HomeMy WebLinkAbout1968 said mortgagoc does heceby fully warrant the title to said la~d, and every pa~t thereof, and will defend the same
against the law[ul claims of all perso~s whomsoever.
PROVIDED ALWAYS. and these presents are executed and delivered upon the tollowing conditions~ to wit:
The mortgagor agrees to pay the mortgagee. o~ order. the pri~cipal sum of
Eight Thousand Six Huadred and No/100---------------------------
Dollars (S 8~ 600.00 as evidenced by a note of even date herewith, with interest from date at the
rate of ____________..$iX---------- pet centum (_..s___ 96) pet annum on the unpaid balance
until paid. The said principal and irtterest shall be payable at the office of
J. I. Kislak Mortgage Corporation of Florida
1101 Brickell Avenue, Miami, Florida 33131
or at such other place as the holder of ihe note asay designate in writing. in monthly installments of
F`ifty 011e alld 60/100---------Dollars (S 51.60 commencing on
the first day of April . 14 68 and oa the first day of each month thereafter unti:theprincipal
and interest are fully paia. except that the final payment of principal and interest, if not sooner paid. shall be due
and payable on the first day of ~eh 1998 ~
And shal! duly. pranptly. and fully pedorm, 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
mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows:
1. Thet he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole,
or in an amount equal to one oc more monthly peyments on the principal that ace next due on the ~ote. on the first
day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and. provided 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 Housi~g Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except
that in ~o 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 maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance.
2. That. in order more fully to protect the security of this modgage, 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 folloaving sums:
(a) An amount su[ficient to provide the holder hereof with [unds to pay the nezt mortgage insurance premium if this instru-
mmt andthe note secured hereby are i~sured, or a monthiy charge (in lieu of a mortgage insurance premium) if they are
held by the Secretary of Housing and Urban Developmeat, as foilows:
(I) I[ and so long as said note of even date and this instrument are insured or are reinsured under the provisions ot the
National Housing Act, an amount sut[icient to accumulate ia the hands 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 such premium to the
Secretary of Housing and Urben Development pursuant to the National Housing Act, as amended, ond applicable Regu-
lations lheteunder; or
(II) it and so long es said note of even date and this instrument are held by the Secretary uf Housing and Urhan Develop-
ment, a monthly charge (in lieu of a mortgage insurance premium) which shail be in an amount equel to one-twelfth ,
(1/12) o( one-half (y4) per centum of the average outstanding balance due on the note computed withouttaking into '
account delinquencies or prepayments;
(h) A sum equal to the ground rents, iE any, ne:t due, pius the premiums that will ne:t become due and payable on policies
of fire and other hazard i~surance covering the mortgaged proQetty, plus ta:es and assessments next due on the mort-
I gaged property (all as estimated by the mortgagee) less sIl sums already paid therefor divided by the number of months
to etapse before one month prior to the date when such ground rents, premiums, taxes, and assessments witl become de-
i linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, end special assessments;
k and
(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note
secured hereby shall be added together and the aggregate emount thereof shall be paid by the mortgagor each month in a
single payment to be applied by the mortgagee to lhe [oltowing items in the order set [orth:
(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;
(II) ground rents, taxes, assessments, tire, and other hazard insurance premiums; . ~
(III) interest on the note secured hereby; end
(IV) amortization o[ the priacipol o[ said note.
Any deficiency in the amount of such aggcegate monthly payment shall, unless made good by the mortgagor
prior to the due date of the next such payment, constitute an event oE default under this mortgage. The mortgagee
may collect a"late charge': not to exceed two cents (2a) for eaeh dollar (S1) of each payment more than fiEteen
(15) days in arrears to cover the extra expense involved in handling delinquenY payments.
3. That if the total of the peyments made by the modgagor under (b) of parag~aph 2 preceding shall exceed
the amount of payments actually made by'the mortgagee, for ground rents, taxes and assessrttents and insurance
~ premiums, as fhe 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 (6) of paragraph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums. as the case
~ may.be, when the same shall become due ead peyable, then the mortgagot shall pay to the mortgagee any amount
~ necessary to make up the deficiency, on or befae the date when payment of such groand rents, taxes, assessments,
or insurance premiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance with
the provisions of the note secured hereby, full payment of the entire indebtedness cepresented 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 (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to
~ the Secretary oE Hoasing and Urban Development and any balance remaining in the funds accumulated under the ~
~ provisions oE (bJ of said paragraph 2. If there shall be a default under any oE the provisions of this moctgage, re-
~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise aEter
~ default, the mortgagee shall apply, at,the time of the cnmmencemer:t of such proceedings or at the time the prop-
t~ erty is otherwise acquired, the balance then temaining in the f•~:d~ accumulated under (b) of paragrpph 2 preceding _
~ as a credit against the amount of ptincipal then remaining unpaid under said note and shall properly adjust any ~
payments which shall have been made under (d) of said paragtaph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~
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~ or impasitions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay ~
the same; and that he will promptly deliver the official receipts tberefor to the modgagee. ;
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