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said mortgagot does hereby fnlty warrant the title to said land, and evecy pact thereof. and will detend the same
against the lawful clai~as of all persons whomsc~ever.
PROVIDED ALWAYS~ and these presents are executed and dalivered upo~ the tollowir.g conditions, to wit;
The mortgagor agrees to pay the mortgagee, or order~ the principal sum of $I~N THWSAI~D ~trid 00/100-
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Dollars (S 16,000.00 as evidenced by a note of even datp hecewith, with interest from date at the
rate of six per centum ( 6 x,) per annum on the unpaid balance
until paid. The said principal and interest sha11 be payable at the vffice of
J• T• 8T~ M~O~Q?C~ COMP~ANSC, INC. ,~~ite 300 - 100 Mixacle Mile, Coral Gables, Florida,
or at such other place as the holder of the note may designate in writing, in monthly installments of
1ZII~TY-SIB and 00/100- - - - - - - - - - Dollars (S 96.00 commenci~g on
the ficst day of ~ch .~9 b8 , and on the first day of each month thereafter untiltheprincipal
and iaterest are fully paid~ except that the final payment of principat and interest, i[ not sooner paid. shalt be due
and payable on the first day of FebruBry, 1998 ;
And shall duty. promptly. and futly perform, discharge, execute, effe.:t. romplete, and comply with and abide
by each and every the stipulations~ agreements~ conditions, and covenants of said pcomissory note and of this
~:v:tgse ,±~!pre ~1±:s r~~rtgege e~ the estate herebv cceated shall cease and be null and void.
And the mortgagor furthe~ covenants as follows: ~ - '
1. That he will pay the indebtedness. as herei~before provided. Privilege is reserved to pay the debt in whole,
or in an amount equal to one or moce monthly payments on the principal that are next due on the note. on the first
day of any month prior to maturity: ProviJed, however. that written notice of an intention to exercise such privilege
is given at least thitty (30) days prior to prepayment; and, ptovided further~ that in the event the debt is paid in
Eull prior to maturity and at that time it is insuced under the provisions of the National Housing Act. he w ill pay to
the mortgagee an adjusted premium charge o[ one per centum (1%) of the original principal amount thereof. except
that in no event shall the adjusted ptemium exceed the aggregate arr~ount of premium charges which would have
been payablr 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 modgage insurance.
2. That, in order more fully to protect the secu~ity 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 untii the
said note is fully paid, witl pay to the mortgagee the following sums:
(a) Aa amouat suf[icient to provide the holdes bereof with funds to pay the nezt mortgage insurance premium i[ this instru-
meat and the note secured hectby are i~sured, or a monthly charge (in lieu of a mottgage insurance premium) if they are
held by the Secretary oi Honsing aad Urban Devetopment, as [ollows:
(I) If and so long as aaid note of even date aod tbis insttument are insured or are rei~sured under the provisioas of the
National Housing Act, aa amouat sufficieat to accumulate in the hrnds of the holder one (1) month prior to its due
date the annual mwtgage inswance premiua?, in order to pwvidt such hotder with f~:nds to pay auch premium to the
Secretary ot Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu-
latioas thereunder. or
(II) If and so long as said aote ot evea date aad this instrumen! are held by the Secretary ot Housing and Urban Develop-
ment, a monthly charge (in lieu o[ a mortgage insunnce premium) which shall be in an amount equal to one-tweltth
(1/12) of oae-half (K) per centum of the avenge outstat~dinQ balance due on the note computed wit6out taking into
account delinquencies or prepaymeats;
(6J A sum equal to the grouad rents, if any, ne:t due. plus tt~e premiums that will aext become due and payable on policies
of tire and other hazard insurance covering the mortgaged property. plus ta:es aad assessme~ts nezt due on the mort-
gaged property (al! as estimated by ffie morlgaget) less all sums alreadypaid t6erefor divided by the number of months
to elapse beEore one ma~W prior to the date when such ground rents. premiuens, ta:es, aad assessmeats will become de-
li~queat, auch sums to be held by mortgagee in trust to pay said ground rents, premiums. tazea. aad special assessmeats;
s~nd
(c) All payments mentioned in the two preceding subsections o[ this paragrap6 and a[I paymenis io oe m~ur uud~r the note
secwed hereby shall be added together end the aggregate amount thereo[ shall be paid by the mortgagor each month in a
singlr payrnent to be applied by tbe mortgagee to the (ollowiag items in the order aet fotth:
(n premium charges under the contract of insurance with the Secretary ot Housiag ond Urban Development, or monthlq
chuge (in lieu of mortga~e iasurance premium), as the c~se may be;
(II) ground reats. ta:es, assesameats, fire, ond other hazud in~urance premiums; '
(IIn iaterest on the note secured 6ereby; and
(I{~ amortizatioa of the principal o[ said aote. -
Any deficiency in the amount af sucb aggregate monthly payment shall, unless made good by the mortgegor
prior to the due date of t6e ae:t soch 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 (Sl) of each payment more than fikeen
(15) days in anears to cover the e:tra eapense invotved in handling detinquent payments.
3. That if the total of the peyments made by the mortgagor under (bJ of paragcaph 2 preceding shall exceed
the amount of payments actualty made by the mortgagee, for ground reats, taxes and assessments and insurance
premiums, as the case may be, such eacess 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 (b) of paragraph 2 pre-
ceding shall not be sufficient to pay g~ound rents, taxes and assessm~~nts and insurance premiums, as the case
may be, when the same shell become dne and payable, then the mactgagor shall pay to the modgagee any amouat
necessary to make up the deficiency, oa or befae the date when payaient of such ground reats, taxes, assessments.
or insurance premiums shall be due. If at aay time the mortgagor shalltender to the modgagee in accordaace with
the provisions of the note secared hereby, full ~_yment of the eatire indebtedaess represented thereby, the mort-
gagee shall, in computing the amount ~ such indebtedness, credit to the account of the mortgagor all payments
made under the provisions of (oJ of parag~aph 2 hereof which the matgagee has not become obligated to payto
the Secretary of Housiug and Urban Development and any balance remaining in the funds accumulated under the
provisions of (b) of ,aid pazagraph 2. If there shall be a default nnder aay oE the provisions of this moitg,ege. re-
sulting in a public sale of the premises covered ieceby, a- if the mortgagee acquires fhe property otherarise after
default. the mortga;;ee shall apply, at tbe time of the comanencement of such proceedings or at the time the prop-
edy is othecwise ecquired, the balence then remaining in the funds accumulated nnder (b) of paragraph 2 preceding
as a credit against the amoant af priucipal then remaining unpeid under said note and shall properly adjust any
payments which shall have been made under (o) of said paregcaph.
4. That he will pay all teaes, assessments, water cates. and other governmentaI oc municipal charges, fines,
or impositions, for whic6 pcavisio~ 6as aot been made hereinbefae, and in default t6ereoE the modgagee may pay
the same; and that he will promptly deliver i6e officisl receipts therefor to the mortgagee.
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