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HomeMy WebLinkAbout0530 ~ i y ~ ' f ' 4: said mortgagor dces hereby fully warra~t the title to said land. and every part thereof. and will defend the same ageinst the lawful claims oE all petsons whomsoever. PROVIDED ALWAYS, aad these presents are executed sad deliveced upoa the tollo~aing conditions. to wit: The mortgagor ag,tees to pay the matga~ee. oc order. the p~inclpal sum oE I~QI~TSBN ~SAI~ID Fq~ HqNaiBD an~d 1i0/1N,'-~_______~_-__ Dollars (S 19~400:,00 as evidenced by a note of evea date herewith. with interest from date at the rate of $j~ g~1d '1~-P~1$'kI per ceatum ( 6 3/4 Per annum oa the uapaid balance until paid. The said principal and interest shall be payAble at ths office of J T~ Mp~''~ge~gA Cp~y~ Incy S~iite 300 - 100 Miracle Mile - Coral Gablea, Florida 33134 oc at such other place as the holder of the note may desig~ate in writing~ in monthly installments of ONS HUM~SD '1WSNTY~VS e~A~d 91~1"~' Dollars (S 12§~1 commencing on the first day of DBCeIDber . 19 and on the first day o each month thereafter untilthe principal and interest are fully paid, except that the final payment of principel and interest, if not sooner paid, shall be due and payable on the first day of N011+e~1~er~ 1~$ : And shall duly, promptly. and fully perform. discharge. execute. effect, complete, and comply with and abide by each end every the stipulations. sg~eements. conditions~ and covenants of said promissory note and of this mortgage, then this modgage aad the estate hereby created shall cease and be null aad void. , And the matgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one a more monthly payments on the principal that are next due on the note. ort the first day of any month prior to maturity: Provided, however, that writtea 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 oi the National Housing Act. he will pay to the modgagee 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 obligatioa to the Secretary of Housiag and Urban Development oa account of modgage insurance. 2. That. in ocder more fully to protect the security of this modgage. the modgagor, together with~ and in addi- tion to, the monthly paya~ents 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: (a) Aa amount suffic[ent to provide t6e 6older hereof with funds to pay the nest mortgage inautance premium if this insW- ment aad the note secured hereby are insured. or a monthly chrrge (in Iieu of a mortQaQe insurance premium) if they are held by the Secretary of Hoasina aad Urban Development. as foUo~ra: - (I) It aad so loag as said note ot even date and this insWment are insured or arc reinsured uader the provisioas ot the National Housing Act, aa ~mouat sufficient to accumul~te in the hands of the holder one (1) moath prior to its due date the amual mortQage inswance premium, in order to provide such holder with tuads to pay such premium to t6e Secretary of Housing and Urban Development pwsuont to the Natioaal Housia; Act. ps amended, and applicable Regu- lations Wereunder; or ~ , (II) If aad so long as said note of even date and tftis iasttnmeat are held by the Secret~ry of Housing 4ad Urbae Develop- meAt, a moathly charQe (in llen of • mortQage insunace premium) whic6 shali be ia an amouat eqnal to oae-twel[th (1/12) of ono-ha~f (~y~i) per centum of the averaee outsUnding balaace due oa the note computed wit6out tolcing into account delinquencies or prep~yments; ~ • ~ ~ (6) A aum equa! to the gro~md reats. if aay, ae~ct due, plus tbe premiums th~t aill nezt become due ~nd paqable oa pollcies of fire aad otbet h~,sud ins~uance coveric~ the mort~a~ed property. pins tazes aad assessments aext due on the mart- ' gag~d property (all as estimated by the mortga~ee) less all sums alre4dy paid therefor divided by the number of months ~ to elopse betoce oae moath pdor to the date when such grouad rents, premiums, ta:es, and assessmeats will become de- ; liaqueot,~ such sums to be held by modQa~ee in trust to p~r said groaad reats. premiums. tufs. and special asaessments; ~ ~d - ~ . (cJ All paymeats, mentioned in the two precedin~ subsections of this pary~aph aad ~I! paq~aeats tp be made under the aote sccured hereby shall be added together aad the agg~eQrte amount thereof shall be paid br the mortQ~gor each month in a single papmmt to be opplied br the mortgaQee to the folloaing items in the order set forW: . (n promium ch4rges under the controct of ias~raace with tbe Secretuy of Housing and Urban Developmeat, or monthly . charge (ia lien of mortga~e insurance prrmium), ~s the case, m~y be; . (In eround rents, ta:es. aasessmeats, tiee, wd offier hasard insuramce premiums; . ~ interest on the note secured herab~; ond - . .(I~ amortlsatiw? o[ the prlaclpal of said aote. _ . Any deficiency in the amonnt of such aggregate monthly payment shall, unless made ~good tiy the mortgagor prior to the due date of tke next snch payment~'constitute an event af default underthis mortgage. The modgggee may coll~ct a"late charge" not to .e:ceed two cents (2~) f~ each dollar (Sl) of each payment more than fiEteen (ISZ days ia anears to cover the eutra eapense involved in handling delinqugnt payments. , , 3. That if the total of the peyments made by the mortgagor under (6) of p~ra~aph 2 preceding shall exceed the amount of peyments actually made by the moctgagee. foc gtound rents. taxes and assessments and insurance premiums, as the case may be, such ezcess sl?all be credited by the mortgagee on subsequent payments to be made by the mortgagor. ff. however, the monthly payments mede by the matgagor under (b) of paragraph 2 pre- ceding shall not be_ sufficient to pay g¢ound rents, taxes and assessmants and insurance premiums, as the case may be,, when the same shall become due and payable, thea the moctgagor shall pay to the mortgegee any amount necessary to make up the deficieacy, on a before the date whea payment of such ground reats, ta:es, assessments, or insuraace pcemiums shall be due. If et aay time the mortgagoc shall tender to the modgagee in accordance with the provisions of the note secnred hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount af such indebtedaess, credit to We account of the mortgagor all paymeats made uader the pra?isions of (a) of parag~aph 2 hereof which tbe moctgegee has not become obligated to peyto the Secretary of Housing and Ucbaa Development aad aay balance remaining in the fuads accumulated under the provisions of (b) of said paragraph 2. If there shall be a default under any of the pcovisions of this moctgage, re- sulting in a public sale of the premises covered ~ereby, ac if the mortgagee acquires the property othecwise after default. the mortgagee shall apply, et t6e time of tbe commencemeat of such proceedings oc at the tia~e the prop- edy is otherwise acquired, the balance then remaining in the funds•accumulated under (6) of paragraph 2 preceding as a credit against th~ amount of .pcincipel then remaining,unpaid under said note and shall properlyadjust eny paymeats ahich shall have been made nnder (aJ of said paragcaph. 4. Thet he wlll pay all te:es, essessments, watec retes, and dher govemmental or municipal charges, fines, or impositions, for which provisian has aot been mede bereiabefo~e, aad in defoult theced the modgagee may pay the same; and thet he will promptly deliver the afficial receipts theoefor to We modg~gee.. - . go~K ~ 74 ~ 52~' . , ~ .