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HomeMy WebLinkAbout0574 said mortg~,guc does hereby [~.~lly Karranl ihc title to said land, and every part thereof, and witl defend the same against the law(ul claims ot all persons whomscever. PROVIDED ALN'A1'S, and these presents are executed and delivered upon the iollowing conditions. to wit: The mortgagor agrees to pay the mortgagee. or order, the principal sum of ~LVS THOUSAAD S6VSN HUi~DIt'~ and 00/100- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dollars (S 12,700.00 as evidenced by a note of even date here~vith, with interest from date at the rate ot Six per centum ( 6 96) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the otfice of J. T. STIiYiART MORTC~GB COir1PANY, INC. , Suite 300 - 100 Miracle Mile, Coral Gables, Florida, or at such other place as the holder ot the note may designate in writing, in monthly installments of S~FsVENPY~SIX and 20/100- - - - " - - - - Dollars (S 76.20 commencing on the tirst day of March . 196$ , and on the first day of each month thereaEter untiltheprincipal ard interest are tully paid, except that the tinal payment of principal and interest. ii no1 sooner paid. shall be due and payable on the first day of gebruary, 1998 : And shall duly. promptly. and fully perform, discharge, execute, effect, complete, and cumpl ~ with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, 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 will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equai to one or more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Proi~ided, howeve~. that writlen notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided fucther. that in the event the debt is paid in full pcior 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 0) of the original principal amount the~eof, 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 continued to be insured until maturitv; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on acco~nt of mortgage insurance. 2. That, in order more fully to protect the security 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 first day of each month until the said note is fully paid. will pay to the mortgagee the following sums: {a) An amount sutticient to provide the holder hereof with tunds to pay the next morlgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) i! they are held by the Seeretary of Housing and Urban Development, as follows: (I) If and so long as said note ot even date and this instrument ate i~sured or are reinsured under the provisions of the National Housing Act, ao amount sut[icient to accumulate in the hands of the holdei one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary o[ Housing and Urban Development pursuent to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (tI) It and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monlhly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) ot one-hatt per ceatum of the average outstanding balance due on the note computed withouttaking into ~ account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus ttie premiums that will next become due and payable on policies ~ of [ire and other hazard iasurance covering the mortgaged property, plus ta=es and assessments next due on the mort- gaged property (all as estimated by lhe mortgagee) less all sums already paid therefor divided by the number of months F to elapse before one month prior to the 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 special assessments; ~ ~ and ~ ~ (cJ All payments mentioned in the two preceding subsections of this peragraph ond all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to the foliowing items in the order set forth: ~ (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the case may be; ' t (II) ground rents, ta:es, assessments, tire, and other hazard insurence precniums; 4 (III) interest on the note secured hereby; and ~ $ (I~ amortization of the principal of said note. # Any deficiency in the amount of such aggregate monthly payment shali, unless made good by the mortgagor ` prior to the due date of the next such payment, constitute an event of defauit under this mortgage. The morigagee ~ may collect a"late charge" not to exceed two cents (2Q) for each dollar (Sl) of each payment more than fiEteen ~ (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 (6J of paragcaph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance 3 ~ 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 matgagor under (6) of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the moctgagor shall pay to the modgagee any amount ~ necessary to make up the deficiency, on a befae the date when payment of such ground rents, taxes. assessments, ~ ri or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with f the provisions of the note secured hereby. full payment of the entire indebtedness represented thereby. the mort- fi gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments , ` made under the provisions of (o) of paragcaph 2 hereof which the moctgagee has not become obligated to payto ~ ~ the Secretary of Housing and Urban Development and aay balance remaining in the funds accumulated under the ~ r,; ~ ~ prov;sions of (bJ of said paragraph 2. If there shall be a default under any of the pcovisions of this mortgage, re- ~ sulting in a public sale of the premisies~overed .~ereby, or if the mortgagee acquires the property otherwise after ~ ~ default. the mortgagee shall apply; at the time of the commencement of such proceedings or at the time the prop- ~ ~ edy is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any ~ ~ payments which shalt have been made under (a) of said paragraph. ; ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefoce, and in default thereof the moctgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ; ~ ' _ ~ ~ ~ b~«170 ~ 5'~z ~ ~ _ _ a;~ .r F _~~:.m• ~ .~;m ~ - 4 w:~r =r~" ",,~t sa ^5 _ "~~~"y~y" " - 4 i . . . . . _ .