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Home My WebLink About1502 ~ t . r ? , ti . said martgagor does hereby fully wercant the title to said land. a~d every part thereof. and Nilt defend the same against the lawEul claims of all persons whomscever. PROVIDED ALWAYS. and these prese~ts are executed and deliveced upon the following conditions, to wit: The mortgagoc agcees to pay the mortgagee. c~r ocder, the principal sum ot ~',~V~1 '17~~0 $L'VS1~l tA~DR~D FIP?Y A~iD N0~100-•--••-----•----•-----•----•------••--•••- Dollars (S 11 ~7~~~ as evidenced by a ~ote of even date herewith, with Interest from date at the rate of $eV~l at1t~ ORt-half per centum ( 7 ~ 96) per annum on the unpaid balance until paid. The said principel and i~tecest shall be payable at the office oE ~I~70 FI'iA21C CORPORIITION~ a corporation undar tha laas of tha Stata of ~ara, P. O. Bwc 3131, Mia~i, Florida or at such other place as the holder ot the note may designate in writingp. in monthly installments of S~t1~i i~IV ~YY ZJ~~~~~~~~~~~~~~~~~~~~ ~0118[S ~s v`~i~i COOIQletIClllg Ot1 the ficst day of A1i,~1~Qt . 19 69. and oa the ficst day of each month thereafter uatilthepcincipal and interest are fully paid, except that the final yment of principal and interest, if not sooner paid, shall be due and payable on the first day of JL~.y~ 199~ ; And shall duly. promptly. and fully pedorm, discharge~ execute. effect, complete, and comply with and abide by each and every the stipulations. agreeraents. conditions, and covenants of said pcomissory aote and of this mortgage. then this mortgage 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 hereinbefore provided. Pri'vilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the pri~cipal that are next due on the note, on the first day of any month prior to maturity: Provided, however, that written notice of a~ intedtion 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 full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to the modgagee a~ adjusted premium charge of one per centum (196) of the original principel amount thereof~ except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have 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 of Housing and Urban Development 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 each month until the said note is fully paid, will pay to the mortgagee the follaaving sums: (a) An amouot sufticient to provide the holder hereof with funds to pay the next mottgage insunnce premium i[ this instru- ment and the note secured hereby are insured, or a monthly chorge (in lieu ot a mortgage insurance premium) if they ore held by the Secretaryr o[ Housing and Urban Development, as follows: (1) I[ and so long as said note ot even date and this instrument are insured or ere reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with [unds to pay suchpremium to the Secretary of Housing and Urben Development pursuant to the Nationai Housing Act, as amended, and applicabie Regu- lations lhereunder; or (II) It and so long as said note of even date and this instrument are held by the Secretarr oE Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shal! be in an amount equal to one-twelEth (1!l2) o[ one-half (1~4) per centum o[ the average outstanding balance due on the note computed without taking into accou~t delinquencies or prepayments; (h) A sum equal to thr ground rents, if any, next due, plus the premiums that wiit ne:t become due and payable on policies o[ fire and a:her hazard insurance covering the mortgaged property, plus taxes and assessments ne:t due on the mort- ! gaged property (all as estimated by the mortgagee) less all sums aiready paid therefor divided by the number ot months ~ to elapse betore one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- ~ tinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; 4 and I k (cJ All paymeats mentioned in the two preceding subsections ot this paragraph and all pa~ments to be made under the note ~ secured hereby shaii be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ single paynent to be applied by the mortgagee to lhe following items in the ordet set forth: ~ (n premium charges under the contract oE insurance with the Secretary of Housing and Urban Development, or monthly ~ ~ charge (in lieu of mortgage insurance premium), as the case may be; (tI) ground rents, taxes, assessments, (ire, a~d other hozard insurance premiums; , a (III) interest on the aote secured heroby; and ~ ~ (I{~ amortization of the principal o~ said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment,'cottstitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed t~vo ceAts (2a) for each dollar (Sl) of eac6 payment more than fifteen ~ (15) days in anears to cover the extra expense involced in handling delinquent payments. ~ 3. That if the total of the paymertts made by the mortgagor unde~ (6) of paragraph 2 preceding shall exceed 5 the amoant oE payments actuaUy made by the matgagee, for gcound rents, taxes end assessments and insurance ~ premiums, as the case may be. such excess shall be credited by the mortgbgee on subsequent payments to be ~ ~ made by the mortgagor. If. however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay gcound renis, taxes and assessmants and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the moctgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or beEore the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall tendet to the mortgegee in accordance with the provisions of the note secured. heteby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the pcovisions of (aJ d paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Seccetary of Housing and Urban Development and any balance remaining ia the funds accuraulated uuder the ~ ~ provisions of (6) of said paragraph 2. If there shall be a default under any of the provisions of this matgage, re- ~ sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ edy is otherarise acquired, the balance then remaining in tl~e funds accumulated under (bJ of paragraph 2 preceding ~ as a credit against the amount of principel then remeining unpaid under said note and shall properlyadjust any ~ ~ payments which shall have been made under (aJ of said paragtaph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental oc municipal charges, fines, ' ~ or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay ~ the same; end that he wiU promptly deliver the official receipts thetefor to the mortgagee. ~ - - ~~~i`7~ PA~~~50i ~ _ 3 ~ __e_ = ~ _.x~_