HomeMy WebLinkAbout2136 s:+id r~o~tga~or doc•s l~eceby fally warc~nt tne title to said Isnd, and e~~er~~ pe~t thereot. anJ N ill defead the same
against the lawtul claims o[ alt pecsuns whomsoever.
PROVIDED ALVIAYS. and these ~e.eats are executed and delivered u
p pon the follaKiag conditions. to wit:
The mo~tg~go~ agcees to pay the mcctgagee. w order. the principa) sum of SIX'18TsN THO[JSAI~D T~lti'~
iitJt~DREDand 00/100-------------------..------------
Dollars (S 16,30~.00 as evidenced by a note of even date herewith. with interesi f~om date at the
rate of Six per centum ( 6 96) per annum on the uapaid balance
until paid. The said principal and interest shall be pay~able s~t the office of ~
J. T. STEWART MORTG~C~ CONPANY, iNC. , S~ite 300 - 100 Kiracle 1~lile, Gbral Gables, Florida,
or at such other place as the ho3der o[ the note m~y desig~ate in w~iting, in monthty insta!lr~ents of
I~1I1~3TY-SEVEN and 80/I00- - - - - - - - - Dollars (S 97.80 comn,encing on
the ficst day of Januatzy . 19 68. and on the [irst day ot each month t!~ereafter uotiltheprincipal
and interest are lully paid, except that the tinal payment of principal and interest, if nol suoner paid, shal! be due
and payable on the first day of pe~p,~r, 1997 ;
And shatl duly, promptly. and fully perform, discharge. execute. ef[ect~ complete, and comply with and abide
by each and every the stipulations, agreements, conditions. and co~enants af said promissory ~ote and of this
mortgage, then this mortgage and the estate hereby cre~ted shall cease a~d be ~ult and void. .
And the mortgago~ furthec covenants as follows:
1. That he will pay the indebtedness. as hereinbefore provided. Pcivilege is reserved to pay the debt in whole,
oi sn an amount equal ta one or mae monihly payments on the principal that ace next due on the ~ote. oa the [irst
da~ of any month prior to maturity: Prori,led, however. that written notice o[ an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and. pro~ ided fu~ther. that in the event the debt is paid in
fuil pcior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pa3 to
the mortgagee an adjusted premium charge of one per centum (1 a) of the original principal amount thereof~ except
that in no event shall the adjusted p~emium exceed the aggregate amount of premium charges which would have
been payable if the mortgage had continued to be insured until maturity; sucf~ payment to be apptied_~y the mort-
gagee upon its obiigation to the Secretary oi Housing and Urbaa Developmeat ore account of mortgage insurance.
2. That. in order mote fu!!y to protect the security of this mortgage, the mortgagor, together with. and in addi-
iion to, the monthly payments 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 mortgagee ihe following sums:
juJ An amount sut[icient to proride the holder hereo[ with [unds to pay the next mottgage insurance premium i[ this instru-
ment and the note secured hereby are insured, or a moathly charge (in lieu of a morlgage insurance p~emium) if they are
held by the Secretary of Housing and Urban Development, as followrs:
(1) 1I and so Iong as said note of even date and this instrument are insured or are reinsured under the provisions of the
ltiational Housing Act, an amount sufticient to sccumulate ia the hands of the holder one (1) month prior to its due
date the annual mwtgage insurance premium, in order to pwvide such holder with fuads to pay such premium to the
Secretary o( Housing aad Urbaa Dtvelopment pursuont to We Natioaa! HousinQ Aci, as amended, and applicable Regu-
, lations thereunder. or
(II) I[ and so Long as said aote of evea date and this iastrument ue held by the Secretary of Housin~ and Urban beveIop-
ment, a monthly chargr (in tiea ot a mortgage Bnsunnce premium) which shall be in an amount equal to one-twettth
(1!12) oE one-halt (~S) per centum of the average outstanding balance due on the aote compated without taking into
account delinqueacies or prepayments;
(b) A sum equa! to the grauad rents, if any, next due, plus the prewiums tLat will aext become due and payable on policies
o[ Cire and other hazard insurat~ce covering the mortgaged pwpetty, plus tazes and assessments next due on the rteort-
gaged propetty (all as estimated by the mortgagee) [ess ail sums a~ready paid theretor divided by the number of months
to clapse befoie one month prior to the date when such ground reats, premiums, taxes, aad assessments will become de-
linqueat, such sums to be held by mortgagee in trust to par said grou~d rents, premiums, taxes, end special assessments;
and
(c) All payments mentioned in the two preceding subsections o[ this paragraph and all payments to be made under the note
secured hereby shall be added togelher and the aggregate omount thereof shall be peid 6y the mortgagor each month in a
single payment to be apptied br the mortgagee to the following items in the order sei fortb:
(n premium charges under lhe contract oE insurance with the Secretary ot Housing aad Urban Development, or monthly
charge (in lieu of moctgage insurance premium~ os the cose may be;
(II) grouad rents, ta:es, assessments, firr, and other hazard insurance premiums; ~
(III) interest on the note secured 'nereby; and
(I~ amortization of the priacip~l of said note. ~ '
Any deEiciency in the ama~nt of such aggregate monthly payment shall, unless made good by the m~tgagor
prior to the due date of tl:e next snch paya~ent. constitute an event d default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2e) for each dollar tSl) of each payment more than fiEteen
(15) days in arrears to cover the extra expense involved in handling delinquent payments. i
3. That if the total of the payments made by the mortgagor under (6J of paragraph 2 preceding shali exceed i
the amount of payments actua[ly made by the mortgagee, for ground rents, taaes and assessments ar~d insuran~e ~
premiums, as the case may be, such excess shall be credited by the moctgagee on subsequent payments to be f
~nade by the mortgagor. If, however, the monthly payments made by the matgagor undec (b) of paragraph 2 pre- ~
reding shall not be sufficient to pay ground cents, taxes and assessm~~nts and insurance premiums, as the case ~
may be, when the same shall becume due and Fayable, the~ the moctgagor shall pay to the modgagee any amount j
necessary to make up the deEiciency. on a befae !he date when payment of such gronnd rrnts, taxes, assessments, ;
or insurance premiums shall be due. If at any time the mortgaga shall tender to the mortgagee in accordance with w
the provisions of the note spcured hereby, full payment of the eatire indebtedness represented thereby, the mort-
gagee shall, in computing the amount of such indebtedness+ ccedit to the account of the modgagor all paymeats '
made under the provisions of (a) of paragFaph 2 hereof wbicS the mortgagee has not become obligsted to payto f
the Secretary of Housing and Urban pevelopment and any balance remaiaing in the funds accumulated under the {
provisions oE (6J of said paragraph 2. If there shall be a default under any of the provisioas of tnis mortgage, ce-
sulting in a public sale of the premises covered. ~eceby, or if the mortgagee acquires the property other~vise a[ter
tv ~
deEault, tE~e moctgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ;
erty is othenvise acquired, the balance then remaining in the [unds accumulated under (6) of par~graph 2 preceding `
as a credit egainst the amount oE pdncipel then tea~aining unpaid under said note and shall properlyadjust any
payments which shall have been made uader (oJ of said paragraph.
4. That he Will pay all taxes, assessments. water rates, and other governmental or municipal charges, fines,
oc impositioc~s. foc ahich provision has not been made heceinbeEae, and in delault thereof the mortgagee may pay #
the same; aad that he will pranptly deliver the official receipts theceEor to the mortgagee. f
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f e~K169 P,~2~19 : ~ - . ,
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