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said wortgag~ does hereby fully warcaat t~s title to seid land. and every pa~t thereoE. and wilt dete~d the same
egainst the la~rful claiws of all pt~soas w?~om~snever.
PR4VIDED ALRAYS, +~ad these presents ace executed and delivered upon the following conditions, to ~vit:
The mat~agor agrees to pay the mort`agee, ar order, tb~3 pciacipal sum oi
Ten Thousand F'our Hundred xn~ no/lU0
Oollars (S 10, 400. 00 as evide~ced by a note of even date herevvith. with intsrest from date at the
rete of 3ix per ceatuo~ ( s pe~ annuan on the unpaid balance
uatil ~eid. The said pcincipol aad iaterest shall be poyable at the office of
J. Kislak Mortgage Corporation of Florida
1101 Brickell Avenue, Miami, Florida
a at such aher place as the holder of the ade may desigaate ia adting. in monthly install~aents of
~iKty ~Two euld 40/100 Dollars (3 62.40 commencing on
the first day of February ~ ig s? , a~ ~ t~ first day of each month ;hereafter untiltheprincipal
and interest are fully paid, ezcept t6at the fina! payaieat oi pcincipal aad iaterest, if aot sooner paid. shall be due
aad p~yable oa cbe ftrsc day of January, !99? ;
And shall duly. promptly. aad fully ~rrform. discbarge. e:ecute, ef~fect. complete. end compty witfi and abide
by each and every the stipulatioc~s, agreements, conditioas, aad covenants of said promissory note and of this
mortgage. then tnis moctgage and the estate hereby created shall cease and be nnll and void.
And the moctgagor fu~thec coveaants as follows:
l. That he will pay the indebtedaess. as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole.
oc in an amount equal to oae a moce monthly paymeats oa the priacipal that are next due on the note. on the tirst
de~~ o[ any roonth prior to ~aaturity: Provided, however. that written aotice of aa inteatioa to execcise such privilege
is given at lzast thirty (30) days prior to prepeyment; and. provided further, that in the event the debt is paid in
full prior to maturity and at that time it is iasuced w~der the proeisions of the National Housing Act, he will pay to
the matgagee an adjusted premium charge of one per ceatum (1%) oE the original priacipel amount thereof. except
that in no event shall the adjasted premium ezceed the aggregate amount of premium charges which would have
bee~ payable if the mortgage had caatiaaed to be insured until maturity; such p~yment to be applied by the mod-
gagee upon its obligatioa to the Secretary of Housing and Urban Development on accouat of modgage insurance.
2. That. ia order more fuUy to protect the secuzity of t6is matgage, the modgagor. together with, snd in addi-
tion to. the moathly paymeats under the terms of the ade secured herebyr on the first day of each month until the
said note is fully paid, will pay tu the matgagze the follawing sums:
(o) An apount aufficieat to provide the holder 6ereot wit6 tunds to pa~ t6e aezt morteaQe insurance premium if this instrw
ment and the note secured 6ereb7/ are insured. or a monthl~ ch~r~e (in lieu ot • mort~age iasuraacs prcmium) i[ they are
held by the Secretary o[ Houaia~ and Urban Developmeat. •s tollo~rs:
(i) If and so lo~ as :aid note of even d~te and thia instiumeat ~re iasurcd or ~n roinsurcd under the provisiona ot t6e
Nrtional Housing Act, ~n amaunt sutCacieat to accumulate in H?e haads ot the holder one (1) month prior to ita duc
date the ~anual mostQaQe iasurmce pcem9om, in order to pro~Ide such holder wIW tunds to pry such premium to tbe
Secretary o[ Housiag ~nd Ueb~a De~elopmeat qvsnant to H~e Natloaal Houain~ Act, as amended, aad applicable Regu-
latioas thereuader. or
(II) If and so loog ss said aote oE even date aad this instrament are held b~ the Secretary of Housing and Urbaa Develop-
ment, a monthir charQe (ia lieu oi a mortaa~e inaurance premlum) ~v6ich shall be in an amount equal to oae-~wel[th
(1/12) of ono-hal[ (3/i) per ceatnm of the average outstanding balaace due on the aote computed without taking into +
i
account deliaquencies or prepapmeats;
