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seid :~~~.r:bagur does hereby [ull~ v?ar~:~at the title to said le~d. and every purt theceot. and will defe~d the serw
again+t the lawful claims oE all persoas Mbomsoever. ~
i'i:U~'[DED AI.WAYS, and these presaats ase executed and delivered upoa the follo~iag conditions. to wit:
'f l.a ,uortgago~ agReea to pay the ~atgagee. a ocder. the ~riacipel6um of $I,$IT~ '1'~IISJ?liD FOIIY
flUND~RBD and 00/100- - - - - - • - • - - - - - - - - - - - - - - - • • - - - - • - -
Dollers (S 11~400•00 as evideaced b!? a aote af even date herewith. wilh interest from date at the
r~te of SiZ pet centua ( ( pec aaaum on the unpaid balance
until ~~:~id. Tbe said prit~cipal and intecest s6aU be p~yrablt at the otfice af ~
J. T. ~'1'~fART MOHTGAG$ CO~AN?, IAC., Snite 300 - 100 Miracle I+Ii.le, Coral Gables, Florida~
or at ~uch other place as the holder oE the note may desigaate ia artiting, in montdiy instaiimeats of
SI2'TY-gIG~T aund 40~100- - - - - - - - - - Dollars (S 68.40 commeacing on
the [i~~t day oE ~4,y . 19 67 , a!nd on the titst day of each month thereafter uMiltUeprincipel
and interest ace fully paid, except that We fiaal p~ymeat ot pcincipal and interest, it not sooaer paid, shall be due
and payable on the first day of ~pril~ 1~7 :
And shall duly, pra~npily. and Eulty pedo:m, discbarge. execute, effect, complete: and comply vrith artd abide
by each and every the stipulations, a~eements. cooditioas, and covenants of said pranissory note aad of t6is
modgage, then this mortgage aad the estate hereby cceated shall cease aad be null and void.
And the matgagoc fu~ther covenants as Eollows:
1. That he will pay.the indebtedness,as hereiabefore pcovided. Priirilege is reserved to pay the debt in whole.
or in an aawunt equal to one or more moathly paymeats oa the priacipal that ace next due on the aote. o~ the [irst
day of any month prior to maturity: Provided, however. that writtea notice of an iatenti+x~ to execcise such privilege
is given at least thirty (30) days prioc to prepeyment; aad, p~avided fu~tber. that in the event the debt is peid in
full pcior to~oaturity and at~that time it is iasured uader ihe provisioas oE the National Housing Act. he aill pay to
the moctgagee an
a osted pcemium charge oE one per centum (17L) of the original principel amouat thereof, eYCept
that in no event shall the adjusted preaiium e:ceed t6e aggregate amouat of premium charges ahich would have
been payable if the mortgage had continued to be iasured until maturity; such payment to be applied by the moct-
gagee upon its obligatioa to the Secretary oE Ho~.ing and Urbaa Developmeat on accouat of matg,ege iasurance.
2. That. ia order moce fully to protect t6e secnrity of this matg,sge. the mortgagor. together with. and in sddi- _
tion to. the monthly paymenis under the terms of the nd4 secured beceby, oa the first dey of each moath until the
said note is fully peid, will pay to t6e moctgagee the folloaving s~ms:
(aJ An amouat su[Elcient to provide t6e holder 6ereof witA funds to pa~ the ne:t mort~aee insuraoce pcemium it t!?ic instru-
ment aad t6e note secured hereby are insnred. ~•~oothll c6ar~e (in lieo oE ~ m°rt`°;e insur~nce premium) it they are
held by We SeCretu~r of Housi~ aad Urbaa De~elopment. ~s follows:
(1) IE aad so loaa aa said note of even d~te aad tLis Ltst~eent ue iasored or +te reins~rcd mder the Pwvlsions of the
: Natlonal Sousing Act, an amount sottcieat to sccasalate in the hands o[ t6e holder oae (1) mont6 ~ior to its due
date the amual mort~aQe iaswaoce presl~. in order to pro~rlde such holder wiW tunds to pay sncbpremium to the
Secretary oI Housing and Urboa Developoeat pursuant to fbe Natlooal Houaiug Act, as amended. and applicable Regu-
lations theronnder, or
(II) U and so lona aa sald note of even date and this iastmeeat are held b~ tbe 6ecretar~ of Housing and Urban Develop-
meat. a moat6ly charQe (ia lieu of s mortgaee insurance pe~~a) whieh sh~1l be in an amnun: equal to one-twel[th
~ (1/12) of oae-halt (y~ per ceatu~ ot tbe areraee outstanding balaoce due on the note computed without taking into
