HomeMy WebLinkAbout0087said mortgagor does hereby fully warrant the title to said land. and every part thereof, and will defend the same
against the lawful claims of all persons whomsoever.
PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions. to wit:
The mortgagor agrees to pay the mortgagee. of order, the principal sum of
Fo~TrEN TNOOSArID sIx HUNDRED AND No/ice
Dollars (S 14r 600.00 ), as evidenced by a note of even date herewith, with interest from date at the
rate of SEVEN AND ONF-~iAI~F per centum ( 'j~ 96) per annum oa the unpaid balance
until paid. The said principal and interest shall be payable at the office of d. T. Stewart Mortgage
Compar>,q, Inc., Suite 300 - 100 Miracle Nile, Coral Gables, Florida
or at such other place as the holder of the note may designate in writing, in monthly installments of
ONS HUNDRED TWO AND 20/1^^ ^ollars (S 102.20 ~' ), commencing on
the first day of August 19 69 ,and on the first day of each month thereafter untiltheprincipal
and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due
and payable on the first day of July, 1999 ;
And shall duly, promptly, and fully perform. discharge, execute, effect, complete, and comply with and abide
by each and every the stipulations, agreements, conditions, and covenants of said promissory note 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. 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 of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege
is given at least thirty (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 mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereof, except
that in 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 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 following sums:
/o) An amount sufficient to provide the holder hereof with funds to pay the ne:t mortgage insurance premium it this instru-
ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are
held by the Secretary of Housing and Urban Development, as follows:
(I) It and so long as said note o[ even date and this instrument are insured or are reinsured under the provisions of the
National Housing Act, an amount sufficient to accumulate in the heads of the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the
Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu-
lations thereunder; or
(II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop-
ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth
(1112) of one-halt ('h) per centum of the average outstanding balance due on the note computed without taking into
account delinquencies or prepayments;
(6) A sum equal to the ground rents, if any, nezt due, plus the premiums that will next become due and payable on policies
of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort-
gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number o[ months
to elapse before one month prior to the date when such ground rents, premiums, fazes, and assessments will become de-
linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, fazes, and special assessments;
and
(r) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note
secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a
single payment to be applied by the mortgagee to the following items in the order set forth:
(n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
(II) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(III) interest on the note secured hereby; and
(IV) amortisation of the principal of 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, constitute an event of default under this mortgage. The mortgagee
may collect a "late charge" not to exceed two cents (2e) for each dollar (Sl) of each payment more than fifteen
(15) days in arrears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance
premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. U, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case
may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes. assessments,
or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with
the provisions of the note secured hereby, 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 provisions of (a) of paragraph 2 hereof which the mortgagee has not becwae obligated to pay to
the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the
provisions of (b) of said paragraph 2. If there shall be a defaul ~ under any of the provisions of this mortgage, 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-
erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any
payments which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines,
or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay
the same; and that he will promptly deliver the official receipts therefor to the mortgagee.
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