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HomeMy WebLinkAbout1759 sui~ .:e:,go: Jcx~s henLy fuily w.~:s.,n. the titie to s:.id lau3, and evecy pact t13~ceol. And will defend the same aga~n,; ,i~e law(ul claims of all pc~suas •xhortucevec. 1~;u1'IaED ~lS.WAYS, and t3i~s~ pctsents ace execuircl :?nd deliveced upon th~ iollowing conditi~x?s. to wit: i:..: ,;.xtgagor agcees to pay the matgagee. or o~der. the piincipal sum ot EIGHTEEN THOIISAND AND NO/100------------------------------------ ~ polk„` 18~000.~0 as evidenced by a ~ot=• ~t u~~cn date herewith, wich intecest Erom date at the rate vf Six pe~ ceatum ( ( Tie) ~e~ annum oa the ~npaid balance ~ uatil ~....u. The said principal and intecest shal: be payable at iF~e o[fice of - J. T. STF.WART MORTGAGF ; COMPANY, INC. Suite 300 - 100 ~diracle Mile, Coral Gables, Florida y , o~ at ~?,~h other place as the ho;der ot the n~te may designate in writing. in monthl~• installments o[ ONE HIINDRED EIGHT AND A0~100------ Dolia~ (S 108.00 coma~encing on the [i~~c day of Lecember . iy 66• ~ an thr fi~st day of each r~o:s~h thcreaiter uatilthepcincipal and in.<<est are fully paid. eYCept that the final payment of pcin~ipal and iMe~est. ii nut sooner paid, shall be due aad pag•ablc on the first day of Aovember, 1996 % .~ud s~all duly. promptly. and fully~ pe~form. discha~ge. ex~cute, eEfec:. complete. and comply with and abide by each and every the stipulations. agreemcnts. conditions, und covenants oE said promissory note and of this mortg:+ge. thzn this mortgage ar.d the estate heceby created shs~ll cease and be null and void. ~ And the mortgagor fudher covenants as follows: ~ 1. That he will pay the iadebtedness, as hereinbetore pruvided. Privilege is reserved to pay the debt in whole, or in an amount eq~al to c~e oc more monthly payments on the principal that are aexf due on the note. on the fi~st ; day of any mont:~ prior t^ matucity: Pro~>ided, however. that written nolice o[ an intention to exercise such privilege I is gi~en at least thirty (3~) days prior to prepayment; and. p~ovided fucther. that in the event the debt is paid in ~ full prior to maturity and ai that time it is insured unde~ the provisions oE the National tlousing Act. he will pay to the mortgagee an a3justed pcemium charge of one per centum (lro) of the original principal amount thereof. except that in no event shall the s~justed premium exceed the aggcegate amount of premium charges which would have been payable if the mor:gage had continued to be insured until maturity; such paycnent to be applied by the mort- gagee upon its obligation to the Secretary oE Housing and Urban Development on account of mortgage insurance. 2. That. in order moce fully to protect the security of this mortgage, the mortgagor. together with. and in addi- tioa to, the monthly payments under the terms of the not~ secured hereby. on the [irst day of each month until the said note is fully pa?d, will pay to the modgagee the [ollowing sums: (a1 Aa amouat su[ficient to provide the holder hereot ~rith [unds to pa~ the ne:t mortgase insuraace premium i[ this instru- ment and the note secured hereby are insured, or a monlhly cherge (in lieu of a mortgage insurance p-emium) i[ they are held by lhe SeCretary of Housing and Urban Develapment, as follo~vs: (I) lf aad so loag as said note of eren date aad this iustrumeut arc insured or are reinsured under the provisions of the ~ National Housing Act, aa amouat su(ficient to accumulate it~ the haads of the holder one {1) month prior to its due date the anaual mostgage insurance premium, in order to provide such holder with 6~nds to par suchpremium to the i Secretary oi Housing and Urban Developaent pursuant to the Natioaal Housiag Act, as amended. and applicable Regu- ~ lations thereunder; or ~ (II) If and so loag as said aote of even date and this instrument are held by tlx Secrctary ot Housi~g and Urban Develop- meat, a monlhly charge (in lieu of a mortgage insurance prcmium) ~vhich shall be in an am~unt equal to