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Home My WebLink About0729 ~ ~ saiJ .0..40: ducs h~ceb~,• (u21~• w:,rr~nt Ihe title to said lsad. Und eve~y pa~t th~•«oE, and veill defend the same ag3~n..: ,h~ l~wful ciaims oE all perac,ns whomsocve~. 1.:.~: iUl•:D ALIAAYS. and tl:~se pceae~ts are exee~ and delivered u~?on tl~r Eolluwing coaditions, 1o wit: i..~ =...?rtgabor ag~ees to ps?y th~~ mrxtgagee. o~ or~Ier. the Princ-ipal sum o[ Tt~1tTB8N THOpSAt~D SIX HIJDDt~D- and 00/ 100 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - poll~.?~ ta 13,600.00 ~s evidcnced by a nota ut cvcn date here~ith. with interest from date et the cate .~t Six per centum ( 6 pr~ annum on the unpaid balance u~tit ~•.:.,i. ~l~he seid pci~cipal and i~:te~est shall be payable iit tt~r office oE J. T. STSNART MOt~TGAGS C~ANY. INC., Suite 300 - 100 Miracle Nile, Coral G3bles, Florida, oc at ~~~ti ot:~er place as the ho:der uf the note may designdte: i~ writing, in monthly installments of ~ BIGffi'Y~OI~S and 60/100- - - - - - ~ - ~ - Dollars (S 81.60 coma,encing an the tu~: day of Jariuary , 19 68 . and on the t:~~t day of each munti~ thereatter untilthepri~ipal and ~~~~,.~~t are tuUy paid. cxcept that the final payment uf p~iacipal and interest. it nut sooner paid. shall be due aad p:+~~eb1e oci the first day of Deceaiber, 1997 ; .\nd ~hall duly. pranptly. and tully pedorm, discharge. execute, efEect. complete. and comply with and abide by earh snd every the stipulations. agreements. conditions, und coveaants of said promissory note a~d o[ this mo~t~:+ge. then this moctgage acad the es!s.e hereby created shall cease and be nuil and void. And the mortgagor further co~•~~ants as follows: 1. That he will pay the indebte.iness. as hereinbefore pr~vided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments o~ the principal that are next due on the nute. u~ ihe [i~st day ut any month prior t~ maturity: P.o~~ided, however. that written notice of an inte~tion to exercise sueh pri~~itege is gi~•en at least thirty (30) days prior to prep~yment; and. pcovided fudher, that in the event the debt is paid in full piior to ~aturity and at that time it is insured under the provisions o[ ihe National liousing Act. he will pay to the moctgagee an adjusted premium charge of one per centum (1X) of the origi~al principal 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 mortgagc had continued to be insured uatil maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary oE Nousing and Urban Develop~eent on account of mortgage insurance. 2. That, in order cwre fully to protect the security o[ this modgage, the mongagor, tagether with. and in addi- tion to, the monthly payments eu~der the terfns'~f-Zhe not~ secured hereby. on the first day of each month until the said note is fully paid, will pay to the modgagee the folloqving sums: (u) An am~ant sufticieat to provide the holder hereot writh [unds to po~ lhe ae=t morlgaKC insurance premium if this instcu- ment and the eote secured hereby octi iasured, or a monthly chorge (in lieu o[ a mortgage insurance premium) it they are he; by the Seeretary of Housing and Urban Developmeat, as [ollows: (1) If and so long as said aote ot even date aad this iasl~ua~rnt are iasured or are reinsured under the provisions of the ~Tatioaal Housing Act, aa amount sufC~cieat to accumulate iu tIK hands of the hotder one (1) month prior ta its due date the annual mo~tgage insurance pcemium. in order to ptovide such holder aitA fuads to pay such premium to the Secretary o[ Housing and Urbaa Developmeat pursuanl to the Natioaal Housing Act, as amended. and applicabie Regu- , lations thereunder; or ' (II) I[ and so loag as said aote of even date aad this iastn~meat are held br the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu ot a mortgage iasutance premium) which shall be in an am~unt equal to one-twelfth (1/12) o[ oae-halt (y4) per ceatum of the average outstaading balonce due on the note