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Home My WebLink About0344 ' said mortgagor does hereby fully warcant the title to said land, and every part thereof, and will defend the same againsi the lawful claims of all persons whomsoever. t ~ PROVIDED AI,WAYS, and these presents are executed and delivered upon the following co~ditions, to wit: ~ The mortgagor agrees to pay the mortgagee, oc order. the principal sum of TWENTY SSVSN T~USAt~D ' SEVENH[l[~DR~ and00/100------------------------------ ~ Dollars (S 27.~00.00 as evidenced by a ~ote of eve~ date herewith. with interest fcom date at the ~ rate of seven and one-h~lf per centum ( 7~1 96) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office oE J. T. STEWART MOR'1`C'~GS CQ!lPANY, INC. , Stiiite 300 - 100 Miracl~ Mile, Coral Gables, Florida, ' or at such other place as the holder of the ~ote may designate in writing, in monthly installments of ~ Ol~ HUNDRID I1INhTY~THRE$ and 90/100- ---Dollacs (S 193.90 commencing on ' the first day of ~'1~Ve~r , 1g 69 , 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 ~tober, 1999 ; And shall duly. promptly, and fully pedorm, dischacge, execute. effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, a~d 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 payme~ts on the principal that are next due on the note. on the first day of any month prior to maturity: Provid~d, however, that written ~otice oE an intention to exercise such privilege is give~ at least thirty (30) days prior to prepayment; and. provided fudher. that in the event the debt is paid in full prior to mafurity and at that time it is insured under the provisions of the National Nousing 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 a~justed 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 modgage. the mortgagor, together with. and in addi- tion to, the monthly payments under the terms uf the note secured hereby, on the firsi day of each month until the said note is fully paid. will pay to the mortgagee the foliowing sums: (Q1 An amount suf[icient to provide the holder hereo[ with funds to pay the next mortgage insurance premium i[ this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of e mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as tollows: (I) I[ and so long as said note ot even date and this inslrument are insured or are reinsured under the provisions of the Piational Housing Act, an amount sufCicient to accumulate ia the hends of the holdet 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 oi Housing and Urban Development pursuant to the Nationai Housing Act, as amended, and applicable Regu- lations lhereunder. or (II) If and so long as said aote of even dete and this instrument are held by the Sec~etaryr of Housing and Urban Develop- ment, a moathly charge (in lieu of a mortgage insurance premium) which shall be in aa amount equa! to one-tweltth (1%l2) of one-halt (~fi) per centum o[ the average outstanding balance due on the note computed without taking iato account delinq~encies or prepaymedts; (bJ A sum equal to the ground rents, iE~~, next due, plus the premiums that will neat bea:ome due and payable on policies of [ire and other hazard inaurance covering the mortgaged property, plus ta:es and assessmenta nezt due on the mort- gaged property (all as estimated bp the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one moath prior to the date when such ground rents, premiums, taxes, and assessments will become de- Z linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tezes, andspecialassessments; ~ ~ and I Ali payments mmtioned 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 aggegate amount thereof shall be paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to the tollowing items in the order set (orth: ~ (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 maq be; ~ (II) ground rents, tazes, assesaments, tire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and ~ (I~ amort'uation of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the moctgagor prior to the due date ~ the next such peyment, constitute an event of default under this modgage. The mortgagee ~ may collect a"late arge" not to exceed two cents (2a) for each dollar (Sl) of each payment more than fifteen ~ (15) days in acrears to cover the eutra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragxaph 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 matgagor under (6) of paragraph 2 pre- ~ ceding shall not be sufficient to pay g~ound rents, taxes and assessm~~nts and insurance premiums, as the csse ~ may be, when the same shall become due aad peyable, then the mortgagor shall pay to the modgagee any amount necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments. or insurance premiums shall be due. If at any time the modgagor shal! tender to the modgagee in accotdance 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 ~nder the provisions of (a) of paragraph 2 hereof which the mortgagee has not becoaie obligated to payto ~ the Secretary of Hoasing 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 default under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the propedy otherwise aEter ' default, the ^ortgagee shall apply, at the time of the commencement ot such proceedings ar at the time the prop- ~ ecty is otherwise acquired, t6e balance then remaining in the funds accumulated under (6) of paragraph 2 preceding as a credit agaiest the amouat of pcincipal then remaining unpaid undec said note and shall properlyadjust eny ~ payments which shall have been made under (a) of said paragraph. a 4. That he will pay all taxes, assessments, water rates. and other governmental ot municipel charges. fines, _ s ~ or impositions, for whicb pravisim hws not been made hereinbefore, and in default thereaf the mortgagee may pay F the same; end that he ~vill proaptly deGver the official receipts therefor to the mortgageeD R ~ aoox 181 ~icE 344 ~ ~ ~ _ _ ~ ~ ~ : ~ . ~a-.~'~~ . _ . - ~ i _ _