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HomeMy WebLinkAbout2699 1~ ~ . c ; . ~ ~ ~l : _ ~ ~ ~ 1 saiJ ..b:•guc does hcrcby full~• wa~tant tt?e title to said lpud. and every part ti;e~e~t, end will detend the same ~ again.~ ~:~e lawtul claims ot all pc~so~s whomscevec. 1 ~•:U\'iUEO ALWAYS, And tt?ese ?resents are executed and delivered upon the folluwing conditions, to v~it: ,r.ortga6or agrees to pay the mortgagee. or order, the pcincipal sum of FIFTTsE~i THOUSAND ZWO HUNDRFD and N4/100-------------------------------------------- Dolla~~ (S 15~200.00 as evidenced by a note of rven date hereveith, with interest from date at the rate c,i SIX sY1d ~-FOURTH per centum ( 6 3/4 Per annum on the unpaid balance until j..~~J. 1'he said principal and interest shall be payable al the oftice of J. T. STEWART MORTGAGE COMPANY, INC., Suite 300 - 100 Miracle Mile - Coral Gables, Florida oc at ~~ch other place as the hotder of the note may desigaale in writing. in monthly installments of DTINETY-IIGHT and 65/100--------___..._~____ Dollacs (S 9~, 65 commencing on the [~~:.i day of February . 19 6q. and on the first day of each month thereafter until the principal and int~r~st are fully paid. except ihat the final payment oi principal and interest, ii not sooner paid, shall be due and pa~•able on the ficst day of JSntla2y, 19~ ; rlnd shall duly. promptly. and fully pedotm, discharge. execute. effect~ complete. and comply with and abide by each and every the stipulations. agceements. conditions, und covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby cceated shall cease and be ~ull and void. And the moctgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt i~ whole, or in an amount equai to one or more monthly paymeats on 1he principal that are next due on the note. o~ the first day o[ any month prior to maturity: P~ovided, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepeyment; and, piovided 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 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 no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be iasured uatil matacity; such payment to be applied by the mort- gagee upon its obligation to the Secretaty of Ho~sing and Urban Development on account of mortgage insurance. 2. That~ in order more Eully to protect the security of this mortgage, the mortgagor, together with. and in addi- tion to, the monthly payments under the terms of the not~ secured hereby, on the first day of each month until the ; said note is fully paid, will pay to the mortgagee the follawing sums: i (u) An amount suEficie~t to provide the holder hereoE wit6 [mds to pay the ne:t mortgage insuraace premium if this instru- ment and the note secured hereby are insured, or a monihly charge (in lleu of a mortgage insurance premium) it they are hetd by the SeCretary of Nousing and Urban Development. as follows: (I) If and so loag as said note ot eveo date aad t6is Instrument are insured or are reinsured under the provisioas of the Natioaal Housing Act, aa amount sufC~cient to accumulate in the hands of the holder one (1) month prior to its due date t6e annual mongage insurance premium. in order to provide suc6 holder with funds to pay such Fremium to the Secretary ot 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 note oE even date and this instrument are held by the Secretary o[ Housing and Urban Develop- ment. a monthly charge (in lieu of a mortgage insurence premium) which shall be in aa amnunt equal to one-tweifth (1/12) of oae-halt (yi) per ceatum o[ the average outstanding balance due on the note computed without talcing into account delinqueacies or prepapments; (6) A sum equal to the grouad rents, if any, ne:t due, plus the premiums that will aext become due and payable on policies ~ of fire and oWer hazard insurance coveriag the mortgoged property, plus taxes and assessments ne:t due or. the mort- ; gaged property (all as estimated by the mortgagee) lesa all sums already paid there[or divided by the number of months 1 to elapse before one moath prior to the date when such ground rents, premiums, taxes, and assessments wiil become de- ' linquent, such sums to be held by mortgagee in trust to pay said grouad rents, premiums, taxes, and special assessments; ; and ~ (cJ All payments meatioaed in the tao preceding subsections of tl~is paragraph nnd all peyments to be made under the note secured hereby shall be added together and the agp{egate amouat thereaf shall be paid by the mortgagor each month in a ~ single paymeat to be applied by t6e mottgagee to the [ollo~ving items in the order set forth: ~ (n premium charges under the contract ot insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage iasurance premium), as the case may be; (II) ground rents, ta:es, assessments. Cue, aad ot6er hazard insurance premiums; (III) interest oa the note secured 6ereby; and ' (1~ emort'uatlon of the principol of aaid 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 ~at such payment, caostitnte an event af default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar ($1) of each payment more than Eifteen (15) days in anears to cover the extra expense iavolved ia handling delinquent payments. 3. That if the total of the payments made by the moctgegor uader (b) of paragcaph 2 preceding shall exceed 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 modgagee on subsequent payments to be made by the mortgagor. If, however, the monthly paymeats made by the matgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay ground reats, taues and assessments and insurance premiums, as the case may be, when 'the same sball become due and payable, then the mortgagor shall pay to the mortgagee any amount Q necessary to make up the deficiency, on oc befae the date when payment of such ground rents, taxes, assessments, ~ ~ or insurance premiuws shall be due. ff at any time the modgagor shall tender to the mortgagee in accordance with ~ the provisions oE the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amouat of such indebtedness, credit to the account of the mortgagor all payments ~ made under the pravisions of (a) of paragcaph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Haising and Urban 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 aay of the provisions of this mortgage, re- sulting in a pnblie sale of the pcemises covered ~ereby. oc if the mortgagee acquires the property ctherwise after i default, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is othetvnise acquired, the balance thea remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principel then remaining unpaid under said note and shall properlyadjust any payments which shefl have been made aader (a) of said paragraph. 4. Ttiat'fie-will pay all taxes, assessments. water rates, and other governmental or municipal charges, fines, or impositions, for which pravision has not been made hereinbefae~ and in default thereof the modgagee may pay : the same; and that he will promptly deliver the official receipts therefor to the modgagee. ! ~ i go~x~?4 ~~~2693 ~ '