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Home My WebLink About1345 ~ ; • 'i e + saiJ :•::g;,gor does he~eby lull~~ w.,rcant the title to said laad, and every part the~eof. and will defend the same againcc 1ne (awtul cleims of all pe~scx~s whomscever. i';;0~'IDED ALWAYS, and these preseats ace executed and deliveced upoo ihe iollowing conditions. to wlt; 'Ti.~ mo~tgagor agrees to pay the matgagee, ot order~ the principal sua~ of 7w~r~-oNa ~ot~?rn~ rur~ xt~ ~a Ho/i~o Dollai• (S 21~9QQ.QQ as evide~ced by a nde of even date hetewith, with interest fcom date at the rate of ~ g"~ per centum ( 6 3~~ ~f.) per artnum on the uapaid balance until The said principal e~d interest shall be payable at the of~lce oE J~ T-•- StgNg~ l+jp~gg~ Campar~?,. Inc~ Suite 300 - 100 K3racle Mile, Coral Gables, F'l~orida or at such othec place as the holder of the note a~ay designate in wrlting. in monthly iastaliments of or16 HU~ P+~17e Zw~n ana 13/l00------•-~ neitars (s u,2.13 commencing the t~~st day of P'ebi'1~y . 19~" . and on tbe first day o~each month thereafter untiltheprincipal and in;ecest are fully paid. except that the fiaa! paymeat of principal and interest, if not sooner paid, shall be due . aad pa~•eble on the firat day of J~~~ ; And shall duly. promptly, and fully peiform, discharge~ execute~ effect. complete, and comply with and abide . by each and every the stipulations. agceemeats, coaditians. aad covenants of said promissory note and of this mortgage, then this mo~tgage and the estate hereby created shall cease and be aull and void. - And the matgagor fw~ther covenants as follovvs: ' 1. That he will pay the indebtedness, as hereinbefore provided. Pci'vilege is reserved to pay the debt in whole, or in an amount equal to one ar more moathly paymeats oa the principal that are next due on the note, o~ the first day of any month prior to meturity: Provided, however, that written notice of an intention to exercise such privilege is givert at least thirty (30) days pria to prepaya~ent; and~ provided further. that in the event the debt is p~id in full prior to maturity and at that time it is insured undec the provisioas of the National Housing Act, he witl pay to the mortgagee an adjusted Qremium charge of one per centum (1%) of the original principal amount thereof, except that in no eveat shall the adjusied premium exceed the aggregate amount of premium charges which would have been pay8ble if the modgage had continued to be insured until matnrity; such paytaent to be applied by the moct- gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insuraace. 2. That, in ocder more fully to protect the security of t6is mortg~age, the mortgagor. together with. and in eddi- tion to. the monthly payments under the terms of the notA secured hereby, on the first day of each month until the said note is fully paid, will pay to the modgagee the follaaving sums; (al Aa amount su[[icieat to pmvide the holder hereoE with tunds to pay the ne:t mortgage Lisuronce premium i[ thia insW- mmt aad We note secured hereby are insured, or a monthlr charge (in lien of a mortgage inswance premium) if they are held by the Secretary of Houslag and Urban DevelopaKnt, as [ollows: (1) If and so IoaQ as said note of evea date and this inswment ore insurcd ot a~e reinsured under the provisions of tbe National Housing Act, an amouat sufficient to accnmulate in the hands oE tde holder one (1) moath prior to its due date the aanaal mort~aQe ~surance premium, in order to .provide snch holder with [unds to pay suc6 premium to the Secretary o[ Housing and Urban Developmeat pursuant to tlK N~tional HoqsiaQ Act, as ameadcd, and applicable Regu- lations thereunder. ot . (In It nad so long ea sald aote ot evea date and this iast~nmeat are held by ihe Secretary of Housing aad Urban Develop- meat. a monthly charge (in lieu ot a mort~age insueaace preminm) ~vhich shdl be in aa am~+unt equal to one-twelfth (1/12) o[ oae-half (yS) per centum of tLe overage outstandlag balance due on-the noic computed witbout taking into account deliaqueacies or