Loading...
HomeMy WebLinkAbout2302 ~ i{ i , 1 saiJ ::..::e:,gur dues her~:by fully 1Ai~tlit0~ 1FIN title to said lanJ. and evety part the~eaf. and witl defend the same ~ again~; the lawiul claims o[ aU pecsons ::homscever. ' i`~:t,VtDEU ALIYAYS. and tl,esc preseots are exect~ted and delive~ed Lpon ttie followi~g ~onditioes. to wit: T;.~~ Rortgagor agrees to pay the mottgagee. or order. the principal sum of - Eight Thousand Five Hundred and no/100 Dollo~~ iS 8~ 500.00 as evidenced by a nutr of rven date here~ith, with inte~est from date at the rate u~ 81X per centiun ( 6 1'i,) per annum on tne u~paid balance until ~...,d. Ti~e said principal and interest shall be pa~able a! the office of J. I. Kislak hiortgage Corporation of Florida 1101 Brickell Avenue, Miami, Florida oc at ,v~ :::he~ place as the hoider ~f the note may desibns:r in writing. in moethl~• installments of ~ Fifty One and no/100 Do!!ars (S 51.00 comaeencing on the t~~:.: ~~y~ ot February . 19 6? , and on thr first day of each month thereafter until the principal and i,,;~,~:>t arc tully paid. except ~h~,t the final payment ot pzincipal and inte~est. it n~t sooner paid. shall be due and ~+>~able on the first day of January, 1997 : And ~hall duly. promptly. and fully perform. discharge, execute. effect. complele, and comply with and abide by each and e~ery the stipuleti~ns, agceements, conditions, und covenants o[ sai~ promissory. note and of this _ mortgage. the~ this mo~tgage and the estate heceby created shall cease and be nu1l-snd void. And the mortgagoc further covenants as follows: 1. 7'hat he will pay the indebtedness.as herei~before provided. Privilege is reser~ed to pay the debt in whole, or lr. ~~n amount equal to one oc more monthly payments on the principal that are next due on the note, oa the tirst day of any month prior to asatucity: P.o~~ided. however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepaya~ent; and. pcovided further. that in the event the debt is paid in full pcioc to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the moctgagee an adjusted premium charge of one per centum (196) of the original principal amount theteof, except • that in no event shall the adjusted premium exceed the aggregate amount of p~emium charges which would have been payable if the modgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Hoasiag and Urban Development on account of mortgage insurance. 2. That. in order more fully to protect the security of this mortgage. the modgagor. together with, and in addi- tion to, the monthly payments under the terms of the notQ secured hereby, on the first day of each month until the said note i§ fully paid, will pay to the moctgagee the following sums: i (a~ Aa amount su[ficieat to provide the holder hereof with tuods to pay the nezt mortgage insuraace pretoium if this instru- ~ ment aad the note secured hereby are insured. or a monthly charge (in lieu of a mortgage insuraace premium) i[ they are held by the Secretary of Housing aad Urban Developmeat, as follo~rs: (1) If aad so loag as said note ot e~en date and t6is instrumeat are insured or are reinsured uader the provisions ot the ~iational Housing Act, an amount sutfieieat to accumulate in the hands o[ the holder oae (1) month prior fo its due date . the a~nual mortgage inswaace premium, ia order to pw'vide such holder wilb funds to pay such premium to the Secretary of Housing and ilrban Development pursuant to the Natioaol Housing Act, as amended, and applicable Regu- latioas thereunder, or (II) I[ and so long as said note of even date and this inst~umeat are held by the Secretary ot Housing and Urban Develop- meat, a monthly charge (in liea ot a murtgage insurance premium) ~rhich shall be in an am~unt equal to one-tweltth (1/12) o[ one-halE (y~ per centum oE t6e aver~ge outstanding balance due on the aote computed wit6out takiag into } account delinqueacies or prepayments; (6) A sum equal to ffie ground rents, if any, ue:t due, plus t6e premiums that pill neat become due and payable on policies of Cue and other 6azard insurance covering the mortgaged propertr, plas tazes and assessments aert due on the mort- gaged property (all as estimated by the mortgagee) less alt sums already paid there[or divided by the number of months to elapse before one month prior to the date ~vhen such ground reats, premiums, ta:es, and assessmeats will become de- I linquent, such sums to be held by mortgaeee in trust to par seid gmund reats, premiums, tazes, aad speciel assessments; and ~ (c) All parmeats mentioaed in the two preceding subsections o[ thia paragcaph sad all paymenta to be made under the note _ secured hereb~ shall be added together aod t!K a~egate amount thereof shail be paid by the mortgagor each month in a f siagle paymrnt to be applied by the mortgagee to tae follo~ring items in the order set [orth: (n premium chuges uader the contract of insuraoce avith the Secretary of Housiug and Urban Development, ~r monthly charge (in lien oE mprtgage insurance premium), as the case m~r be; (U) ground reats, tazes, assessments, Cue, aad otLer hazard insurance premiuma; (III) irtercat on the note secured hercby; and (I{h amortizatioa of the principol of said note. - Any deficieacy in the amount of such a~gregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event af default under this modgage. The moctgagee may collect a"late chargs" not to exceed two cents (2~) fa each dollar (Sl) of each payment mae than fifteen (15) days in arrears to cover the eatra eapease involved in ha~ling delinquent paymeats. 3. That if the total of the payoents made by t6e moitgagor nnder (6) of paragraph 2 preceding shall exceed ; the amount of peyme~is actually made by the modgagee, for g~ound rents, taxes and assessments and insurance premiums, as the case may be, suc6 excess shall be credited by the mortgagee on subsequeat payments to be made by the moctgagor. If, however, tbe monthly payments made by the mortgagor ander (b) of paragraph 2 pre= ceding shall not be sufficient to pay g~ound rents, taxes and assessmaats and iasurance premiums, as the case may be, when the same shall become due and peyable, thea the mortgagot shall pay to the mortgagee any amount necessacy to make np the deficiency, on or befae the date when payment of such ground rents, ta:es, assessments, ~ or insarance premiums shall be due. If at any time the a~ortgagor shall tender to the modgagee in accordance with the ptovisioas of the note secuted hereby, full paya.ent of the entire iadebtedness represented thereby, the mort- ~ gagee shall, in computing the amouat of such indebtedaess, credit to the account of the mortgagor all payments ~ made under the pravisions of (a) of paragcaph 2 heceof w6ich the mortgagee hs~s not become obligated to payto ~ the Secreiary of Housing and Urbaa Development and aay balance remaining in the f~nds accumulated under the provisions of (6) of said paragraph 2. If there shell be a default under any of the provisioas oE this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the propedy othe~wise aEter ~ default, the moctgagee shell apply, at the time of tbe commencement of such proceedings or at the time the prop- erty is othe~wise acquired, the balance then remaining ia the fands accumulated uc~der (6J of paragraph 2 pre'ceding as a ctedit against tl~e amouat of principal then remaining unpaid nndec said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. That he ~ill pay all tases, assessmeats, water rates, and other governmental or municipal charges, fines, or impasitions, foc Which pravision has not been made hereinbefae, and in default thereaf the moctgagee may pay ~ the seme; and that he will promptly deliver the official receipts thecefor to the modg~gee. BC~K 161 PAGE . . . i - - , - _ _ ;3 ~ ~ x ` _ k 's .~y