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HomeMy WebLinkAbout2982 ~aid mo~tgagoc does hereby fully warrant the title to s~id land, and ecery pa~t theceo(, ar.d will defend the same against the lawful claims of all persons whomscever. , PROVIDED ALWAYS, and these presen!s are executed and delivered upon the following conditions, to ~vit: The mortgagor agrees to pay the mortgagee, or order, the principal sum of Ten Thousand Sfx Hundred Fifty and No/lAA---------------------- Dollars (510~650.~0----- as e~•idenccd by a note of e~en date herewith, with interest f~um date at the rate of g ix per centum ( 6 0) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office ot pTI(~0 FINANCIAL . CORPORATION, Post Off ice Box 3131, Miami, Florida • or at such other place as the holder of the note may designate in writing, in monshly installments of S'Lxty-Three etld 90~100------------~ollars (S 63.90 commencing on the first day of Mey , 1968 , and on the first day of each month theeeafter until the principal and interest are fully~ paid. except that the final pa}~r.~ent of principal and interest, i[ not sooner paid, shall be due and payable on the first day of Apr il , 1998 ; And shall duly, promptly. and fully perform, discharge, execute, effect, complete, and comply with and abide hy 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 nuil and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~ided. Privilege is reserved to pay the debt in .~holc, or in an amount equal to one or more monthly payments on the p~incipal that are next due on the note, an the first day of any month prior to maturity: Prot~iJ~~~i, ho~tie~~er, that written notice of an intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepaS~meni; and, provided further. that in the event the debt is paid in - Eull prior to maturity and at that time it is insured under the provisions of the National Housing Act, he ~ill pa~~ to the mortgagee an adjusted premium charge of one per centum (1 0) 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 been payable if the mortgage 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 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 not~ 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 sufficient to provide ihe holder hereof with funds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as [oliows: (I) If and so long as said nofe et even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate in 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 [unds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder or (II) If and so long as said note of even date and this instrument are held bp the Secretary of Housing and Urban Develop- ment, a mor?thly charge (in lieu of a mortgage insurance premium) which sha11 be in an amount equai to one-twelfth (1!12) of one-half (',4) per centum of the average outstanding balance due on the note computed without taking into ~ account delinquencies or prepayments; (b) A sum equal to the ground rents, it any, next due, plus the premiums that will next become due and payable on policies , of Eire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the number of months F to elapse be[ore one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to gay said gtound rents, premiums, ta:es, and special assessments; s and !c) All payments mentioned in the two preceding subsections of this paragraph and atl payments to be made under the note i 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 the tollowing items in the order set forth: € p (I) premium charges under the contract of insurance with the Secretary ot Housing and Urban Development, or monthly ~ charge (in lieu of mottgage insuraace premium), as the case mey be; (II) ground rents, taxes, assessments, fire, and other hazard insurance pmmiums; ~ ;III) interest on the note secured hereby; and (I~ amortization o[ the principal o[ 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 (2Q) for each dollar (S1) of each payment more than fifteen L (15) days in arrears to cover the extra expense involved in handling delinquent payment$. ~ . ~ 3. That if the total of t:~e pa3~ments made by the modgagor under (6) of paragraph 2 preceding shall exceed ~r 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 (bJ of paragraph 2 pre- ~ ceding shall not be sufficient 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 mortgagee any amount - necessary to make up the deficiency, on or before the date when payment of sucfi ground rents, taxes, assessments, ~ or insurance premiums shail be due. If at any time the modgagor shatl tender to the moctgagee 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 mortgagar all payments - made under the provisions of (aJ of paragraph 2 hereof which the moctgagee has not become obligated to payto the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated undet the ~r p~ovisions of (6J of said paragraph 2. If there shall be e default under any of the provisions of this mwtgage, re- sulting in a public sale oE the premises covered ~ereby, or if the moctgagee acquires the property otherwise after default, the modgagee shall apply, at the time oE the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding as a ccedit against the amount of prIncipal then remaining anpaid under said uote and shall properly adjust any payments which shall 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 hereinbefore, and in deEault thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ` bQQK ~ ( U P~11'E, ~ _ 'F s a,„ .~r_~+- ` ~C':._.