prepapments; (6) A sum equa! to the ground rents. if any. ne:t due, plus tLe preminms that wriil next become due aad payable on policies of Cue aad other 6asard insucaace coverin~ tl~e moztgaged propertr, plns ta:es ued assessmeats aext dqe on tbe mort- gaged property (all as estimated by tbe mortgagee) less all snms alrc~dy paid therefor divided by the aumber of moatbs to elopse before one month prtor to the date when suc6 ground rents, premiums. ta:es, and ~sseasments ~riU become de- linqumt. such suma to be held by mortgagee in trust to po~ said ~round sents, premiuma, t~es. and special assessmeAts; and (c) Ail paymeats meationed in the twro ~eceding su6sections of this parag,raph aad all payments to be made under the note secnred hereby shall be added toget6er and the agg~egate amawi ibereof shall be paid by the mortgogor eACh moaW in a siagle payment to be applied br the mort~a~ee to the tollowing items in fhe order sat forth: (n psemium charQes uader the conttact of insurance with the Secretary of Housia; and Urban Developmcnt, or monthly charge (in lieu of mort~e Insurqnce premiamj, as the caae mar be; (II) aro~md rents. tues, assessments, fire, and other hazard insarance premlums; (III) iaterest on the aote secared htreb~; and . (I1~ amoitisatioa ot the priacIp~l of said note. Aay deficiency in the amount uf such aggregate moathly payment shall, unless made good by the moctgagor prior to the due date of the ne:t snch peyment, caostitute an eveat uf default under this modgage. The mortgagee may collect a"late charge" not tio exceed tao ceats (2t) for esch dollar (Sl) oE each payment more than fiheen (15) days in arrears to cover the e:'tra e:peuse involved in haadling delinquent payments. 3. That if the totat af the payments made by tbe moctgsgat und~r (b) of parag~aph 2 preceding shall ex~eed the amount of payments actually made by tbe martgagee, for gcound rents, ta:es and assessments and insurance premiums, as the case may be~ such e:cess shall be _credited by the moctgagee an subsequent paymeats to be a~ade by ihe mortgagor. 1f, however, the montl~ly peyments made by the matgagor uader (bJ of peragraph 2 pre- ceding shall not be sufficient to pay grrnu~d reats, taxes and assessmaats and insuraace premiums. as We case may be, when'the sa~ shell becowe due aad payable, then tlie mortgagor sball pay to the mortgegee aay emonnt necessary to taake up tbe deficiency, oa ac befae tbe date when p.yment oE s~ch ground rents. ta:es. assessments, oc insurance pemiums shall be due. If ~t any time tbe mwtgagor shall tender to t6e modgagee iq accocdaace ~riW the pcovisions of tbe note secuced hereby, fnll poymeat of the eatire indebtedness repcesented thereby. tbe mort- gagee shalt, in computing the amount oE such indebtedness, credit to the account of the mortgagor all poyments awde vnder the prcrvisions of (a) af p~ragraph 2 bereof wbich tbe matgagee has not becaae obligated to psy to the Secretary ot Housing aad ilrban Development aad any bQlance renwlaing ia the fuads accumuleted under the pcovisioaa oE (6) aE said pacagrapb 2. If t6ece shell be a defanlt aader any of the pcovisions of this matpge, re- snlting in a public sabe of the premisea covered ~by, or if tbe matgagiee acqai~es the propedy otbenvise after detautt, the matg~ee slwll apQly. at tbe time af tl~e coaomencemeat of such proceedings or at the time the prop- arty is dherwise acquired, tbe balance thca reawining ia tbe fnods acc~ulated under (6J oE paragraph 2 preceding as a credit a`,dnst th! aawud of principol tben reioainln~ uapoid md~r said aote aad shall pcoperly adjust any ~ payments which sball iwve beea made wder (oJ af said pacagtap6. ~ 4. ?hAt he will pay all ta:es, assessments, water rates, aod atber governmeatal a municipol charges~ Eines, e~ impositioas, tor which provisian has aot beeo oacle he~inbefer~. and in default tbered t}?e mo~tga~ee nwy poy the aa~oe; aad that he will promptly delivec tbe cfficial noeipts thetefor to the mortg~~ee. . ~a~Ki76 ~~.344 . ~ . , ~ ~ s , 5 , - s;y ' ~ ~ ~ _ . _ ~ . _ - ~ °k _ x~ _ ~ . s