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HomeMy WebLinkAbout0246 . ~ ~ : t ' i ~ ~ said mortgagor does heceby fully warrant the title to said la~d, and every part thereof. and will defe~d the same against the lawful claims of all persons whomscever. PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee. or order, the principal su~a of ricc~~t ~ot~snrrn sgvs~t Hvr~n n~n r~o/i~c~.-• - - _ - - _ - Dollars (S 1g~~•~0 as evidenced by a note of even date herewith. with interest from date at the rate of S~SVH~i AND OI~i~HALF per centum ('j per annum on the unpaid balance until paid. The said principal and iaterest shall be payable at the office o[ ~j. T. Stexart Mortgage CcoparLy~ Inc. ~ Suite 300 - 100 Miracle t~ile, Coral Gables, Florida or at such other place as the holder of the note may designate in writing, in monthly installmec?ts of ONS ~iUNDR~D THI$TY 8I~d 90~1^^ - Dollars (S 130.90 commencing on the first day of OCtObdr , 19 (~9 . and on the first day of each month thereafter until the principa! and interest are fully paid. except that the final payment oE principal and interest, if not sooner paid. shall be due and payable on the first day of Sdptee~ber~ 1~ : And shall duly. promptly, and fully pecform, discharge, execute, ef[ect. complete. and comply with and abide by each and every the stipulations, agreements, conditioas, snd covenants of said promissory note and of this mortgage, then this mortgage ar?d the estate hereby created shall cease and be null and void. And the moctgagor further covenants as follows: 1. That he will pay the indebtedness, as he~einbefore 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 oE 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°Jo) of the original principal amount thereoE, ~ xcept that i~ 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 ihe terms of the r_ote secured hereby, on the first day of each month until the said note is fully paid, wilt pay to the mortgagee the following sums: (nJ An amount su(ficient to provide the holder hereot a~ith tunds 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) I[ and so long as said note o( even date and this instrument are insured or are reinsured under the provisions o[ the '.~iational Housing Act, an amount sutticient 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 such premium to the Secretary o! Housing and Urban Development pursuant to the Nationai 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 amo~nt equal to one-twelflh (1/12) o[ one-half (1/~) per centum of the average outstanding balance due oa the note computed without taking into account delinquencies or prepayments; , (AJ A sum equal to the ground rents, if any, next due, plus the premiums that wilt aext become due and payabte on policies of (ire a~d other hazard insurance covering the morigaged property, plus ta:es and assessments next due on the mort- gaged property (alt as estimated by the mortgagee) less all sums atready paid there[or divided by the number of months G to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments wili become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, andspecialassessments; and ~ ~ (c) Alt 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 e 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 o[ Housing and Urban Development, or monthly charge (in lieu o( mortgage insurance premium), as the case may be; (II) ground rents, ta:es, assessments, [ire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and (IV) 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, 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 iE the total of the payments made by the mortgagor under (6J 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 mo~thly payments made by the mortgagor under (b) of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents. taxes and assessm~~nts 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 a 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 (aJ of paragraph 2 here~f which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the i ; provisions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- ~ - sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise aEter ~ ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ ~ edy is otherwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding ~ ~ as a credit against the amount of principal then remaining unQaid under said note and shall properlyadjust any payments which shal! have been made nnder (a) of said paragraph. i ~ 4. That he will pay all taxes, assessments, water rates, and dher governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay r= the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ~ ~ . ~ R 1~1 ~A~ 246 ~ ~ BOOK . ~ _ - _ ~ ~ s ~ ~ ~ ~ . _ . ~ '~'%~"t"~'+ . .