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said mortgagor does hereby fully warrant the title to said land, and every part theceof, a~d will defend the same
against the lawful claims of ail persoas whomsuever.
PROVIDED ALWAYS. and these presents ace executed and delivered upoa the following condltions~ to wii:
The mortgagoc agcees to pay the moctgagee, or ordec~ the principal sum of
EIGHT THOUSAND SIX HUNDRED and no/100----------------------•----------
;,t:~;v g~~Q~ ~ Q~ ~s pvidp~ced by a note af even date herewith, with interest from date at the
~ace ot s i.x and three-quarter per centum ( 6 3~4 x> pec aanum on~ ~he unpaid balance
until paid. The said priacipel and intecest shall be payable at the office oE
PAN AMERICAN BANK OF MIAMI, 250 SouthEsrst lst Street, Miami, Florida
or at such other place es the holder of the note may designate in wciting. in monthly iastallments of
FIFTY-NINE and 43/100--------------aol1Hrs (S 59.43 commencing ore
the. tirst day of JLily . 1968 . aad oa the first day of each moath thereafter until the principal
aad interest are futly paid, except that We Elnal payment of principal and interest, if not sooner paid, shall be due
and payable on the first day of June , 1998 ;
And shall duly, promptly, and fully perform, discharge, execute, effect. complete, and comQly with aad abide
by eacs and every the stipulations, agceements. conditia~s, and covenants of said promissory note and of this
mortgage. then this modgage and the estate hereby created shall cease and be null and void.
And the mortgagor fudher covenants as follows:
1. That he will pay the indebtedness. as hereinbefote provided. Pri"vilege is reserved to pay the debt in whole.
or in an amount equal to one or mae monthly payments on the priacipal that are next due on the note, oa 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 ptior to prepayment; and. provided fu~ther~ that in the eve~t the debt is paid in
full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to
the modgagee 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 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 fuUy to protect the security of this mortgage, the mortgagor, together with, and in sddi-
tion to. the monthly payme~ts ander the terms of the nde secured hereby, on the first day of each month until the
said note is fully paid, ,vill pay to the mortgagee the following sums:
(a) An amouat au[[icieat to provide the holder hereof with tunds to pay the ne:t mortgage insuraace premium if this instru-
~e~t 3r?3 tha aots sccurea hsrebp sre inse~red, or o monthly charge (in lieu of a mortgage insurance premium) iE they are
6eid by the Secrettry of lioasi~eg aad Urban Development, as tollows:
(I) If and so long es said note oi evtn date and this insWment are insured or prc tetnsured under the pmvisions of the
. National Housiag Act. on 4monnt suf~cient to accumulate in the handa of the hoidec one (2) month prior to its due
date the asmual mortQage insuraace premium, in otder to provide such holder with funds to pay such premium to the
Secretary o[ Housiag aad Urbaa Development pursuant to the Nationol Nousiag Act, as amended. and applicable Reeu-
lations theteunder or ~ '
(II) If and so long as said note of even date 8nd this iastcumeat are held by the Secretary of Housiag and Urban Develop-
ment. a monthly charge (ia lieu of a mortgage insunnce premium) which shall be ia aa amount equal to one-twel[th
(1/12) of oae-hal[ (y:) per centum o[ the average outstanding balance due on the note computed without taicina into
acconnt dellnquencics or prepayments;
(6J A sum equal to the ground reats. if any, next due. plus the premiums that wili nezt become due and payable on policies
of fue aad other haiard inswance coveciag the mortgaged property, p2us taxes aad assessmenta nezt due on the mort-
gaged property (all As estimated by t6e mortgagee) less all sums already paid therefor divided by the number ot months
to elapse be[ore oae month pr£or to the date w6rn such g~round rents. premiums, taxes. and assessments wiil become de-
linquent, such suma to be heid by mortgagee in trust to pay said grouad rents, premiums, tues, aadspecialaasessmeats;
and
(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the aote
secured hereby shell be added together and the agg,regate amount thereof shall be paid by the mortgegor each month in a
single payment to be applied by the mortgagee to the [ollo~aing items ia the order set forth:
(n premium charges undet the coatract of insuraace wiffi the Secretary of Housing and iJrban Development, or monthiy
' charge (in lieu of mortgage insorance premjum), as the case may be;
(II) grouad reata, tazes, assessmeats, fire. and other hazotd insuraace premiums;
(III) interest oa the aote secured hereby; aod
(I{~ amortization of the principol ot said aote. ,
Any deficiency in the amount ~ 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 e"late charge" not to exceed two cents (2e) for each doltar (S1) of each payment more than fifteen
(15) days in arrears to cover the eztca espense involved in handling delinquent payments.
3. That if the total of the peyments made hy the mortgagor under (b) of paragraph 2 preceding shall exceed -
the amount of payments actually made by the mortgagee, for gcound rents, taxes and assessa?ents and insurance
premiums, as the case may be, such excess shall be credited by the mortgagee oa 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 ~e sufficient to pay gro~nd rents. taxes and assessmants and insurance premiums, as the case
may ,be, when the same shall become due and payable, then the mortgagor shell pay to the modgagee any amount
necessary to make up the deficiency, on a before the date whea payment of such ground rents~ taxes, assessments,
or insurance premiums shall be due. If at aay time the mortgaga shall tender to the mortgagee in accordance with
the provisions of the note-secured hereby, full paymeat of the eatire indebtedness represented thereby, tbe moct-
gagee shall, in computing the amouat of such indebtedness, crcdit to the account of the mortgagor all Qaymeats
made under the pravisions of (aJ af paragreph 2 lsereot which the mortgagee has not become obligated to pay to
the Secretary of Housing and Urban Development and any balance remaining in the fnnds accumulated under the
provisions of (6) of said paragraph 2. If there shall be a default under aay of the provisions of this mortgage, re-
sulting in a public sele of the premises covered ~eceby, oc if the matgagee acquices the property other~rise after
default. the matgagee 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 agaiast the emount of principel then temaining unpaid under seid note and shall properlyedjust any !
peyments whicb shall heve bee~r made ander (aj of said paragraph. ' i
4. That be will pay aU tazes, assessmeats, water rates, and other governmental or municipal charges~ fines,
or impo~itions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay
the same; and that he Will promptly deliver the officiel receipts therefor to the moctgegee.
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