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Home My WebLink About1066 i ~ , ; . ~ ~ : -a:d n~auK•:~c~ ~:eN~ herebr fullr •.rarrant rhF I~tle to ,t~~d :~+n~. end et~n- p~ct tF.ercut. snu tivi11 de(end ~he sa:ne .,r3m~t u~e ts+~~fui ~ la~ms ~~f all Fe:~uns Hhomsc~ever. PN()~'IDE:D ALIIAYS, and thecP prr~entc :.re executcd and deli~~ered upc+n thp tollowi~R conditions. ta ~it: Thr mortRaKor agrees to pa~ the rt:ur~~:+Kee. or order tnc• ~.rinctpal sum of FOURTS~i THO~TSAND SSPffi~1 A[l~ID~SD APD F0~1 - ~ Dolla~s ~4 1/~~'100.00 1. as e~•~~lenced b~ c~ note oi e~•en date heteaith, with interest (~u:n date at the rate of S~B9SN AND ~TFi-HAI,F per cencum ('j ~ ~zl pet annum on :he unpaid balance until paid. Tl~e said principal end interest shall be pa~•able :+t the o(fice of J. S'1'$'~ITA~T I~ORT~3AGS CCl~IPANY~ II~TC., 3nita 300 - 100 l~iracle I~Iils, Coral Gables, Florida or at such other place as the holder of the note may desig~ate in writing, in munthly installments of 0l~TS HqAtJEiED 'PMO AIID 90~1^^ -~ollars (S 102.90 comn?encing oc~ the first day oE .TUl~}T . i9 69 . and on the (irst dHy of each mo~th thereafter until the principal and interest are fully paid. except thHt the fina! payment ot principal and interest, i( not soonec paid, shall be due and payable on the first day of dt1IIA 1~ . And ~hall duly. promptly, and fully pe?fo~m, discharge, execute. eftect, cemplete. :and complt~ with and abide by each and every the stipulationc, agreeme~ts, conditions, and co~•enants of said promicsory note and of this mortgage. then this modgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbe[ore 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, on the first day uf anc month prior to maturity: /'ro~•id.•A, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepeyment; and, provided further. that in the event the debt is paid in tul! prior to maturity and at that lime 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 0) of the origina! principal amount thereof, except that in no e~ent shall the adjusted premium exceed lhe aggregate amount o[ premium charges ~vhich would ha4e been payable iE the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary ot Housing and Urban Development on account of mortgage insurance. That, in order more fully to protect the security of this mortga~e, the mortgagor, together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby. on the first day oi each month until the said note is fully paid, will pay to the mortgagee the following sums: ~oi An ar.:ount sufticient to provide the holdrr hereu[ with funds to pay the next mortRaqe insurance premium if this instru- rt~cnt aadthe note secured hereby are insurrd, ur a monthly charge (in lieu u( a mortgagr insu~anre prer.iiun? if the~• are held by the Secretary of Housing and UrFan Developrr.ent. as follows: (I1 I[ and so long as said note of even date and this instrument are insured or are reinsured under the provision~ of the National Housing Act, an am~unt sufficirnt to accumulate in the hands-o( ~he holder une (1) snonth prior to its due date the annua) mortgage insurance prrm~um, in urder lo provide sucfi holder with (vads to paY such Fremium to the Sec?etary of Housing and Urban Dea•rloyme•nt pursuanl to the Nalional Housing Act. as amended, and applicable Re~u- lations thereunder; or (II) If and so iong as said note of evrn Jatr and this instrument are held h~ Ihe ~ecretary ut Hou~~ng and Urban Develop- rr:ent, a monthty charge (in lieu of a rr;urtgage insurance premiuml which shnli Le in at? a~r.ount equal to one-tHel(th (1 12) ot one-half (i5) per cent~m o( the avrragr ouislanding balance due on the note cumputed without taking into I~ ecrount delinquencies or prept+~~ments; ; /b1 A sun: equal to the ground rents, i[ an~, neYt due, plus the premiums that will next become due and payable on pulicies ~ of