The URL can be used to link to this page

Home My WebLink About1895 ~ . 2 ~ ~ ~ said mortgagor dces hereby fully warrant the title to said land. and every part thereof, and will defend the same against the lawful cleims of all persons whomscever. PROVIDED ALWAYS, and these presents are executed and delivered upon the [ollowing conditions. to wit; The moitgagor agrees to pay the matgagee. or orde~~ the pcincipal sum of '1'l1IRTEF.I~I '1'HOUSAND FIVE ~JNDRED FIFTY and ao/100----------------------~----------------- Dollars (S 13 ~ 550. 00 as evidenced by a note of eveu date herewith. wilh interest from date at the rate of and threa-quarter pec centum 3~1~ 'X.) per aanam on the u~paid balance until paid. The said principal and interest shall be payable at the otfice of PAN A1~~tICAN HANIC OF ~I - 250 SouthEa~t let Street - Mia~t, F'lorida or at such other place as the holder of the note may designate in wciting. in monthly installments of EIG~iTY-SEVEN ,lRd 94/100-------------~0llars (S 87.94 comn~encing on the first day of ~11at , 19 (~8 . and oo the first day of each month thereaEter until the principal and intecest 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 pedorm, discharge. execute. effect. complete. and comply with and abide h~eac~aad_eveiy__the sti ulations. agreements. conditio~s. and covenants of said promissory note and of this mortgage, then Lhis mortgage and the es a e~r b~gt~d"shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness~ as hereinbefore provided. PrTvilege is reserved to pay the debt in whule. or in an amount equal to one oc more monthly payments on the principal that are next due on the note. on the first day of any a?onth prior to maturity: Provided. however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided fudher, that in the event the deht is paid in s•+~ at that time it is insured undec the provisions of the National Housing Act, he will pay to r...._ the modgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof, except that in nc+ event shall the adjust~d premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until matucity; 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 fully to protect the security of this mortgage, the mortgagor, togethet 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 follawing sums: (n) Aa amount suf[icient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are i~sured. or a monthiy charge (in lieu of a mortgage insurance ptemium) i[ they are held by the SeCretary of Housiag and Urban Development, as tollows: (I) I[ and so long as said note ot even date and this instrumeat ore insnred or are reinsured under the provisioas oi the Nationel Housing Act. an amount sutficient to accumulate in the handa oE the holder one (1) month prior to its due date the annua! mortgage insurance premium, in order to pmvide such holder with Eunds to pay such premium to the Secretary ot Housing aad Urbaa Developmeat pursuant to the Natio~al Housiag Act, as amended, and applicable Regu- lations thereunder; or (II) If ond so long as said note ot even date and this insttument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of • mortgage insurance premium) which shali be io an amount equal to one-twelfth. (1/12) ot onrhal[ (yi) per centum o( the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (6) A sum equal to the ground rents, if any, ne:t due. plua tlie premiums that will next become due and payable on policies of [ire and other hazard iasu~ance covering the mortgaged property, plus tases and assessments next due on the mort- ; gaged prop~rty (all es estimated by the mortgagee) less all sums aiready paid there[or divided by the number of months i to etapse befoce one month prior to the date when such ground rents, premiums, ta:ea, aad assessments will become de• linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes. aad special easessments; ~ and • " (cJ All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note ~ ~ ~ secured hereby shail be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a ~ ~ single paymeat to be applied Dy ffie mortgagee to the tollowiag itema in fhe order set fort6: ~ ~ (n premium chorges under the coatract o[ insurance with the Secretary oE Housing and Urban Development, or monthly r charge (in lieu of mortgaQe insuraace premium), as the case may be; ` ; (II) Qround rcnts, tazes, ossessments. [ire, and other h~zard insuraace premiums; i ~ (III) intereat on the aote secured hercby; and ~ E (I~ amortis~tion o[ the principal pf said note. . ~ ~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor : prior to the due date of the neYt such payment. constitute an event of default under this mortgage. The modgagee t may collect a"late charge" not 'to exceed two cents (2~) for each dollar (S1) of each payment mote than fifteen ? ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. ; ~ 3. That if the totel of the payments made by the matgagor under (6) of paragraph 2 preceding shall exceed ; the amount oE payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ; ~ premiums, as the case may be, such excess shall be credited by the matgagee on subsequent payments to be i made by the mortgagor. If, however. the monthly payments made by the mortgagor under (6) of paragraph 2 pre- } ~ ceding shall not be sufficient to pey ground rents, taxes and assessmants and insurance premiums, as the case ~ ~ may be, when the same shall become due and payable. then the matgagor shall pay to the mortgagee any amount ~ ~ necessary to make up the deficiency, on oc before the date when peyment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgaga shalitender to the mortgagee in accordance ~rith ~ the provisions of the note secured hereby, f~ll payment oE the entire indebtedness represented thereby. the mort- ~ gegee shall, in computing the amount oE such indebtedness, credit to the Account oE the mortgagor all payments t made under the pravisions of (a) of peragcaph 2 hereof w6ich the mortgagee has not become obligated to payto ` ~ the Secretary of Housing and Urbaa Development and any baiance remeining in the funds eccumulated under the ~ provisions of (bJ ~ said paragraph 2. If there shell be a default under any of the provisions of this mottgage, re- ~ sulting in a public sale of the premises covered ~ereby, a if the mortgagee acquires the property otherwise a[ter ~ deEault, the mort~agce shall apply. at t6e time of the commencement of such proceedings or at the time the prop- ~ edy is otherwise acquired. the balance then rcmaining in the Eunds accumulated under (bJ of paragraph 2 preceding ~ as a credit against the amount of principol then remaining unpaid under said note and shall properlyadjust aay ~ payments which shall have been made unde~ (aJ o[ aaid parograph. ~ 4. That be will pay •U taxes, assessments, w~ter ntes. and other governmental a municipal char~es, tines, ` or i~apositions, for which provisiao has not been made hercinbetore~ and in dcfault thereof the moctgagee may pay ; ~ the same; and that he ~ill promptly detiver the dticial receipts therefor to the iaortgagee. ~ ~i72 ~i888 ~ . t - . - _ _ _ - - -x~:;,.~~ _ r~ ~ ~ "'~-n'~.,~:~"~