HomeMy WebLinkAbout0094 said mortga~~r dors hereby fully war~ant the titlz tu said la~d. and eve~y part thereof, and will de[end th~ same
against the tawtul claims ot all pe~sons whomso~ver.
PROVIDED ALN'AYS. and thcse pcesents are executed and deliveied vpon the folloveing condltions~ to wit:
'fhe mortgagor agrees to pay the morfgagee. oc ord=r. the pri~cipal siim of
Ten Thousand ~1ine Hundred Fifty P~d No~100----------------- -
Dolla~s (S ],Q~9jp~00 es evidenred by a note of even date herewith. with interest from date at the
cate of six pec centum ( 6 96) per a~~um on the unpaid balance
until paid. The said principal and i~tecest shell be payable at the o(fice of
Pan American Bank of Miami, 2~0 South~ast First Street, rtiarsi, Florida
cx z?t such other place as the holde~ ot the nde may designete in writing, in manthly installr?ents of
Sixty-Fi'~?~e artd 70~100-------------------- Dollars (S 65•7~ comn~encing on
the first day of Jat1u8~`y , 19 6$ . and on the first day of each month thereaiter untiltheprincipal
aad interest ere [uliy paid, e:cept that the final payment o[ principal and interest. if nol soo:ier paid. shall be due
and payable on the Eirst day of Decea:ber, 1~7 :
Ar.d shall duly, pranptly. and fully perform. discha~ge. execute. effect. complete, and comply with and abide
by each and e~ery the stipulations. agreements, conditions. and covenants of said p~omissory note bnd of this
mortgage. then this mortgage and the estate hereby created shall cease a~d be nutl and void.
And the mortgagor fudher covenants as Eollows:
1. That he will pay the indebtedness, as hereinbe[ore provided. Privi[ege is reserved to pay the debt in whole.
o~ ia an amount equal to one or mo~e monthly payments on the principal that are next due on the note. on the first
day ot any month prior to maturity: P.o~~ided, however. that written notice of an intention 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 maturit~ and at that time it is insured under the provisions of the National Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (1°'e) oE the original principal amount thereof. except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which wouid have
been payable if the modgage had coatinu:~d to t+e insured until maturity; such payment to be applied by the m~rt-
gagee upon its obligation to the Secretary of Housing and UrSan Development on account of modgage insurance.
2. That. in order more fully :o protect the security of this mortgage. the mQCtgagor, together with. and in addi-
tion to. the monthly payments under the terms of the note secuced hereby, on the first day of each month until the
said note is fully paid, will pay to the mortgagee the following sums:
(a) An amount suf[icient to provide the holder hereof with tunds to pay the next mortgage insurapce premium If this instru-
ment ~nd the note secured hereby are insured, or a monffily charge (in lieu o[ a raortgage insurance premium) iE they are
hetd by the Secretary o! Housing and l~rbaa I?evelopment, as follows:
(I) I[ and so long as said aote o[ evea date and this insWmeat are i~sured or are ~einsured under the provisions of the
Aiationa! Houaiag Act. an amount su[rcient to accumulate in the hands of the holder one (1) monih prior to its due
date the annual wortgage insuraace p~emium, in order to provide suc'? holder with funda to par suc6premium to the
Secretary o[ Housiag and Urban Development pursua~t to thr N~tional Housing Act, as amended. and applicable Regu-
latit,r?s theceunder. or
~ (R) If and so long as soid note of even date aad this inst~ument ue held by the Secrctary of Housing and Lrbact Dtvelop-
ment, a mont4ly charge (ia lien ot a mortgage insurance premium) which shali be in aa amount equal to one-twelfth
(1!12) of one-half (y4) per centum oE the avenge ovtstanding balance due oa the aote computed without takiag into
account delinquencics or prepapments;
(b) A sum equa! to the ground rents. i[ any, ne:t due, plus the premiums that will ne:t become due and.payable on policies
of fire and other hazard insurance covering the mortgaged property. plus ta:es and assessmeats nest due on tde mort-
gaged property (all as estimated br the mortgagee) less all sums already paid theretor divided by lhe number of months
I to elapse before one mont6 prior to the ds•e when such g~ound reats, premiums, taxes, and assessments will become ~ie-
linqueat, such sums to be hela by mortgagee in trust to pay said ground rents, prcmiums, tazes, aad special assessments;
and
(e) All payments mentioned in the two preceding subsections oE this paragraph t+nd all payments to be made under the nole
secured hereby shall be added together and the aggregate amouat thereof shall be paid by the mortgagor each month in a
single parment to be applied by the mortgagee to the followring items in the order set [orth:
(n premium cherqes under the coatnct of insarence with the Secretary ot Housing and Urban Development. or monthlq
charge (in lieu of mortgage insurance premium), as the case moy be;
(II) grovad rents, ta:es, assessments. fire, and other hasard insurance premiums;
(III) inte:est on the aote secared hercby; and.
(1~ amort'uatioa of the princip~l o[ said note. t
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 such payment. constitute an event af default under this mortgage. The mortgagee i
may collect a"late charge" not to exceed two cents (2a) for each dollar (Sl) of each payment mae than fifteen i
(15) days in anears to cover the extra expen~e involved in handling delinquent payments.
3. That if the total oE the peyments made by the mortgagor under (6J of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgegee, for gcound rents. taxes and sssessments and insurance
premiums, as the case may be, such excess shall be ctedited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the-matga~or under (bJof paragraph 2 pre-
ceding shall not be snfficient to pay ground rents, taxes and assessm~:nts and insurance premiums, as the case
may be, when the same shall become due and peyable, then the mortgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, on a before the date when payment of such grouad rents, taxes, assessment~. ~
or_insnrance premiums shall be due. If at any time the mortgagor shalltender to tbe modgagee in accordaace witb ;
the provisions of the ~ote secnred hereby, full payment of the eatire indebtedness represented thereby, the mod-
gagee shall, in computing the amount ~ such indebtedness. credit to the account of the mortgagor all payments a
made aa8er the pravisions of (aJ of paragraph 2 hereoE which the mortgagee has not become obligated to payto
~ the Secretary af Hoa: ing and Utban Development and any balance remaining in the funds accumulated under the
provisions of (b) of said paragreph 2. If there shall be d default under any of the pcovisioas of this mortgage, re- ~
sul:ing in a public sale of the premises covered ~ereby, o~ iE the mortgagee acquires the property otherwise after
default, the moctgagee shall apply, at the time of the commencement of such proceedings or at the time the prop-
erty is otherarise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 precediag
as a credit against the amount of principal n remaiaing nnpaid under said note and shall propetlyadjust any
payments which shell have been made undec aJ d said p~regrap6.
d. That he wi11 pay all taxes, assessments, water cates, and other governmental oc municipal charges, Eines,
or impositions, for which provision has not been made hereinbefae, sad in default thereof the mortgagee may pay
the same; and that he will promptly deliver the oEEicial receipts therefor to the modgagee.
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