Loading...
HomeMy WebLinkAbout2406 ~ . said mortgagor does hcreby tulty watrant the title to said land. and every part thereof. and will defend the seme against the lawtul rlaims of all persons whorascever. PROVIDED AL1t`AYS. and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee, or order, the principal sum of ~rst.vs ~cxovsnt~ szc~rr xurm~sn ~Fr~r ana No/loo Dollars (S 12~$50.00 as evidenced by a note of even date herewith. with interest f~om date at the rate of $j$ 8Ad ~-F~JR'kj 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• STF~IA~1' l~'1rrA~'iT COMPANY, INC.~ Suite 300 - 100 Miracle Mile, Coral Gables, Florida or at such other place as the holder oE the note may designate in ipriting, in monthly installments of $i~'py_~ff{$g g~ 4Q~1()() Dollars (S ~3.,t~0 commencing on the ti~st day of d8T1USly , 19 . and on the Grst dey of each month therea[ter until the principal and interest are 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 DeCembeZ`~ 1998 : And shall duly. promptly, and [ully perform, discharge. execute. e[tect~ complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this moctgage. then this modgage 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 the debt in whole, or in an amount equal to one or mae monthly payments on the principal that are next due on the note. on the first dap of any month prioc to maturity: Provided, however, that wcitten 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 :naturity 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 (19'0) 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 fnodgage 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 Urban Development on account of modgage insurance. 2. That, in order more fully to protect the security of this modgage, 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[ticient to provide the holder hereot with [unds to pay the ne:t mortgage insurance premium it 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 Secretaryr of Housing and Urban Development, as follows: (I) It and so long as said note of even date and this instrument are insured or are reinsured under the provisions of 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 such premium to the Secretary o[ Housing and Urban Development pursuant to the Netional Housing Act, as amended. a~d applicable Regu- lations thereunder; or (II~ It and so long as said note of even date and this instniment are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1/12) of one-half (;4) per centum of the average outstending balance due on the note computed withouttaking into account deliaqueacies or prepayments; (b) A sum equal to the growd reats, i[ aay, nezt due. plus tbe premiums that will next become due aad payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number o( months to elapse be[ore one moath prior to the date when such ground rents, premiums, tazes, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, tazes, eadspecialassessments; ~ and ~ (cJ 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 thereot shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the tollowing items in the order set forth: (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthty charge (in lieu of mortgage insurance premium), as the case may be; (Q) ground rents, ta~es, assessments. fire, pad other hazard insurance premiums; (III) interest on the note secared hereby; and (I~ amortization of the principai of said note. Any deficiency in the amount of such aggregate mont~ily payment 'shall, unless made good by the mortgagor prior to the due date of the next such paym~nt, constitute an event of default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (Sl) of each payment more than fiEteen (15) days in arrears to cover the extra expease involved in handling delinquent payments. 3. That if the total of tl~e payments made by the mortgagor under. (6) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for gronnd rents, taxes and assessroents 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 matgagor under (b) of paragraph 2 pre- ceding sha~l not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the modgagee any amount necessary to make up the deficiency, on or before the date when payment of such gcound rents, taxes, assessments. ~ or insurance premiums shall be due. If at any time the mortgagor shalltender to the modgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- € gagee shall, in computing the amount oE such indebtedness, credit to the account of the mortgagor all payments 1 made under the pravisions of (aJ of paragraph 2 hereof which the matgagee has not become obligated to pay to i the Secretary of Housing and Urbaa Development and any balance remaining in the funds accumulated under the provisions of (6J of said paragraph 2. IE there shall be a default under any of the provisions of this moctgage, re- sulting in a.pubjic sale of the premises covered Zeceby, pr if the mortgagee scqaires the property otherwise aEter default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ecty is othe~rise acquired, tbe balance then remaining in the funds accumulated under (6J of paragraph 2 preceding ~ as a credit against tfie amount of principel then remaiaing unpaid under said note and shall properly adjust 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, fines. or impositions, for which provision has not been made hereinbefae, and in defeult thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~'~e ~OOK ~~4 PACf ~ ~ . . ~ ,