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said mortgagoc does hereby fully wa.:ant the title to said land, end every part thercof. end will defend the same
against the lewtul claims of all persons whomscever.
PROVIDED AI.WAYS, and these pcesents are executed and delive~ed upon the follooving conditions, to wit:
The mortgagoc agrees to pay the mortgagee. oc ocder. the principal sum af $~tt~1 '1'~LOtiii~ ~
~i~o~s ~drsd ana Ho/100----------------------------------•---•------
Dollars (S 16 ~900•~ as evidenced by a note of even date herewith. with interest from date at the
rate of $eqep ~ pqa~~ls per centum ( 7 l~Z 9G) per annum on the unpaid balance
until paid. The said principal end interest shall be payable at the office of w'j'I~ ~j~(+=,wj,
OO~O~tATION a corporation vadar ths la~rs of t4e Stata of Dala~r~?re,
P. O. Box Si31, Ki.aci, Flori~da
a at such other place as ~thAe hoMlder~ of the note may designate in writing. in monthly installments of OtLt ~Y'td
~~~~n ~Qd JV~V~/~~~~"~~~~~~~~~ ~0118[S ~s ~~8~J0 comraencing Ofl
the first day of ~at . 1969 . and on the first day of each moath theceafter until the principal
and interest are fully paid~ except that the final payment of principal and interest, if not sooner paid, shall be due
and payable on the first day of .~1~j/ , 1999 :
And shall duly. promptly, and fully pedorm. discharge. execute, effect. complete, and caoply with and abide
by each and every the stipulations. agreements, conditions. and covenants of said promissory note and of this
mortgage. then this mortgage and the estate hereby created shall cease and be null and void.
And the matgagor further covenants as follows:
1. That he witl pay the indebted~ess. as hereinbefore provided. Privilege is reserved to pay the debt in whole,
or in an amount equal to one or mae 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 i~tetf~tion to exercise such privilege
is given at least thidy (30) days prior to prepayment; and. provided fudher~ 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 aa adjusted premium charge of one per centum (196) of the original principel amount thereof, except
that in no event shall the adjusted pcemium exceed the aggregate amount of premium charges which would have
been payable if the modgage had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance.
2. That. in order more Eully to protect the secucity of this modgage, the mortgagor, together with. and in addi-
tion to. the monthly payments under the terms of the note secured hereby, on the first day of each month until the
said note is fully paid, will pay to the mortgagee the follawing sums:
(a) An amount sufficieat to provide the holder hereof with funds to pay the next mortgage insurance premium it thia instru-
ment end the note secured hereby are insured, or a monthly c6arge (in lieu of a mortgage insurance premium) iI they are
held by the Secretary of Housing and Urban Developmeat, as follows:
(I) I[ and so long as said note of even date and this instrument are insured or ore reinsured uader the provisions of the
National Housing Act, an amount sufficient to accumulate in the hands oE the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with funds to pay sucb premium to the
Secretary of Housing and Urban Deveiopment pursuant to the National Housing Act, as amended, ond applicable Regu-
lations thereunder; or
(II) It and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop-
ment, a monthly charge (in lieu of a mortgage i~surance ptemium) which shall be in an amount equal to one-twelfth
(l!12) of one-half (ih) per centum of the average outstanding balance due on the ~ote computed without taking into
account delinquencies or prepayments;
~ (h/ A sum equal to the ground rents, iE any, next due, plus the premiums tbat will ne:t become due and payable on policies
; of fire and other hazard insurance covering the moctgaged property, plus taxes and assessments next due on the mort-
~ gaged property (ail as estimated by the mortgagee) less ali sums already paid therefor divided by the number of months
f to elapse before one month prior to the date when such ground rents, premiums, tates, and assessments will become de-
i linquent, such sums to be held by mortgagee in ttust to pay said ground rents, premiums, taxes, and special assessments;
~ and
~ (~J Ali payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note
~ secured hereby shall be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a
single payment to be applied by the mortqagee to the following items in the order set (otth:
~ (n premium charges under the contract ot insurance with the Secretary of Housing end Urban Development, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
~ (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; ~
(lII) interest on the note secured hereby; and
(fV) amortization o[ the principal of said note.
Any deficienc~~ in the amount of such aggregate monthly payment shall, unless made good by the mortgagor i
prior to the due date of the next. such payment, constitute an ~event of default under this mortgege.• The mortgagee
may collect a"late charge" not to exceed two cents _(2Q) for each dollar (Sl) of each payment more than fifteen
t15) days in arrears to cover the extra expense involv~d in handling delinqnent payments.
3. That if the total.oE the payments made by the mortgagot under (b) of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgagee, for gcound 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 the mortgagor. If, however, the monthly payments made by the mortgagor under (6) oE paragraph 2 pre-
~ ceding shall not be safficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case
may be, when the same shall become due and payable, thea the moctgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, on or before the date when payment of such ground rents. taxes, assessments,
~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with
~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort-
~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments
~ made under tFx pravisions of (a% of paragcaph 2 hereof which the muctgagee has not become obligated to payto ~
~ the Secretary of Housing and Urben Development and any balance remainiag in the funds accumulated under the
~ provisions oE (b) of said paragraph 2. If there shall be a default under any oE the provisio~s of this mortgage, re- ~
sulting in a public sale oE t6e premises covered hereby, oc if the mortgagee acquires the property otherwise after
~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~
~ erty is othecwise acqoired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding i
~ as a credit egaiast the amount of prIncipal then remaining unpaid under seid note and shall properlyadjust any ~
~ payments which shall have been rnade under (aJ of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines,
~ oc impositions, for which provisian has not been made hereinbefae, and in default thereof the mortgagee may pay
~ the same; and that he will promptly delivec the official receipts therefor to the mortgagee.
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