HomeMy WebLinkAbout0471 ` i ' : ~ ` ~ ,
said moctgagw does hereby fully wecrant the title to said land, aad every pact thereof, and will defend the same
agaiast the lawful claims aE all persoas whoa~sosver.
PROVIDED ALWAYS, and these presents are executed aad delivered upoa !he following conditions, to wit:
The mortge~a agiees ta pay the matgagee, o~ ordes. the priaclpal sum oi
EIGHT THOUSAND SIX HUNDRED and no/100-----•-------•-------------------
Dollacs (S 8,600.00 as evideaced by a note af evea date herewith, with interest f~om date at the
rate of g 1,~t elld three-quarter pec cencum (6 3/4 76) per anaum oa the unpeid balaace
until paid. The said priacipol and interest shall be payable at the office of
PAN AMERICAN BANK OF MIAMI~ 250 SouthEa~t lst Street, Mtami, Florida
or at such other place as the 6older of the note may designate in wciting. in monthly installments of
FIFTY-NINE atld 43/100--------------~1~8~ (S 59.43 coma~encing o~
the [icst day of Jt31y , 1968 . aad oa the first day of each month thereafter until We priacipal
and interest are fully paid. except that We final payment of pcincipal a wterest, if not sooner paid. shatl be due
snd payable on the first day of JuRe , 1993 Q,
Aad shall duly. promptly, aad fully pedorm. discharge. execute. effect. complete. and comply with and abide
by each and every the stipulations. agceemeats, coaditioas, and covenants of said ptomissory note and of this
mortgage, then this moctgage and the estate hereby created shall cease and be null and void.
And the matgaga further covenants as fottows:
l. That he alll pay the iadebtedness. as hereinbeEore provided. Pti'vilege is reserved to pay the debt in whole,
or in en amoue~t equal to one oc moce monthly payments on the principal that are next due on the note. o~ the first
day of any month priot to maturity: Provided. howevet. that written aotice of an iatention to exercise suc6 privilege
is given at least thirty (30) days prior to pcepayment; and, provided further. that in the event the debt is peid in
full prior to maturity and at that time it is insuced under the provisions of the National Housing Act, he will pay to
the modgagee aa adjusied premium cfiarge of one per centum (196) of the orlginal principal amount thereof, except
that in no event shall the adjusted pcemium exceed the aggregate amount of premium charges which would have
beeQ payable if the mottgage had canti~ued to be insured until maturity; suc6 payment to be applied by the a~t-
gagee upoa its obligatioa to the Secretary of Hoasing and Urban Developmeat on accourtt oi mortgage insurance.
2, That, ia order more fully to protect the secutity of this mortgage, the mortgagor, together with, and in addi-
tion to, the m~thly payments wid~r the terms of the note secured hereby, on the first day of each month until the
said note is fully peid, ~rill pay to the morteagee the follawing sums: ~
(o) Aa omount snfticleot to provide the holder hereof with fuada to pay the next mortgage insurance preauum it this instru-
ment aadthe note secured hereby are irisured. or a moothly chargr (in lieu ot a mortgage insurance premiua?) if they are
held by t6e Secret~r of HousinQ and Urban Developmeat, as folio~rs:
(h If and so loe~ ~s said note of even date aad t6is iastrument are insured or are relasured under the pcovisioas of the
. Natioaal Hoas[a~ Ac~ ~n amonnt sufficieat to accumulate la tl~e bands of Wc holder oae (1) month prlor to its due
date tbe anaa~l mort~aQe insurmce premlum. w order to provide snch holder ~rith tunds to pay such premium to the
Secretary ot Honsla~ rnd Orb~n Development p~usuant to ffie N~tional HoasinQ Act, as amended, and applicab2e Reeu-
tations thereuader. or `
(II) If and so lon~ as aaid note of evea d~te i~d this instcument ~re held b~ the Secretary of Housing aad Urbaa Develop-
meat. • modtdly charQe (la lieu of a mortQage insunuce premium) w6ich shal! be ib aa amouat equ~l to one-twelfth
(1/12) o[ oae-half (K) par centum of the aversge outstandlaQ balwce due on the note compt~ted without taklaQ into
