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said matgagor does hereby fully ~vaRaat the title to said laad. and every pact thereof. and wiii defend the same
against the lawful claims af all pecsoas wbomsoever.
PROVIDED ALWAYS. at~d these pcesents are executed aad deliveced upon the following conditions. to wit:
The mortgagor egrees to pay the matgagee~ or order. the princlpal sum of
Sixteen Thousand Eigb~ Hundred and No~100------------•------•----------------•-----
pollars 1(~Spp.pp as evidenced by a note ot evea date herewith. with interest from date at the
rate oi ~ 8i~ per centum ( ( 9G) per annum on the unpaid balance
until paid. The said principal a~d interest shall be peyable at the o[fice of p~ p~riean Bank of Miamt,
250 Southeast First Street, Miami, Florida,
or at such other place as the holder of the note may designate in v~riting, in manthly installments of
One Hundred and 80~100------------------- Dollars (~00.$p commencing on
the first day of December . 19 (7. and oa the tirst day ot each month thereafter untilthepriacipal
and intertst ace fully paid. except that the finel payment of principal and interest. it not sooner paid. shall be due
aad p~yable ca the first day of Nove~er, 199'r ;
And shall duly, promptly, and fully pedorro. discharge, execute. effect. complete. and comply with and abide
by each and every the stipulations. agreements, conditions. and coveaants of said promissory note and of this
mortgage, then this matgage end the estatP 6ereby created shall cease aad be aull and void.
Aad the matgagor further covenants as follows:
1. That be will pay the indebtedness. as hereinbefore provided. Priirilege is reserved to pay 1he debt i~ whole,
or in an amouat equal to one oc more monthly payments on the principal that are next due on the note, on the first
day of any month prior to maturity: P~ovided, howevec, that written notice of an intention to exercise such privilege
is given et least thirty (30) days pria 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 tc
the modgagee aa adjusted premium charge of one per centum (1%) of the original principal amount thereof. except
that ia no event shall the adjusted premium exceed the aggregate aawunt of premium charges which would have
~;zu~~ z~~ ~~gas had continued to be insuced until maturity; such payment to be applied by the mort-
gagee upon its obligation to the' Secretary of Housing and Urban Development on account of modgage insurance.
2. That, in order more fully to protect the security of this mortgage, ih~ modgagor, together with, and in addi-
tion to, the monthly paya~ents under the terms of the note secured hereby, on the first day of each month until the
said note is fully paid~ will pay to the modgagee the follaaving sums: ,
(a) An amount sutficient to pwvide the 6older heteo[ with (unds to pay the next mortgage insurance premium i[ this instru-
ment ~ndthe note secur~d hereby are iasured. o~ s monthly ch~rge (in lien o[ • mortgege inaurance premium) if they are
6eld b~r the Secret~ry of Honsia~ and Urb~n Development. ~a tollo~rs:
(I) IE ond so lon~ as sald note of even date and this Instrument are insured or are reinaured under the provisioas ot the
National HousiuQ Act, aa runount sufCcient to accumulate In the 6ands ot the holder oae (1) month prior to its due
date the annual mort~~~e insuraace premium, in order to pwride suc6 holder witb funds to pay such premium to the
Secrctaq o[ liousln~ and Urb~a Development pursuant to ffie Natiooal Housin~ Act, as amended, aad •pplicnble Regu-
lations thereuadet; or
(I~ IE ~nd so long as said note oE even date ~nd t6is iast~ument are 6eld bq the Secretar~ of.Housing and Urbae Develop-
` ment, a moathly charQe (in lien ot a mortgage insurance premium) ~rhich shall be in an amouat equal to one•twelfth
(1/12) ot oae-half per centum of tbe avenqe outsRoadlaQ bolaace due oa t6e note computed witdout taking into
accouat delinquencies or ptepapa~ents;
