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said mortgagor does hereby tully wanant the title to sald laad, aad every pprt the~eof, and wlll defead the same
aeainst t6e l~wful claims of all.pecso~x whomaoeve~. ~
.
PROVIDED ALWAYS~ and tbese ptesents are executed aad deliveced upon the follorving condlttons, to wlt:
The mortgegor ag,rees to pay the mort;agee. ot ocdec, the prlaclpal rum of ~
ELEVEli TIiOUSAND FOU~t ~J~iD~tED and ao/100~~~~~'~~w~+~~~~~~~~~~+~~~~~+~~~
~°llars (s 11 ~~100.00 eS evidenc~d by o note of evea date herewltb. aith ~interest from date at the
~ce ~ a ix and three-quarter per cept~ ( 6 3/4 x) per a~u~ op ct~ w,~ia ~t~c~
until peid. The seid pcincip~l and interest shalt be payable at the office of
pA~1 wME~tIGA~i B~I~1K OF MIA~II', 250 Sout4East lat Straet, Mia~i, F'lor ida
or et such otber place as the holder of the aote may desiginate in writing. in monthly Instellments of
SEVSN'1'S[-1'd~EE aIId 99~100------------aollars (S 73.99 comme~cing or~
the first. day of ~tAt . 19 68 . end on the first day of each month thereafter until the pciucipal
and interest are fuUy paid. except t6at the fiaal payment of principal and iaterest. if not sooner paid. shall be due
and psya~le on the flrst day oE Ju1y, 1998 :
And shall duly, pranptly. and.fully perform~ discharge, execute. effect. complete. and comply with and abide
by each and every the stipulatioas. agreements. conditions. and coveaants of said promissory note and of this
mortgage. then this mortgege and t:.~e estate hereby created shell cease and be null and void.
And the moctgagor further covenants as follows:
1. That he will pay the indebtedness. as hereinbefore provided. Pri"vilege is reserved to pay the debt in whole.
or in an amount equal to one oc moce monthly psyments on the principal that ace next due oa the note. o~ the first
day of any month prior to maturity: Provided, however. that written notice of an iatentio~ to exercise such privilege
is given at least thirty (30) days prior to prepayment; and, provided fudher. that in the event 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 (1%) of the original principal emount thereof. except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have
~een 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 Honsiag and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security of this modgage, the modgagor, together iRith, and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the
said note is fully paid, will pay to ihe modgagee the follawing sums:
(a) Aa amount suEficieat to provide the holder hereo[ aith tunds to pay the next mortgage insunnce premium i[ this instn~-
ment aad the note securrd hereby are insured. or a monthly c6arge (in lieu of a e~ortgage insurance premium) If they are
held bp t6e Secrctaryr of Hwsing and Urban Development, as tollows:
(I) If Rnd so loag as said aote ot even date and this instrumeat are insured or are reinsnred under the provisions of the
Nalioaol Housing Act, aa omount sufficieat to accumulate in the hands ot the holder one (1) month prior to its due
date the annua( mortgage insurance premium, in order to pwvide such holder with Eunds to pay suc6 premium to the
Secretary of Housiag and Urban Development pursuaat to t2~e National HousinQ Act, as amended, 4nd applicoble Regu-
lations thereuader; or
(II) It and so IonQ as sud aote of even date and this inst~umeat ore held by the Secretary o[ Housing and Urban Develop-
meat. • monthly charge (in lieu of a mortgage insuraace premium) which sha11 be in aa amount equal to oae-twelEth
(1/12) oE ono-half (~/S) per centum of the avenge outstonding balance due oa the note computed without taking into
account deliaquenctes or prepayments;
(b) A sum equal to the ground reats, it any, ne:t due. plus tl~e ptemiums that will ne:t become due and payable on policies
of ~re and other hazard iasurance covering the mortgaged property. plus taxes and ossessmeats nezt due on the mort-
gaged property (all as estim~ted bp the mortgagee) less all snma •lre~dy paid theretor divided by the aumber ot months
E to el~pse before one month pdor to ffie date w6en such ground reats, premiums, ta=es, aad assessmeats will become de-
linquent. such sums to be held by mortgagee in trust to pey said ground rents, premiums, tases, and special assessments;
; and
€ :
~ (cJ All payments meatioaed in the two preceding subsectiona of this paragraph and all payments to be made under the note
secured hereby shall be added together and the agg~egate amouat thereof shall be paid by the mortgagor each month in a {
single payment to be applied by the mortgagee to ffie following Items ia the order set forlh: 4
~ (n premium charges under the contract of insuraace with the Secretary of HousinQ and Urban Development, or monthly ;
chorge (in lleu of mortgage insuraace premium), •s the ~~se m4y be; ~
~ (II) ground rents, ta=es, asseasments. ~re, ond other hazard insuraace premiums;
(III) interest on the note secnred herebp; and
(I~ amortisotiou of ffie principol of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the moctgagor
prior to the due date of the next such payment, constitute an event of deEault under this mortgage. The mortgagee
~ay collect a"late charge" not to exceed two cents (2t) for each dollar (Sl) of each payment m~e than fifteen
(15) days in anears to cover tbe estca expense involved in handling delinquent payments.
3. That if the total of the payments made by the modgegor under (b) of paragraph 2 preceding shall exceed
the amount of payments actnally' made by the moctgagee, Ea grawd rents, taxes and assessments and insurance
premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If. ~owever, the monthly payments mede by the moctgagor under (6) of paragcaph 2 pre-
~ ceding shall not be sufficieat to pay ground reats. taxe~ aad assessm~~nts and insurance premiums, as the case
~ may be, when the same shall become due and payable, then the mortgagor shall pey to the modgagee any amount
~ necessary to meke up the deficiency, on or befoce the date when payment of such ground reats, taxes, assessments, t
or insuraace premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with i
~ the provisions of the note secared hereby, full payment of the entire indebtedness represented thereby, the mod-
~ gagee shall, in computing the amount of such indebtedness. credit to the account oE the modgagor all payments
~ made nnder the pravisions of (aJ of paragraph 2 hereof which the moctgagee has not become obligated to pey to :
the Secretary of Housing and Ucban Development and any balance remaining in the fnnds accumulated under the {
provisions of (b) of said paregraph 2. If there shall be a default under any of the provisioas of this mortg,age, re- '
sulting in a pnblic sale of the premises covered ~ereby, a if the mortgagee acquires the propecty otherwise after ;
default, the matgagee shall apply, at the time of the commencement of such proceedings or st the time the prop- ~
~ edy is otherwise acquiced, the balance then remaiaing in the funds accumulated under (6) of paragraph 2 precediag ~
as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust aay
paymeats which shall have beea a~ede under (a) of said paragraph.
4. That he will pay aU ta:es, assessments, water rates, and other goveramental or municipal charges. fines,
or impositioas, for vvhich pravision has not been made hereinbefae, and in default thereof the modgagee may pay
- the seme; and that he will promptly deliver the official receipts therefor to the modg,egee.
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