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Home My WebLink About2591 . •S f ~i said mortgagor does heceb~ fully K~ar~ant the title to said la~d, artd every pa~t thercof, and wil! defend the same against the lawfu! claims of all persons whomsoever. PROVIDED AI.WAYS, and these presents ace exec•ited and delivered upon the following conditions. to .vit; The mortgagor Agrees to pay the mortgagee, or order. the principal sum of qy$pj~y~ji~R TgOQSANA gajg HIIND~D and 00/100- - - • • - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dollars (S 2~}~400.00 as evidenced by a note ot even date herewith. with interest from date at the rate of giZ per centum ( ( 96) per a~num on the unpaid balance until paid. The said principal and irtterest shall be payable at the office of J. T. ST~iART MOKl'GAGS CO1~~NY~ INC. ~ Stiite 300 - 100 Miracle ALile, Coral Gables~ Florida~ or at such other place as the holder of the note may designate in writing, in monthlp installments of ~ HONDRSD FOR'1'Y-SIlC erid 40~100- Dollars (S 146.40 commencing on the fitst day of geptember ~ 19(7 . and on the first day of each month thereafter untittheprincipal and interest are fully paid, except that the finat payment of principal and interest, if not saoner paid, sha!! be due and payable on the first dey of AuguBt~ 19;i"j ; ~ And sha11 duly. promptly, and fully perform. discharge. execute. effect, complete, and comply with and abide by each and every the stipulatioas. agreements, conditions, and covenants of said ptomissory ~ote and of this j mortgage. then this mortgage snd the estate hereby created shall cease bnd be null and void. I And the moctgagor further covenants es follows: 1. That he will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserred to pay the debt i~ whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note. ov the first da~ of any month prior to maturity: Prouided, 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 provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (I o} of.the original principal amount thereof. except that in no event sha11 the adjusted premium exceed the aggregate amount of premium 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 o[ Housing and Urban Development on account of mortgage insurance. 2. That~ in order more fully to protect the security of this mortgage. the moctgagor, together with, and in addi- tion to. the monthly payments under the terms of the note secured hereby, on the first day oE each month nntil the said note is fully paid, will pay to ihe mortgagee the following sums: (01 An amount sufticient to provide the holder hereof with tunds to pay the ne:t mortgage insurence premium i[ this instru- ment andthe note secured hereby are insured, or a monthly charge (in Iteu oI a mortgage insu~ance premium) if they are hetd by the Secretsry of Housiag and Urban Development, as [ollows: (I) It and so Iong as said note of evcn date and this instrumeat are insured or are reinsured under the provisions of the Netional Housing Act. an amount sutGcient to accumulate in the hands 8f the holder one (1) month prior to iis due dste the annuat mortgage insurance premium, in order to provide such holder with funds to pay suchpremium to the Secretary of Housing 4nd Urban Development pursuent to the National Housing Act, as amended, and applicable Regu- lationa thercunder; or (II) If and so long as said aote of even date ond this instrument ue held by the Secretary ot Houaing aad Urban Develop- ment, a monthly charge (in t;en of a mortgage insurance premium) wbich shall be ia an amou~t equal to one-tweltth (i/12) of oae-half (y~) per ceatum of the average outstanding balance due on t6e note compnted aithouttaking into accouat del'wquenciea or prepayments; (6) A sum equal to the ~ound rents, if aay. ne:t due. plus the premiums that will next become due and payable on policies ot fire and other hazard insurance covering the mortgaged property, plus tazes nnd assessments next due on the mort- gaged property (a11 as estimated by the mortgagee) less a11 sums already paid therefor divided by the number of months to elapse be[are one mooth prior to the date whea such ground reats. p~emiums, ta:es, and ossessments wi11 become de- Iinqueat, such sums to be heId by mortgagee in trust to pay said groeu~d rents, premiums, taxes, and speciai assessments; and (c) Ali payments mentioned in the twro preceding subsectioas of this paragraph and all paymeats to be made nnder the note secured hereby shatt be added togeWer aad the aggregate amauit thereof shall be paid by the mortgagor each month in a _ single payment to be applied by We mortgagee to t6e tollowing items in the order set forth: (n premium charges uader the contract of insurance with the Secretary of Housing and Urban Developmeat, or monthly chaege (in lieu o[ mortgage insurance premium), as the case may be; (In ground reats, tazes. ossessments, Cue. at?d otber 6asaM insurance premiums; (III) interest on the note secnred 6ereby; and (I~ amortization of the principol of said note. Any deficie~cy in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the neut sach payment. constitute an event af default under this mortgage. 'I'f~e modgagee may collect a"late charge" not to exceed two cents (2;) for each dollar (S1) of each payment more than fifteen ~ (15) days in arrears to cover the extra eapense involved in handling delinquent payments. ~ 3. That if the totel of the ments made b the moct a or under b) of ~ PeY y g g ( paragraph 2 preceding shall exceed j the amoant of payments actaally made by the mortgagee, for ground rents, taxes and assessments and insurance ' premiums, as the case may be, such excess s6a11 be credited by the mortgagee on subsequent payments to be made by the mortgagor. 8, howevet, the monthly payments made by the mortgagor under (bJ of paragraph Z pre- ceding shall not be sufficieat to pay ground rents~ taxes and assessm.~nts and insurance premiums, as the case may be, arhen the same shall become dne and peyable, then the mortgagor shall pay to the modgagee any amount necessary to make up the deficiency, on a~ befoce the date when payment of such ground rents, taxes. assessreents, or insurance premiums shall be due. If at any time the mortgagor shalitender to the mortgagee in accordaace with the provisions of the note secuced hereby, full paymenf of the entire indebtedness represented thereby, the mod- ~ gagee shall, in computing tbe aawunt of such indebtedness, credit to the account of the mortgagor all payments made under the pravisions of (a) af paragraph 2 hereof which the mortgagee has not become obligated to pay to ; the Secretary of Housing and Urben Development and any balance remaini~g in the fnnds accumulated under the ' rovisions of (b) of said ra a h 2. If there shall be a default under an of the ~ P Pa Bx p y pcovisioas of this mortgage, re- i sulting in a public sale oE the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ; default, the mcxtgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principel then remaining unpaid under said note and shall properlyadjust any payme~ts which shall have been made under (aJ ot said paragraph. 4. ?hat he will pay all taxes, assessments, water rstes, and other governmental or municipal charges, fines, or impositioc~s, for which pzovisian has not been made hereinbefore, and in default thereof the modgagee may pay ; the same; and that he will promptly deliver the ofEicial receipts therefor to the mortgagee. ! a• ~ ~167 ~2 , ~ 5~ ~ r~~.~3~.~ ~ ~ ; _ ~~..~a~ t t ~