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~aid moctg~gor does heieby tully w~arrsnt thc title to said land. and e~~ery part thcrcof. and will detend the same
against the lawful claims of all persons whomscevec.
PROVIDED ALIYAYS, and these presents a~e executed and deliveced upon the following conditions~ to wit:
The mortgagor agcees to pay the mortgagee. or order. the principal sum of FOURTSBN THOUSAI~D SIX
HUt~DF~and00/100--
Dollars (S 14,600.00 s~s evidenced by a note oE eve~ date hecewith, with interest from date at the
rate of Six per centum ( 6 96) pet aanum on the unpaid balance
until Paid. ?he said principal and interest shall be pay~able at the ~ffice of
J. T. STh'9i1~ItT NORTGAC~ COMPANY, INC. , S~,iite 300 - lOQ Miracle Mile, Coral Gables, Florida,
or al such other place as the holder ot the note may designate in writing. in monthly installments of
SIGI~Y-SSVHN aad 60/100- - - - - - - - - -Dollats (S 8~.60 commencing on
the tirst day of Febrttary . 19 68 . and on the first day of each month thereatter until the principal '
and inteces~ ..te fully paid~ except that the tinal payment of principal and interest. if not sooner paid, shall be due -
and payaDle on the tirst day of January, 1998 ;
And shall duly. pranptly. and [ully perform. discharge. execute, effect, complete. and comply with and abide
by each and every the stipulations. agreements, conditions, and covenants of said promissory note and of this
moctgage. then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows: '
1. That he ~rill pay the indebtedness, as hereinbefore provided. Privilege is reserved to pap the debt in whole,
or in an amount equal to one or mae menthly payments on the principal that are next due on the note. on the tirst
da~ of any month prior to maturity: Proaided, hov?ever. that written notice of an intention to exercise such privilege ~
is given al least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is paid in ~
tull prior to maturity and at that time it is insured under the provisions of the Nationa! Housing Act, he will pay to I
the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount Lhereot, except ~
ihat in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have
been payabla if the mortgage had continued to be insuced untii maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary oE Housing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the securitp of this mortgage, the mortgagor, together with. and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the f;rst day of each month until the
said note is fully paid. will pay to the mortgagee the following sums:
(aj An amount su[ticient to provide the holder hereo( with [unds to pay the next mortgage insurance premium if this instru-
ment and the note secured heteby are insured, or a mon?hly charge (in lieu of a murtgage insurance premium) if they are
held by the Secretary of Honsiag and Urban Development, as tollows:
(I) If and so long as sa'td note ot even date a~d this instrument are insured or are reinsured under the provisions of ihe
National Housing Act, an amouat sufficient to accumulate in the hands of the holder one (1) month prior to its due
date the annual mortgage insnrance premium, in order to provide such holder with [unds to pay such premium to the
Secretary ot Housing aad Urban Development pursuant to the National Housing Act, as amended, and applicable Regu-
lations thereunder; or
(II) 1t and so long as said note of even date aad thi5 insttument are held by the Secretary of Housing and Urban Develop-
ment, a monthly charge (ia lieu oi a mortgage insurance'premium) which shali be in an amount equal to one-twelfth ~
(1I12) of one-half (yi) per ceatem of the average outstanding balance due on the note computed without taking into
account delinquencies or prepayments;
(h) A sum equal to the ground rents, it any, nezt due, plus ihe premiums that will nezt become due and payable on policies
of C?re and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort-
gaged property (ali as estimated by ihe mortgagee) less all sums already paid therefor divided by the number of months
i to elapse be[ore one month prior to lhe date when such ground rents, premiums, taxes, and assessments wili become de-
linquent, such sums to be held by mortgagee in trust to pay said grouad rents, premiums, faxes, and special assessments; ~
and iq
(c) All payments mentioned in the two preceding subsectious o[ this paragraph end all payments to be mede under the note ~
secured hereby shall be added together and lhe aggregate amount thereof shall be paid by the mortgagor each month in a
single payment to be appiied by the mortgagee to the [ollowing items in the order set forth: ,
(n premium charges under the contract ot insurance with the Secretary of Housing and Urban Development, or monthly y'
charge (in lieu of mortgage insurance premium), as the case may be; ~ ~
(II) ground rents, tazes, assessments, Eire, and other hazard insurance premiums; ~
(III) interest oa the note secured herebq; aad i
(I~ amortization of the principel of said aote. ~
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor
prior io 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 (2Q) for each dollar (Sl) of each payment more than fifteen
(15) days in arrears to cover the e~ctra expense involved in handling delinquent payments.
3. That if the total of the payments made by the mortgagor under (6) of parag~aph 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, snch excess shall be credited by the mortgagee on subsequent payments to be F
made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ~
ceding shall not be sufficient to pay gcound rents, taxes and asses~mants and insurance premiums, as the case !
may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount ;
necessary fo make up the deficiency, on or befoce the date when payment of such ground rents, taxes, assessments, ;
or insurance premiums shell be due. If at any time the modgagor s6a11 tender to the mortgagee in accordance with ;
the provisions oE the note secured hereby, full payment d the entire indebtedness represented thereby, the mort- ;
gagee shall, in computing the amount of such indebtedness. credit to the account of the mortgagor all payments ~
made under the provisions of (aJ of parag,caph 2 hereof which the mortgagee has not become obligated to payto
the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the
provisions of (6) of said paragraph 2. If there shall be a default under any of the provisioas of this moctgage, re-
sulting in a public sale of the premises covered lereby, or if the mortgagee acquires the property otherwise aEter :
default, the moctgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- '
erty is othe~vvise acquired. the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~
as a credit against the amonnt of principal then remaining unpaid undet said note and shall properly adjust any ~
payments which shall have been made under (aJ of said paragraph.
4. That he will pay all taxes, assessments, water rates, and dher governmental or municipal charges, fines, i
or impasitions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay
the same; and that he witl promptly deliver the official receipts therefor to the mortgagee.
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