one-twel(th ~ (1/12) of one-half (y~) per centwa oE the average outstaadis~g balance due oa the note computed writhout taking into account deliaqneacies or pcepapmeats; ~ (b) A sum equol to the ~round rents, it any, ne:t due. plus the premiums t6at will nezt become due a~d parable on policies of (ire and ot6er hazard insurance corering the murtgaged property, plus tases and assessments ae:t due or. the mort- gaged property (all as estimated by the mortgagee) less all sums already paid iheretot divided by the number o[ mon?hs ~ j to elapse be[ore oae moath prior to the date when such ground rents, premiums, taxes, and assessmeats will become de- f linquent, such sums to be heid by ~ortgagee in trust to pey said ground rents, premiums, ta:es, and special assessments; ~ and ; ' (c) All payments meatioeed in the tRO p~eceding aubsectioas of tbis paragraph and all payments to be made under the note i ~ secured hereby shall be added togeffier and the aggregate amount thereuf shall be patd bp the mortgagor each month in a single papment to be applied br the mortgagee to the folloaing items in the order set forth: ~ (I) premium c6argea uader the coatract of insuraace with thc Secretary o[ Housing and Urbae Development, or monthly ; charge (in lieu of mortgage iasurance premium). 9s lhe case may be; F (II) grouad rents, tases, assessmenta, Cue, and other hazard insurance premiuma; ~ ~ (III) interest cn t6e note secured hercby; and , - 3 (iV) amortizatioa of the principal of said note. Any deficiency in the amount of such aggcegate monthly payment shal;, unless made good by the mortgagor ! ~ pcior to the due date of the ne:t such payment, constitute an event of default under this mortgage. The moctgagee ' may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment moce than fifteen i (15) days in arrears to cover the extra expease involved in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 pr2ceding shall exceed ~ the amount of ~yments actually made by the mortgagee, for gcound 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 i „ made by the mortgagor. If, ho~rever, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- f ceding shall not be safficient to pay gROUnd rents, taxes and assessmants and insurance premiums, as the case ; may be, when the same shall become due and payable, t6en the ~,ortgagot shall pay to the mortgagee any amount ~ necessary to make up the deficiency, on a before the date wheo payment of such gcound rents, taxes, assessments, ~ or insurance premiums shal! be due. If ~t any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisioas of the note secured hereby, full payment of the entire indebtedness represeated theceby, the c~ort- ' gagee shall, in computing tbe amonnt of such indeotedaess, credit to the account of t1:: mortgagor all payments ~ made nnder the provisions af (a) d paragRaph 2 hereof which the matgagee has ~ot become obligated to payto ~ the Secretary ot Housing aad Urban Development and aay balaace remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If t6ere shall be a deEault under any oE the provisio.~s of this matgage, re- ~ sulting in a public sale of the premises covered _~ereby, oc if the moctgagee acquires the propedy otherwise after default, the mortgagee shall aFply, at tt~e time of the commencement of such proceedings or at the time the prop- erty is othecvnise acqnired, the balance then remaining ia the tunds accumulated under (6) of ~-,aragraph 2 preceding as a credit agairtst the amount of pcincipel then remaining unpaid under said note and shall properlyadjust any ; payments which shall have been made under (a) of said psragraph. 1 ~ 4. That he will pay all taxes. assessments, water rates, aad other governmental or municipal charges, fines, or impositioas, for which provisian has aot been made hereinbefae, and in default thereof the mortgagee may pay ~ the same; and that he will prc+mptly deliver the official receipts thecefor to the mortg,agee. ~ ~ Qo~ ~60 ~ 55? ~ ~ _=~g ~ -~~~~~'y - _ - ~ ~ -a~- .