The URL can be used to link to this page

Home My WebLink About2713 • . said mortg:~goi doe~ hcreby tully ~sarrant the title to said land, and every part thereot. and will defend the same against the lawtul clairt~s of all persons whomsoever. PROVIDED ALItiAYS, and these presents are executed and delivered upon the following conditions, to ~vit: The mortgagor agrees to pay the mortgagee, or order, the principal sum of F'dITR'1'EQ'i Tfiv~B~IdD SSX HIINDRED F~F'T7C and 00~100----------------------------------------------~-------- Dollars ~s 14, 650•00 as e~ idenred by a note of even date herewith, with interest from date at the rate of six de t11T@e-fOUZ"th per centum ( 6 3~4%) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of J. T. STEWART ri0RTG1l.GE CQMPANY~ INC., Suite 300 - 100 Mir`acle Mile, Coral Gables, Florida, or a4 such other place as the holder ot the note may designate in writing, in monthly installments of 1~INpj'3[ I~IyE aTid 08~100---------------------0ollars ~s 95.08 commencing on the first dey of September . 1968 , and on the [irst dap o[ each month thereafter untiltheprincipal and interest a~e fully paid, except that the finat payment of principal and interest. if not sooner ~aid, shall be due and payable on the first day of August~ 1998 ~ And shall duly. promptly, and fully pertorm, discharge. execute, effect. complete, and comply with and abide by each and every the s`_ipulations, agreements, conditions. and covenants of said pr~missory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: • 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay tt~Eebt in whole, or in an amount equal to one or more monthly~ payments on the principal that are next due on the note, on the first da~• of any month prior to maturity: ProuiJerl, however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, 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 Nation~?J~ Housing Act, he will pay to the mortgagee an adjusted premium charge of one pet centum (1 0) of the original princ~ipal am~unt thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium ~iges which would have been payable if the mortgage had continued to be insured until maturity; such payment to b`c~'applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban De~•elopment on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together w?!ti, 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 follrnxing sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insura~ce premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the SeCretary of Housing and Urban Development, es [ollows: (I) I[ and so long as said note o( evert date and this instrument are insured ot are reinsured under the provisions o[ the National Housing Act, an amount sutficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay suchpremium to the Secretary o[ Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or ' (II) If and so long as said nofe of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu oE a mortgage insurance premium) which shall be in aa amount equal to one-twel[th (1/12) of one-half (lfi) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; . ! (6) A sum equai to the ground rents, if any, next due, pius the premiums that will aezt become dne and payable oa policies of [ire and olher hazard insurance covering the mortgaged ptoperty. plus te:es and assessments nezt due on the mort- ~ gaged property (all as estimated by the mortgagee) less alt sums already paid there[or divided by the number ot months i to elapse before one month prior to the date when such ground rents, premiums, taxes, at?d assessments will become de- p linquent, such sums to be held by mortgagee in ttust to pey said ground rents, premi~ms, taxes, and special assessments; and i ~ (c) All payments mentioned in the two preceding subsections o[ this paragraph and all payments to be made under the note secured hereby shatl be added togethet and the aggregate amount thereof shail be paid by the mortgagor each a?onth in a single payment to be applied by the mortgagee to the following items in the order set forth: j ~ (n premium charges under the contract of insurance wi~h the Secretary of Housing and Urban Development, or monthly ~ ~ charge (in lieu oI mortgage insurance premium), as the case may be; (II) ground reAts, ta:es, assessments, Gre, and other hazard ihsurance premiums; (III) interest on the note secured hereby; end (I~ amortization oE the principel of 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 next such payment, coAStitute an event of default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2¢) for each ciollar (Sl) of each payment more than fifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. ; i ~ 3. That if the total of the payments made by the modgagor under (bJ of paragraph 2 preceding shall exceed F ~ the amount of 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 mortgagee on 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 be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case s may be, whee the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount 's` ~ necessary to make up the deficiency, on or befoce the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the modgagor shalltender to the mortgagee in accordance with ~ the provisions of the note secured hereby, full payment of the entice indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (aJ of paragreph 2 hereof which the mortgegee has not become obligated to payto ~ the Secretary of Housing and (Irban Development and any balance remaining in the funds accumulated under the ~ provisions of (b} of said paragraph 2. If there shall be a default under any of the pcovisions of this matgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property oti~e~:~ise after ~ default. the mortg~gee 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 (6J of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any 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, Eines. or impositions, for which provision has not been made hereinbeface, and, in default thereof the mort¢agee may pay ~ the same; and that he will promptly deliver the officiel receipts therefor to the mortgagee. ~ aooK17Z p~269~' _ _ _ - - - , - - - - ~ _ . _ ~