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said mo~tgagoc does hereby fully ararraat the title to said land. and every part thereof. and will defe~d the seme
against the :awful claims of all persoas whomsoever.
PROVIDED ALWAYS, a~d these presents are executed and delivered upon tha following coadltlons, to vrit:
The mortgagor agreea ta pay tbe moctgagee~ ~ order, the priacipal sum of ZT~iSLVB THOUSAt~U FOUR
HVAD~ APD NO/lOO _________________________________________..__.._~_______MM...______
Dollars (s 12 •400.00 as evidenced by e note of evea date herewith, with iaterest from date at the
rate of sev~en and one-half per centum ( 7~i pe~ annum oa the unpaid balance
until paid. The said principal aad interest shall be payable at the otfice of
J.T. 9TB'w7~RT l1oR'K3~1G6 COMP~NY, iNC. , Suite 300 - 100 Miracle Mile, Coral Gables, Florida
or at such other place as the holder of tha aote may designate in writing~ ia monthly installmeats of _
8IGH1'Y~SIX AND 80f 100 Dollars (S 86. 80 comwencing on
the first day of P1~vem?ier ~ . 19 69 . and on the first day of each month theceafter until the principel
and iaterest are fully paid. except that the fiaal payment of principal and interest. lf aot soonec peid, shall be due
aad payable an the first day of Octaber, 1999. ;
Md shall duly. promptly, and fully pedorm, discharge, execute, effect, complete. end comply wit~ and abide
by each aad every the stipulations. agreements, conditioas, and covenants of said pranissory aote and of this
modgage, then this moctgage and the estate hereby created shall cease and be null and-void.
And the moctgagor fuctl~er covenants as follows:
1. That he will pay the indebtedness, as hereinbefore pcovided. Pri'vilege is reserved to pay the debt in wbole,
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 prioc to prepayment; and, provided fudher. that in the event the debt is paid in
full prior to maturity and at that tia~e it is insured u~der the provisions of the National Nousing Act, he will pay to
the modgagee an adjnsted premium charge of one per centum (1°~6) of the original principal amoont thereof. except
that in no event shall the adjuated premium exceed the aggregate amount of premium charges which woald have
beea payable if the mortgage had continued to be insuced until matasity; such payment to be epplied by the moct-
gagee upon its oblig,ation to the Secretary of Hoasing and Urban Development on account of modgage iasurance.
2. That, in order more fully to protect the security of this modgage, the modgagor, together with~ and in a3~i-
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: -
(oJ Aa amount sufficient to provide the bolder hereot wlth [unds to pay the aezt mortgage insurance preauum it t6is iastrw
ment and the note secured hereby are insured. or a monthly charge (in lieu ot a mortgage insurance premium) i[ Wey are
held by the Secretary of Housing aad Orban Development, •s [oliows:
(I) IE and so loag as soid note ot evea date and this instcument are insurcd or are reinsured under the provisions ot the
National Housing Act, an amount sutCicieat to accumnlate L? the haads o[ the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such 6older with [unds to pay auchpremium to the
Secretary of Housiag and U~ban Developmeat parsuant to tha Natioaal Housing Act, as ameaded. and ppplicable Regu-
latioos thereunder; or
(II) If and so loag as said note ot even date and thia instrument are held by the Secrct~r~ of Housing and Urban Develop-
ment, a monthly charge (ia lieu of a mortgage iasvr4ace premium) which ahall be in aa pa?ount equal to one-taelfth
(1/12) of oae-hal[ (yi) per centum of the avenge outstanding balance due oa the note computed wit6out tatiag into
account delinquencies or prepayments;
(b) A sua? equal to the ground re~ts. if any. ne:t due, plua the premlums that will ne:t become due and payable on policies
of Cue and other hazard insurance covering the mortgaged pmperty. plus ta:es and assessmeats aest due oa the mort-
gaged property (all as estimated bq the mortgagee) lesa all sums already paid therefor divlded by the number of mont5s
to elapse be[ore one moath prior to the date when such ground rents, premiums, ta:es, and assessments ~rill bec~me de-
t linquent, such sums to be held by mortgagee in trust to pay said ground reats, premiums, tozes, and speciai assesameats;
E and
~ (c) All payments meationed in the two preceding subeectlons of this paragraph and ail paymeats to be made under the note
secured hereby shall be added together aad the agg~egate emount thereo[ shall be paid by We mortgagor each month in a
~ single payment to be applied by the mortgagee to the [ollo~viag. items in fhe order set forth:
(n premium charges under the contract o[ inaurmce with the 3ecretary of Housiug and Urbaa Development, or monthlq
~ chaige (in iicw of mortgage insurance ptemlum), as the caae may be; .
(II) ground rents, tazes, assessments, fire. and other hazard insuraace premiums;
(III) interest on tbe note secured hereby; aad
(I~ +~mortization o[ the principal of said note.
Any deficieacy in the amount af such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due date of the next such payinent, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen
(15) days in anears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the peyments made by the mortgagor under (b) of para~aph 2 preceding shall exceed
the amount of paymeats actually made by the mortgagee, for gtound 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 (b) of paragraph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case
~ may be, when the seme shall become due aad payable, then the mortgagor shall pay to the modgagee any amount
necessary to make up the deficiency, on or beface the date when payment of snch ground rents. taxes, assessments,
or insurance premiums shall be due. If at any time the mortgagor shalltender to the modgagee in accordeace with
the provisions of the note secured herebq, fnll payment of the entire indebtedness repcesented thereby, tl~e mod-
gagee shall, in compnting the amount of such indebtedness, credit to the account af the mortgegor alt payments
made under the provisions of (aJ of paragraph 2 hereof which the matgagee has not b*_coae obligated to peyto
the Secretacy ~ Housing and Ucban Development and any balance remaining ia the funds accumulated under the
provisions of (bJ of said paregxaph 2. If there shell be a default under any of the provisions oE this matg,age~ re-
sulting in a public sale of the premises covered hereby, or if the matgagee acquires the propedy othecwise after
default, the mortgagee shatl apply, at the time of tbe 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 amouirt of principal then remaining unpaid under seid note and shall pcoperlyadjust any
payments which shall have beea made under (a) of said paregxaph. ~
4. That he will pay all tazes, assessmenis, water retes, and other governmental or municipel cbarges, finea,
a impositions, for which provision has not been made hereinbefae. and in default thereof the mortgagee may pay
the same; and thst he will promptly deliver the official re~xipts thecefor to the modgagee.
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