HomeMy WebLinkAbout2296 said moKgagor does hereby fully wana~t the title to said land. and evgry part thereof~ and will detend the same
against the lawEul claims of all pecsons whomsceve~. ~
PROVIDED ALWAYS. and these pcesents are executed end detivered upon the following cortditior~s. to wit:
The mortgegor agrees to pay the mortgegee, or order. the principal sum of
FiPteen Thousand O~e Hundred aad N%~/~/~^A~~~~~N~rN~~MN~~~~~~~MNN~~~~~~~N~M• '
Dollars (S 15s100.00 as evidenced by a note of eve~ date herewith. with interest from date at the !
rate of $iZ pec centum ( 6 X,) per annum on the unpaid balance
until paid. The said principel and interest shall be payable at the office of ~
3outh~atern Hame Mo~tgage Campa~}r, Mia~mi, Florida
or a such other place as the holder of the note may designate in writing. in mo~thly installments of Ninety ead
~j~~----------------------------------- oa«s~ ~~.60 ~
commencing on
the first day of OCtObB~' . 19 67 , and on the first day of each month theceafter until the principal ;
and interest are fully paid, except that the final payment of principal and interest, if not sooner paid. shall be due -
end payable on the first day of 3epte~be7c ~ l~j ;
And shall duly, promptty. and fully pedorm, discha~ge. execute, effect. complete, and comply with and abide
by each and every the stipulations. agreements, conditions. and covenants of said promissory ~ote and of this ~
~aortgage. then this mortgage and the estate hereby created shall cease and be null and void.
And the matgagor furthe~ coveoants as follows:
1. That he wilt pay the indebtedness. as her~inbefore provided. Privilege is reserved to pay the debt in whole,
or in an amount equal to one or more monthly payments on the principal that ace next due on the note, on the first
day of aay month prior to maturity: Prorided. however. that written notice of an intention to exercise such privilege
is given at Ieast thirty (30) days prior to prepaymenh and, provided further. that in the event the debt is paid in
fult prior to maturity and at that time it is insared under the provisio?LS of the National Housing Act. he ~vill pay to
the modgagee an adjusted premium charge of one per centum (1%} of the original principal amount theceof, except
that in no event shall the adjusted premium exceed the aggcegate amount of premium charges which would have
been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on acconnt oE modgage insurance.
2. That, in order more futly to protect the security of this mortgage, the mortgagor, together with, and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the first dey of each month until the
said note is fully paid. will pay to the mortgagee the follawing sums:
(a) An amount sufticient to ptovlde the 6older hereof wlth tunds to pay the ne:t mortgage insuraace premium i[ t6is instru-
ment and the aote secared hercby are insured, or a monthly charge (in lien of a mortgage insurance premium) if they are ?
held by the Secretar~ ot Housiag and Urbaa Development, as [ollows: ±
(I) If aad so loag as said note of even date and this instrumeat are insured or are reiesured under the pmvisioas o[ the
National Housing Act. aa amount sutCcient to accamulate in the hands of the holder one (1) month prior to its due ~
date We aaaual mortgage insurance premium. in order to provide such holder with Eunds to pay suchpremium to the ~
Secretary of Housing aad Urban Development pwsuant to the National Housing Act. as amended, and applicable Regu-
latiaas theeeuader; or
(II) If and so long as said note of evea date and this iast~ument ase held by the Secretary of Houaiag and Urbaa Dcvelop-
ment, a moathly charge (fn lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth
(1/l2) of oae-half (~/i) per centua? ot the average outstaading balance due OII the note computed ~rithout taking into
acconnt delinquencies or prepayments; ~
(b) A sum equat to the grouad reats. if any, aest due, plus t6e premiums that wiil aext become due and payabie on polfciea
of Cre and other hazard insurance covering the mortgoged pmperty, plus ta:es and assessments ne:t due on the mort-
gaged propeAy (all as estimated by the mortgagee) less all sums already paid theretor divided by the number of months
to elapse befoee one moath prior to the dste whea such grouad crnta~ premiums. ta:es, and assessments will become de- ~
li~quent, such sums to be held by mortgagee in ttust to pay said ground reats. premiums, tezes, and special assesameats; ~
aad ~
(cj All payments mentioned in the two precediag subsections of WIs paragraph and alt paymenls to be made uader the note t
secured hereby shall be added together aad the aggfegate emou~t thereot shall be paid by the mortgagor each moath ie a i
single payment to be applied by the mortgagee to the following items in the order set forth: _ ?
(n premium charges under the coatract of iesurance with the Secretary of Honsing and Urbaa Development, or monthlr
charge (in lieu of mortgage insarance premit:m). as the case may be;
(In ground repts, ta:es, assessments, Cire. and other hazard Iasuraace premiums;
(QI) interest oo the note secured hereby; and
(I{~ amortisotion of the principal of said aote.
Any deficiency in the amount of such aggregate monthty payment shall, unless made good by the ~aortgagor
prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2~) foc each dollar (Sl) of each payment moce than fifteen
(15) days in arrears to cover the extra ezpense involved ia handling delinquent payments.
3. Tbat if the total of the payments made by the moctgagor under (6) of paragraph 2 preceding shall exceed
• the amount of peyments actually made by the matgagee, for gcound re~ts, taxes and assessments and insurance
premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be
o~de by the mortgegor. If, however, the monthly payments made by ttie morigagor urtder (b) of paragraph 2 pre-
cediag shall not be sufficient to pay ground rents, taxes and assessments aad insurance premiums, as the case
may be, when the same shall become due and peyable, t6ea the mortgagor shall pay to the mortgagee any amount
necessary to make up the deficieacy, oa a befae the date when payment of such ground rents. ta:es, assessments,
or insurance premiums sha11 be due. If at any time the mortgagor shall tender to the mortgagee in accordance with
the provisiais of the note secared hereby, full payment of the entire indebtedness represented thereby, the mort-
gagee shall, in computing the amonnt oE such indebtedness, credit to the account of the mortgagor all payments ;
made under the provisions of (a) oE parag,raph 2 hereof which the mortgagee has not becwae obligated to pay to
the Secretary of Housing and Utban Development and any balance remaining in the fueds accumulated under the ~
provisions of (b) of said paregreph 2. IE there shall be a default uoder aay of the provisio~s of this mortgage, re-
sulting in a public sale of the premises covered hereby, oc if the matgagee acquires the propedy otherwise after ~
default. the matgagee shall apply. at the time of the commencement of such proceedings or at the time the prop- _
edy is othetarise acquised. the balance the~ remaining in the funds accumulated under (bJ of paragraph 2 preceding =
as a credit against the amount of prIncipel then temaining unpaid under said note and shall pcoperlyadjust any s
payments which shall have been made under (a) of said paragraph. ~
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines~
or impositioas, for which provision has not been raade hereiabefae. and in default thereof the mortgagee may pay ~
the same; and that he will promptfy deliver the officiai receipts therefor to the mortg;agee. '
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