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..~id :^~~rt~;.~~ui do~~. hrreb~ fuU~ ~c.ur.~nt the title tu said (~n:i. :+nd r~rr~ p~ct tharrof. and «i;! de~rn~i ti~r ti.i~:N
,~K..~nst th~• 1;~~fui cla?m~ u11 pc~suns uhum~o~~er.
I~h'(lVlDEI) AL11'Al'S, and these p~escnt~ :+re executeci and drl~~~rred upon the ioUow~ng rond~tions, to wit:
'1'hc~ m:?~tKugur aKrc~s t.~ par the murtKaKrr, o~ otder, the princ?p.~! si;m of Sixteea Thousand Nine Hundred
Fifty and No~100-----••••.,---•-•-•-•-----•-•--------••------••------------•---~------••
Vulla~s ~S 16,950•~ e~•idrrtcrd by a n~te oi F~•en date hc~eH•~th, a~rih mte~rst frum date .+t the
r.~te ot ~y,~n pe~ centum ~ 7 ~:o) pr~ annum on the ?~npaid balance
until p:~id. The ~aid pnncipal and interest shall de pa~•able at the oftice o(
8'~'OC~'i'011. MH~'!iY • Dl1VIN i CCMpJ1tiY. ~ 100 1Nst BaY 8trMt ~ Ja~ck~oavf tl~. 1~1~orida
u~ at .uch ott?er place .~s the ho:der uf the note ma~• destgnate in writing, i~ monthl~ instal(crsents of One Hundred
aw~lV~. ~d 89/iV~~~~~~~~N~~sw~~~a••~~~~~ pO~~ii[~ (5 11Z~Q9 commencing Ott
the first d~~• ot J~l~/ ~ . 19 ~l. and an the first da~• ot each month the~eaftec untiithepnncipal
and ~nterest are full~• paid, except that the tinal papment of principal and interest, if not sooner paid.-'strall be due
and pa~able on the first da~~ of 311IIe 2001
And shall dul~•, promptly, and full~•~perform, discha~ge, execute, effect, complete. and comply Hith and abide
h~• each and e~•er~• the stipulations, agreements, conditicx~s, and co~•enants of said promisso~}~ note and of this
nu~rt~:igE, then th~s mortgage and the estate hereby created shall cease and be nuit and ~•oid.
. And the mortgagor further co~•enants as folloNS:
1• That he will pa~~ the indebtedness,:~s hereinbef~re pro~•~ded. Pra~•ilege is resen•ed to pa~• the debt in v?hole,
ur ~n an amount equai to one or moce monthly paymenfs the principal that ace next due on the note. on the first
d:+~~ of an~• month prior to maturit}•: I'r~~~ id~•.I, howe~~er, that written notice of an iatention to exercise such pri~•ilege
is Ki~en at least thirty (30) da~~s prior to prepa~~meat; and. provided turther, that i~ the event the debt is pa~d in
[ull prior to maturit~• and :~t that time it is insured undec the provisions of the l~ational Nousing Act, he v?i11 pa~• to
the mo~tgagee an :~djusted premium charge of one pec centum (l a) of the original principai amount thereoE, eacept
th~t in no e~•ent shall the adjusted premium eaceed the aggregate amoun: of pcemium charges which would ha~•e _
been pa~•able it the mortgage had continued to be insured until maturity; such payment to be applied b~• the mort-
ga~ee upon its obligation to the Secretary of Housing and Urban De~~elopment on account of mortgage insurance_
2. That, in erder more full~ to p~otect the secur~ty of this mortgage, the mortgagor, together with, and in addi-
t~~n to, the monthl~~ payments under the terms oi the note secured hereby, on the first day of each month ~ntil the _
said note is Eull~• paid. will pay to the mortgagee thP [ollowing sums:
r::: An .~n.~unt suffic~ent to prov~de the holder hereo[ ve~th tunds to par thr next ~ortgage insurance prem?um :f this instru-
mrnt and the note secured herrb~ are ~nsured, nr a monlhl~ charge (in lieu of a mortgage insurance premium) if they are
hrid by the Secretary of Housing and Urban Drvelopment. as follows:
111 !f and ~o tong as sa~d note u[ evrn date and ~his. insttument are insured or are re~nsured under the provisions of the
\atiunal Housm~ Act, an amuunt su[ftcie~t to accumulate in the hands lhe holder one tl) month prior to its due
date the annual mertgage insurance prrmium, in order to pruvide such holder with funds tc, p+y such premium to the
Secretar~• ot Huus~ng and Urban Dea~etopment pursuant to the National Hous~ng Act, as ar.iended, ~nd appi~cable Regu-
lations therevnder, or
11I1 I( and so long as sa~d note ot eern date and this mstrumenR are held bp the Secretary of Nous~ng and Urban De~•e:op-
^rnt. a monthlp charge (in l~eu of a mortgage tnsurance prem~uml whuh shail be ~n an ar.iount equal to one-twellth
(1 121 of one-hal[ ('J prr crntum ot the average outstanding balance due on the note computed witho~t taking into
