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Home My WebLink About1739 said mortgagor does hereby fully werrant the title to said land. and every part theceof. and will defend the same against the lawful claims of sll persons whomsoever. PROVIDED ALWAYS. end these presents are executed and delivered upon the following co~ditions, to wit: The moctgagoc agcees to pay the mortgagee, or order, the principal sum of SIXTE~i THOUS~ID TH~tEE HUNDRE.D and no/100~-•-------•----•-•--------•- Dollacs (S 16~$00~00 as evidenced by e note of even date hecewith, wlth intecest from date at the rate of and thret•Q11aTttT Per centum ( 6 g~4 per annum on the unpeid batance until paid. The said principal and interest shall be payable at the office of PAN A?~~tIC~ADI BANK OF MIA~II~ Z50 SouthSaat lat Str~et~ l~tiaai, Florfda or at such other plece as the holder of the note may designate in writing, ie mortthly installments of One H~1~ds'ed aad Ffv! a1~ld 79/100~•-~D°llars (S 105.79 commencing o~ the Eirst day of ~~ot . 19 68. and on the first day of each month thereaEter untilthepriecipal and interest ace fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of July ~ 1998 ; And shall duly. pranptly. and fully perform, discharge. execute. etfect. complete, and comply with and abide by each and every the stipulations. agreements. conditions. artd covenants oE said promissory note and of this mortgage, then this modgage and the estate hereby created shall cease and be null and void. ---~n~-(rie ma agoi tuith~ covenanfs a- s foll"ows: ' 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt i~ whole, or in an amount equal to one or moce monthly payments on the principal that are next due on the note. o~ the first day of any month prior to maturity: Provided. however, that written notice of an iatention to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the deht is ~?aid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay ia 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 Seccetary of Housing and Urben Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage. the modgagor, together with, 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 the mortgagee the following sums: (a) An amount su[ficient to provide the holder hereot with [unds to pay the nezt mortgage insurance premium i( this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) i[ they are held by the Secretary of Housing aad Urbae Development. as follows: (I) I[ and so long as said note of even date and this instrument ue insured or are reinsured under the provisions of the National Housing Act, an amount sut[icient to accumulate in the hands oI the holder one (1) month prior to its due date the annual mortgage insurance premium, ia order to provide such holder with funds to pay suchpremium to the Secretary o( Housing and Urban Development pursuent to the Netional Housing Act, as amended, and applicable Regu- lations thereunder; or (II) If and so long as seid note d even date and this instrument are held by the Secretary of Housing and Urban De~~elop- ment, a monthly charge (in lieu o[ a mortgage insunnce premium) which s6e11 be in an amount equal to one-twelfth (1/12) o[ one-helf (yS) per centum oE the average outstanding balaace due on the note computed without taking i~to account delinquencies or prepayments; (bJ A sum equal to the ground rents. if aay, next due, plus the premiums that will aezt become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus ta:es and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid ffierefor divided by the number of months to elapse be[ore one month prior to the date when such ground rents. premiums, taxes. and assessments wil! become de- linquent, such sums to be held by mortgagee in trust to pay said ground tents. premiums, tazes. and special assessments; and • ! (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note ( secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a i sic~gle payment to be applied by the mortgagee to the following'items ia the order set for~h: ~ (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case maq be; € (II) ground rents. tazes, assessments, fire, and other hazard i~surance premiums; ~ (III) interest on the note secured hereby; end (I~ amortization of the priacipal of saidaote. ~ Any deficiency in the amount of 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 modgagee may collect a"late charge" not to exceed two cents (2Q) for eac~ dollar (Sl) of each payment more than fifteen (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 mortgagor under (6J 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, such eacess shall be~ credited by th~ modgagee on snbsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the matgagor under (b) of paragraph 2 pre- ~ ceding shall not be sufficient to pay groand rents, taxes and assessments and insurance premiums, as ihe case ~ may be, Wrhen the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on a befae the date when payment oE such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ the ptovisions of the note secured hereby, fnll payment of the entire indebtedness represented thereby, the mort- ~ gagee shell, in computing the amount of such indebtedness, credit to the account of the modgagor all payments ~ ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to ~ the Secretacy of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions af (6) of said paragraph 2. If thete shall be a default under any of the provisions of this_mortg,age. re- ~ sulting in a public sale oE the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ erty is otherwise acquired. the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said no~e and shall properlyadjust any j payments which shall have been made under (a) of said paragraph. ~ ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the moctgagee may pay the same; and that he will promptly deliver the official receipts thereEor to the mortgagee. ~ , ~ 8~ i?~ ~1~ _ _ 1 _ . . ~ _ _ -