accouat delinquencies or prepayma?is;
(b) A sum equ~l to We aFOOad rents, i[ aay, neat due, plus We premiums that will nazt become due aad payable on policies
of ftre aad othcr hasud insuraace covering the mortgaeed property, plus ta:es and assessmenta next due oa the mort-
ga~cd pwperty (all as estimated 6p the mortg~eee) less ali suma olready pald ffieretor divided by the number of montha
to elapse be[ore one month prior to t6e date when such grovnd reats~ premiums, tazes, nnd ~ssessmenta will become
linqueat, such anms to be held by mortga~ee in trust to pay said ground reats. premiums, ta~es, and special assessments;
+wd
(c) All paymEd[s'mentioaed in the two preceding substctions of this puagraph and all paymeata to be made under the note
secured berrby shall be sdded togetLer and the agg~re~ate amount thereof shall be paid by the mortgagor each month in a
aingle paymeat to be applied b~ the mortea~ee to We follo~ring items in the order set forth:
(n premium chRr~e• under the controct o[ insurpttce atth tht Secretary of Housiag and Urban Development. or monthly
ch~rge (in lleu of mort;a~e flnsoranee premium), as We case m~y be;
(Iq ~roand rents, tazes, asseuments, Ilre. an~ other hasard insu~aace premiums;
(IIn ieterest on the note secured bereby; aod
¢h amort~~tion of the princip~l ot said note. _
Any deficiency in the anaunt of such aggcegate monthIy peyment shall, unless made good by the mortgagor
prior to the due date of the nest such payment, constitute an event d default under this mortgage. The modgagee
may collect a"late charge" aot to exceed t~vo cents (2~) for each dollar (Sl) of each payment mae than fifteea
(15) days in arrears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the peyments mede by the mortgagoc uader (6) of paragraph 2 preceding shall exceed
the amount oE payments actuelly made by the mo~tgagee. fot gcound rents. taYes and assessments and insurance
premiums, as the case may be~ suich excess ~hall be credited by t6e matgagee on subsequent payments to be
made by the awrtgagor. If, ho~vever, t6e moathly payaieats made by the matgagor nnder (b) of paragraph 2 pre-
cediag sha11 not be sufficieat to pay g~ouad rents, laues and essessmants and insurance premiums, as the case
may be, When the same shell become due oad payable, then the aaoct~yaga shall poy to the mortgagee aay eiaount
necessary to make up the deficiency, on a befoce tl~e dote w6en paymeet of sueh gcound rents, taYes. assessments.
oc insncaace psemjums shall be due. If at any time tl~e moctgaga~ shall tender to tl~e mortgsgee in accordance wltb
the provisions of We aote aecnred hereby, full paymeat of the eatin indebtedness represented thereby, the mort-
gagee sball. in cooputing tbe amonnt of auch indebtedness, credit to tbe account d the matgaga all payments
mode uader the pro~visiaas of (a) af pa~gtpph 2 6eceof which tbe mat~agee tws not become obligated to pey to
the Seccetary of Hoasiag and Ucban Development and any balance cemaialag ia the funds accumulated under the
Provisions d(6J of aaid para~raph 2. If ti~ere shall be t deEanlt under aay af the pravisio.~s of this mortg,age, re-
sutting ia a public sole of the premises covered xreby, oc If the matgag~ee ~cqaices the property dhenvise after
defoult, the mat~~ee s6~a11 apply, ~t tbe time af the commencemeat of such proceeding~ or at the time t6e prop-
erty is othenvise acquired, the balance then renwining in the fw~ds accutnulated under (bJ of paragraph 2 preceding
as o credit a~iost tbe amamt of prlncipol then remoining unp~id under said note and shall properlyadjust any
p~y~eots which sh~11 ho?ve beea m~de ander (a) of saM parasraph. •
1. That b~ wtl! p~y all ta~es, as~essments, water »tes, and cther govemmentai or municip~l chacses, fines~
at impoaltiaos. fw whjch pravision has not beea made bereinbefae, and in default thered the mort~,neee m~y pay
tl~e ~aoe; and that he will promptly deliver the atEicial ceceipts therefor to tfie n~atpgee.
~ 1~ ~Cf ~ / V . d001t M6E ~ i _ .
~
, _ . _ _
~ , ~ , s~, . . • ~ ~ .
~
~ ~ ~ : - ,~;r~~-_~ -
, ' ~
f