The URL can be used to link to this page

Home My WebLink About0248 • said matgaga does hereby fully vP~rrant the title to satd land. and every pad thereof, and will defend the same agaiast tbe lawful claims of oll parsoas whomsoever. ~ PROVIDED ALWAYS~ aad these preseats are e:ecuted and delivered upon t'he followlag conditioas, ta wit: The matgagot ag~tees to pey t6e matgagee. or ader. the principal suw oE '1'N~'Yty ~'1~10v8~Ad Nias Hundred sud 80/100 Dolla~s (s 21~900•00 as evideaced by a aote oE evea date herewith, with Iatecest from date et the rate oE 3A11+SII aAd Ou0 11a1S Per ceMum ( 'j~ Pec aanum aa tbe anpaid belance uatil poid. The said pdneipel aad intecest shall be payable at the office of J. r. CC~ANYt II~C. in Coral Gablee~ Flrorida oc at such other place as the holder of the aote m~y designate ia writing. in monthly iastallments of ~ HU~d~d ~jl~fj'~a ~ ~~i~{ ~OT18i8 t~1 Ztfwu~i ii~Iiig v~a the ftrat day of ` gp~pr . 19 69. aad oa the first day of each moath theceafter uatil the priacipal and iatecest are fnlly paid, ezcept thsi the final payment oE priacipal and interest. if not sooner paid, shall be due and payable oa the firgt day of Q~t,pbp~? 1~ ; Aad shall~dnty, promptly~ and Eully per~orm, discharge. execute, effect, complete. ac~d comply with aad abide by each aad evety the stipulations, ag~ree~oents. conditiuns. end coveaants of said pranissory note aad of this mortgage, thea this matgage aad the estate hereby created shall cease and be null and void. Aad the moctgagor fw~ther coveaaats as follwps: 1. That he will pay the indebtedness, as hereinbefoca provided. Pri"vilege is reserved to pay the ~ebt in whole. oc in an amount equal to one or mae monthly p~ymeats oa the principal tbat are aext due oa the note, on the first day d any moath prior to matqrity: Provided, hwrever, that writtea notice of at~ inteatiaa to exercise such p~ivilege is given at least thirty (30) days prior to prepaymeat; and, provided fa-ther, thet in the eveat the debt is peid in full prioc to maturity and at that time it is ins~red under the provisions oE the National Housiag Act, he will pay to the modgagee aa adjusted premium charge af one per centum (1%) of the originel principal amount thereof. except that ia no event shall the adjusted premium exceed the aggregate amouat of premium chacges which would have been payable if the moctgage had continued to be insured until matucity; such payment to be applied by the mod- gagee upoc~ its obligation to the Secretary of Housiag and Urban Development on acconnt oi moagege insurau~e. 2. That, in order moce fully to protect the security of this mortg,age. the mortgagoc, logether with, and in addi- tion to, the monthly payments uader the terms af the aote secnred heceby, on the first day of each month untii the said note is fully paid~ will pay to the modgagee the follawing smas: (a) An amonnt sutficient to provide t6e holder hereof wit6 funds to p~y the ae:t mortgage insurance premium if this iasW- ment aadthe note secured hercb~ are insured, or o monthly charge (ia lieu of a mortgage insurance premium) it they are held by the Secretarp of Housing and Urban Developmeat, as follows: (I~ I[ and so lung as said note af even date and t6is iastrumeat are insured or aro reinaured under the provisions ot the Natioaal Housing Act. an amouat suEficieat to accumnl~te in the haads of the holder oae (1) month prior to its dne date ffie annual moctgage insuronce premiom, in order to pwvide such Lolder ~rith funds- to pay suchpremium to t6e Secrotnry of Eiousing and Urban Development pursuant to the National Housing Act. as amended, and applicable Regu- lationa thereunder, or (Ih If aad so long as s~Id aote of even date and ffiia inatrameat arc held by the Secretary of Housing aod Urban Develop- ment, a moethly charge (in lieu of o mortgage inwronce premium) whlch shall be ia aa amount equal to one-Mreltth (1/12) ot oae-half (K) per centum af the average outstanding balance due on the note computed wltbouttaking iato ~ account delinquencies or prepapments; (bJ A sum equal to the ground reats, if any. nezt due, plns the prea?iums that ~aill nezt become dut aad payable on policies of fire ar?d oWer hazard iasurance covering the mortgaged property, plua tazes and assessmeats aezt due on We mort- i gaged property (all as estimated by the mortgagee) lesg all sums alreadq paid therefor divided by the number of months ! ta ei~pae before one a?ooth pdor to the dpte wrhea such gronnd renta~ premiumb, ta:es, and assessments will become de- ~ linqneat, such sums to be held bq moetgagee in trust to p~y said ground rents, premlua~s, tazes. and special assessmeats; ; and " ~ (e) All paymeats mentioned in the two preceding subseciiona oE this pangrap6 and alt paymenta to be made under t6e aote aecured hereb~ shall be added together and the aggregate amount thereof shall be paid by ffie mortgagor each month in a single paymeat to be applied br the mortgagee to the following itema in the order set [orth: . premium charges under the coatract of inaurance wlth tLe Secretary o[ Housing and l)rban Development. or monthly charge (ia lleu of mortgage insuraece preminm), as the case may be; (In ground rents. t4:es. assessmeats. fire, and oWer hazard insuraace preminms; (i~ interest oa the aote secured heroby; and . (IV) amortizatioa of the p~incip~l oE aaid note. Any deficieecy in the amount of sueh aggcegate monthly peymeat shall, unless made good by the moctgagor prior to the due date of the next sac6 payment, coastitute an event d default under this mortgage. The modgagee may coltect a"late charge" not to exceed two ceats (2e) for each dollar (Sl) of each payment more than fifteen (15) days ia anears to cover the estra egpense involved ia handling delinqueat ~ayments. 3. That if the total of the ~peymeats made by the mortgagor under (b) of parag,~aph 2 preceding shall eaceed the amouat of paymeats actually made by the mortgagee, for g~round rents, taxes and assessments and insurance premiums, as the case Q.ay be, such excess shall be credited by the moctgagee on subsequent payments to be made by the mortgagor. H, however, the monthly payments made by the mortgagoc under (bJ of paragraph 2 pre- cediag si~all not be suffici~at to pay gROand reqts, ta~ces and assessm~~nts and insaraace premiums, as the case may be, ~rhen the same shall become due and payable, thea the mortgagor shall pay to the modgagee any amount necessary to meke up the deficiency, on o~ befoce the dete when paymeat of such ground reats, tanes, assessments, ~ or iasurance ptemiums shall be due. If at any time the mortgagoc s6a11 teader to the mortgagee in accordance with the provisia?s of the aote secuced hereby, full payment of the entire indebtedness represented thereby, the mod- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made aader the pravisions of (a) af paragraph 2 hereoE ~vhich the moctgagee 6as not become obligated to payto the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ptovisions of (b) of said paragraph 2. If there shatl be a default under any of the pcovisions of this mortg,ege, re- sulting in a public sale of the premises covered ~ereby, a if the mortgaeee acquires the property otherwise after _defanlt, the mortgagee shall apply,~at the time of tbe commencement of sucti proceeding~ or at the time the prop- ~ erty is othecwise acquired, the belance then remaiaing in the fuads accumulated under (6) of paragraph 2 preceding as a credit against the pmount of principel then remaining uapaid under said note and shall properly adjast any ~peyments which shall hsve beea made under (o) of said paragraph. . 4: That he will pay all taxes. assessments. water rates, aad dher governmental a municipel charges, fines, or impositioos, for wbich pcavision bas aot been made hereinbefoce, and in deEault thereaf the mortgegee may pay the same; and that he will promptly deliver the official receipts therefor to the modg,agee. ~ ~~K~~ ~ 2'48 C~ {J ~ - - - =~s , ~ _ _ ~ ~ ~ ,~~y.~-_~.,, v._ t_.~~~:.~~~