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Home My WebLink About1754 ~ ) • . PRQVIDCsu ALWAYS. and these presents are execut~ed and delivered upon the followiag conditioas. to N'iL: The mortgagor agrees to pay the mortgagce, or order. tlie principal sam of Tffi~'B~ TgpQSdND 0~[SSI~~Daud00/100----• Doliars (a ljllOp.Op as evidencad by a note of even date herewith. ~cith intet~est frnm date at the i~ate of Siz per centum ( f ~v ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the ot~ice of J. T. 9TSIrlR'P I+~URt~GAGB C~Mp~N~C~ Ia1C., 100 Miraa26 I~i.le~ Coral Gebles~ Florida, _ or at such other place as the holaer of the note may designaf,e in ~vriting, in monthly instattments of 3SP~iTY-$'IGBP aad 60~100- - - - - - - • -Doltars 78.60 commencing on the tirst day of Dsceaber . 19 66 , and on the first day of ~ach month thereafter antil the ~ principal and interest are fully paid. except that the final p~ayment of principal and interest, if not sooner paid. shal; be due and payable on the first day of Horember , 1996 ; ~ And shall d~ly. promptly. and fully perform, discharge, execute, effect, complete, and comply with and ~ abide by exch and every the stipulations, agreements, conditions, and covenants of sai~ promissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follow-s: 1. That he will gay the indebtedness. as hereint~efore provided. Privilege is reserved t~ pay the debt in whote. or in an amae~nt equa! to one ur moi e monthly payments on the principttl that are next due on the note, an the first da~ of any month prior to maturity : Provided, hoW ever, that written notice of an intention to exercise such pri~ ilege is given at least thirty (30) days prior to prepayment; and. provided further. that ~n the event the debt is paid in full prior to maturity and at that time it is insared under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of ~ one per centum (1 /o) of the original princ~pal amount thereof, except that in no event shall the adjusied premium exceed the aggregate amount of premium charges which would have i~een payable if the mort- gage had continued to be iasu~~ed until n~aturit3•; such payment to be applied by the mortgagee upon its ~ obligation to the Federal Housii~g Commissioner on account of mortgage ~nsurance. 2. That, in order mor~e fully to protect tiic security of this martgage, the mortgagor~ together with. f and in addition to. the~manthly payments under tne terras of the note secured hereby, on the first day of ~ each month until the said note is fuUy paid. wili ~~ay to the mortgagee the following sums: f (a) An amount suf~'icient to provide the holder hereof ~vith funds to pay the next mortgag~e ; insurance premium if this instrument and the note secared hereby are insured, or a monthty charg~e ; (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follows ; - ; (I) It and so long as said note of eren date and this instrument are insured or are reinsured under the pro~ isions of the h'ationa! Housin~ Act. an amount sutTicient to sccumulate in the hands of the holder = one (1) month prior to its due date the annual mortgage insorance premium~ in order to provide such ~ holder with funds to pay such premium to the Federai Housing Commissioaer rursyant to the National I3ousing Act~ as amended, and applicable Requlations t6ereunder; or ~ -(u) If and so long as said note of e.en date and this instrument are held by the F'eo~:al Housing Commis- sioner, a monthly charge (in lieu of a mortgaAe insurance premium) which s1.a!1 be in an amount I equal to one=twelfth (Yi_) of one-ha}f ( 54 ) per centum of the averaRe outstanding :,olance due on the ~ note_ rnmputed without taking into account delinqueneies or prepayments; (6) A sum eqnal to the ground rents. if any, neut due, plns the premiums that will next become due and payable on policies of Bre and other hazard ~nsurance 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 months to-elapse before one month prior ~ to the date when such ground rents~ premiums. taxes. and assessments will become delinquent, such ' snms to be held by mortgagee in trust to pay said ground rents, premiums~ taxes, and special assess- ~ mznts; and . - ~ (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ~ ments to be made under the teote secured hereby shall be added together and tlie aggregate amount ; 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 orde~ set forth: t (t) premium charRes under the rnnt~act of insurance with the Federal Housing Commisgioner, or monthly - eharKe (in lieu of mo~-kRaqe insurance premium). as•the case may be; - ; (11) gnound rents, taxes, assessmertts, fire, and other hazard insurance premiums; . ~ (m) interest on the note secured hereby; an~ j (~vj amortization of tl~e principal of said r~ote. ~ Any deficiency in the amonnt of such aggregate monthly payment shall, unless made goocl by the ~ mortgagor prior to the due date of tl~e next such payment. constitute an event of default under this mort- ~ gage. The mortgagee may cullect a"late charge" not to exceed two cents (Z~) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall i exceed thv amount of pa~ ments actually made by the mortgagee. for Rmound rents, taxes and asses.aments - and ~nsurance premiums. as the case may be, such excess sha!I be credited by the mortgagee on subsequent ~ payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor ~nder (b) of paragraph 2 preceding shall not be sutficient to pay gtonnd renta, taxes an~ assessments and insurance premiums, as the case may be, when the same ahall beoome due and payable, then the mortgagor shall pay to the mortgagee any amount nec~4sary to make up the ~eficiency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the martgagor shall tender to the mortgagee in accordance with the provisions of the note secured het~eby, ~ull-payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com- puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 he:eaf which the mortgagee has not become obligated to pati to the Federal Housing Commiasioner and any balance remaining in the funds accumulated under the pro~ isions of (b) of said paragraph 2. If thei-e shall be a default under any of the prnvisions of this mortgage. re- sulting in a public sale of the premisea covered hereby, or if the mortgagee acquires the propert3• other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at - the time the property ia otherwise acquired, the balance then remaining in the funds accumulated under ~ (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under ` said note and ahaU properly adjust any paymenta which shall have been made under (aj of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipai charges~ ~ ~ ~ i~ •F S 1 '~~~5.z.. Y'~y . st--¢ ~ _ " 'II~=~ ~ Ara-''SF.~&~-,~ ' r ~ i..^t2~Y 9vr ~~~~+-~f ~6^ H I y~~~~~, '=c - 7 _