Loading...
HomeMy WebLinkAbout2140 : r : , .i s~iJ ~~;:,go: does he~eby fu!1~ ~e.~na:nt the titl~ tu said l:,nd. and every part th~:c~uf. and will defend the same again,; ;he la~vful claims of all pe~sons whumscever. i'.;UL'IUI:D A1.WAYS~ and tl?ese presents are executecl and delivered upon the following conditions~ to wit: ~~:ar!gagor agrees to pay the mortgagee, oc ocder. the principal sum of TSNTHOUS~DTE~:,'L't~:~~d00/100 Do11o~~ l~ 10,300.00 as evidenced by a note ot even date herevailh. with interest from date at the rate ~t six per centum ( 6 7.) per a~num on the uApaia balance until ~..~~d. T~~e said principal and interest shatl be payable at the office oE J. T. 9rB9~ucr MO~GS C'OMPrANY. INC• .~3te 300 - 100 Miracle Ki.1e, Coral Gables, Florida, oc ai ~~cli othec place as the ho2der oE the note may designate in wciting. in monthly installme~ts of 31~C1'Y-~OAS atld 80/100- ~ ~ ~ " - - ~ - ~ - Dollars (S 61.80 commenci~g on the ti~~t day of JUne . 19 68 , and on the first day of each month thereafter untilthepri~cipal and int~-rest ace fully paid, except that the final payment of principal and interest. it not sooner paid. shall be due and pa~~able on the first day of !lay, 1998 : And shall duly. promptly. and fully perEorm. discharge. execute, effect. complete, and comply with and abide by each and every the stipulations, agreemeats. conditions, and covenants oi said promissory note and of this mortg:ige. then this modgage and the estate hereby created shall cease and be null and void. And the mortgagor furthec covenants ac f~llows: 1. 7'hat he will pay the indebtedness. as hereinbefore prov?u~. Pri'vilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day o1 any month prior to maturity: Provided, however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prioc to prepayment; and, provided further, that in the event the debt is paid in full pii~r to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to ~ the mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof, except ~ that in no event shall ihe adjusted pr~mium exceed the aggcegate 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 ~evelopment on account of modgage i~surance. 2. That, in ordet more Eully to ptotect the security of this modgage, the mortgagor, together with. and irt 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 modgagee the follawing sums: (aJ An amount sufticient to provide the holder hereof wi•_e funds to pay the ne:t mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monlhly charge (in lieu of e morigage insurance premium) i( they are held by the SeCretary of Housing and Urban Devc:opmeat, as follows: (I) If and so long as said note ot evea date ar_d this instAiment pre insured or ore reinsused under the provisioas of the National Housing Act, an amount sufficie.t to accumulate in tAe haods of the holder oae (1) mibath prior to its due date the annual mortgage insurance prea..um, in order to _provide such holder with funds to pay suchpremium to the Secretary ot Housiag and Urban Development pursuant to th~ Niational ~lousinQ Act, aa ameaded. and applicable Regu- tetions ihereunder; or (II) If and so long as said note ot even date a~d this instrument are held by the Secretarr of Housing and Urbsn Develop- meat, a monthly charge (in lieu of a mortgage insurance premium) whlc6 shall be in an am~unt equal to one-twelfth (1/12) o( oae-heiE (y4) per centum of the average outstanding balance due on the note computed aithout takiag into account delinquencies or prepayments; ' ' (6) A sum equal to the ground rents, if any. aezt due. plus the premiums that wrill next become di~e and poyable on policies of fire and other hazard insurance covering the mortgaged property. plus ta:es and assessments nezt due oc the mort- gaged property (all as estimated by the mortgagee) less all sums already paid t6erefor divided by tbe number of months to elepse before one month prior to the date when such ground reats. premiums, texes, and assessments will become tle- linquent, such sums to be held by mortgagee in ttust to pey said ground rents. premiums. tazes, and special assessments; i and ~ (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made ui?der the note s secured hereby shall be added together and the agg~egate amount thereot shall be paid by the mortgagor each month in a ~ single payment to be applied by ffie mortgagee to the [ollovaing items in the orde~ set forth: ~ ! ; (n premium charges under tk?e contnct of insyraace with the Secretary of Housing and L~*ban Developmeat, or monthly ~ charge (in lieu of mortgage iasurance premium), as the case may be; (II) ground rents. tazes, assessmants, Cue, and ot6er hazard insutance premiums; ~ (III) interest on the note secured hereby; and . ~ (IV) amortization of t6e principal of said note. Any deEiciency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor ; prior to the due date of the ne:t such payment, constitute an event of default under this mortgage. The mortgagee 1 may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen 1 ~ (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 nnder (b) of paragraph 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, snch 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 assessmants and insurance premiums, as the case ~ may be, when the same shall become due and payable, thea the mudgagor shell pay to the modgagee any amount ~ necessary to make up the deficiency, on oc before the date when payment of suc6 groura rents, taxes, assessments, 't~ or insurance premiums shall be due. If at any Lime the mortgagor shall ter~er to the mortgagee in accordance vrith the provisions of the note secured hereby, full payment of the entire indebtedness represented theceby, the mort- _ ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the pcovisions of (a) of paragcaph 2 hereof which the moctgagee has not bec~e obligated to pay to r the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (b) of said paragraph 2. If there shall be a default under any of the ~ovisions of this mortgage, re- ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property othecwise aEter default, the moitgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- # edy is otherwise acquired~ the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding ; ~ as a credit against the amount of ptincipal then remaining tu~paid under said note and shall properly adjust any . payments which shall have been made undec (a) of said paragxaph. ~ ~ 4. That he will pay all tases, assessments, aater rates, aad other governmental or municipal charges. fines. ~ or impositions, for which pravision has not been made hereinbefae, and in default thered the mortgagee may pay the same; and that he will promptly d~liver the official re~ceipts t6erefor to the mortgagee. ~ ~ ~ r- ~171 ~2137 - - ~ _ - _ - ~_~r _ . _ ry ~ ~~y ' _ ~L"W~`.. _ .