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said moctgagor does heceby fully wacrant the title to said land. artd every pa~t theceoE. and will de[end the same
against the lawful cisims ot all pecsons whomscever.
PROVIDED AL~'AYS. and these preseets are euecuted and delivered upon the following coadltions. to wit:
The mortgagoc agrees to pay the mwtgagee. or ordec, the principal sum of
FIP'TSSN THOUSAND arnd 1i4~20A----.-----.-......---....-..---..----.-----------
Dollars (s 15~000.00 as evidenced by a rtote of evea date herewith, with interest trom date at the
rete of $$Q$N gIId q~$-HAT,F' per centum ( 7-~ 16) per a~num o~ the unpeid belance
until pald. Thr said principal and intecest shall be payable at the office of J. T. St8Y81't 1~01`tg8ge
Co~paTMy, Inc., Snite 300 - 100 Miracle I~Iile, Coral Gables, F]rorida
oc at suc6 other place as the holder of the note may designate ia writing, in monthly instatlments of
ONB RITI~III~SD FIVS 8IId NO~lO~J-• Dolla~s (S 105.00 comaienci~g on
the first day of ApPil. , 19 69, and on the flrst day of each month thereafter untiltheprincipal
and interest are fully paid, except that the Einal payment of principal and interest, if not sooner paid, shall be due
and payable on the first day of ~Ch~ 1~ ;
And shall duly, p~anptlp. and fully ~+ertorm, discharge, execute. effect, complete, and compty with and abide
by each and every the stipulations~ agreements, ~onditions. and covenants of said promissory note and of this
mortgage. Lhen this mortgage and the estate hereby created shalt cease and be null and void.
And the matgagor further covenants as foltows: '
1. That he witt pay the indebtedness, as hereinbefore provided. Privilege is reserved 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, o~ the first
day of any month prior to maturity: Prouided, however. that written notice of an intention to exercise such privilege
is given at least thitty (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 insnred under the provisions of the National Housing Act, he will pay to
the mortgagee an adjusted premium charge of one per centum (li6) of the original principal amount thereof. except
that irt 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 insured until maturity; such payment ta be apptied by the mort-
gagee upon its obligation to the Seccetary of Housing and Urban Developwent on account of mortgage insurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi-
tion to. the monthly payments under the terms of the note secured hereby, on the first day of pach month until the
said note is fully paid, will pay to the modgagee the follaviag sums: ~
(a) An amount safficient to provide the hoider hereof with fnnds to pay the ne:t mortgage insurance premium if this insiru-
ment andthe note secwed hereby ~re insured. or a monthiy cherge (ia lieu of a mortgage insurance premium) if they are
held bq the Secretsry of Housing and Urban Developmeat, as tollows:
(I) If and so long as said note of even d~te and this instrumeat are insuted or are reinsured nnder the p~ovisioas o[ ffie
National Housing Act. aa amount suttcient to accumulate in the hands of the holder one (1) month prior to Its due
date the annuai mortgage iasurance premlum. in order to provide such holder with [unds to pey such premium to the
Secretary of Houaing aad Urban Development pursuant to the National Housia~ Act, as amended. and applicable Regu-
lations thereuader. or
(Q) If and so long as said note of evea date aad Wis instrument ue held by the Secretaty of Housing aad Urban Devetop-
ment. a monthly charge (in lieu of a mort~age insuraace premIum) w6ic6 sball be in an amount equal to one-twelfth
(1/12) of one-halt (K) per centum of the average outstanding btlaace due on the note computed withouttakiag into
accouat delinqnenciea or prepaymeata;
(6J A sum equal to the ground reats. It any. ae:t dne. pius ftie premtam~ thst will aext become due and payable on policies
of fire aad other hazard insurance covering We mortgaged pmperty, plus taYes aad ~ssessmeats next due on the mort-
goged property (all as eatimaied by the mortgaQee) leas ~11 sums alread~ paid therefor divided b~y ffie namber of moaths
to elapse before oae month pdor to the date when aucd ground rents, premiums, tues, aad assessmeata wi11 become de-
linquent, such sums to be heid by mortgagee ia trust to pay said ground reats, premiuma, tqzea, autd apecial assessmeats;
and
(c) AU payments mentioned in the twro preceding subsections of this para~aph and all paymeata to be made uader the note
secured hereby shail be added together aad the ag~egate omoant thereof shalt be paid by the mortgagor each moath in a
single paymeat to be npplied by the mort~aQee to the following items in H~e order set [orth:
(q premium charges under the coatract of insurance with the Secretary of Housing rad Urban Development, or monthly
charQe (in lleu ot mortgaQe inaurance pramium). •s the case may be;
(II) grouad rents. tuces, assessmeints. Gre. aad otber hazard insurance prcmiums;
(III) iatercst oa the aote aceured herebr; and
(I{~ amortisatioa of the principal ot said note.
Any deficieacy in the amount af such aggregate monthly peyment shall~ unless made good by the mortgagor
prior to the due date of the ae:t s~h paymeat, constitute an eveat af default under this mortgage. The modgagee
may collect a"late charge" reot !o exceed t~vo cents (2t) for each dollar (Sl) of each payment more than fifteen
(15) days in arrears to cover the extra e:pense involved ~n handliag delinquent payments.
3. That if the total of tbe peyments made by the mortgagor under (6) of paregraph 2 preceding shall e:ceed
the amount of payments actually made by t?~.e matgagee, for gtound rents, taxes and assessments and insurance
premiums, as the case may be, such e:cess shall be ccedited by the mortgagee on subsequeat paymeats to be
made by the mortgagor. If. however, the monthly paymeats made by the matgagor ur~der (b) of paragreph 2 pre-
ceding shatl not be sufficient to pay gtoaad rents, taxes and assessments aad insurance premiums, as the case
may be, whe~ the sape shall become due sad pRyable. thea the matgpgac sb4l1 pay to the mortgagee any amount
necessary to make up the deficiency, on ac befae the date when payment of such g~round rents, ta:es. assessments.
or iasurance premiums shall be due. If at any time the moctgegor shallteader to the mort~agte in accocdauce wiW
the provisions of the note secured hereby, full payment of the ent'ue indebtedness represented thereby, the mort-
gagee shall. ue computing the amount of such indebtedness, credit to the account af the mortgagor all peymeats
made under the ~raviaions of (a) of paragraph 2 hereoE ahich the mortgagee !ws not become obligated to pay to
the Secretary oE Hataing and Utbaa Development and any b4lance ~emsiining in tbe funds occumulated under the
provisions of (6J d said paragraph Z. If there shalt be a defAnlt ander sny af tbe pcovisioas of this matg,age, re-
sultiag in a Qubtjc s~te oE the premises covered ~ereby, or if ~he matgagae acquires the prop~dy othenaiae after
default, the mort~agee shall apply, at the tia~e of the comme~ement of such proceeding~t oc at the tiaK the prop-
edy is otherwise scquired, tbe bpl~ace thea remaiaing in the Eunds eccumulated uader (b) oE para~raph 2 preredio~
as a crcdit ag,Qinst the ampunt o~ pcincipol tbea reawinipg uapoid under said aote and ahall properlyadjust aay
payments which shatt h~ve been m~de u~der (a) of said Qera~caph.
4. Tliat he witl pey all taxes, assessrn~ats, w~ter rates, a~ otber gavernmental oc municipol char~es. fines.
ot impositians. fw which provisicn has not been niade hereinbefoce, ond in default thereoE the mort~agee may p~y
the came; and that he will pranptly deliver ttk afE~Ll teceiptr tbeeefor to the moct~,p~ee.
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