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Home My WebLink About2249 ' saiJ ~~:s hr:eb~ fufly W..ci.cot the htlz to su:d lbud. and evecy pa~t tt~~~~rot. sad will deie~d the same again~. c}:e tawful cl~ims at a!1 s pecsuns whomsoever. ? ~•.:,~'IUED AI.A'AYS, and tlicse presents are exec~tecl and deliveced upon thc folluwing conditio~s, ta ~cit: .;.~rt6:,gor agcees to pay thr ai.xtgagee. or ocder, the principal sum of ~I+~y-+11i~p THO~Ap pI,$ a~VaV~ ~ ~~,10~~ ~ ~ ~ ~ ~ w ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Doll:.~. ~i Z2~100.00 as evidenced by a nuiN at even date hcr~with, i+ith i~terest Ecom data at the rate ~~f six per centum ( 6 0) pe~ annum on the unpaid balance unUl ~...,J. 1'fie said pcincipal and iuterest shall be payable ;tt tt~e office of i r a J. T. STBMA1tT M0~1t~ C~iANY, It~. ,~iite 300 - 100 Mi~cacle Mile, Coral Gables, Floride, ~ oc at ~?.cl~ oihe~ place as the hoidec ~f the note may designst~ i~ ~eriting. in monthl~• installa:ents of i ~I~S HUI~DR~ THIRTY~7i0 a.*id 60/100- Dollazs (S 1,32.6p coma~encing oa ~ the (??_.t day~ of ~7,~~~ . 19 (~g . and on thr [icst day of each moath thecea[tec until the principal ~ and ~ut.cast are tully paid. except that the fiaal payment uf ~,cincipal and inte~est, if nut sooner paid. shatl be due and p:.> able on the first day oE December, ],997 ; A~~d shall duiy. Qcoa~ptly~ and fully pecEorm, discharge. execuie, eifect. complete, and comply with aad abide by earh and every tl~e stipulations~ agreements. conditions, and co~enants of sa~d promissory note and of this mortg:~ge, th~n this mortgage ar.d the estate hereby created shall cease and be ~ull and void. And the mo~tgagor fucthet covenants as follows: 1. l'hat he will pay the indebtedness. as hereinbefore pruvided. Privilege is resecved to pay the debt i~ whole. or in an amount equal to one or mare monthly payments on the principal that are aext ~i~~P c?n the nole, oe the [irst + day of any month prior to maturity: P.ovideJ, howevec. that written notice of an intention to exercise such privilege ; is i~en at least thirt 30 da s } g y( ) y priot to prepayment; and. piovided fuHher, that in the event the debt is paid in full p?ior to maturity and at that time it is insured u~der the provisions of the National 1lousing Act, he witl pay to ~ the moctgagee an adjusted pcemium charge of one per centum (lro) of the original Frincipel amount !he~eof, except that ~n no event shall the adjusted premium exceed the aggregate amount of premium chatges which would have + been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on accoant of mortgage insurance. 2. That. in order more fully to protect the security of this mortgage. the modgagor. together with. and in addi- tion to, the monthty payments under the terms of the not~ secu~ed hereby, on the first day of each month until the said note is fnlly paid. ~vill pay to the mortgagee the following sums: ju) An amount su[ficient to provide the holder 6ereo( wit6 [unds to pay the ne:t mortgage insurance premium if this instru- ment andthe note secured hercby are insured, or a moathly charge (in lieu o[ a mortgage insutance premium) i[ they are held by the SeCretary oE Housing and Urban Developmeat, as tollows: {I) I[ and so loag as said aote ot eveo date and this instrument ore iasured or are reinsured under the provisions of the Nationa2 Housiag Act, an amatnt su[Ccieat to accumulate in the hands oE the holder one (i) month prior to its due date t6e annual mortgage utsurance premium, in order to provide such holder with tunds to pay suchpremium to ihe 5ecretary ot Housiag and Urban Development pursuant to the Notioaal Housing Act, as amended. and appiicable Regu- lations thereunder; or ' 4 (II) If and so long as said note ot evep date aad this instrument are held by the Secrefary of Housiag and Urban Develop- ~ ment. a monthly chatge (in lieu o[ a mortgage insurance premiwa) ~rhich shall be ia an am~u~t equal to oae-tweifth ± (I!I2) of oao-haif (y4) per ceatum of the average outstanding balaace due on the note computed without takiag into ~ account deliaqueacies or prepaympua; j6) A sum equal to the ground reats, if anr, aezt due, pius the preraiums that will ne:t become due and payable on poficies of fire and other hazard insarance coveriag the mortgaged pmpe~ty, plus taxes and assessments nest due or. the mort- gaged property (all as cstimated br the mortgagee) lesa all sums already paid therefor divided by the number o( months to elapse before one monW prior to lhe date w6en such ground rents, premiums, la:es, and assessments will become de- linqueat, such sums to be held by mortgagee in trust to pay said gtound rents, premiums, tazes, and specialassessments; and (cJ All payments mentio~ed in tbe two pceceding subsections of this paragraph n~d atI payments to be made under the note secured herebr shall be added together and the aggregate amount thereot shall be paid by the mortgagor each monlh in a single paymmt to be applied by the mortgagee to the tollowing items in the order set forth: (n premium ch~rges under the coatract o[ insurance with the Secretary ot Housing and Urbsa Development, or monthly ~ charge (in lieu of mortgage insuraoce premium), as the case may be; ~ (II) gwund rents, taxes, assessments, Cre, a~d other hazard insurance premiums; (III) interest on the aote secured herebr; and (I~ amortization of the pripcipol of said note. Any deficiency in the amount of such aggregate monthly paymeat shall. unless made good by the mortgagor prior to the due date of the next such payment, constitute an e~ent of default under this mortgage. The mori6agee may collect a"late charge" not to exceed two ceats (2a) for each dollar (Sl) of each payment mae than [iEteen (IS) days in arrears to cover the eztra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, hoarever, the monthty payments made by the mortgagor under (b) of paragraph 2 pre- ceding shalt not be sufficieot to pay gronnd reats, taxes and assessmants and insurance premiums, as the case may be, when the same shall become due and p~yable, then the mortgagor shall pay to the modgagee any amount necessary to make up the deficiency, on or before tbe date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the modgagee in accordance vrith ; the provisions of the note secured hereby, full peyment of th~ entire indebtedness represented thereby, the mort- ' gagee shall, in computing the amount of such iadebtedness, credit to the account of the mortgagor all payments ~ made under the pravisions of (a) of paragRaph 2 hereof which the mortgagee has not becom~e obligated to pay to ' the Secretary of Housing and Urban Development and any balance retoaining in the funds accumulated uader the ` provisions of (b) of said paragraph 2. If t6ece shal! be a default under any of the provisio.~s of this mortgage, re- sulting in a public sale of the premises covered ~sereby, ~ if the matgegee acquires the property otherwise after ' default, the moctgagee shall apply, at the time oE the commencement of such proceedings oc at the time the pcop- edy is otherarise acquired,the balance then remaining in t:~e funds accumulated ueder (6J of paragraph 2 preceding as a credit agaiast the amouut oE principel t6en remaining unpaid under seid note and shall properlyadjust any payments wrhich shall have beea made under (aJ of said paragraph. 4. TFat he will pay all tases, asse~sments, water rates, and dher governmental or ruunicipal charges, fines, ~ ~ impositions, fa which pravisian has not been made heceinbefae, and in default thered the moctgagee may pay ~ i the same; and that he will ptompUy deliver the officiel receipts thetefor to the mortgagee. ~ { 18y ~A~E2232 ~ - -