The URL can be used to link to this page

Home My WebLink About0161 . ~ PROVIDED AL~VAYS, ~tnd these pi'CSCilf3 RI'~ ~XeCUfe(~ tii1C~ (~CI1VE'2•eci t~pon ttie follotiring conditions, to tt'tt : The mortgagor a~~ees to p~y the mortgagee, or order, the principal sum of Ten Thousand gour riundx=eci r~?iu Do11Ars ZO 400 .00 as evideticecl by ,a note of even daYe here~vith, ~vith interest ft•om date at the rate of ~i.ve & Otte-Quarter ~ per centum ( g~, per annum on the un- pAl(~ bAIR11C@ Ulitll pAlf~. The said principal and interest shall be payable ~t the office of VANGUARD MORTGAGE COMPANY, 7100 Biscayne BouLevard, Mi~mi, FLorida or at such other place as the holder of the note may desigziate in ~~~riting, iii monthly installments of Fi~£ty Seven and ,51/L00 ----------~-'~Dollars 57.51. commencing on the first day of riarch , 19 66 ~ and on the first day of each month thereafter until the pi•incipal and interest are fully pt~id, except that t}ie final payment of principal and intei•est, if not sooner j ..1...11 3..a .~~~n nnt~ roi~o}1~A A1l }1~n-firr~t. ~av nf 1996 ~ . t;. , :r _ ~ - -a- - - _ t?nhrntnr~s . ~ i And shRit duly, promptly, and fully perform, diseharge, eYecu~e, eff~ct~ complete, and comply with and - abide by each and every the stipulntians, ~greements, conditions, and coven~iits of said promissory note and of this mortgage~ then this mortgnge and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Yrivilege is reserved to pay the debt in whole, or in an amount equal to one or moi•e monthly payments on the principai tiiat are next due on the note, on the fir~t da~~ of any ~itontii pi•ior to maturity: Provided, ho~i•evei•, ttiat ~vi•itten 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 tlie debt is paid in full prior to maturity and at that time it is insured under the provisians of the National ~Iousing Act, he will pay to the mortgagee ~n adjusted premium charge of one per c~ntt~m (1 ~/o ) of the original principal amount thereof, except th~~t in no event shall the adjusted premium exceed the aggregate amount of pi•emium charges which would l~ave been pay~able if tlie mort- gage hzd continued to be insured until maturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on acconnt of mortgage insurance. 2. That, in order more fully #o protect the security of this mortgage~ the mortgagor, together with, 9~~~#;~n, t~, thP m~nthlv pavments under the ternis of the note secured here~y, on the first day of each month until the s~id note is fulty paid, will p<<y to the mortgagee the ioiiativing sums: . (a) An amount sufficient to provide the holder hei•eof ~vith funds to pay the next mortgage insurance premium if this insti•ument ~nd t}ie note secz~red hereby are insured, oi• a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Feder~l Housing Commissioner, as follo~vs : . ~ If and so long as said note of e~~en date and this instrument are insured or are reinsured under the provisions of fhe 1~'ational Housing Act, an amount sufi'icient to accumulate in the hands of the holder one (1) month pi•ior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to ttte National Housing Act, as amended, and applicablo Regulations thereunder; or (ii) If and so long as said note of e~en date and this instrument are held by the Fedei•al Housing Commis- sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-t~velfth of one-half ('fs ) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that ~vill next become due and payable on policies of fire and other hazard insurance covering the moi•tgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums aiready paid therefor divided by the number of munths 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 Uy mortgagee in trust to pay said ground i•ents, premiums, taxes, and special assess- ments ; and (c) All paymenf.s mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and tlie aggregate ainount 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 charges under the conti•act of insu?•ance with the Federal Housing Commissioner, or monthly . ch~rge (in lieu of mortgage insarance premium), as the case may be; (~t) gibund rents, taxes, assessments, fire, and other hazard insurance premiums; (itt) interest on 4he note secured hereby; and (IY~ amortization of the principal of said note. • _ Any deficiency in the amount of such aggregate monthly payment shall, unless m~de good by the mortgagor prior to the due date of ti~e next such pa~vment, constitute an event of defauit under this mort- gage. The mortgagee may cullect. a"late charge' not to exceed two cents (Z¢) for each doltar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling deiinquent payments. 3. That if the totai of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments ~ctuall,y made by the mortgagee, for Rround 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 (b) of paragraph 2 preceding shall not be su~cient to pay ground renta~ taxes and assessments and insurance premiums~ as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground renta, taxes, assessments, or insurance premiums ahall be due. If ' at any time the mortgagor ahall teniler to the mortgagee in accordance with the prnvisions of the note aecured hereby, full payment of the entire indebtedness rept~sented thereby, the mortgagee shall, ;n com- puting the amount of such indebtednesa, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the martgagee has not become obligated to pay to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of aaid paragraph 2. If thei~ shalI be a default under any of the provisions of this mortgage, re- sulting in a public sale of the prP.mises eovered hereby, or if the mortgagee acquires tRe ~roperty other- wise after defautt, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funda accumulated under (b) of paragraph 2 preceding as a credit againat the ~tnount of principal then remaining unpaid under said note and ahali prnperly adjuat a,;y payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxea, assesaments, water ra~es, and other governmentai or municipal charges, ~ BOQK1tJ . . ,~5~ ~ -