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Home My WebLink About0392 't r ' M ~ ~:~;~t'. P80VID$D AI.WAY3~ and thase presenta are executed and delivered upon the follov~•ing conditions, to Wlt: ~ The mortgagor agreea to pay the mortgag~ee. or order. the principal eum of N~ TSOUSAND F~O~JR H~JI~IDRED ADID DTO/100 9, 400. 00 as evidenced by s note of even date herewith. with intereat from date at the rate oi f ive and three quarter per centum ( 5 3/4 g6 ) pEr annu~ on the un- paid balance until paid. The said principal and intereat shall be payable at the o~ce of J. I. Itialak Mortgaqe Corporation of Florida, 1220 Biscayne Bvulevard in 1Kiami, Dade County, Florida er at auch other place aa the holder of the note may designate in writing~ in monthty inatallmenta of Fifty Four aind 90/100 54. 90 commencing on the flrat d~? of Auquet , 19 66. suid on the firat day oi each month thereafter until the princiP~ a~ea fnter~t are fl~lly p~aid~ eucept that the flt~ul p~yment of principal and intereat, if not sooner paid, ahall be due nud payable on the first dsy of July , 1996 ; And ahaU duly, promptly, and tul~y perform, discharge, execute, effect. complete. and comply with and sbide by each and every the stipulationa. agreements. conditiona, and covenanta of said promisaory not8 aad of tt?is mortgage. then this mortgag~e and the estate hereby created shatl cease and be null and void And the mortgagor further covenants sa foUows: 1. TTlu~t he w~l paq the indebtedness~ as hereinbefore provided. Priviteg~e is t+eserved to pay the debt in whote, or in an amovnt equal to one or moi~e monthly p~ayments on the principal that are next due on the nate. on the first da~~ 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 ia paid in full prior to maturity and at thut time it is insur+ed under the grovisiot~s of the National Housing Act, he wiU pay to the mortgagee an adjusted premium charge of one per centum (1~) of the original principal amount thereof, except that in nu event shall the ad,jusied premium exceed the a~gr.egate amount of premium charges which would have been payable if the mort- ~ ti~on to the Federal Housing Commisa oner~on aoc:opun of mort~ applie~d by the mortgagee upon its gsge insurance. 2 That~ ia order moi+e fully to pmtect the security of thia mortgage, the mortgagor, together with, aad in addition to, the monthly p~yments under the terma of the note secured hereby, on the first day ot each month until the said note is fully paid, will pay to the mortgagee the following sums • (a) An amount sufRcient to provide the holder hereof with funds to pay the next mortgag~e insurance pr~mium if this inatrument and the note aecured hereby are insured, or a monthly charg~e (in lieu of a mortgag~e inst~rsnce premium) if they are held by the Federnl Housing Commiasioner, aa follows : . (t) Ii and so long ss said note of even date and thia instrnm~mt are insnred or sre reinaured under the provisions oi the Nstional Hous' Aek ~ inwunt su~cient to a~e.wmulate in the handa of the holder one (1) mont}~ i~or to its due ~te the annual mortgage iaaunnce premium, in order to provide auch holder ~vith funas to pay such premium to the Federsl Nouaing Comn?issioner pnrsuant to the National Houaing Act, aa amended, and applicsble Re~~lationa thereunder; or (n) Ii and eo long as said note ot even dite and th~s instrument a~e held by the Federal Aouaing Commia- sioner. a monthly chs (in lieu of a mortgage insursnce premium) whieh shall be in an amount equal to one-twelfth (~j of one-half ('fs ) per eentum of the average outstanding balance due on the note oomputed without t8king into aecount delinquencies or prq~syments; (b) A sum equal to the ground rents. if anq, ne~ct due, plus the premiums that will next be~oome due and payable on poUcies of fire and other hasar+d 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 montha to elapse before one month prior to the date when such ground rents, premiums, taaces. and assessments wiA become delinquent, such sams to be hetd by mortgagee in trust to pay ssid ground re~ts, premiums, taxes, and special assesa- menta; and (c) 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 togethei'~exti the aggregate amount thereof shalt be paid by the mortgag~ar eaci? month in a single gayment to be applied by the mort- gagee to the followmg items ia the order set fortb: (l) preminm c1u?rqes under the contract ot insurance with the Federal Housing Commiasioner~ or monthly chstrge (in lien of martgage insurance premium)~ as the case may be; (tt) ground rents, taxes. aaseasments. flre, and other t~azard insnrance premiuma; (ttt) interest on the note eecw~ed hereby; and (tv) amortization of 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~?tnent, constitute an event of dsfault under this mor~ gage. The mortgagee may cullect a"late charge' not to exceed two cents (2~) for each dollar (~1) of ea~ch payment more than fifteen (15) days in arrears to cover the extra expense invoived in handling delinquent payments. . 3. 1'hat if the totai of the payments made by the mortgagor under (b) of paragraph 2 prECeding shall exceed the amount of payments actually made by the mortgagee. for p~round rents, taxes and assesaments ~nd ~naurance premiunns, as the caae may be, such excess shall be credited by the mortgagee on subaequeut psymenta to be made by the mortgag~or. If, however. the monthly payments made by the mortgag+or under (b) o~f patagraph 2 preceding shatl not be su~cient to ps?yground rents, taxes and aaaessmenta and inaursnce prerniums, aa the case may be, when the same ahall ~eCOme due and payable, then the mortgsgar shall pay to the mortgagee any amo~nt neoeasary to make up the deficiency~ on or before the date when payment of such ground renta, taxea, aaseesmenta, or inaurance premiuma shall be due. If at any titne the mortgagor shall tender tq the mort~agee in ac~oordance with the provisions of the note aecured hereby, ftill payment of the eatire~indebtednesa repreaented thereby, the mortgagee ahall, ;n com- puting the amount of auch indebtedneaa, credit to the acc~ount of the mortgagor all pa~ments made under the provisiona ot (a) of paragraph 2 hereof which the mortgagee hss not become obligated, to pay to the Federal Houaing Commissioner and sny balance remaining in the funda accumulated under the pro~•isions oi (b) ot asid par~graph 2 It thea~e shall be a default under sny of the proviaions of this mortgage, re- aulting in a public sale of the premiaea oovered hereby, or if the mortgagee acquir~s ttie property other- wise after default, the mortgagee shaD apply~ at the time of the commencement of such proceedings or at the time the pmperty ia otherwise acquired, the balance then remaining in the funda ac~:umulated under (b) of paragraph 2 preceding aa a credit a~sinat the amonnt of pnncipal ~hen r~maining unpaid under said note and shall pnuperly adjust any paytnenta which ahall have been made under (a) of said paragraph. 4. That he will pay all taxea, asaesaments, water rates, and other governmental or municipal ~cliarge's; t ~°DO,~ 148 391 ~ ~ . _ 3~ ~$^.'~g M ,M ~+~y...~~ . I ~ ~ ~ ~ w yr ~'L':~' .w_-'-a`5°~'~` £ . ~s.',~.~'q " _