HomeMy WebLinkAbout1702 . . i ~ ~ t'~~~i
seiJ ;,.,r;K:,gor do~s hereby futly warrctat the title to sAid land~ and every part theieut~ and will defend the same
against ihe lawful claims ot all persons whomsoever.
!'hUV1D~D ALWAYS, and these prese~ts are executed and delivered upon the fotlowing conditions. to wit;
I i:~ mortgagor agrees to pay the moitgagee, a ocder, the principal sum of 1r0iA~N THWSADD and 00/100
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Do~l;+~s lS 14,000.00 ~s evideaced by a note of cven dete herewith, with interest froa? date at ihe
rate uf ~i7t per ce~tum ( 6 9Gl oer annum on the unpaid belance
until H..,d. The said principel and interest shall be payable at !he office of
J. T. 8T89~ M0~1"Gi1GB CQt~1NY, II~1C~ , S~ite 300 - 100 Miracle l~£le, Corai Ga~bles, Florida
a at such other place es the holder of the note mey desigaate in writing. in ma~thly installments of
ffiG@i'Y'i+'O~At atrd 00/100- - - - - - - - - - Dolla~s (S 84.00 commencing on
che fi~st day of J1uLe . 19 68. and oa the first dey of each month thereafter untiltheprincipal
and inte~est are fully paid, except ihat the finat payment ot prin~:ipal aad interest, if not sooner paid. shall be due
and pa}•able oa the Eirst day of 1~y, 1998 ;
And shall duly. pranptly, and fally pedorm. discharge. execute, effect, complete. and comply with and abide
by esch and every the stipulations, agreements, conditions, aad covenents of said promissory note and of this
mortgage, then this mortgage and the estate heceby created shall cease and be null and void.
And the m~tgagor further covenants as follows:
1. That he will pay the indtbiedness, as hereinbefore provided. Prii~ilege is reserved to pay the debt in whoie.
or in an amount equal to one or more monthly payments on the principal that o~ ~!eYt due on the note, oo the first
day of any month prior to maturity: Provided, 6awever. that written notice of an intention to exercise such priviiege
is given at least thirty (30) days prior to prepayment; and. pcovided further. that in the event the debt is paid in
full p~ior to maturity and at that time it is insured under the pcovisions of the National Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (1R6) of the origina! principel amount thereof, except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have
beea Payable if ihe mortgage had continued to be insured until matarity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housiag and Urban Development on accaunt of mortgage insurance.
2. That, in order more fuUy to protect the security of this mortgage, the mortgagor. together with~ and in a9di-
tion to, the monthly payments under the terms of the notp secured bereby. on the first day of each month until the
said note is fully paid. will pay to the mortgagee the follo~ving sums:
(oJ An amount sufficient to provide the holder hereof aith tunds to pay the next mortgage insuraace premium i[ this iastru-
ment aad the note secured hereby are insured, or a moathly charge (in lleu of a mortgage insurance premium) if they are -
held by the Secretary ot Houaing sad Urban Development, as follows:
(I) If aad so long as said note of evea date and t6is instrument are insnred or ~re reinsured under the proviaions oE the
,iational Housiag Act, an amount sufficient to accamulate in the haads of the holder one (1) month prior to its due
date tI~e annua! mortgoge insurance premium, in order to provide sueh 6older writh funds to pay such premium to the
Secretary of Houaing and Urbon Development pursuant to the N~tionat Houaiag Act, as amended, and appiicable Regu-
lations thereuader, or
(II) If 4ad ao tong as said aote ot even date and Wis instiument are beld by the Secretary of Housing aad Urban Develop-
ment, a moathly charge (in lieu of a mortgage insuraace premium) ~rhich shall be in an amnunt equal to oae-twel[th
(1/12) of oae-half (y4) per ceatum of the average outstanding balnnce due on the eote compated wit6out taking into
acco~wt del3nqueucies or prepayments;
(6) A sum equal to the grotmd rents~ if anr. nezt due, plus t6e premiums that will ne:t become due and payable on poliries
of fire and oWer hazard insurance covering the mortgaged properly, plus taaes and assessments oe:t due oa the mort-
gaged propeKq (a!1 as estimated by the mortgagee) lesa all sums already p~id therefor divided by tde ~umber of months
to elopse before one month prior to the date whea such g~ound rents, premiums, ta~es, aad assessments will become tte-
linquent, such sums to be held by mortgagee in trust to pay said ground rents,
and Premiums, tRZea, ond special assessments;
(cJ Ali payments mentioaed in the t~ro preceding snbsectioos ot t6is paragraph aad aIl peyments to be mode under the aote
secured hereby shail be added together nnd the ag~egate amouat thereof shall be paid by the mortgagor each moath ia a
single payment to be applied by the mortgagee to the following items ia We order set forth:
(n premium charges under the coatract of insuraace ~ith the Secretary of Housing and Urban Development, or monthiy
charge (in lieu of mort~age insarance preenium), as t6e case m~r be;
(II) ground rcnts, twces, assessmeats, Care, and other basard insurance premiums;
(IIA interest oa the note secared he~eby; oad - -
(IY) amortization of the pr~ocipri o[ said note.
Any deficiency in the amount af snch aggregate monthly payment shall, unless made good by the mortgagor
prior to the due date of the ne:t such paymeat. coastitute an event of default under this moctgage. The mortgagee
may collect a"late charge" not to exceed two cents (2e) for each dollar (sl) of each payment more than fifteen
(15) dsys in arrears to cover the eztra e:pense involved in handling delinquent payments.
3. That if the total of the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed
ihe amotu~t of payments actually made by the mortgagee, fot ground rents, taxes and assessments and insurance
premiums, as the case may be, suc'~ ezcess shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If, hoarever, the monthly paymeats made by the mortgagor under (6) of paragraph 2 pre-
cediag shall not be sufficient to pay grwnd rents~ tazes and assessmants and insurance premiums~ as the case
may be. w6en the same shall become due and peyable, then the mortgagor shell pay to the mortgagee any amount
necessary to meke up !he deficiency, on or before tbe date when payment of such ground rents, taxes, assessments,
or insnrance premiums shall be due. If at any time the mortgaga shalltender to the mortgagee in accocdance Rrith
the provisia~s of the note secured hereby, full paymeat of the eatire indebtedaess 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 provisioas of (a) af perag~aph 2 hereof which the mortgagee has not become obligated to payto
the Secretary of Housing and Urban Developmeat and any balance remaining in the funds accumulated uoder the
provisions of (6) of said paragraph 2. If there shall be a default under any oE the pcovisioas of this moctg~ge. rE-
sulting in a public sale of the premises covered .~ereby, oc if tbe moctgagee acquires the property otbecwise after
default. the moctgagee shall apply, at the time of the commencemeat of such prceeedings or at the time the prop-
edy is oiherWise aequired, the balance tben remaiaing in the funds accumulated under (b) of paragraph 2 preceding
as a credit ageinst the amwint of prlncipel thea remaining unpaid under said note and shall properlyadjust any
payments which shall have beea made under (aJ af said paragFeph.
4. That he will pay ell tazes, assessmeats. water cates, and other governmental a municipal charges, fines, ~
a impositions. for which pravision has not been made hereinbefae, and irt default thereaf the modgagee may pay
tne same; and that he will pro~ptly deliver tbe dficial receipts therefor to the mortgagee. .
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