computed without toking into accaunt delinquencies or prepaymaNs; (6) A sum equal to the grouad repts, if any, ne:t due, pius the premiums t6at will ae:t become due aad payabl~ on policies ~ oi fire aad other hazard insurance covering the mortgaged prope~t~. plus ta:es and assessments nezt due or. the mort- gaged property (all as estimatzd by the mortgagee) less aU sums alreadr paid lhere[or divided by the number o[ months to elapse before one month prior to the date ahen such ground reata, premiums, fa:es. aad assessments will become de- linqueat, such sums to be held by mortgagee in trust to pa~ said ground rents, premiums, taxes, aad special assessments; and jcJ Ali payments mentioned in the t~ro preceding subsectious of thia paragaph and all payments to be made uader the note secwed hereby shall be added together and the aggFegate amouat t6ereo[ shaii be paid by the mortgagor each month in a single payment to be applied by the mortgagce to the [ollowing items in tbe erder set torth: (1) premium charges under the contract of insurance vcith the Secretary ot Housiag and Urban De~elopment, or mon!tily charge (in lieu ot mortgage insuraoce premium), as We case mar be; (II) grouad rents, taxes, assessments, Cse, and other hazard insnrance prcmiums; (III) intercst on the note secured hereby; aad (1V) amortization ot the principal o[ said note. Any deficier.cy in the amoant of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such peyment, coastitute an event d default under this mortgage. Ti~e mortgagee may collect a"late charge" not to exceed two cents (2t) tor each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra e:pense involved in handling delieequent payments. 3. That if the total of the payments made by the ~nortgagor under (6J of paragraph 2 pcececting shall exceed the amount of payments actually made by the mortgagee, for gFound rents, taxes and assessments and insurance pcemiums, as the :.ase may be, soch excess shall be- credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthty payments ~ade by the mortgagor under (6j of paragceph 2 pre- ceding shall not be sufficient to pay g~ound cents, tazes aad assessments and i~sura~e premiums, as the case may be. when the same shall become due and p~yable, theo the moctgaga shell pay to the modgagee any amount necessary to make up the deficiency, on or beface t6e date when paymeot of such ground rents, taxes, assessments, oc insurance premiums shall be due. lf at any time the ~ortgagoc s6allteoder to the modgagee in accocdance arith the provisions of the note secured hereby, full p~yment oE the entire indebtedness represented thereby, the mort- gagee shall, in compating the amount of such iodebtedness, credit to the account of the matgagor ail payments made under the pravisions of (aJ of pacagcaph 2 hereof w6ich ti~e matgagee has not becoaie obligated to pay!o the Secretaty of Housing and Urban Development and aay balaoce remaining in ttie funds accumulated under the ~ provisions of (6J of said paragraph 2. If t6e~a sbs~ll be a default under any of the provisioas of this matgage, re- sulting in a public sale of the premises covered ~ereby, oc if t6e matgagee acquices the property otheraise a[tec default, the moctgagee shall apply, at the time oE tl~e commencement of such proceedings a at the time the prop- erty is othenvise acquired, the balance then remaining in the funds accumulated ~nder (b) of paragcaph 2 preceding as a crediL against the amount of principel then remaining unpaid undec said note and shall properlyadjust any paymeats which shall have been made undec (a) oE said paragraph. 4. That he will pay all taxes, assessments, water.rates, and dhet gove~naiental or municipal charges, fines, or impositions, for which prwisian has not been made hereinbefoct, and in default thereo[ the mortgagee may pay the same; and that he will promptly deliver the official receipts t6erefoc to the mortgagee. s~,~ 169 ~A~E 724 ~ ~ . - - ; - ;