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Home My WebLink About2682 aif3xed to and capcelled on or3ginal note said mortr ,~oc does hereby fully werrent the title to said land. and every part thereof. and will defend the same egainst th. _dwful claims of all persons whomscever. PRO\~~UED AL,q1AYS~ and these presents are executed and delivered upoa the following conditions. to wit: The m.~rtgagor agcees to pay the moctgagee. oc order, the priacipal sum of SEVEN THOUSAND EIGHT HUNDRID AND N0~100 - - - - - - - - - - - - - - - - - - - Dollars (S 7~gQQ.QQ as evideaced by a note of evea date herewit6. with interest from date at the rete of lrive and three-fourth8 per ceatum ( 5 3/4 yG) per anaum on the unps,id balance until paid. rhe said principal and interest shall be payable at the office ot J. I. KISLAK 2~RTGAC~E COR~ORATION OF FLORIDA, 1101 Brickell Avenue Kiami, Florida a at such ~ther place as the holder of the aote awy desigaate in writiag. ia monthly installments of P'ORTY FI~VT 1L~TD SS~~~O ~ ~ _ - - - - - - Dollars (S 1+5.55 commeacing on We first d:~y of , 19 66 ~ and on the first dey of each month theceafter untilthepriaci~?al aad 'wtere.,: ace fully paid, except that the final payment of principal end intecest, if not sooner peid. shall be due ond peyab~~ on che [irst day of I~Iovember, 1996 : Md : all duly. promptly, and fully pecform. discharge. execute. efEect. complete. and comply with aad abide by each u..d every the stipulations, egreemeats. conditiaus. and covenaats oE said promissory aote and of this mortgage. tf~en this mortgage and the estate hereby cceated shall cease and be null and void. And the matgagoc t~uther covenants as follows: 1. That he will pay the indebtedness. bs 6ereinbefore provided. Pri'vilege is reserved to pay the debt in whole. or in en anount equal to one a mace monthly payments on the principal that are next due on the aote~ o~ the first day of any moath prior to maturity: Provided. however~ that writtea notice of an intention to exercise such privilege is given at least t6irty (30) days prior to prepeymeat; and~ pravided fwther. that in the eveat the debt is paid in full prior to matudty and at that time it is insured under tbe provisions of the National Housing Act, he will pay to the modgagee aa edjusted premium charge of one per centum (1X) oE the original principal amonnt thereof. except that in no event shall the edjusted premium esceed the aggregate amount of premium charges which would have ~ been payable if the mortgage hed coatinued to be iasured uatil matucity; such payment to be applied by the mod- gagee upon its oblig,stion to the Secretary of Housing and Urban Developmeat on account oE matgage insuraace. 2. That. in order more fully to protect the security of this mortgage. the mortgagor, together with, aad ia addi- tion to. the monthly paymeats nader the terms of the nde secured hereby, on the first day of each month until the said aote is fully paid. ~vill pay to tbe modgagee the follaaring sums: (a) An amouat su[ticleat to provide the holder 6ercot with [unds to paf the ne:t mortgage inaurance premium i[ t6ia i,pstn~- meat rndthe note secured hereby ~re insured. or a moathlr chu~e (in llen ot a mortQage insuraace premium) if they ~rc 6eld by the Secretaryr of Houslna and Urban Development. as [ollows: Q) If and so loa~ ~s said note of even date and this instrument ~re insured or are reinstued under the provisions of t}?e National HousiaQ Act, an amow?t sutCicieat to accumul~te In the hands oE the holder one (1) montb prior to its dut date the annual mort~ge insuroace premium, in order to provide such holder with [unds to par sucb premium to tbe Secretary of Housin~ aad Urban Developmeat pivsuant to t6e Natioa~l Housing Act, aa ameaded, aad applicoble Regu- lations thereuader; or • ~ (In If and so IonQ ~s sud note of even d~te aad t6ia inst~umeat are held b~ the Secretary of Housing and Urban Dcvelop- ment, a monthly ch~rge (in lien of • mortgage insurance premium) wr6ich shdl be ia aa aa?ount equal to oae-t~rclEth (1/l2) ot oao-halt (ys) per centum of the •ven~e outstondie~ balaace dne on t6e aote compated without tolcing into occount dellnquenctea or prepayments; (b) A sum equai to the Qround rents, if onr. aezt due, plus t6e premiums Wat will ne:t become due and payable on policies of Cue and other hazard iosurance covering the mortgaged property, plns tazes ~ad assessments nezt due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided br t6e number o[ mont6s ' to elopse before o~e month prior to the date when such grouad rents, prcmiums, ta:es, and assessmeata wrill become de- I linquent, such sums to be 6eld by mortgagee in trust to par said ground reats, premiums, t~es. and apecul pssesaments; and (cJ All paymeats mentioned in the two preceding subaectioas of this parograph and all payments to be made under the note secwed hereby shall be added together and the agg~egate amount thereot shall be paid by the mortgagor eac6 moath ia a single payment to be applied by the mortgagee to the tollo~viag items in the order set fort6: (n premium charQes under the contract of insurance with the Secretary of Housiag aad Urban Developmeat, or monthly charge (in lieu o[ mortgage insuraace premium), as the case m~y be; (II) ground rcnts. tazes, oasessmeats, tire, and ot6er hazard insurance premiuma; (QI) interest oo the note secured herebr; aad (I{~ amortization of the principal ot said eote. Any deficiency in the amount ~ such aggregate monthly payment shall. unless made good by the mortgagor prior to the due date of the next such payment, constitute an event d default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2t) far each doltar (Sl) of each payment moce than fifteen (15) days in arrears to cover the extra expense involved in ha~ling delinquent payments. 3. That if the total of the payments made by the modgagor under (b) of parag,~aph 2 preceding shall exceed the amount of payments actually made by the mottgagee, for ground rents, taaes and assessments and insurance premiums, as the case may be, such e:cess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If. however~ the monthly payments made by the mactgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground reats, taxes and assessmaats 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 a befare the date When payment of such ground rents, taxes. assessments, or insurance premiums shall be due. If at any time the modgagoc shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full peyment of the entire iadebtedness represented thereby, the mod- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (aJ of paragraph 2 heceof whic6 the mortgagee has not become obligated to pay to ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of seid paragraph 2. If there shall be a default undet any af t6e pcovisions of this mortg,ege, re- sulting in a public sele of the premises covered ~ereby, or if the mortgegee acquires the property otherwise aEter default, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remeiaing in the tunds accumulated under (bJ o~ paragraph 2 preceding as a credit against the emount of principel then remaining unpaid under said note and shell properlyadjust any peyments whic6 shall have Keen made under (a) of said pacagcaph. 4. That he will pay all taxes, assessments, water rates, and other govemmental or municipal charges, fines, - or impositions, for which provision has not been made hereinbefore, and in default thereoE the mortgagee may pay the same; ac~d thet he will promptly deliver the official receipts thecefor to the mortgagee. go K157 PACE 28~ . . , i -.:~+~2 r~' ! ! „K' " !r~ A ~ } -~~~t+ _ J ~ 'f»^~5~ t~+~' ~ _ ~ °y;~:.,.~;~ i'~3'_ i