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HomeMy WebLinkAbout0497said 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. snd these presents are executed and delivered upon'the following conditions, to wit: The mortgagor agrees to pay the mortgagee, or ord/eyr. the/~p~rincipal sum of S~ ~ ~l~ and W,lOV~~M~~~~~~~~~~~~~~~~~~~~w~~~~~ Dollars (516,300.00 ), as evidenced by a note of even date herewith, with interest from date at the rate of SaVSN and ~-fD1L! per centum ( 7~ %) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of J. T. S'19;iQ1ICP COl~WY, IIiC. • Snits 300 - 100 Miracle Mile , Ooral Gables. llorida a at such other place as the holder of the note may designate in writing. in monthly installments of Dim liL»R» Fri and 10/100 Dollars (S 114.10 ), commencing on the first day of Septeaber , 1~9 ,and on the first day of each month thereafter until the principal 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 71tu~ust, 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 [oolows: 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 (1%) 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 ittsured 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: (e) Aa amount sufficient to provide the holder hereof with [ands to pay the next mortgage insurance premium if 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) If and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate is the hands of the holder one (1) month prior to its due date the amual mortgage insurance premium, is order to provide such holder with funds to pay such premium to the Secretarq of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) I[ 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 .(1/12) of one-half ('fi) per centum of the averege outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, nett due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus to=ea and assessments next due oa the mort- gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse be[ore one month prior to the date when such ground rents, premiums, taxes, 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 (c) All payments mentioned in the two preceding snbsectioas of this paragraph and all payments to be made under the note secured hereby thanbe added together and the aggregate amount thereof shall be paid by the mortgagor each month in s single payment to be applied by the mortgagee to the following items in the order- set forth: (I) premium charges under the contract of insurance wiW the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium),, as the case may be; (II) ground rents, fazes, assessments, fire. and other hazard insurance premiums; (III) interest oa the note secured hereby; and (I~ amortization 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 (2~) for each dollar (S1) 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. If, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessments and ir~surance 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 entice 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 (aJ of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary Qf Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (6J of said paragraph 2. U there shall be a defanlt 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 (b) 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. ~" 800K179 e~c~ 497 --- ~ .