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said mu~tg~go~ does hereby f~lly warrant thr title to said land. an~ crery~ part the~cot, auJ wi11 deieno the same
against the law[ul claims of a!I pecsons whumsoerer.
PROViDED ALW'AYS. and these presents are executed and deliti•ered npon the fo!louir.g condllic~ns, to ~?it:
'fhe mortgagoc agrees to pay the mortgagec, or order, the principal sum of t~IIt~BR'8$N THOII~AAD aAd
00/100----...... - - -
~ - - - -
Dollars (S 19,000.00 as eridenred by a note ot even d:+te herewith, Hith i~terest [rum date at the
rate ot g~ pet centum ( 6 per annum on the unpaid balance
until paid. The said pci~cipol ar.~ interest shall be payable at ti~e oftice of
J. T. 9T~ItT CpNp~~y ~ I~~ ~ S~ite 300 - 100 Miracle !lile, Coral Gables, Florida,
or at such other piace as the holdec of tha note a~a3• desigrtate irt Kritireo, in mvnthl~• installr.~er.ts of
OrS HOTDI~ FOUR'i'8'SN a11d 00/100- Dollars (3 124.00 commencing on
the first day of Jaulua~y , 19 (g, and on the first day ~f each ~aonth thec~~afte: ~~ntiltheprincipal
~:~d interest are fully paid. except that the fiaa! payment of principal and interest. if not sooner paid, shalZ be due
and payable on the first day of p~~r, 1997 :
And shall duly. pcoanptly. and fully pe~form, discharge. execute, etfect. complete, and comply ~vith and abide ~
b~- each and every the stipulations. ag~eements, conditions, and co~~enunts oE said p~omissoq• ~ote and of this
ma~tgage, then this mortgage and the estate hereby created shall cease a~d be null and void.
And the mortgagor fu~ther covenants as (ollows;
1. That he will pay the indebtedness. as hereinbefore provided. Pti~~ilege is resen•ed to pa~• the debt in whole,
or in an amount equal to one or mae monthly payments on the principal that are next due on the note. on the fi~st
da~• ut any aionth prior to maturity: P.u~ iJCd, however, that written notice of an intention to exercise such pr+vilege
is given at least thirty (30) days prior to prepayment; and. pcovided further. that in the e~ent ihe debi is peid in
full prior to maturity and at that time it is i~sured under the provisions of the National Housing Act, he will pa} to
the mortgagee an adjusted premium chacge of one per centum (1`,"~) of the original pcincipal amount thereof. except
thdt in ~o erent shalt the adjusted premium eaceed the aggregate amount of premium charges which would have
been payable iE the ~aortgage had continued to be insured until matucity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security ot this mortgage, the mortgagor, together wit6, and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the first day of each mor.th until the
said note is fully paid. will pay to the moctgagee the foltowing sums:
(u1 An amount suf[icient to provide the hotder he%eo[ with funds to pay the nect mortgage insurance premium if this instru-
ment and the note secured hereby are insured, ot a monthly charge (in lieu of a mortgage insurance premium) if they are
held by the Secretary of Housiag and Urban Developme~t, as follo~rs:
(1) It and so long as said note of even date and this instrument are insured or arc reinsured under the provisions of the ~
\ationai Housing Act, an amouat su[Ciciertt to accumulate in the hands of the holder one (1) month prior to its due i
date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the {
Secretary of Housing sad Urban Development pursuant to the Nat2ona! Housing Act, as amended, and applicable Regu- ~
lations lhereunder; or ;
(II) If and so tong as said note ot even date and this instrument are hetd by the Secretary of Housing aad Urban Develop-
ment, a monthly charge (ia lieu ot a murtgage insurance premium) which shall be in an amount equal to one-twelfth i
(1/12) of one-hal[ (y~i) per centum of the average outstanding balance due on the note comguted without taking into
account delinqqeacies or prepaymeMs; ~
(b) A sum equal to the ground rents, if any, aext due, plus t7~e premiums that witl next become due and payabie on policies ;
of fire and other hazard insurance covering the mortgaged properly, plus ta=es and assessme~ts next due on ihe mort-
gaged property (all as estimated by tAe mortgagee) less atl sums already paid theretor divided by the number of months
to elapse before one month prior to tl~e date when such ground rents, premiums, tazes, and assessments will become de-
linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and specia[ assessments; ~
and ~
(cJ All payments rnentioned in the twro preceding subsections of this paragcaph and all papments to be made under the note }
secured hereby shall be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a <
single payment to be appiied by the mortgagee to the tollowing items in the order set [wth: '
(n premium charges under the contract ot insurance with the Sectetary of Housing and Urban Development, or monthly a
charge (in lieu of mortgage insurance preenium), as the case may be; ~
(II) ground rents, lazes, assessmeats, Cre, and otber hazard insurance ptemiums; i
(III) interest on the note secured hereby; a~d
(I~ amortization of the principal of said note,
Any deficiency in the amonnt of such aggregate monthly paymeni shall, unless made good by the mo~tgagor ~
prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ~
may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment moce than fifteen =
(15) days in arrears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the payments made by the mortgagor under (bJ of paragraph 2 preceding shall exceed ;
the amount of payments actuatly made by the mortgagee. for groand 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, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- -
ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurance pcemiums, as the case
may be, when the same shall become due and payable, then tne mortgagor shall pay to the mortgagee any amount
necessary to make up the deficiency. on a before the date when payment of such gcound rents, taxes, assessments, ~
or insurance pcemiums shall be due. If at any time the modgagor shalltender to the mortgagee in accordaace with ~
the prov:sions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort-
gagee shall, in computing the amount of ~ach indebtedness, credit to the account oE the mortgagor al! payments
made under the provisions of (aJ of paragraph 2 hereof which the mortgagee has not becoa~e obligated to pay to
the Secretary of Housing and Urban Development and any balance remaining in the fands accumulated under the
provisio~s of (bJ of said paragraph 2. If there shall be a default under any of the provisions oE this matgage, re-
sulting in a public sale of the premises covered ~ereby, or if the matgagee acquires the property otherwise after
default, the mortgagee shall apply, at the time oE the commencement of such proceedings or at the time the prop-
erty is otherwise acquired, tbe balance then remaining in the Eunds accumulated under (b) of Raragraph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any
payments which shall have been made under (oJ of said paragraph. :
!
4. That he will pay all taxes, assessments, water rates, and other governmentat or municipal charges, fines,
or impasitions, for wh~ch provision has not been made hereinbefore, and in default thereof the morigagee may pay _ ;
the same; and that he will promptly deliver the official receipts therefor to the mortgagee. Q
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