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said .,.s:bagor does hereby fully Nar~ant ihe title to said taad. and evecy part tl~er~of. and will defend the same
again;t the lawtu! claims ot all persons whomscevec.
l~:o~~IDED AL,WAYS, and Ihese presents ace executed and delivered upon 1he folloain~ conditions. to wit:
ia,ortgagoc agrees to pay the mortgegee. oc ocde~. the pri~cipal sum of TEN T~DD O[~ H~JI~DI~D
FIPTY a~nd 00/100 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Doll~~s (a 10.150.00 as evidenced by a note of eveu date herewith~ with interest fcom date at the
rate ~f Six at~d th7Cee~fourth pec ceatum ( 6 3/4 9G) pe~ annum on the uapaid balance
until ~-.~id. The said principal and interest shall be payable at the office of
J. T. 8T8WA~ 1+lOIa'C,J1(~ Cq~NY, INC• , Sliite 300 - 100 Miracle Mf~s ia ocral Gables, Florida,
or at ~~~h other place as the holder of the note may designate in writing. in mor~thly installments of
SI7Ql[-rFIVB aDd 87/100- - - ~ - - ~ ~ - - - Dollars (S 65.87 com~uencing on
the ti~st day of July . 19 68 , and ~ou the first day ot each month theceafter untilthe principal
and in:erest are fully paid, except that the final payment oE principal and interest, if not sooner paid, shall be due
aad payable on the Eirst day of JUne. 1998 :
And shall duly, promptly. and fully perform, discharge. execute. effect..complete. and comply with and abide
by each and every the stipulations. agreemeats, conditions, and covenants of said promissory note and of this
moctgage. then this mortgage and the estate hereby cceated shell cease and be null and void.
And the mortgagor fucther covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pa"y 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 of 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 prepaymenh and, p~ovided fudher. that in the event the debt is paid in
full priur to maturity and at that time it is insared 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 the adjusted premium exceed the aggregate 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 Developiuent on account of modgage insurance.
2. That, in ordet more fully to protect the security oE this mortgage. the modgagor. together with, and in addi-
tion to. the monthly payments under the terms of the notp secured hereby, on the first day of each m~nth until the
said note is fully paid, will pay to the moctgagee the follaaving ~ums:
(a) Ae amount sutticient to provide the holder hereof with funds to pay the ae:t mortgage insurance premium tf thia instru-
ment ond the note secured hereby are insured. or a moathly cha:ge (in Ileu of a mortgage insurance premium) i[ they are
held by the SeCretary of Hwsiag wd Urban Development, as followa:
(I) II and so loag aa sald note o[ evea date aad this insWment are lasured or are reinsured vader the pwvisions of the
National Housing Act, an amount sufticient to accumalate Ia the hands of the holdet one (1) month prior to its due
date the annual mortgage insurance premium. in order to _provide such Lolder wrlt6 fonda to pay such premium to the
Secrctary ot Hoasing and Urban Development pursuant to the National HousioQ Act, as ameaded. and applicable Regu-
lstions thereuadcr, or `
(lI) I[ and so loag as ~aid note of even date and this iastiumeat are 6eld by the Secretary of Housing and U~b+~n Develop-
ment, a monthly charge (in lieu oE a mortgage insurance premium) w6ich shall be in an amn~int equal to oae-twelfth
(i/12) of oao-hAlE (yi) per centum of the averag~ outstanding balance due on the note computed without taking into
account delinqueacies or prepayments;
(6) A sum equal to the ground renta. if any. aert due, plus the pteauums that will ae:t become due and payeble on policies
of f'ue and other huard Insuraace coveriag the mortgaged property, plus ta:es and assessments nezt due oa the mort-
gaged property (oU as estimatcd by the mortgagee) less all sums already paid therefor divided by the number of montha
to elopse befure oae month prior to the date ~vhen suc6 ground rents. premiums, tazes, and assessments will become de-
linqueat, such sums to be held by mortgage~ in trust to pay said grouad rents, premiums, tazes, ~nd speciel assessments;
and
(cJ All paymeats mentioned in the two preceding subsectioos oE this par4graph aad ell payments to be made undtr the note
~ secured hereby shall be addrt! Logeihaz ead the aggF~gate amai~t thereot shall be paid by the mortgagor each month in a
~ single payment to be applied by tbe mortgagee to the tollowing items in the order set torth:
~ (I) premium charQea under t6e coatnct of iasarance With the Secretary of Housing and Urban Development. or monthiy
~ chuge (in lieu of mortgage insuraace premium), as t6e case mar be;
~ (II) ground rents. ta:es, assessmeats, fire, and other hazord insurance premiums;
€ (III) interest oa the aots secared hereby; and
? (IV) omortis~tloo of the priacip~l ot said note.
~ Any deficiency in the amount af such aggregate monthly payment shall~ unless made good by the mortgagor
~ prior to the due date of the next such pnyment, co~stitute an eveat o~ default under this mortgage. The mortgagee
may collect a"late charge" not to ezceed two cents (2t) for each dollar (Sl) of each p~yment mae than fifteen
~ (15) days ia arrears to cover tbe extre e:pense involved ia ha~ling delinquent payments.
3. That if the total of the paymeats made by the mortgagoc under {b) of paragraph 2 pceceding shall exceed
tt~e amount of payments ectually made by the m«tgegee, for gRound rents, taaes and assessments and insurance
premiums, as the case may be. such excess shall be credited by the mortgagee on subsequent peyments to be
made by tbe mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre-
ceding shall not be sufficieat to pey gROUnd reats, tazes and assessmants aad i~urence premiums, as the case
mey be, wben the same shall become due and poyable, thea the mortgagor shall pay to the moctgagee any amount
~ necessary to make up tbe deficiency, oa or befoce tbe date when paya~eat of such giround reats, ta:es, assessments,
~ or iasurance pcemiuma shall be due. If at any time the m~tgegoc shall tender to the modgagee in accordaace ~vith
~ the provisioas oE the note secured hereby, full p~yment of the eMire indebtedness represented thereby, the mort-
~ gagee slwlt, ia canpnting the emonnt- oE such iadebtedaess. credit to the account of the matgagoc all peymcnts
~ made uader the pruvisians of (a) of poragrap6 2 beceof which tbe matgagee haa not become obligated to pay to
~ the Secretary of Housing and Urba~o Developmeat and any balaace remaining ia the funds accumulated under the
~ provisions of (6) oE said paragrop6 2. If thece shall be a defsult under any d tbe provisions of this mortgage, re-
sultia~ ia a public sale of the premises covered ~ereby. or if t6e moctgagiee ~cquires the property otheraise after
~ default, the moctga~ee sb~ll apply, at the time d t6e commencement of such proceedi~g,s a at the time the prop-
~ erty is othen?ise acqniced. the balaace theA remaining in the funds accumulated under (b) of parag~aph 2 preceding
as a credit a~tinst the amount oE prlncipol then remaining unpaid under said note end shall pcoperlyadjust any
~ payoeats w6ich ab~ll bave been ~de unda (o) d said paroQaph.
That he will poy oU ta:es, assesseeats, wata ratea, and dher governmental a munlcipol charges, finea.
~ oc impoQitloas, for which provisim has not been made 6ereinbefae, and in default thered the ~o~t~~ee may pay
~ the same; and that be will promptly deliver tbe dticial receipts tberetor to the mortg~gee.
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