(b) A sum equal to the ground reats. If aa~. ne~ dne, plns the ptemiums t6at wi11 ne:t become due and payable oe polIcies
of Cue aad other hasard insurance coverinQ the mortgaQed pcopertr. plua ta:es aad •ssessments aext due on the mort-
' gaged propertr (all as estimated by t6e mortgogee) less all snms oiready pe3d therefor dlvldtd by the number oE months
to elapse before one moath ptior to the date ~rhea such gcouad tents, premiums. taYes. and ~ssessments wrill become de-
linquent,. snch sums to be held by mwtgogee in trust to paq ~aid grouad reats, premiuma, t~zes, ood special ossessments;
~nd
~ (t) All payments mmtloaed ia t6e two precedi~g subsectioas oi Wis puaeraph and •11 payments to be made uader the note
secund hereby s6~11 be added together and the agg~egate amau~t thereof s6a11 be paid by ~he mortgaQor eact~ moath in a
single paymeat to be applied br ffie mortga~ee to the [ollo~viag items in We order set tortb:
(n premium charges uader the contract of insurance witL the Secretai~ of HonsinQ and Urbao Developnent, pr moathlr ~
charQe (in lieu o! mort~e iusurance premium), as the case may be;
(II) ~ound rents. ta:es, assessments, fire, and other 6~zard insurwce premiums;
,
(IIn interest on t6e note secured hereby; oad {
(IN) amortisatloa of We prjncipal ot s~id aote.
Any deEicieacy in the amoant d such eggregate moathly peymeat shall. unless made good by the matgagor
prior to the due date of the ae:t such peyment, constitute an event af defautt under this mortgage. The mortgagee
may collect a"late charge" aot to exceed two ceats (2~) fac each dollar (zl) of each peyment more than fifteen
(15) days ia anears to cover the extra expense involved ia handling delinquent payments.
3. That if the total of the payments made by the mortgagor nader (6) of p~ragraph 2 pceceding shall exceed
the amount af payments actually made by the matgagee. fa g~ound rents, taxes and assessments and insurance
premiums, as the case may be, snc6 excess shall be credited by the moctgagee oa subsequent payments to be
made by the mortgagor. If, ho9vever. the monthly payments made by the moctgagor under (6) of paragraph 2~pre-
ceding shall aot be sufficieat to pay gROUnd rents, taxes and assessmeats aad insurance premiums, as the case
may be, ~vhen the same shall becane due and payable, thea the mortgaga shell pay to the modgagee any amonnt
necessary to~make ap the deficiency, oa ac befoce the date when payment of such ground reats, taxes, assessments,
or insvrance premiums shall be dne. If at eny time the mortgago~ shalltender to the matgagee in accocdance with
the provisions of the aote stcured hereby, full payment of the eatire indebtedaess represented thereby, tbe mort-
gagee shall, in computing the amouat d such indebtedness, ctedit to tbe account of the mortgagor all payments ~
made under the pravisions of (a) af peragraph 2 hereof ahich the moctgagee has aot become obligated to payto `
the Secretary of Housing and Ucbaa Development and any balance remaining ia the fwxls accumulated uader the ~
pmvisions of (b) af said paragteph 2. If t6ere shall be a default under any oE t6e provisions of this mortg~age, re- #
sulting in a public sale of the premises covered ~ereby, a if the mortgagee acquires the propedy othetvvise after ~
default, 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 cemaiaiag ia t6e fmds accnmulated nnder (6) of paragraph 2 preceding ~
ss a credit agaiast the smaaM ot prlncipal then remainiag unQaid ~nder said note aad shall pcoperly adjust aay ~
payments which shall have been made uader (o) of said paragcaph. ~
That he ~viU pay aU taues, assessments, water rotes, and othec govemmental a municipat charges, fines, ~ ;
or impositiooa, Eor which provision has aot been made hereinbefae, aad in default thereof the modgagee may pay
the same; and that he ~vill promptly deliver the official receipts therefor to the mortg~gee.
~p~K~~ PACER".V~ ~ }
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