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HomeMy WebLinkAbout1016 ~•'F ~ ~y.~~~ f . ~•Ei:~' ' f ~ t~ ~ said :~,:.:tgsgoc does heceby fully vYarcant the title to said land. and evecy part the~eof, ~nd ~ill defend the same egainst tne lawful claims ot all pe~suns whomscevea . . f't:UVIDED ALWAYS. and thase preseats are executed and delivered ~pan the follawing coaditioas, to wit; 7'i,~ mortgagor agre~s io pey the mortgAgee. at order. the pcincipel sum of FOII~T q'HQjJS,AND EZ(~gT HUND?R~D aad 00/100- - - - - - - - - - - - - • - - - - - - - - - - - - - - - - - - Dotl~.~s (f 14~800,QQ as evideaced by a Qote o[ csven~date herewith. with tatecest fcom date at the rete of si2 per ceatum ( 6 y6) per anaum on the unpaid bal~nce uatil ~~,d. The said pcincipal ar.d iaterest shall be payable at the office of MoCAIIGE~A M08R~GAGE CO~II'987[~ INC., 4~1 Coral W~r, Coral Gables, glQrida, a at such oiher place as the holder of the note may designate in writing, in monthly installments of ffia~r ~ca~r ~a eo/ioo- - - - • - - - - -uo~~~ cs se.8o ~..~o~,~;,,g the f~~st day of potobel~ , 19 6T . aad oa the flrst day of each month thereafter uatiltheprincipal and int~~iest are fully paid. except that the tiaal payment of pcincipal aad iaterest, it not soonet paid, shall be due aad payable on the first day of September, 1997 ; , • And shall duly, pcanptly. aad fully perform. dischacge~ execute~ effect, complete. and comply with aad abide • ~ by each and every the stipulations. agreemeats. co~ditions, and covenants of said pcomissory ~ote and of this nwrtgage, thea this moetgage end the estate hereby ccested shalt cease aad be aull and void. And the matgaga further coveaaats as follows: l. That he will pay the indebtedness~ as hereinbefore provided. Pci'vilege is reserved to pay the debt in whole~ oc in an amount equal to one or more monthly payments on the principel that are next due on the note, on the first day of any month prior to maturity: Provided, however. tbat written notice oE an intention to eaeccise such privilege is gi~en at least thirty (30) days prior to prepeyment; and, provided fudher, that in the eveat the debt is paid in full pcior ta matnrity and at that Eime it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjcsted premium charge of one per centum (19G) of the original principel amount thereof, except that in no eveat shall the adjusted premium esceed the aggregate amouat of premium charges whic6 wo~ld have beea payable if the mottgage had coatinued to 6e insured untit inaturity; such payment to be applied by the mod- gagee upoa its obliptiaa to the Secretary oE Housiag and Urbaa Development on account of mortgage insurance. 2. That, in order more fully to pcotect the securitp o[ this modgage, the mortgagor, together with, and in addi- tioa to, the monthly payments uader the terms of the notA secured hereby, on the first ~ay of each month until the said note is fully paid, will pay to the mortgagee the follaaring sums; (a) Aa amount sufticient to provide tde floider heseot wit6 tunds to poy tl~e ne:t mortqsge insuraace premium if t}us instsu- ment oad t6e note secored 6ercb~ ue inswed, oz a mont6ly c6arQe (ia lien of a morlgage insuraace premium) it they ~re held br We Secrctaty of HousinQ and Urbaa Developmeat, as follows: (1) Ii and so loa~ as said note of evea date and t6i~ iastiument ere Insacsd or are eeiasured under the provisions of We National Housio~ Act, an amonnt_ suiGcia4t to accua~ulote in the hands of tbe holdee one (1) month prior to its due d~te the anoual ma~aQe iaswonce premium. in ordar to pro~lde wc6 holdcr ~rith [unds to pay suchpremtum to t6e Secretaq o[ HonslaQ and Urbaa Developmeat pursuant !o the I~latioaal Housia~ Act, as amen~d, 4nd appiicable Regu- ' lationa there~er. or • ' (lI) II and so lonQ rs s~Id note of even date ~nd tLis insteuwent are 6eld br the Secretary o[ Nousing and Urban Develop- meat, a montblr charQe (in lien of • mort~e insnn~nce pre~Ium) which shall be in an am~unt equai to one-twrelfth (1/12) of ooe-halt (yS) per ceatum of tbe arerage aitstandiio~ boloace due on t6e note c ~ccoant delinqneocies or prepaymeats; ~P~tod aithout tatiag into (b) A sum equsl to the aro~md reats. !t any, ne:t due, plus the premiums tbat will oert become due and payabie oa policiea of fire aad other hasard iasurance coverina the mortQaQed property, plas ta:ea aud assessments nezt due oa ffie mod- gaged pcopeety (~11 as estimated by t6e mortQaeee) tess alt sums already paid t6erofor divlded by the aumber of awntbs ta el~pse before oae month prior to tbe date wbea auch g~ound reats, pcemiums, tazes. and assesameats aill become de- linquent, snch sums to be held by modg~Qee in trust to pa~ said Qround rents, premiums. tues. and apecial assessments; and (e) AL paymenta ma?tioned in tLe two precedtag subsections of this pangraph and all p~yments to be made under the aote r securcd hercby shall be added to~ether and the aQgregate amount thercof shall be paid by the mortgogor each monW in a sinQte payment to be appiied by t6e mort~aQee to the followiag items in tLe order aet tortL: (n premium cbaraes under the eontract of insarance ~vith the Secretary ot HouslaQ and Urban Development. or monthiy char~e (in lien of mortQa~e fnsuroace premium), •s the case mey be; (II) ~ound rcats, t~xcs. assessmeats. tlre, snd other bas~rd Iasuraace premiums; (III) laterest oa t6e aote secnced hereb~; ~od (1{~ amortis~tion of the princlp~l of sald note. Aay deficieacy in the amount af sucb aggregate monthly payment shall, unless made good by ~he moctgagor prior to the due date of the nezt such peyment, ca~stitute an event af default under this moctgage. The mortgagee mey collect a"late charge" not to exceed two ceats (2t} for each dollar (Sl) of each payment more than fifteea (15) days in anears to cover the e:tra espease iavolved in handiing delinqueat paymeats. 3. Thst if the total of the paymeats mede by the mortgagor undec (bJ of paragraph 2 p~eceding s6a11 exceed the amount of peycoeats ectuslly made by the moctgagee, foc gFOUad reats, ta~ces and assessmeats and issurance pzemiums~ as t6e case may be, suc6 excess shall be credited by the morigsgee on subsequeat paymeats to be made by the mortgagor. If, ho~rever, the moathly peyments made by the matgagor under (b) of paragraph 2 pre- ceding shall not be safficient to pey g,rouad rents, tsuea and assessmaats and insura~e premiums, as the case may be, whea the same shall become due and payable, t6en tbe matgaga slsatl pay to t6e modg,egee any amannt necessery to meke up t6e deficiency. oa ar befoce tbe dete wheo payroeat of sach ground reats. ta~ces, assessments. a iasuranee premiums shall be due. If at any time tbe mortgegor shell teader to the mortgagee in accordance Rrith t6e provisioas of the note secuted hereby, fnll peyment o[ the entire iadebtedness repreaented thereby, the mod- gagee shall, in caoputing tLe amouat of sach indebtedaess. credit to the accouat af the martgagor ali payments made under We pravisions of (aJ oE paragtaph 2 i~erecf w6ic6 tbe mortgagee hes aot become oblig,eted io pey to the Secretary af Housing aad Urban Development and any balance rema,inio~ ia the fuads accumnlated uader the provisions oE (b) of said paragraph 2. If there shall be a default under any of the provisions of t6is moctgage, re- sultiag ia a public aale af the pcemista covered ~ereby, or if the matgagee acquires the property otberrvise aEter ~ default, the moctgnqee sholl apply, at the time af the commencemeat of such proceeding~a a at the time the prop- erty is othec~vise acquired, the balance thea remaining in the fnnds accumulated under (6) af parag~aph 2 preceding ' as a credit a~iast t~ amount of principol then remeiaiag unpaid wder said note and shall properly adjust any payeents whic6 shall 6ave beea mAde uadet (a) oE said psragcAph. 4. That he will pay all ts:es, assessmeats, water rates, aad dher goveramentel os municipal cherges, fines, a impositioos, for rvhic6 pravisioa has aot been made herainbefae, and in defautt thereof the matgagee may pay the aame; aad that he ailt pcomptly deliver t6e officlal receipts therefor to the mortgegee. ~~~.i ~~6~ ~1013 ; y; _ rl-~ ~ , ~ u.:~; ~ " ~~G~, "~3 I