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saiJ .:i'g~=go~ does hereby full~ warr~nt the title to said land, and every patt thrie~[~ and will defead the same
again.c ,hc lawful claims of all persuns whomsoever.
I j:U~'IDL•:D AI.WAYS. and these presents are executed and delivered upon the following conditions. to wit:
'i ?.odgagor agrees to pay the moctgagee. o: order, the principal suto of SIXTLBtd TAOUSAt~D THI~
HO~DRBDand00/100-- -
polla~s tj 16,300.00 as evidenced by a note ot even date herewith, with interest fcom date at the
rete of si~t & three-fourth per centum ( 6 3/4 ~e) per annum on the nnpaid balance
until ~..,?d. The said principai and interest shall be payabl~ at the office of
J. T. 9'1'SW1~ MORT('~1C~ Cal1P~1NY, INC. , Suite 300 - 100 Miracle !lile, Ooral Gables, Florida,
or at ~ucl~ oiher place as the holder of the note may designate in writing. in monthly installments of
OI~ HUi~DI~D FIVB and 79/100- Doliars (S 105. 79 coma~encing on
the ti~at day of Septeaber . 1968~ , and oa the first day of each montb thereafter untiltheprinciPal
and int<<est are fully paid~ except that the final payment of principal and intecest, if not sooner paid, shall be due
and payable on the first day of Auqttst, 1998 ~ :
And shall duly. pranptly~ and fully perform, dischacge. execute, effect. complete, and comply with and abide
~ by eac:h and every the stipulations, agceements, conditions, and covenants of said promissory note and of this ~
mortgage. then this modgage and the estate hereby created shall cease and be null and void. •
And the marigaga 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 amonnt equal to one or more monthly payments on the principal that are next due on the note. on the first
day ol any month prior to roaturity: Provided, howeve~, that written notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepaymeat; 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 mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof, except
that in rto event shall the adjusted premium exceed the aggregate amount of premium charges which would have
been 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 Housing and Urban Development on account of modgage insurance.
2. That. in order awre fully to protect the security of this mortgage, the mortgagor, together with. and in addi-
tion to, the monthly payments under the terms of the notA secured hereby, on the first day of each month until the
said note is fully paid, will pay to the modgagee the follawing sums:
(a) An amount sufficient to provide the holder hereof with tuads to pay the ae:t mortgage insurance premium if this instru-
ment and the note secwed hereby are insused, or a moothly charge (in lieu of a mortgage insurance premium) i[ they are
hetd by the SeCretary of Housing and Ucbea Developmeat. as tollows:
(I) I[ and so lon~ as said note o[ evea date aad this insUumeat are insured or ace reinsured under the provisions of the
National Hoasing Act, aa amount sutticient to accumulate in t6e hands of the holder one (1) moath prior to ita due
date the rnnual mortgage iusurance premium. in ordec to provide such holder with fuads to pay such premium to the
Secretary o[ Housing and Urban Development pursuaat to the National Housing Act, aa amended, and applicable Regu-
latioas thereunder. or
(II) If aad so long as said note oE even date aad this instiument are held by the Secretary of Housing and Urban Develop-
ment. a monthly charge (in lieu of a mortgage iasurance premium) ~rhich shall be in an am~uaYeq~l to one-twelfth
(1/12) ot oae-hal[ (y4) per centum of the average ontstw~ding balance dne oa the note computed without takin~ iato
accouat delinquencies or prepaqments:
(6) A sum eqaal to the gro~md rents, it any, ne:t due. plus the premiums t6at will nezt become due and payable on policies
of (ire and other dazard inswance coveriag the mortgaged prope~ty. plus taxes and assessments ae:t due on the mort-
e mort a e lesa all sums alread aid therefor divided by the number of months
gaged property (all as estimated by th g ge ) Y P
to elapse be[ore oae month prior to the date whea such ground rents, premiums, tazes. and asseasments will become de-
~ linquent, auch sums to be held by mortgagee in trust to pay said ground re~ts. premiums, taxes, Qad special assessments; :
and
~ (c) All payments mmtioaed in the two precediag subsections ot this pangraph and all payments to be made under the note t
secured hereby shall be added together and the aggFegate omount thereof shall be paid by the mortgagor each month in a 4
~ single payment to be applied by the mortgagee to the foliowing items in tbe order set [orth:
r
(n premiwa charges under the contract of insurance with the Secretary ot Housing and Urban Development. or monthly '
~ c6arQe (in lieu of mortgage insnrance premium), ¦s the case may be;
(II) Qromd rents. ta:es, assesaments, Cire, aod ot6er hazard iasurance premiums;
(III) Intercst on the note secured hercby; ond
(IV) amoetisatioo of the princip~l ot said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due dete of the next such peyment, coastitute an event af defeult under this mortgage. The mortgagee
may collect a"late charge" not to ezceed two cents (2t) for each dolter (Sl) of each payment more than fifteen
(15) days in arrears to cover the extra espense involved in handling delinquent payments.
3. That if the total of the peyments made by the modgagor under (6) of parag~aph 2 preceding shall exceed
the amount of payments actually made by the moctgagee, for ground rents, taxes and assessments and insurance
premiums, as the case may be, such excess shall be credited by the moctgagee on subsequent payments to be
made by the mortgegor. If, however, the monthly payments made by the mortgagor under (b) of paragwph 2 pre-
~ ceding shall, not be sufEicient to pay ground rents, taxes and assessmants and insurance premiums, as the case
~ may be, when the same shell become due and payable, then the moctgagor shall pay to the mortgagee any smount
~ necessary• to make up the deficiency, on o~ before the date when payment of such ground ceats, taxes, assessments.
or iasurance pcemiums shall be due. If at any time the mortgagar shall tender to the mortgagee in accordance Wit6
~ the pcovisioas ot the note secuced hereby. fnll payment of the entire indebtedaess cepresented thereby, the awct-
gagce shall, in computing the amount of suc6 indebtedoess, credit to the account of the mortgagor all paymertts
made under the pravisions of (o) aE paragraph 2 hereaf w6ich the matgagee has not become obligeted to pay to
the Secretary of Housing and Ucban Developmtat and any balance remaining in the funds accumulated under the
proviaions of (b) oE said peregraph 2. lf there shall be a defeult under aay of the provisioas of this moctgage, rr
sulting,in a public sate of the premises covered iereby, a if the mortga~ee acquires the propecty otherwise atter
deEault, the matg~gee shall apply, at tl~e time of the commencement of such proceedings ur at the time the Prop- ;
erty Is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paregraph 2 precedi~g ~
as ~ ctedit against the' amouat oE principol thea remaiaing~unpaid nnder said note end shall properlyadjust aay ;
payeeents ~vhic6 ahall have beea made u~dec (a) d soid paragraph.
4. That he will pay all ta:es, asseasments, water retes, aad dbec governenental a municipal charges, fines,
or is~positions, Eoc ~vhich provision has not beea made hereinbefae, and in default thereof the mortgagee may pay
the same; and that he ~viil pranptly deliver the aEfici~l receipts t6erefor to the mortgpgee.
~~~173 ~ 368
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