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Home My WebLink About2416 • ~ ~'1 ~ . . ~ . , said mortgagoc. does hereby Eully warcaat the titie to said laad~ and evecy part theceoE, and wlll defend the saaae a~ainst the 4wfu1 claios oE all pecsaas who~soever. P~OVIDED ALWAYS. ~?nd these p~e~ents are exec~ted and dellverad upoa 1he followta~ coaditicns. to wlt: The matgagor pg~ees to poy the matgp~ae. oc ader. the pclaclp~l suo d Ten Thousand One Hundred Fitty and N~100--------~------------------- Dollacs (S 10 ~ 150.00 as evidencad by a aote even date hecewith. wilh intercat from date at the ~ate of s ~]t pec ceatam ( Per anaua on the unpaid balaoce ua41 pa~d. The said princlp4l oad iatecest shall be payoble pt tlje oHtce ot P8p AmeT~CBQ Bank Of MLam~, Post Off ice Box 831 ~ Mf~ami~ FloridA o~ at such othe~ p as tbe holdec of the aote moy desig~ate ia writiag. Ia maathly inst~llmeats of S Lxty And 90~00--------------------Doliars (S 60.90 commcacing on the first day of ]~Cp,mbp~ . 1967 . aod aa the flcst day of each montb thercaher untilthepdacipsl aad inierest are fully pa~d, e:cept that the fi~wl poy~ent of principal and iatecest, it not sooaer paid, shall be due and payable oa the first day af November, 1997 : . And shoU duly. promptly, aad tully pedorm, diacharge. execute. effect, complete. aad caaply with aed abide by each aad every tLe stipalatioos. ag~eements, conditions. aad covenants of said promissory aota aad of t~his rnortgege, then this matgage aad the estate hereby c~eated sh~ll cease and be aull aud void. And the matgaga fucther coveaaats as follows: 1. That he will pey the iadebtedaess, as 6ereiabefore pcovided. Pciirile4e is reserved to pay the-debt in ahole. or ia an aawuat equal to one oc mae monthly paymeats aa the principel tl~t are next due oa the aote, oo the first day of any month prior to matudty: Providel, 6owev~er, that written aotice of aa iatentioa to execcise such privilege is given at least thirty (30) days priuc to prepaymeat; snd. pcovided fwther, that in the event t6e debt is paid ia full prior to maturity and at that time it is iasured under the provisioos of the National Housiag Act, he will pay to the modgagee aa adjusted ptemium charge of a~e pet ceatum (1%) of tl~e ocigiaal ptiacipel amount Wereof, e:cept that in no eveat shal! the adjnsted premium e:ceed the aggregate amount~ oE pcemium charges which would have beea peyable if the matgage had contiaued to be insnred until maturity; ~tnch pay~neat to be applied by the mort- gagee upoa its oblig~atioa to tLe Secretary of Housiag and Urbpn Developmsat oa acconnt of matpge insurance. . 2. Tbat, ia order more fnlly to pcotect the secmity of this mo~tgage, the mortgagoc, togethet with, aad ia addr tion to. the menthly pey~uenta w~der the terms of the nde secured 6ereby. on the first day of each month uatil the said note is fnlly peid, vPill pay to the matgagee the follawing sums: (a) An amonrit sufticieat to provide ffie holder 6ereot wlth tunds to pa~ the. ne:t sort~aQe insunnce presium it this iastru- meat and the aote secured 6ereb~ are iusured, o~ a oonthl~ cbar~e (jn lieo oE a mort`a~e ins~nnce premium) lt they ue 6eld by the SeCretary of Hwsi~ and Urb~n De~elopaeat, as follows; ; (I) II~nd so loo~ ~s uid note ot even d~te and tLis instenment are insnred o~ aeq reinsured uoder the Qrbvislons of t6e National Housiu~ Act. an aso~wt sufQcieat to accumWate ia t6e hauda of tbe holder oae (1) moath pHor to its due date the anaud mort;~Qe iaavance premtam, ia order to _proride snc6 6older witL tunds to pr~ such premium to the Secretar~ of Houtln~ aad Urb~n Devalopaent ~uwant to t6e ii~ttoo~l Housin~ Act. as amended, and applicoble Re~u- lations thecennder; or • (I~ U and so lon~ ~s said aote d even date and this iastmment ~re 6eld bp the Secretary oi Housing and Urban Develop- meo~ a montl~lr char~e (in Iieu ot a mo~a~e inwrmce premlum) whic6 sha11 be ia an amc+unt equal to oarnvelfth (1/12) of one-half (ys) per centnm of t6e aver~ee ontstaodia~ b~+lace dne on the note computed without