fire and other hazard insurance coverinq the mortgaged property, plus taxes and assessaents ne:t due on the mort- E gagrd property (atl as estimated by thc mertgagec) less all ~ums alrradp paid therefur divided br the numbcr o[ months ~ to elopce before one month priur to the date when such ground renis, premiums, taxes, and assessments ~rill become de- ~ linquent, such sums to be held Gy~ r.:urlKagee in trust to pay said ground rents, premiums, taxes, and special assessments, ~ and ~ All payments menlioned in the hvo precrd?ng subsertions n( this paragraph and all paymrnts to be made under ihe note ~ ~ secured hereby shall be added together and the ag~regate amount thereot shaii be peid by the mortgagor each month in a f ~ sinRle ps+yment to be applied b}• the mortgagee to the follow~ng items in the urder srt torih: { ~ (I) prrmium charges under the contract ut insurance Mith the Secretar~ o( Housing and Urban Development. ~r munthly f charge (in lieu o[ mortgage ~n~urance premium), as the case may be; ; 3 ~ (Iir ground rents, ta:es, assessments, tire, and uther hazard insurance premiums; ! ~ (III) interest on the note secured herrby; and _ ~ (IV) amortization ot the prlncipal o[ said note. ; Any deficiency in the amount of such aggregate monthly payment shall, unless made good by tlie mortgagor ( ~ prior to the due date of the next such payrt:ent, constitute an event oE default under this mortgage. The mortgagee { ~ may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ~ ~ (15) days in arrears to cover the extra expense imolved in handling delinquent pa~ments. ; ~ 3. That if the total of the pa5-ments made b~ the mortgagor under (h) of paragraph 2 preceding shall exceed ' ~ the amount of payments actually m3de by the mortgagee, for ground rents, taxes and assessments and insurance ~ pcemiums, as the case may be, such exress shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. lf, however, the monthly payments made by the mortgagor under (6) of paraqraph 2 pce- ~ ceding shall not be sufficient to pay gcound rents, taxes and assessm~~nts and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the mottgagor shall pby to the r.~octgagee an~~ amount necessary t~ make up the deficiency, on or beEae the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. lf at any time the mortgagor shall tender to the mortgagee in accordance with ~ ~ ' ~ the pro~-isions of the note secuced hereby, tull payment of the entire indebtedness ~epresented thereb~•, the mort- ~ gagee shall, in computing the amount ot such indebtedne~s. credit to the :+r~•c~unt of the mortgagor all payments g~ made undrr the ptovisions of /~r) u[ paragraph 2 hereoE a~hich the mortgagc as not become oi~figated to payto the SecretarS of Housing and Urban Development and am• balance remaini^ the funds accumulated under the ~ ` provisions of (b) of said paragraph 2. If there shall be a default under an~~ ~,t rhe pro~isiois oE this rr.artgage, re- ~ sulting in a p~btie sale of the premises covered ~ereby, or i( the mortgagee acqu~res the property otherw~se after de[ault, the mortgagee shali apply, at the time ot the commencement of such proceedings or at the time the prop- e~ty is othervvise acquued,the balance then remaining in the funds eccumulated under ~j~l of paragraph 2 preceding ~ as a credit against theamount ot principal then remaining unpaid under said note and shaU properlgadjust any r= payments ~vhich shall have bee~ made under (v) o( said paragraph. xM ~a; 4. That he will Pay all taxes. :,ssessments, water rates, and other gocetnmental or municipal charRes, fines, oc impositivns, fur which provision has not been made herein~~:~xe, i~nd in default thereof the mortgagee may~ pay ~ the same; and that he will promptiy deli~•er the o[ticial receipts therefor to the mortgaRre. ~ ~~i ~ 7~ +~ipb~ ; ~ ; { ~ ~ ~ ~ M~ - - ~ ~ __.wF '~`'"-Y-- - ,