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HomeMy WebLinkAbout2266 , 4 i ~ t . . seid :.:r~~ugoc does hereby (uUy wacrant the title to seid land. and every parl the~eo[. aad will defend the same again,~ the lawful claims of ~tll persons whomscevet. i'+:U~'IDED ALWAYS, end these presents are executed and deliveced upon the following condltions~ to wit; 'j i.~ r~:ortgagor agrees to pay the matgagee. or order. the principal sum of FOOR'1'SR~i THOUSADD FIVS E1tJAD Ii~ aixi 00/100 • - - - - - - - - - - - - - - - - - - ~ - - - - - - - - - - - - Dollar+ 14,500.00 as evideaced by a aote of c:ve~ date herewith, ~::!h i~tecest from date at the cate ui Six and thlCee-fouzth per centum ( 6 3/4 96) Per annuiu ouu the uapeid balaace until ~..~~d. The said principal and intecest shall be peyable at the offlce of J. T. S1~B~I~ ~"j0R1'Gi,C~B CaMP~?tdY. INC• , Sliite 300 - 100 1~liracle Mile, Coral Gables, Florida, or et ~ach other place as the holder oi the aote may designate in writing. i~ monthly installments of NII~'1'Y FOUR antl 11/100- - - - - - - - - - Dollars (S 94.11 commencing on the f~~~t day of FebruaYy . 19 69. aad on the first day of each month theceafter untiltheprincipal and int~cast are fully paid, except that the fiaal payment of ptincipal end interest, if not sooner paid, shatt be due and pa~•able on the Eirst day of Janusry, 1999 And shall duly. promptly. and fully pecfora~~ dis~hacge. execute, eEfect~ complete. and comply with and abide by each and every the stipulations. agreeaieats. conditions. and covenants of said promissory dote and of this ~ mortgage. the~ this mortgage and the estate hereby created shall cease and be ~ull ana void. And the mortgagoc 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 amount equal to one or more monthly payments on the priacipal that are next due oa the note. oo the first day of any month prior to maturity: Pravided, however. that written notice of an intention to exetcise such privilege is given at least thirty (30) days pri~ to prepeyment; and, provided further, that in the event the debt is paid in fyll pcior 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 (1%) of the orig,inal prirtcipal amount thereof, except that in no event shall the adjusted premium exceed the aggregate aarount of premium charges which would have been payable if the modgage had continued to be insured antil matnrity; sach pavment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Developmeat or. ;.~count of mortgage insurance. 2. That, in order mor~ fully to protect the security of this mortgage, the mortgagor, together with. and i~ addi- tion to, the monthly payments under the terms of t6e aotp secured hereby, on the first day of each month untit the said note is fulty paid, wilt pay to the modgagee the Eollowing sums; (a) An amount suEElcieat to pwvidc the holder hereof wit6 fuads to pay the ne:t mortgage insuraace premium if this instru- meot and the note secured hereby are insured. or a moathly charge (In lieu of a mortgage iasurance premium) if they are held by the SeCretary of Housing and Urban Development~ as follows: (I) If and so long as said note of even date aad this insUumeat are insured or ase reins~ued under the provisioas ot the National Housing Act. an amount sutficient to accumulate in the hands of the 6older oae (1) month prior to its due date the annuat mortgage insnraace premium, in order to pwvide such 6older with tunds to pay suc6 premium to the Secretary ot Housiag and Urban Development pwsuaat to the National Iiousiag Act, as amended, and applicable Regu- lations thereunder, or (II) It and so long as said note o[ even date and this iastiumeat are hetd by the Secretary o[ Hoasing aad Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) whicb shalt be ia an am.+unt equal to one-twelEth (1/12) of one-holf (yi) per centum ot the average outstaading balance due oa the notP computed aithout taking iato account delinqueecies or prepayments; (6J A sum equal to the ground rents, iE any, nezt due, plus the preminms th~t wrill pe:t become due and payable on policies of f"ue and other 6azaed iosurance covering the moctgaged propeity. plns ta:es and assessments aest dne on tt?e mort- gaged property (all as estimated bq We mortgagee) tesa al! sums already paid theretor divided bq the number of modtbs to elapse betore one moath prior to the date ~vhea suc6 ground reats. premiums, texes, and assessments aill become de- linquent. such sums to be held by mortgagee ia trust to poy said grouad tents, premiums, tazes, ondspecielassessments; and jc1 All payments mentioned in the two preceding subsectiods of this paragraph and all paymenta to be made under the note secured hereby ahall be added togethet and tLe aggFegate amount thereof shall be paid by the mortgagor each month in a singie payme~t to be applied by the mortgagee to the follo~riag items in the order set fort6: (n preauum charges under t6e contiract of insurance wiffi Uie Secretary of Rausing and Urbaa Development, or monthly charge (in lieu of mortgage insurance premium), as the case moy be; (II) grouad rents, tozea, asaessa~ents, tlre. aad oWer huud insuraace premiuma; (IIl) interest on the note secored hereby; and (I{~ amortizatioa of the principal oE said note. Any deficiency in the amount af such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the aext such peymeat, coostitute an event of defanlt under this modgage. The moctgagee may collect a"late charge" aot to exceed two cents (2~) for each dollar (Sl) of each payment mae than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the moctgagor under (b) of parag~raph 2 preceding shall eaceed the amount of payments actuatly made by the mortgagee, for gcound rents, taxes and assessments and insurance premiums, as the case may be. such e:cess shall be credited by the mortgagee ~ subseqnent payments to be made by the mortgagor. If, however, the rnonthly payments made by the mortgagor under (6J of paragcaph 2 pre- • ceding shall not be safficient to pay ground reats, taxes and assessmants and insurance premiums, as the case may be, whea the same shall become due and payable. then the moctgaga shall pay to the modgagee any amount necessary to enake up the deficiency, oa a befoce the date when payment of such g,round rents, taxes, assessments, or insarance preraiums shall be due. If at any time the mortgagor shall tendet to the modgagee in accordance vrith the provisions of the note secured hereby, fnll payment of the entire indebtedness represented theceby, the mort- gagee shall, in computing the amonnt of such indebtedness, credit to the account of the mortgagor alI payments made under the pravisioas of (a) of paragraph 2 heceof which tbe moctgagee has not become obligated to pay to the Secretary of Housing aad Urban Development and any balance remainiag in the funds accumulated under the pmvisions of (6J of said paragcaph 2. If there shall be a default under any oE the pcovisions of this mortg,age. re• ~ sulting in a public sale of the premises covered _~ereby~ or if the mactgagee acquires the propedy otherwise after default, the mortgagee shall apply, at the time of the commencemeat of such ~oceedings or at the time the prop- edy is othe~wise acquired, the balance thea remaiaiag in the fuads a~cumulated uader /b) of paragraph 2 preceding as a credit against the amouat of prlncipel tben remaining unpaid ander said note and shall properlyadjust any payments which shall bave been made under (a) of said peue~gxaph. 4. That he arill pay all taxes, assessments, water rates, and dher govemmental or municipel charges, fines, or impositions, for which pravision has not been mede heceinbefore, and in defautt theceaE the moctgegee may pay _ the same; and that he will promptly deliver tbe afficial receipts t6ereEor to the modgagee. r~. - ~ so~~~'5 ~ _v_. _ ~ ~ . .