tatla~ into account del3nqueacles or pcep~rmeats; (6) A aum equ~l to ffie ~omd rents, it ~ar, nert dne, Plas the pcemiaos that wlll nert becomc due aad p~r~ble on policies I~ oE Gre aad other hasard insuraoce co~eria~ the vort~a~ed propert~, plns t~:es ~nd ~ssesaments nert dne oa the mort- ' g~Qed psopert~ (all ~s estimated b~ the mort~~eee) Icss all wms alrcadr paid tbere[or divlded br the awnber of oonffis I to elapse before oae mooth prior to the date whea such ~nd reab; premi~s, ta:es, and ,ssessmeats ~vill become de- ~ linquent, snch smns to be 6eld by mortaa~ee in tenst to pa~ sdd ~round rents. premiums. t~es. and special assessmmts; aad (e) AU pqments mentioaed in the two precedin[ subsectloos o[ this para~aph and ~ll payments to be msde under t6e note secured herelyr chall be added together aad tbe ~~ate anount thereot sL~ti be pald by the mort~Qor each monW in a sin~le paymeat to be applied br the mort~aQee to tbe followin~ items ia ihe order set tortb: (n premium char~es under the coattact of iasuraace with tLe Secretar~ of Houslae and Urban Development. or moathly c6aRe (in liea of mort~e iasnrance premium), ~s tbe c~se sa~ be; (In ~rouod rents. tues, atsessments, tire. nnd ot6*r h~sard iasnraqce premiums: (Im laterest on Ws note secured hereb~; ~nd ~ (I~ amortisatlon of tl~e priacip~l ot s~id note. Any deficieacy_ in the amount of snch aggtegate moathly peydent shall, ~u?less made good by ihe moctgagor prior to the dne date of the ne~ct such peymeat, constitute an eveat af default under this mortgage. The modgagee may collect a"late charge" not to ezcee~l t~vo cents (2~) for each dollar (=1) of esch peyment moce t6an fifteen (15) days in arrears to cover t6e extra expense involved in handling delinqueat payments. 3. That if the totsl af ~the paymeats made by the matgagot aader (b) of gerag~apb 2 preceding shall exceed the amount of payments actoally made by tbe matgatee, foc gawd rents, ta:es and assessmeats and iasurance premiums, as the case may be. sncb eYCess shell be credited by the mortgagee oa subsequent payments to be made by the mortgegor. ff, ho~vever, cbe m~chty ~y~c~ mede by the matgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pey g,Raund rents, taxes and assessma.nts and insurance premiums, as the case may be, vvhen the same shell become due and payable, tben tbe martgagoc shall pay to the mortgagee any amount necessary to make np the deficiency, on or before the date when paymeat of suc6 g~ound rents, taues, assessments, oc iasacance premiums shall be doe. If at any time the matgagac shaU teader to tl~e mortg,sgee in eccordaace with tbe provisioos oE tbe note secnred hereby, Eall paqment oE the eatire indebtedaess represeated thereby, the mod- gagee shall, in compnting the amount oE snch indebtcdness, credit to tLe accouat af the matgagor all paymeats made under the praiisiaos af (a) af porag~apb 2 heteaf wbicb the matg~egee has not become obligated to pey to the Seccetary af Housing and Urban Development and any balaace cemaining in the fw~ds accumulated wder the provisions af (b) af said paragRaph 2. If thece sh+All be a default ander any af the pravisioas of this moctg,age, re- snlting in a pnblic sale af the premises covered ~ereby. a if the matga~ee acquices the propecty athenvise after default, the mactgegee shall apply, at tbe time of tbe commencement af such proceediag,s or at the time the prop- erty is othecwise acqaired, the belance then remoining ia the fands accumulated under (61 of P~B~Pb 2 P~~~6 as a credit ag,ainst tLe amaint of principal tbea remaiaiag uapsid w~der said aote~and shell properlyadjust any pay~enb w6ich shall have been mede under {aJ of said Para~aPh• 4. That he will poy all ta:es, assessments, water cates. snd ot}ier governmental or municipel charges, fines, or impositioos, for which pcavisiaa has not been made beceiabefae, and in default thereof the mortgagee may pay , the same; and tbat he ~vill promptly deliva the official reoeipts iherefor to the moctgagee. : ~ ~~ss ~z~ ~ ..,ri ~.dµ~ . _ _ _ _ _ - _ _ .~b- ~ .