HomeMy WebLinkAbout2833 '
• ~ ~ . ~
. . ti.
said mortgagoc does hereby fully warrant the title to said land. and evety part thereof~ anJ will detend the same
against the lawful ciaims oE all pecsons whomscever.
PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to W~it:
The mortgagot agrees to pay the mortgs~gee, o~ order. the principal sum of
FZFTEQi THdUSAND and 00~100- - - - - - - - - - - - - - - - - - - - - - - - - -
Dollars (S 15~000.00 as e~~idenced by a note of even date hecewith, with interest from date at the
rs~te of 83~[ per centum ( 6 ;6) per annum on the unpaid balance
until paid. 'The said pri~cipal ~nd interest shall be payable at the office of
J. T. 9T~fART I~ORTGAGE C~ANY~ INC. ~ Slxite 300 - 100 Mire?cle Ifi~le, Coxal Gables, Florida,
oc at such other place as the holder of the note may designate in writing, i~ monthly installments of
j~y 8rid 00~100- - - - - - - - - - - - - Dollars (S 40.00 commencing on
the tirst ds~y of September . 19 6? . and on the first day ot each month thereafter untiltheprincipal
and interest are fully paid, except that the [inal payment of principal and interest, if not sooner paid. shall be due
and payaf3le on the first dey of August~ 1997 ~
And shall duly, promptly. and [ully perform, discharge. execute, effect. complete. and comply with and abide
b~• each and every the stipulations. agreements, conditions, and covenants of said promissory note and of this
mortgag~. then this mortgage and the estate hereby created shall cease and be null and void. .
And the matgagor Eudher covenants as follows:
1. That he will pay the indebtedness, as hereinbefore 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 are next due on the note, on the first
day of any month prior to maturity: Proi~iJed, however. that written notice of an inlention 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 o[ the National Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof. except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would heve
been payable if the mortgage had contisued to be insured until maturity; such paymer~t to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance.
2. That. in order mote fully to protect the security of this mortgage. the modgagor, together with, and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the Eirst day of each month until the
said note is fully paid. arill pay to the mortgagee the following sums:
(a) An amount suificient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instcu-
ment andthe note secured hereby are insured, ot a monthly charge (in lieu of a mortgage insurartce premium) if they are
held by the Secretary of Housing and Urban Development, as [ollows:
(I) II and so long as said aote ot even date and this iastrument ate insured or are reinsured under the provisions of the
. National Housiag Act, an amou4t sutGcient to accumulate in the hands of the holder one (1) moath prior to its due
date the annual mortgage i~surance premium, in order to provide such holder with fuads to pay suchpremium to the
Secretary of Housing aad Urban Developmeat pursuant to the National Housiag Act, as amended, and appiicable Regu-
lations thereunder. o~
(II) It and so long as soid note of even date and this instrument are held by the Secretacy oi Housing and Urban Develop-
ment, a monthly charge (in liru o( a mortgage insurance premium) which shall be in aa amount equal to one-twelfth
(1%12) oE oae-halt (y4) per ceatum of the average outstanding balance due oa the note computed without tating into
account delinqueacies or prepayments; -
(6) A sum equal to the ground rents, if any, next due. plus We premiums that will aext become due and payabie on policies
~ of Cre and other hasard insurance covering the mortgaged property. plus ta:es and assessments nezt due on the mort-
E gaged property (ail as estimated by the mortgagee) less all sums already paid theretor divided by the number of moaths
e to elapse before one month prior to the date when such grbund rents, premiums, ta:es, and assessments will become de-
~ linqueat, such sums to be held by mortgagee in trust to pap said ground rents, premiums, taxes, and special assessmeats;
and
~ (c) All peyments mentioned in the t~vo preceding subsectioas of this paragraph and all payments to be made under the note
secured hereby shail be added together and the aggFegate amount thereo[ shall be paid by the mortgagor each month in a
~ single payment to be applied by We mortgagee to the following items in the order set forth:
(n premium charges uader the contract of insurance with the Secretary ot Housing and Urban Development, or monthly
charge (in lieu of moctgage insuraace premium), as the case may be;
(D) ground rents, tazes, assessments, fire, and other hazard insurance premiums;
(III) interest on the note secured 6ereby; and ' ~ ~
(t~ amortizatioa of the princlprl oE soid 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 sach payment, constitute an event of default under this mortgage. ~ The.modgagee
may collect a"late charge" not to exceed two cents (2¢) for each dollar (Sl) of each payment more than fifteen ~
(15) days in anears to cover the extra expense involved in handling delinquent payments. ~
3. That if the total of the payments made by the modgagor under (b) of paragraph 2 preceding shall exceed
the amount of payments actually made by the matgagee, for ground rents, taxes and assessments and insurance ~
premiums, as the case may be, sucn excess shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the mottgagor under (b) of paragcaph 2 pre-
ceding shatl not be sufficient to pay gFound rents, taxes and assessmants and insurance premiums, as the case
may be. wben the same shall become due and payable, then the matgagot shall pay to the modgagee any amount
~ necessary to make up the deficiency. on oc befoce the date when payment of such ground cents, taxes, assessments.
~ "
or insurance premiums shall be due. If at any time the mortgagor shall tender to the modgagee in accordance with
~ the provisioas of the note secured hereby, full payment of the entire indebtedness represeated thereby, the mod- ~
~ gagee shall. in computing the amount of such indebtedness, credit to the account of the modgagor all paymeats i
made under the prarisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~
~ the Secretary of Honsing and Urban Development and any balance remaining in the funds accumulated under the
~ provisions of (6J of said paragraph 2. If there shall be a defeult under any of the provisions of this mortg,age, re- '
sulting in a•puMic sale of the premises covered ~ereby. oc if the mortgagee acquires the propedy othenvise after ?
defeult, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop-
edy is otherwise acquired, the balance then remaining in the fnnds accumulated under (b) of paragraph 2 preceding
as a credit against the amount of principel then remaining unpaid under said note and shall properly adjust any
payments which shell have been made under (a) of said paregraph. ;
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 made hereinbefore, and in default thereof the mortgagee may pay .
the same; aad that he will promptly deliver the ofEicial receipts thecefor to the mortgegee.
;
~ B40K ~6~ FA~E2831 ~ ~ '
~w..~: 4:
~ ~ - a -