(b) A sum equal to the grouad rents, if ~n~. nezt dne. plas the prcmiums that ~vill nezt become dne and payable on eolicies f
of Cue aad other hazard insuraace covering the mortgaged propertr. Ptus ta:es and ~saessments nezt due oa the mort- ~
gaged propertr (all as estimated b~ the mortgagee) less alt sums alreody paid t6erc[or divided by the number of months {
to elapse be[ore oae month prior to the date when sucb ground rents, premioms, ta:es, and psseasments wrill become de- ;
linqueat, such sums to be held br mortga~eee ia trust to p~~ said gwund reats, prcmiums, ta:es, and special assessmcnts;
I ~d ~
~ (e) All payments meationed in the two preceding subsections of thia paragraph and all paymeats to be made uader the note '
~ secure3 hereby shaii be added togetLer and We sggegate amount thereof s6alt be paid bq the mortgagor each month in •
single paqment to be applied b~ the mortgagee to the totlowing items in the order set [arth: '
(n premium charges uader the coatract of insurance ~vltL the Secretary o[ Housing aad Urbaa Developmeat, or monthly '
charge (in lieu o[ mortgage insorance premium), as the casc rosy be; t
(II) grouad rents, taxes, assessmenta, Cue. ond otls~r hazard insurance premiuma; =
(Im intercst on the note secured hereb~; aad
(IV) amortization of tbe priacipal of aaid note.
Any deficiency i,~ the amount of such aggregate moathly payment shall. unless made good by the mortga~r ~
prior to the due date of the aezt such payment, canstitute aa event aE default under this martgage. The mortgagee ~
may collect a"late charge" not to exceed two cents (2~) fot each dollar (;1) of each payment more than fifteen
(15) days in aaears to cover the extra expe~e involved in hardling delinquent payments. -
3. That if the tatal of the p~yments made by the mortgagoc under (6) of paragraph 2 preceding shall exceed
~ the amount of paymeats ac~ually made 6y t6e mortgagee, foc g~ound reats. tazes and assessments and insurance
premiums, as fhe : ase may be, such e:cess shall be credited by the mortgagee on subsequent paycnents to be
made by the mortgagor. If; however, the monthly payments made by the matgagor under (bJ of paragraph 2 pre- `
ceding shall not be sufficient to pay g~ound rents, ta~ces aad assessments and insurance premiums, as the case
may be, whea the same shall become dce and peyable, thea the matgs+gor shall pay to the mortgagee any amount
necessary to make up the deficiency, on a before _the date when payment of such ground rents, taxes, assessments. ;
or insarance premisms shall be due. If at any time the mortgagor shalltender to t6e modgagee in accordance with
the provisions of the note secured bereby, full payment af the entire indebtedaess represented thereby, the mort- ;
gagee shall, in canputing the amount d such indebtedness, credit to the account of the mortgagor all payments '
~ made under the pravisions of (a) d perag~aph 2 hereof whsch the m~xtgagee has not become obligated to pey to =
~ the Secretary of Housing and Urban Developaaent and any balance remaining in the Eunds accumulated under the
provisions oE (6) of said paragraph 2. If there shall be a default ander any of the provisio.ls of this mortg,age: ce-
sulting in a public sale of the premises covered _iereby, ac if tbe matgagee acquires the property otherwise after
default, the matgagee shall apply, at the time of tbe commencemeat of such proceedings oc at the time the prop-
edy is othervvise acquiced, the balance then remaining in t6e faads accnmulated under (b) of paragraph 2 preceding
es a credit against the amount of principal t6en remauung uopaid under said note and shall properly adjust any
payments which shall have beea mede uoder (a) of said p~uagrapb. ?
4. That he will oay all ta:es, assessments, water rates, and other govemmental oi municipal charges, fines, '
~ or impositions, Eor which provisian has not been made ber~inbefore. ead in default thereaf the modgagee may pay
~ the same; and that he will pcomptly deGver the ofEicial reveipts therefor to the modgagee. ~
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