ar:ount delmquenc~es or prrpayments;
~
I % A sum equal to the ground rents, it any, ne:t due, ptus the prtm~uu~s that will next become due and pa~able on policies =
ut (ue and other hazurd insurance co~•ering the mortgaged property, plus taxes and assessments next due on the mort- ~
~egrd proaert~' 1a11 as estimaled by the mortgagee) less alt sums atready paid therefor di~•ided b~• the number of months [i
ta ~•tapse be[ore one r.~onth pnor to the date r~hen such gruund rents, premwms. taxes, and assessments will become de-
l~nqurnt, ~uch sums to be he?d by mortgagee in trust to pay said ground rents, prem~uma, ta:es, andspecialassessments;
and
~ t A12 pay~rr:rnts menuonrd jn the tMO preced~ng subsect~ons of thts paragraph and all payments to be rsade under tSe note
srcured herrby shall be added together and the aggregate amount thereo( shatl be paid b~ ihe mortgagor each month in a
sir~lr pa}mrnt to be appl~cd by the mortgagee to thr foilow~ng items in the order set forth:
{1) prrm~um charges under the cuntract of insuranre w~th the Secre:s:y o( Hous~ng and Vrban IIe~-elopment, or r.ientht~•
charge (~n l~eu of mortgsge insuranct premium), as the case may be;
1lli tiround rents, taxes, assessmrnts, (ire, and other hazard insurance premiu~s;
([Il) ~r.terest on the note secur•d hereby: anQ
(IV) amort~zatton o[ the princ~pal of said nute.
Any deficienc}~ in the amount ot such aggregate monthly payment shall, unless made good by the mortgagor ,
prior to the due date ~f the next such payment, const~tute an event oE default under this mortgage. The mortgagee
r;a~ coilect a"late charge" not to exceed two cents (2~i [or each dollar (S1) of each pa}•ment more than Eifteen
~l~) da}-s ~n arrears to cover the extra expense envolved in handling delinquent payments._ ~
;
3. That if the total o[ the payments made by the mortgagor under (6J ot paragraph 2 preceding shall exceed
the amount of pa}~ments actual?y made by the mortgagee. foc ground rents, taxes and assessments and insurance
premiums. as the case may be, such excess shall be credited b} the mortgagee on subsequent payments to be
made by the mortgagor_ If, howe~~er, the monthly payments made b~• the mortgagor un~er (b) of paragraph 2 pre-
ced~ng shall not be su(ficient to pay ground rents, taxes and assessn.~nts and insurance premiums, as the case
may be, when the same shatl become due and payable, then the mortgsgor shall pa~~ to the mortgagee any amount
- necessary to make up the de(iciency, on or before the date when payment of such ground ~ents, taxes, assessments.
or insurance premiums sha11 be due. I[ at any time the mottgagor shall te~der to the mortgagee in accordance with
the pro~~is~ons ot the note s^cured hereb~~, fuil payment of the entirr indebtednes~ represented thereby, the mori-
Kdgee shall, in computing the amount of such ~ndebtedness, credit to the account of the mortgagor ali payments
madr under the prrn•isims of lu 1 of paragraph 2 hereof which the mortgagee has not become obiigated to pay to '
tbe Secretar}• of Fiousing and Urban Develo~m~nt and any balance remaining in the tunds accumulated under the
(lfU~~lSIUf15 of /E./ of sa:d paragraph 2. if there ~hall be a default under any ot the pro~isio~s of this mortgage, re-
sult~ng ~n a publ~c sale ot :he premises covered ieceby, or iE the mortgagee acquires the property otherw~sr <.fter
defaolt, the mortgager shaU appl~•, at the time of the commencement of such proceedings or at the time the prop-
eth• ~s othervrise acquued, the ba!anre then remaining in the funds accumul::ted undes of paragraph 2 preceding
as a cred+: :,gainst the arr:ount princiPai then remaining unpaid undec said note and shall properlyadjust any
pa}•ments wh~ch sh:,ll ha~~e been made under (u) of said paragraph.
4. l hat he will pay ali taxes, a~sess:nents, water rates, and other governmental or municipal charges, tines,
or ~mpc~s~tions, fot whtch provision h.is not been made hereinbefore, and in default thereof the mortgagec may pay
the same, and that he w~ll prumptly- ~eliver the of(icial receipts therefor to the mo~tgagee.
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