' accomt delinquencies or prepa~a~s;
, (6J A sum equal to the ~ouad rents. if aa~. oe~ due, plus tl~e pemimes tlfat wlll ne~tt become due aad payoble oa pollcies
of fire and otber hasard iosur~nce coveri~ tbe mort~a~ed propert~. plns ta:es aad assessmeats nent due on the mort-
' gaged propetty (oll as estimated bp the mortga~ee) leas all sums already paid iheretor divided by the number ot months
to el~pse betore one month prior to the d~te when such ~w~nd rents, premiums. tases. and psseasmenta will become tie•
linquent, such sums to be held by mortg~gee in trnst to p~~ sald around rents, premiums. tues, aad special assessments;
•nd
(c) All paymeats meationed in the two preceding subsectlons of tbis para~ap6 and all payments to be made undrr the note
secured hereb~ sh~ll be added to~ether ond tbe agg~e~ate ~aauat tbereof shall be poid by the mortgagor each month in a
siaglc payment to be applied b~ the mortQa~ee to tbe tollowing iteas ln fhe order set forth:
(n premium charQes under tLe contract of insurance wIffi tLe Sectetary of Hoasing aad Urban Development, or monthly
charQe (ia lleu of mortgage ins~aance premi~~ as tbe case mar be;
(in aro~md rcnts, tues. assessa~mts, flre. snd other h~sud Insnraoce p~emiams;
(IIn Interest oa the note sacared hereb~; and
(1~ amortisotion of the principal of said note.
Any deficiency in the amount af such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due date of i6e nezt such peyment, coostitde an event a~ defanlt under this mortgage. The mortgagee
mey collect a"late chacge" not to-ezceed two•ceats Eac each dollar (Sl}of each paymeat more than fikeen
(15) days in arcears to cover the e~dra exp~ffie. involYed iQhaudling delincNent payments.
3. That if the total af the. peymests oede by the o«tgagac ni~da (b) of~ para~rap6 2 pceceding shail exceed
the amoant of payments actually made by the a~octgegee, fa ~rawd rents, taxes and assessmeats and insurance
premiums, as the case may be, such excess shall be credited by the mortgagee oa subsequent paymeats to be
made by the mortgagor. ff, hoqvever, the monthly pey~ents made by t6e matgagor undec (6) of paragraph 2 pre-
ceding shall not be sufficient to pey g~oand rents. tazes and assessments and insurance premiums, as the case
may be, ,phen the same shall become due aad payable, then tbe matg,agoc shall pay to the mortgagee any amouat
_ necessary to make up the deficiency, oa a befae tbe date when payment of sncb graud reats, t~zes, assess^ents,
or insurAnce pcemi~ shell be due. If at any time the oottgagor shalltendec to the mortgagee ia accordance ~rit6
~ the ptovisions of the note secuced bereby, fall peyocnt d tLe edire indebtedness represented t6erebq, the moct-
gegee ahall, in caupnting the amo~mt af snch iedebtcdness, credit to tLe acconat af t6e matgagor all paya~ents
made uader the provisions of (a) af poragFaph 2 heceaf w6ich tbe oatgagee has not become abligated to pey to
th~ Seccetary af Housing and Urban Developoent and aay b4lance reoaiaing in the fuads accumulated nader the
pcovisioas oE (bJ of seid peragiraph 2. 1f thete shall be a defanlt aodec aoy af the p~o~?isioas of this matg,age. te-
sultiag in a public sale of the premisea cavered xr~by. ac if tbe matBaB~ee scquires the PropertY otherwise after
default, tlie'matgagee shsL apply, at tbe tine af tbe co~menceoeat ef such proceediagaa ar et the time the prop-
= edy is othenrise acquired, the belance thea remainiag in tbe Ec~ds accumulated under (6) of P~B+T~Pb 2 preceding
as a eredit agalnat the amou~ of principe~l tLen re~ining mpeid undec said note and shall properlyadjust aay
payments whic6 shall have beea m~de nnder (aJ af said Qaragraph•
4. Tbat he will pay aU tazes, assessa~ents. wstec tates, and other governmental oc municipel charges, Eines,
or impositioos, foc which pravisiao Iws not been mede bereinbefare. and ia defanlt thereaf the matgegee may pey
the same; and that he will promptly deliva tbe aEfigi'1 receip~,s~tL~refor to the moctpgee. .
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