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HomeMy WebLinkAbout0407 , - ~ ~ ~ ~ ti -std mo~~~ugc~ ~:o•~s hereb~ fully :.~rran~ ~hP title to xaid :~+nd. and e~-erc pan tF.ercui. ~nu wi11 dele~~d ~he ssme ,.Kain~t tre 1Hniul c•ibims of alt ~rcuns ahomsoeve~. PNU~'1DED ALt1AYS, and the~e p~rcpnta are executcKl ~+~d del~rered upon th~ tollowing conditio~s. t~ Nit: The mortg~gor agrees to pa} tbe murt~taKee, or orde~_ ~ e rinc~pal 3um af TiiSNTY-1i10 14i0USAND SI(~T HUND~iSD and N0~10~-----------~-. Dollacs ~S 22~~00.00 as ev~denced by a nc?te of even date herev?ith, adh interest icum dace at the rete oi OAErHAI+F per centum pe~ annu~n cm :he unpaid balance until paid. The said ~rincipal and interest shall be payable at the oifice of d. T. STS~IAST 1"IQ~TGAGB C~ANY~ II~C.~ Suite 3~4,- 100 Miracle Hile, Coral Gablest Florida or at such other place as the holder oi the note may designate in ~vriting, in monthly instellmenl4 of pNS HUN1~D F'IF'1'Y-NINB and 60~1(J(1--• --Dollars (S 159.60 comn~encing on the first dey of ~~~y . ~9 69 . and on the first da~• oi eacb month there5tter until the principal and interest are tully paid. except that the finbl payment of principal and interest. nw sooner paid, shall be due and payable on tl~e first day of Ap2'i.lt 1~ ; And shall duly. promptly. and fully per(orm. discharge. e:cecute. efiect. complete, and comply with and abide by each and every the stipulations, agreements. conditions, and co~enants ~f seid pranir.sory note and of this mortgage. tben this mortgage and the estate heceby created shall cease and be nuU and void. And the matgagor turther covenants as tollows: - 1. That he will pay the indebtedness. as hereinbeiore pr~vided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monihly payments at the principal that a~e next due on the note, on the first day of any month prior to maturity: ProridFd, however. that_ written notice of an intention to exercise such privilege is given at least thidy (30) days_ prior to prepayment; and.'provided further. that in the event the debt is paid in [ull prior to maturity and at that time it is insured under the provisions ot the National Housing Act, he will pay to the modgagee an adjusted premium charge of one per centum (196) of the original principal amount theceof, except that in no e~ertt shall the adjusted premium exceed the aggregate amount of premium charges ~vhich would have been payable if the moctgage had continued to be insured until a~atority; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Howing and Urban Development on secount of mortgage insurance. 2. That, in order more fully to protect the security ot 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 each n~onth until the said note is fully paid, will pay to the mortgagee the follaaing sums: .aI An smount sutticient to pravide ths holder hereot wlth funds to pay tFe ne:t mortgaqe insur++nce premium if this instru- mcnt andthe note seeured Aeteby are insured, or a monthly chargt (in lieu of a mortgagr insurance prcmium) i[ thep are held by ~be Secretary of Housing and Urban Development, es [oflows: (I) It and so lone aa aaid note of even dote and this instrument are insured or are ceinsured under the provisions ot the National Housing Act, on amuunt sut(icient to accumulale in the hands•o[ 1he holder one (1) month prior to its due dete the annuat mortgoge insurance prem~um, in ordor lo provide such holder with funds to pay such premium to the Secretarp of Housing aad Urban Devrlupment pursuant to the ICational Housing Act. as amended. and applicable Regu- latiuns thereunder; or (II) 1( and so long as said note of even datc and this instrumenl pre held by the Secretary of Hou~ing and Urbxn Develop- ment, a monthly charQe (in lieu af a morigage insurance premium) which shal! be in a~ av:ounl equal to ane-twelith (1'12) of bne-h~lf (yS) per centum o( the average outstanding bafance due on t6e note cumputed w~ithout taking into •crount delinquencies or p~epa~ments; /b/ A sum equal to the ecomd rents. it any. ne~t due. plus the preraiums that ~vill ne:t become due and payable on pulicies i ot fire and other hazud insurance covering the morlgaged properiy. plua taxes .and assgssments neYt due on the mort- gaged propert~ (~11 as estimated by the mortgagee) lesa a11 sums alreadr paid therefor divided by the numbcr o[ moaths to elapse befo~e one monffi prior to the date when such ground tents, premiums, tq:ea, end assessmeats will become de- i linquent, such sums to be held by morlgagee in trust to pay said grouad rents, premiums, ta:es, and spacial asseasments; ~ and (c/ All paymenta mealioned in the two prereding subsections of this paragreph and all payments to be made under the note secured herebp~ shall be added together and the ag~egate amount thereof shall be paid by the mortgagqr each month in a singte paymeat to be applied by the mortgagee to the following itema in the order set fort6: : (q premium charQes under the contract ot insurance with the Secretary of Housing and Urbaa Development. ur monthlp charge (in lien oi mottgaee in~urance premium), as the case may be; (li) ground rcnta. t~:es, asseasmeats, fire, aad other hazard insurance prrmiums; - (III) interest on the note secured hereby; rnd , (11~ amortisation ot t~e principol ot said note. Any deficiency in the amaint of such aggregate monthly payment shall, unless ~made good by the mortgagor prior to the due date af the next such payment, cautitute an event af de(ault under this mottgage. The mortgagee may collect e"lete charge" not to exceed two cents (2a) for each dollar (Sl) of esch peyment more then [ifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of ~tbe payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed the amountj of peyments actnally made by the mortgegee. for ground rents. taxes and assessments and insurance premiums, as the case ahay be, such exress sha11 be credited by the moctgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) ot paragraph 2 pre- ceding shall noi be sufficient to pay groand rents, taxes and assessm~~nts and insurence premiums. as the case mey be, ahen the same s6a11 become due end peyable. then the moctgagor shall pay to the mortgagee an~ amount ~ necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes. assessments. ~ oc insurance premiums shall be due. tf at any time the mortgegor shall tender to the mortgagee in accordance with the provisions of the nde secured 6ereby, full payment of the entire indebtedness represeated thereb~ , the mort- gagee shall, in computing the amount of such indebtedness, credit to the ac~c~unt of the mortgagor all payments rlwde undrr the pravisions of !uJ of paragraph 2 hereof vrrhich the mortgagc ~~as not become obiigated to payto the Secretary of Housing and Urban Development and any balance remainin_ the funds accumulaled undec the provisions of (6) of said paragraph 2. If there shall be a default under an~ ~,f the provisioas of this mortgage, re- suiting in a public sale of the premises coveced ~ereby. or ii the moctgagee acquires the property otherwise aiter ~ detault, the mortgagee shall apPly, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired,the balence then remaining in the funds accumulated under !b1 of paragraph 2 preceding as a c~edit againat the amount oi principel then remaining unpeid under said note and shall properly adjust any paymenta which siwll have been mede undet (o) o( said paregraph. d 4. That he will pay all taxes, assessments, water rates, and other governmentat or municipal charges, fines. a impositions, for which provision has not been made hercinbeface. and in default thereof the mortgegee ma3 pay the aame; and that he will promptly deliy~~~i~l eeceipts therefor to the mortgagee. . D 'i l ~ ~ ~ r ~ ~ . ~aN."~ _ o-; ,-3' -J .u" °"r~~"''