?mencing on the flrst day of October , 19 69 . and on the firat day oi each month thereafter until the ~ principai and interest are fuUy paid, except that the flnal payment of principal and interest, if not sooner paid, shall be due and payable on the Srst day of Septembar . 1999 : And shall duly. prompt~y. and ful~y perforna, diacharge. execute. effect, complete. and comply with and abide by each and every the stipulations. agreements. conditiona, and oovenants of aaid pmmiaaory note l and of thia mortgage. theu this mortgage and the estate hereby created shali cease and be null and void. And the mortgagor further covensnts as foUow s: , 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to p~y the debt in whole. or in an amount equal to one or moi~e monthly payments on the principal that are next due on the note. on the first day 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 maturity and at that time it is insured under the provisions of the National Housing Act~ he will pay to the mortgagee an adjusted premium charge of ~ one per centum (l;b) of the original principal amount thereof. except that in no event shall the adjusLed premium exceed the aggregate amount of premium chargea which would have been payable if the mort gage had continued to be insured until maturit~•; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on adb~nt of mortgage insuranoe. 2. That, in order more fully to protect the security of~thia mortgage~ the mortgagor. together with, and in addition to. the monthly payments under the terms of the note secured hereby. on the tirst day of each month until the said note is fully paid. will pay to the mortgagee the following sums: (a) An amount sutRcient 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 monthiy charg~e (in lieu of a mortgage inaurance premium) if they are held by the Federnl Housing Commissioner, as follows : (1) If and so long as said note of even date and thia instrument are insured or are reinsured under the provisiona of the National Housing Ack ~ amonnt sWficient to aceumulate in the hands oi the holder one (1) month prior to its due date the annual mortgsge insuranoe premium, in order to provide such holder with funds to pap such premium to the Fedenl Rousing Commissioner pnrsuant to the National Housing Act, aa amended. and applicable Re~lationa thereunder; or (t[) If and eo long sa said note of even date and th~a instrument are held by the Federal Aousing Commis- aioner, a monthly charge (in lieu of a mortgage inauranoe premium) wh~ch shall be in an amount equal to one-twelfth (35=) of one-half ( 3!e ) per centum of the average outstanding balanee due on the note computed without taking into aocount delinqaencies or prepayments; (b) A sum equal to the ground rents. if any. neut due, plus the premiums that will 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 months to elapse before one month prior to the date when such ground rents, premiums~ taxes. and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents~ premiums, taxes, attd special assess- ments ; and (e) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby ahall be added together and the agg~regate 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 : (t) premium eharqes under the contrsct of insurance with the Federal Housing Commissioner, or monthly charge (in lieu of mortgage insurance premium). as the case may be; (tt) ground rents, taues, aseesaments. fire, and other hazard insurance premmma; (ttt) interest on the note aeeu?~ed hereby; and (tv) amortization oi the principal of said note. - Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the mortgagor prior to the due date of the next such pa~?ment, constitute an event of default under this mort gage. The mortgagee may collect a"late charge' not to exceed two cents (24) for each dollar (al) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling - delinquent paymenta. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of vayments actually made by the mortgagee. for ptround rents, taxes and asaeaQments snd insursnce premiuraa, as the case may be, such exceas shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however. the montlily paymenta made by the mortgagor under (6) of paragraph 2 precedina ahall not be su~cient to pay und rents, taxea and aaaeaamenta x and inaurance premiuma, aa the caae may be, when the same shal~recome due and paysble, then the ~ mortgagor ahsll pay to the mortgagee sny smount neceasary to mske up the defkiency, on or before the ~ date when payment of such ground renta, taxes, aasesamenta, or inaurance premiuma ahali be due. If ~ at any time the mortgagor ahall tender to the mortQagee in aocordance with the pmviaions of the note aecured hereby, full psyment of the etttire indebtedneas repr~ented thereby. the mortgagee shali, ~n com- puting the amount of snch indebtedneas. credit to the scoount of the mortgagar all pa~rmenta made under the provisiona of (a) oi par~graph 2 hereof wh~ch the mortQa~gee has not become obligated to pa~ to the Federai Houain~ Commissioner and any bslsnce remaining in the funds accumulsted under the pro~•isions of (6) oi said paraQrsph 2. Ii there ahaU be a defsult under sny oi the provisiona of thia mortgage~ re- sultin~ in a pnbiic ssk of the premieea oovered hereby, or if the mortgagee ~wquirea the property other- wiae after defsult~ the mortga~ee ahall apply, at the time of the eomrnencement oi such proceedings or at the time the pmperty ia otherwise aoquired, the balance then remaining in the funda ucumulated under (b) ot para~rsph 2 precedin ss s credit a~ainst the amount of principal then remaining unpaid under asid note aad shall pmperly a~juat any psymeats which ahsll }u~ve been msde under (a) ot a~c,~~aSraph. 4. That he wiU pay all tauea, assessmenta. water rstes, and other ~overnmental or munfi~ipil charges, ~~~0 ~ ~ - s , ~ ~ r~ ~ - -