The URL can be used to link to this page

Home My WebLink About2224 ~ ~ ~ ~ ~ said mo~tgagor does hereby lully warrant the title to seid land. and every part theceoE, and wilt defend the same ~ against the lawful claims of all persoas whomscever. } PROVIDED ALWAYS. and these presents are executed and delivered upo~ the following co~ditions. to wit: The mortgagor agrees to pay the mortgagee. or order. the pri~cipal sum oi ~ FIFTEEN THOUSAND NINE HUNDRED AND NO/100-------------------------- Dollars (S ~5 a 900. 00 as evidenced by a note of even date herewith. with interest from date at the rate of S~ per centum ( 6 per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of J. I. K3slak Mortgage Corporation of Florida, 1101 Brickell Avenue, Miami, Florida or at such other place as the holder of the note may designate in writing. in monthly installments of Ninety five and 40/100------------ Dollars (S 95 commencing on ? the first day oE April , 1968 . and oa the first day of each month thereafter untiltheprincipal ~ and interest are fully paid. except that the final payment of principal a~d interest, if not sooner paid, shall be due and payable on the first day of March, 199$ : ~ And shall duly. promptly. and fully 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 lhis mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor fudher covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, b or in an amount equal to one oc more monthly payments on the principal that are next due on the note. on the first i ~ day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege i ~ is given at least thirty (30) days prior to prepayment; and. provided further. 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 v the modgagee an adjusted premium charge of one per centum (190) of the original principal amount thereof~ except ~ that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have v been payable if the modgage had continued to be insured until maturity; such payment to be applied by the mort- v 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 oE 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 v said note is fully paid, will pay to the mortgagee the following sums: ~ a An amount sufticient to rovide the holder hereof with (unds to the next mort a e insurance remium if this instru- ~ p ( 1 P PaY g B P ~ ment and the note secured hereby are insured, or a monthiy charge (in lieu of a mortgage insurance premium) if they ere held by the Secretary of Housing and Urban Developmeat, as lollows: (I) If and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the ~ National Housing Act, an amount su[ficient to accumulate in the haads of the holder one (1) month prior to its due ` ..rJ.~ date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the ~ M Secretary of Housiag and Urban Development pursuant to the Nationel Housing Act, as ame~ded, and applicable Regu- ; ~r+ tetions thereunder; or * ~ (II) I[ and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develc+p- f ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth ` ` (1/12) ot one-helf (y4) per centum ot the average outstanding balance due on the note computed withouttaking into ~ account delinquencies or prepayments; ~ , (bJ A sum equal to the ground rents, i[ sny, next due, plus the premiums that will nezt become due and payable on policies ` ~ of fire and other hazard insurance covering the mortgaged property, plus ta:es and assessments ne:t due on the mort- ~ ~ gaged property (all as estimated by the mortgagee) less a11 sums already paid there[or divided by the number of months ? j J to elapse be[ore one month prior to the date when such ground rents, premiums, tazes~ and assessments will become de- c*~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; i and ` ~ (c) All payments mentioned in fhe two preceding subsections o( this paragraph and all paymenls to be made under the note ! secured hereby shall be added together and the ag~egate amount thereof shall be paid by the mortgagor each month in a ~ .n singte payment to be applied by the mortgagee to the tollowing items in the order set forth: a (n premium charges under the contract of insutance with the Secretary of Housing end Urban Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the case may be; ~ (Il) ground rents, tases, assessments. fire, and other hazard insurance premiums; Uj (III) intercst on the note secured hereby; and (IV) amortization of the principel of said note. ~ Any deficiency in the amount 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 mortgagee ~ may collect a"late charge" not to exceed two cents (2~) for each dollar (S1) of each payment more 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 modgagor under (bJ of paragcaph 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, 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 (b) 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 the mortgagor 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, or insucance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note secured hereby, full payment of 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 (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 of said pa~agraph 2. If there shall be a default .under any of the provisioas of this matgage, re- sulting in a public sale of the premises covered iereby, 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- ~ erty is otherwise acquired,the balance then remaining in the funds accumulated under (bJ of paragraph 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 (aJ 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 hereinbefore, and in default thereof the mortgagee may pay : ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. -i ~ ~ ~ r- SOOK ~ 7O PACE ~1, 7 ~ ; - ~ ; ~ - _ _ ~ H , : . ~ ':~~;.-4 - ~ ~ ~ - ~ ' _