HomeMy WebLinkAbout2942 said morigagor dcx~s hereby fully warrant the titls to said land, and evety pact tl~ereu[, ar,d will de[<nd ihe same
against the lawful claims of all persons whomscevec.
PROVIDED AL,WAYS. and these pcesents are executed and delivered upon lhe following conditions, to wit;
The mortgagoc agrees to pay the mortgagee. oc order. the principal sum of
Trrelv~e T'ha~uand One ~indred aad No/100-----~-------•----------------------------•----
Dollars (512~100.00 as evidenced by e note of even date he~ewith~ with interest from date at the
tate oi 81X per centum ( 6 ye) per annum on the unpaid balance ~
until paid. The said principal and interest shall be payable at the otfice of $p~t~ygggtg~ Kp~ ~jp~~e ?
Con~aqy, lbst Otfice Bax 750, Riverside Statioa, Miami~ F1~oMda
or at such other piace aLs^ the holder of the note may designate in writing. itn ^monthly installments of ~
~~'.n a~ W~.~.~~~~~~~~~~~~~~~~~~~~~~O~ifl[S ~s ~~RJ comn~enciag Ofl ~
the first day of OCt,Obe! . 19 , and on the first day of each month thereafter untiltheprirecipal (
and interest are fully paid, except that the Einal payr.nent of principal and interest, if not sooner paid, shall be due ~
and payable on the first day of $gptgy~er~ l~''f ; ~ ~
And shall duly, promptly, and fully peito~m. ~ischarge, execute, effect~ complete. and comply Kith and abide ~
by each and every the stipulations, agreements~ conditions. and covenants of said promissory note and otthis
mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
~ A~d the matgagor further 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 o~ the principal ihat are next due on the note, on the first
day of any ~onth priot to maturity: Provided. hoaever, that wtitten notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and, provided furiher. that in the event the debt is paid in
full pcior to maturity and at that time it is insured under the provisions of the National Housing Act, he t~i11 pay to
the modgagee an adjusted premium charge of one per centum (196) of the origirtal prirtcipal amount thereof, except
that in no event shall 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 obligatioc~ to the Secretary of Housing and Urban Developme~t on account of morigage insurance.
2. That. in ocder more fully to protect the security of this mortgage, the mortgagar. together with. and in addi-
tion to. the monthly payments nn~er the tetms of the note secured herEby. on the first day of each month until the
said note is fully paid, will pay to the mortgagee the follawing swas: _
(o) An amount sufticient to provide the holder hereo[ with funds to pay the ae:t mortgage insurance premium if this instru-
ment andthe note se~ured hereby are insured, or a monthly charge (in IIeu o[ a modgage insurance premium) if they sre
held by the Secretarp of Housing and Urbea Develo~meat, as folloas;
(I) It and so long as said aote o[ evice date and this i~strymeat are iasnred or arc reinsured under the provisions of the ~
National Housing Act. an amount su[[icient to accumulate in the handa o[ tbe holder_one month prior to its due
date the an,aual mortgage insurance premium, in order to pmvlde sucb 6older ait6 funds to pay such premium to the {
Secretary o[ Housi~g aad Urban Development pursuant to the P~tional Housing Act. aa ameaded, and applicable Regu- ~
lations thereunder; or ;
(II) I[ and so loeg as said note of even date and this instrument are held by the Secretary of Housing aed Urban Develop- c
ment, a monthly charge (in lieu ot a mo~tgage insurance premium) ahich shall be in an amount equat to one-twelfth ;
(1/12j of onr6alf (y4) per_ centum of the average outstanding balance due on the note computed without taking into ;
account delinquencies or prepaymeats; ;
(b) A sum equal to the ground rents. if any, nezt due. plus the premiums that ~rill next become due and peyabte on policies ~
of Cre and other hazard insurance covering the morigaged property, plus ta:es rnd assessments ne:t due on the mort- ' j
gaged.property (all as estimated by the mortgagee) less all sums alreadypaid there[or divided by the number ot months !
to elapse betore one month prior to the date when such ground rents. premiums. tazes, and assessments will become de-
linquent, such sams to be held by mortgagee in trust to pay said ground rents, premiums. tases. o~d speciel assessments;
and -
(c) Atl payments me~tioned in the two preceding subsectioas o[ t6is pera~aph arrd ail payments to be made under the note {
secured hereby shall be added together and thc~ aggregete amount thereof shall be paid by the mortgagor each month in a 2
single payment to be applied by ffie mortgagee to the follow?ing items in the order set torth:
(n premium charges under the contract of insurance ~rith the Secretary o[ Housing and Urban Development. or monffily ~
charge (in lieu of mortgoge insurance premium), as the case may be; :
(Il) grooad rents, taxes, s?ssessments, ~re, and other hazard insuraace premiums; ~
(III) interest oa the aote secured hereby~ and - -
(I{~ amortizatiop oE t6e priacipal o[ said note. ~
Any deficiency in the ataount of such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due date of the next snc6 payment, constittrte an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2Q) for each dollar (sl) of each payment more than fifteen
(15) days in arrears to covec the extca expense involved ia handling delinqueat payments.
3. That if the total of the payments made by the modgagor under (b) of paragcaph 2 pteceding shall exceed ~
the amount of payments actually made by the mortgagee, foc g,FOUnd ientsr taxes and' assessments and insurance
premiums, as the case may be, such excess shall be ctedited by the modgagee on subsequent payments to be ~
made by the mortgagor. If, however, the monthly payments made by the mortg8gor under (b) of paragraph 2 pre- ;
ceding shatl not be suEficient to pay ground rents, taxes and assessm~nts and insurence ptemiums, as the case ~
may be, when the same shall become due and peyable, then the mortgagoc shall pay to the mortgagee any amount #
necessary to make ~up the deficiency, on a befae the date when payment of such ground rents, taxes, assessments. ~
or insurance premiums shall be due. If at any time the mortgagor s6alltender to the modgagee in accordance with ~
the provisions of the note secured hereby, fu11 Qeyment of the entire indebtedness represented thereby, the mort- ?
gsgee shall, in computing the amount of such indebtedness, credit to the account of the mortgagoc all payments ?
made under the provisions of (a) of paragcaph 2 hereof which t6e matgagee has not become obligated to pay to `
the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the
provisions of (bJ of said paragraph 2. If there shall be a deEault under any of the provisions of this mortgage, re- ~
sulting in a public sele of the pcemises covered ~ereby, or if the matgagee acquires the propedy otherwise after ~
de~ault, the mortgagee shall apply, at the time of the commencement oE such proceedings or at the time the prop- ~
erty is atherarise acquired, the balance then remaining in the faeds aecumulated under (bJ of paragraph 2 preceding 3
as a ccedit against the emount of principel then remaining unpaid undec said note and shatl properlyadjust any ~
payments which shall have•been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water rates, and otbei governmental or municipel charges, fines~
or impositions, for which provision has not been made hereinbefae, and in defeult thereaf the mortgagee may pay
the same; and that he will'promptly deliver the official receipts theceEor to the mortgagee.
i
i
B~x 167 PACf 2940 : ~ ~
, .
•t ' ' ~ ~ ~ ;:s s,g ~
- ~~'~s'