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HomeMy WebLinkAbout0324 ( ~ ' I ~ t ~ } ~ 1 said moctgagor does hereby Eully warrant the title to said land. and every part thereof. and will defend the same ~ against the lawful claims o[ all persons whomscever. ' PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditio~s~ to arit: The mort agor agrees to pay the mortga ee. oc order. the principat sum of Eig~t Thousaad and No~100--------------------------------------- Dollars (S 8t~~0•00___ ====ide==ed by e note of ev==dat=herewith. with interest from date at the ~ rate of SiX per centum ( 6 per annum oa the unpaid bala~ce until paid. The said principal and interest shall be peyable at the office of J. I. Kislak llort6a6e Corporation of Florids 1101 Brickell Avenne~ Ytaoi, Florida 33131 oc at such other plece as the holder oE the note may designate in writing. in monthly installments of Fo~`ty-Eight eIId NO/100------- Dollars (S 48.00 comme~cing on the first day of ~Z`Ch - . 19 6$ and on the Eirst day of each month thereafter until the principal and interest ace fully paid, except thet the final payment of principal and iatecest. if not sooner paid, shall be due and payable on the ficst day of February 1998 ; And shall duly, pranptly, and fully perform. discherge. execute. effect. complete. and comply with and abide by each and every the stipuletions, egreements~ conditions. a~d covenants of seid pcomissory note and of this mo~tgage. then this mortgage and the estate heceby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the principal th~t are next due on the note, on the first day of any month prior to maturity: Provided, howevec. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, pcovided fudher~ that in the event the debt is paid in full prior to maturity_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%) of the original principel amonnt thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the modgage had contin~ed to be insured until maturity; such payment to be applied by the mort- gagee upon i~s obligation to the Seccetary of Housing and Urban Development on account ~ modgage insurance. 2. That, in ordet more fully to protect the security of this modgage, the modgagor. together with, and in addi- tion to. the monthlyc 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 modgegee the follawing sums: (a) An amount su[ticient to provide the holder 6ercof ~vith' funds-to pay the nezt mortgage insurance premium if this instru- ment and the aote secured hereby wre insured, or a monthly ch4rge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Developmeat, as follows: (I) II and so long os said note ot even dete and this iastrument are insured or are reinsured under the provisions o( the National Housing Act, an amount sutticient to accumulote ia the handa of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay sucL premium to the Secretary of Housing and Urben Development pursuant to the National Housing Act, as ameaded. and applicable Regu- lations theteunder; or (II) It and so long as said note of even date aad this instcument are held by the Secretary ot Housing and ilrban Develop- ment, a monthly charge (in lieu of a mortgage insuronce premium) which shall be ia an amount equai to one-twelfth (1/12) of onrhalf (3/i) per ceatum of the average outataading balence due on the note computed without taking into account delinquencies or prepayments; ; (bJ A sum equal to the ground rents, iE eny, next due. plus the premiums that will next become due and payable on policies ! of fire and other hazard insurance covering the mortgaged property, plus tases and assessments nezt due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the number o[ moaths to elapse be[ore one month prior to the date whea such ground rents, premiums, ta:es, and assessmeats will become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments; ~ and (c) All payments mentioned in the two preceding subsections of this parograph and s11 payments to be made under the note secured hereby shail be added together and the agg~egate amount thereo[ shail be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items in the order set forth: (n premium charges under tde contract oE inaurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), os the case moy be; (II) ground rents, taxes, assessments, Cre. and other hazard insurance premiums; (III) intecest oa the note secured hereby; and (I{~ amortisation of the principal ot said note. Any deficiency in the amoant 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 of default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen (15) days in anears to cover the eutre eapense involved in handling delinquent payments. 3. That if the total of th~ payments made by the modgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actual y made by the mortgagee. for gFOand rents. taaes and asse~sments 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 matgagor under (6) of paregraph 2 pre- ; ceding shall not be sufficierLt to pay ground rents. taxes and assessm~~nts and insurance premiums, as the case ~ may .be, when the same shall become due and payable, then the mortgagor shall pay to the modgagee any amount necessary to make up the deficiency, on or beEore the date when payment of such ground rents, taYes. assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender tc the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entice indebtedness represented thereby, the mort- gagee shall. in computing the amount oE such indebtedness, credit to the account of the mortgagor all peyments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (6J oE seid paragraph 2. If there shall be a default under any af the provisions of this mwtgege, re- : sulting in a public sale of the premises covered ~ereby, oc if the mortgagee acquires the propedy othecwise after ~ default. the modgagee shall apply, at the time of the commencement of such prxeedings or at the time the prop- _ 4 erty is othecwise acquired, the balance then remaining in the fands accumulated under (6) of paragr~ph 2 preceding . as a credit against the amount of principel then remaining unpaid under seid note end shall properly adjust any payments which shell have been made under (aJ of said paragraph. 4. That he will pay all tases, assessments, water rates, and other govemmental or municipal charges, fines, oc impositions, for which provision has not been made hereinbeface, and in deEault thereoE the mortgegee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ - a~~70 ~ 324 . . - _ . : ~ ~r~;`~~-~ - r. _ _ . -