The URL can be used to link to this page

Home My WebLink About1172 ~ ~~#A::ij - P~tovm$n A~.w~YS, and these presents_are executed and delivered upon the iollowing conditions. to K It : The mortgagur agrees to pay the mort8agee, or order. the principal sum of $ight Thousand Nine Hundred Fifty - - - - - - - - - - - - - - - Dollara (a 89~0.00 as evidenced by b note of even ditte herewith, with interest from date at the rate of Pive and three-fourtha per centum ( 5 3/~} per annum on the un- paid balance until paid. The said principal and interest ahall be payable at the o~oe of ~.I.Kialak Mortgage Corporation of Florida, 1101 Brickall Avenue~ Miami, Florid4 or at such other place as the holder oi the note may designate in writing, in monthly ibstallmenta of Fif ty' Si~c ana 39/ioo -------Dollara 5fi.3g commencing on the flrsE day of March , 19 67 , and on the firat day oi each month thereafter until the Arincipal and intereat are fully paid, except that the Rnal payment of principal and intereat, if not sooner paid, shall be due and payable on the first dsy of February , ~992 : Aad ahall duly, promptly, and fully perform, discharge, execute~ effect, complete, and comply with auid abide by each and every the atipulations~ agreements. conditions, and covenanta of said promissory note and of thie mortgage, then thia mortg?age and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as foUowa: That he will p~ay the indebtedness, as hereinbefore pmvided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or moi~ monthly payments on th~e principal that are next due on the note. on the first dal• of any month prior to maturity : Provided. however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the pmvisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (l~~n ) of the original principai amount thereof. except that in no event shall the adjuste~i premium exceed the aggregate amount of premium charges which would have been p~ayable:if the mor~ gage had continued to be insured until maturit3• ; such payment to be applied by the mortgageer upon its obligation to the Federal Housing Commissioner on account of mortgage ~nsurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor~ together with, and in addition to. the monthly payments under the terms of the note secnted hereby. on the first day of each month unti! the said note is fully paid. wiil ~xy to the mortgagee the following sums: (a) An amount sut~icient to provide the holder hereof with funds to pay the ne~ct mortgag~e insurance premium if this instrument and the note secured hereby are insu~ed~ or a monthly charg~e (in lieu of a mortgage~insurance premium) if they are held by the Federn~~Housing Commissioner, as follows : If and so iong as said note of even date and this instrument sre insured or are reinsured under the provisiona of the National Aousing Act, an smoant eufticient to accumulate in the hands of the holder one (1) morth piior to ita due date the annuai mortgsg~e inauranee premium~ in order to pro~ide sueh holder with tunda to pap such premium to the Fedenl Houaing Commissioner pnrauant to the National ~ Houaing Act, sa amended. and applicable~Regulstions thereunder; or ([t) If and ao long as said note oi even date snd th~a inatrument are held by the Federal Aousing Commis- sioner. a monthly cha (in lieu of a mortgsge insurance premium) which ahall be in an amount equsl to one-twelfth of one-haif ( 34 ) per centwn of tAe average outatanding bslsnce due on the note oompnted without taking into aa~a?nt delinquencies or prepsyanenta; (b) A sum equal to the ground rents. if any~ next due. plua the premiums that will ne~ct become due and payable on policies of fire and other hazard insurance covering the mortgaged property. plus `taxes and assessments nexE due on the mortgaged praperty (a1t as estimated by the mortgagee) less ' alt sums alresdy paid therefor divided by the nwnber of monEha to elapse before one month prior to the date when such ground rents, premiums~ taues, and as.gessments will become delinquent, such sums to be held by mortgagee in trust to psy said ground renta. premiums. taxes, and special assess- ments ; and (c) All paymenta mentioned in the two preceding subsectiona of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mor~ gagee to the following items in the order set forth : (t) premium charRes under the contract of insurance with the Federal Iiousing Commissioner. or monthly charge (in lieu of mortgage insnrance premium), as the case may be; (tt) graund rents. tauea, assessments. ~ire, and other hazard inaurance premiums; (ttt) interest on the note secm~ed hereby; and (tv) amortization of the principal of said note. Any deficiency in the amount of such aggregate. monthly payment shall. unless made good by the mortgagor prior to the due date of the next such payment. constitute an event of default under this mor~ gage. The mortgagee may collect a"late charge" not to exceed two cents (2t) for each dollar (;1) of each payment more tlian~"1`fteeri (15) days in arrears to cover the extra expense involved' in handling delinquent paymen~s. 3. Th&t if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of vayments actuaHy made by the mortgagee. for Rround rents, taxes and assessments snd insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payrnenta to be made by the mortgagor. If, however, the monthly payments made by the mortgag~or ander (b) o! psragraph 2 preceding shall not be aufficient to pay ground renta, tsxes and aasessments and inaurance premiuma, aa the case may be~ when the same shall become due and payabte, then the mortgagor ahall pay to the mortgag~ee any-amount aecessary to make up the deficiency. on or before the date whea payment of such grouad-renta, taxes, asseaamenta, or inaurance premiuma shsli be due. If _ at any time the mortgagor shall tender to the mortgagee in accordance with the pmvisiona of the note secured hereby, full payment of the entire indebtedness represent~ed thereby, the mortgagee ahall, :n com- puting the amount of such indebtednesa, credit to the acc.ount of the mortgagor all paymenta made under . the provisions oi (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Housing Commiaaioner and any balance remaining in the funds accumulated under the pro~ isiona of (b) of ssud paragraph 2. If thei~e ahall be a defautt under any af tFie proviaions of thia mortgage. re- sulting~ in s public s~le oi the pre~niaea covered hereby, or if the mortgagee aoquires ttie property other- wise after~efault, the mortgagee shall apply, at the time of the oommencement oi such proceedings or at the time the pmperty is otherwise aoquired, the balaace then remaining in the funds accnmulated under (b) of paragraph 2 preceding aa a credit against the amount of pru~cipal then remaining nnpaid under said note and shall prnperly adjuat any paymenta which ahall have been made under (a) of aaid paragraph. 4. Thst he will pay all taxes, aasessc~e~ta~~r rat~ea, and other governmental or mnnicipal chargea~ 1 ~si7i . ~ - - ~ ~ . : - , r > - - ~ P ~,;r~..~~ , :V.~ r _ - - - _ i ,s~_j u~_., ~