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Home My WebLink About0468 J• , ; * ~ PROVIDSD ALWAY3, and these presents are executed and delivered upon the following conditions, to wit: The mortgagor agre~a to pay the mort~agee. or order. the rincipal sum of NINB T80U3AND FOUR Ht7~lDRBD AI~D b,O,t1OO -___..__________,....M Dollars (a 9, 400. 00 aa evidenced by s note of even date herewith, with interest irom date at the rate of f ive auc~d three quarter per ceutum ( 5 3/4 96 ) per annura on the un- paid balance until paid. The said principal and intereat shall be payable at the o~loe oi J. I. Kislak M~ortgage Corp oration of Florid~, 1220 Biecay~cie Boulevard, in Miami. Dade Cour~ty, Florida or at $uch other place aa the holder of the note may designate in vrriti in monthly installments of Fifty Four and 90/100 ~1~ ~a 54.~b ~encing on the flrst day of Auqust . 19 66. and on the flrst day of each month thereafter until the princtpal and intereat are fuUy paid, except that the tinal psyment of principal and interest, if not sooner paid, ahall be due and pay~ble on the flrst day of July ,1996 ; And shall duly, promptJy, and iully perform, diacharge, execute, effect, complete. and comply with and sbide by each and every the stipulations. agreementa. conditions. and covenants of said promissor~ note ~ad oi thus mortgaQe, then this mortgage and the eatate liereby created shalt cease and be null and void. And the mort~agor further covenaats aa foilows; 1, That he will p~ay the indebtedness. as hereinbefore provided. Privilege is reserved to p~ay the debt in whole, or in an amount equal to one or moi~e monthly p~a,y-ments on the principal that are neact due on the note. on the first da3• of any month prior to maturity : Provided, however. that written notice of an intention to exerciae such privilege is given at least thirty (30) days prior to prepayment; and. provided further. that in the event the debt ia p~aid in full prior to maturity and at that time it is insured under the provisiona of the National Hoasing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1;6 ) of the original principal amou~t thereof, except that ia no event ahall the adjusted premium exceed the aggregate amount of premium charg~es which would have been payable if the mort- gage had oontinued to be ~nsured until matnrit3~; such payr~ent to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on a~count of mortgage ~naurance. 2. That, in order more fully to protect thc security of this mortga,g~e, the mortgagor. together with, and in addition to, the monthly paymenta under the terms of the nate secured heteby. on the first day of e~ch month until the said note is fuUy paid. wiil pay to the mortgagee the foltowing sums : (a) An amount sutRcient to pmvide the holder hereof with funds to pay the next mortgage inaurance premium if thia inatrament and the note aecured hereby are inaured, or a monthly charge (in lieu of a mortgage insurance preraium) if they are held by the Fedeml Housing Commisaioner, as follows : (t) If and so long aa said note of even date snd this inatrument are insured or sre reinaured under the provisions of the National Houaing Act, an amonnL auHieient to atcamqlate in the handa oi the holder one (1) month prior to its due date the annual mortgage inwrance pnmium. in order to provide auch holder with funds to psy such premium to the Federal Aousing Cotnmissioner pursuant to the National Housing Act, as unended, and ipplicable Re~ulations thereunder; or (tt) If and s~ long as aaid noUe oi even date and th~s instrument are held by the Federal Housing Commia- aioner. a nanthiy char~e (in lieu ot a mortgage insuranee premiwn) which shall be in an amount equsl to one-tweltth (y{~=) oi on~half (~s ) per cent~un of the average outatanding balance due on the note oomputed ~vithout taking into socount delinquencies or prepayments; (b) A aum equal to the ground rents, if any. next due, plus the premiuma that will next become due and payable on policies of fire and other hasard insurance covering the mortgaged property, plus taxes and assessmenta neut due on the mortgaged property (sil as eatimated 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 renta. premiums, taxes. and assessments will become delinquent. such sums to be held by mortgagee in trust to pay sa.id ground rents, premiums, taxes, and special assess- raents; and ` (c) All payments mentioned in the two preceding subsectiona of this paragraph and all pay- ; ments to be made under the note secured hereby ahall be added together and tiie aggregate amount ~ thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- ' gagee to ttee following items in the order set forth: ~ (t) premium charAea under the eontract ot inaurance with the Federal Housing Commissioner. or monthly k charge (in lieu of mortgage insarance premium), as the case may be; ~ (t[) ground renta. taxes. asaeasments. fire, and other hasard inaurance premiumst; ; (itt) interest on the note secw~ed hereby; and E (tv) amortization of the prin¢ipal 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 payment. constitute an event of default under this mort ~ gage. The mortgagee may cullect a"late charge" not to exceed two cents (Zt) for each dollar (~1) of ~ each payment more than fifteen (15) days in arrears to cover the extra expense invo~ved in handling ~ delinquent payments. . ~ 3. That if the total of the payments made by the mortgagor nnder (6) of paragraph 2 preceding ahall exceed the smount of ~ayments actually made by the mortgagee. for Rround rents, taxes and asses.aments ~ and insnrance premiutna, as the case msy be, such exceas ahall be credited by the mortgagee on subsequent ~ payments to be made by the mortgagor. If, however. the monthly payments made by the mortga,gor ~ ander (b) oi paragraph 2 preceding shall not be aufficient to psyground renta, taxea and aasessmenta : and insurance premiums, aa the case may be. when the same ahall Lecome due and payable, then the mortgagor ahall pay to the mortgagee any amonnt neceaaary to make up the deficiency, on or before the date when payment of such ground renta, taxea, asseeamenta, or inaurance premiuma sha11 be due. If at any time the mortgagor ahsil tencier to the mortgagee in ~tuoordance with the provisions of the note ~ aecu~ed hereby, full payment of the ent3re indebtedness repreaented thereby, the mortgagee shall, ;n com- g puting the amount of such indebtedneas, credit to the acoount of the mortgagor all paymenta made under ~ the prnvisiona of (a) oi paragraph 2 hereof which the mortgagee haa not become obligated to pay to the F Federai Housing Commissioner and any balance rerriaining in the funda accumulated under the prorisiona € of (b) ot said patrsgraph 2. Ii thei~e ahall be a default under ~ny oi the proviaiona of this mortgage, re- ~ aultin~ in s pubUc aale of the premisa covered hereby~ or if the mortgagee acquires tt?e property other- ' wise after default, the mortgagee ahall apply, at the time of the commencement of auch 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 sgainst the amount of principal then remaining unpaid under ; aaid note and shsll properly ad,just any payments which shall have been made under (a) of said paragraph. ~ 4. Thst he aill pay all taxes, asaessmenta, water ratea, and other governmental or municipsl charges, ~ ; . 4 ' aao~ 148 " ` ~ ~ ~ ~ ~ 467 ~ 3 ~ - h ~ ~,as:r.,~ ~ ~ _ I",4,x' ,y ~ ; a"~,; z^~~. ~ r~ e~;=;~ ~,m: -~`'~m ~l `~`<n 4_~ _ - .a-':