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said mortgagor does hereby fully warra~t the title to said land. artd eve~y part thereof~ and will delend the same
a~ai~st the lawtul claims of all persoas whoawcever. .
PROVIDED ALWAYS. and these presents are executed aad delivered upon the following conditions. to wlt:
The mortgagQC a rees to pay the moctgagee. or order, the principat suaa of 'jw$~'1'Y ~'1'HOUSAND FIVS
HlID1DR~ ~trbd 00~1.00---
Dollacs (523~ 500.00 as evidenced by a note of even date herewith. with interest from date at the
rate of gMi thTee-fou='th per centum ( 6 3~4 9L) per annum on the unpaid balance
until paid. The said principal and interest shalt be payoble at the office of
J. T. 3T~?ART I~IGAGS (~II'ANY~ INC., Sui.te 300 - 100 Mi.racle Mile, Coral Gables, Florida.
or at such other place us the holder of the note may designate in writing. in monthly installments of
pNg ~~gp gjprjq ~jy~p ~ 52~j,M Dollars (S 1~^. §2 comaiencing on
the first day of ggb~,gY•y , 19 . a~d on the first day of each month thereafter untilthe principal
and interest are fully paid, except that the tinal payment of principal an~ ~nterest. if not sooner paid. shall be due
and payable on the first dey of J~~Z-y~ 1~ ;
And shall duly, promptl~~, and fully perform. discharge, execute, e«ecl, complete, and comply with and abide
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by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
mortgage. the~ this modgage a~d the estate hereby created shall cease and be null and void.
And the mortgagor {urther covenants as follows: .
1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reser~red to pay the debt in whole,
or in an amount equal to one or more monthly payments on the principal that are next due on the note. on the first
day of any month prior to maturity: ProviJed, however, that written notice of an intention to exercise such privilege
is given at least thirty (30) days pri~ to prepayment; artd. provided fur!her, 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 o[ one per centum (1~) 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 uatil maturity; such payment to be epplied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage 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 follaaving sums:
(a) An amount su[ticient to provide 1he holder hereaf wlth [unds to pay the next mortgage insurence premium it this instru-
ment and the note secwed hereby are insured, or a moathly charge (in lieu of a mortgage insurwnce premium) if they are
held by the Secretary of Housing and Urben Development, as [ollowrs:
(I) If and so long as said note of even date and this insUument are insured or are reinaured ~der the proviaiona o[ the
National Housing Act. an amount sufCicient to accvmulate in t6e hands o[ the holder one (1) month prior to its due
date the annual mortgage inswance premium. in order to pwvide such holder with funda to pay suchpremium to the
Secretary ot Housing and Urbaa Development pursuant to the National Honsin~ Act, as amended, and spplicable Regu-
lations thereunder; or
(II) If end so long as said aote of even date and this instrument are held by the Secretary of Housing ond Urbaa Develop-
ment, a monthly charge (iu lieu of a mortgage insurance premium) which shali be in aa amouat equal to one-twelfth
(1/12) of one-hal[ (K) 'per centum o[ the average outstanding balance due on the note computed without taking iato
qccount delinquencies or prepaymeuts;
(6) A sum equal to the ground rents, if any. ne:t due. plus tbe premiums that aill next become due and payable oa policies
of Cue aad other hazard insurance covering the mortgaged pwperty. plus tazes aad assessmeata ne:t dae oa the mort-
~ gaged property (all as estimated by the mortgagte) less all swns alreadypaid therefor divided by the number of monWs
; to elapse before one month prior to the date when such ground rcnts. premiums, tases. aad ossessments will become de-
~ linquent, such sums to be held by mortgagee in trnst to pay sald ground rents, premiums, tazes, and specialaasessmeats;
! and
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~ (c) All payments mentioned in the two precedina subsections of thia para~aph and all payments to be made under the note
c secured hereby shall be added together end the aggregate amouat theteof shall be paid by the mortgagor each month in a
( singie payment to be applied by ffie mortgaQee to the followiag items in ffie order aet Eorth:
f (n p~emium charges under the contract of insurance ~vith tbe Sectetary of Housiag and Utbaa Development. or monthly
~ charge (in lleu of mortgage insurance premium). as the case may be;
(II) ground reats, ta~ces, assessments, fire, aad other hasard iasuraace premiums; . ~
(III) iaterest on the note secured hereby; ~?d
~ (I{~ amortization of the prtncipal of aaid note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the m~tgagor
prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2e) for each dollar (Sl) of each payment more than fikeen
(15} days in artears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the peyments made by the modgagor under (6J of paragraph 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 ~ subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre-
ceding shall not be sufficient to pey g~ound rents, taxes and assessments and insurance premiums, as the case
may be, when the same shall become due and payable, thea the a?ortgagor shall pay to the modgagee any amount
~ necessary to meke up the deficiency, oa o~ befae the date when payment of such ground rents, taxes, assessments,
t, or insurance premiums shal! be due. If at any time the mortgagor shall tender to the modgegee in accordance ait6
~ the provisioas of the note secnred hereby, full payment of the entire indebtedness represented thereby, the mort-
~ gagee shall, in comQuting the amaant of such indebtedness, credit to the account of the modgagor all peyments
~ made under the pravisioas of (a) af paragRaph 2 hereof which the moctgagee has aot becaoe obligated to pay to
the Secretary of Housing aad Ucbaa Development and any balance remaining in the funds accumulated under the
provisions oE (6) of said pacagraph 2. If thece shall be a default uader any of the pcovisions of this mortg,age, re-
sulting ia a public sale of the premises covereJ ~ereby, ~ if the moctgagee acquires the propedy othenvise after
default. the matgagee shall apply, at tbe time of the• commencement of such proceedings or at the time the prop-
edy is othenvise acquired, the baleace then remaining in the funds accumnlated under (6) of paragraph 2 pceceding
as a credit egainst the amouat of prlncipal then remaining onpaid under said note and shall properlyadjust aey
payments which shall have beea made uader (a) of said pacngcaph.
4. That he Rrill pay all taxes, assessments, water rates, and other governmental or municipal charges, fines,
or impositions. for which provision has not beea made hereinbefae, ead in default thered the modgagee mey pay
the same; and that he aill pranptly deliver the official receipts therefor to the modgsgee~ ~ s
~OOK PACE 6~
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