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HomeMy WebLinkAbout1071 i • t. ' F; ~ ~ ~ . ~ said moctgagor does hereby fully warrant the title to said lend. and every part thereof. and will defend the same ~ against the 2awful claims of all pers~s whomscever. ~ PROVIDED ALWAYS~ end tbese prese~ts are executed aad delivered upon the following conditiorts. to wit: ~ The mortgagoc agrees to pay the mortgagee, or order, the principal sum of Tii~NTY-FIGHT 1HOUSAND AND ~ FIV~HUNDRSDANDN0~100------------------------------ ; Dollars (s 28~ 500.00 as evidenced by a note of even date herewith, with interest fcom date at the ~ rate of SeVeA and one-half per centum ( 7~ 96) per annum oa the unpaid balance until paid. The said principal and interest shall be payable at the office of . T. STENART MORTGAGS COMPANY, INC. in Suite 3~ - 100 Miracle Mile, Coral Gables~ Florida. , or at sucb other place as the holder of the aote may designate in writing. in monthly installments of Orte Hundred Ninety-Ni.ne ard 50~100 Dollers (S 199. y0 commencing on i the first day of February ~ 19 ~'0 . and on the first day of each month theceafter untiltheprincipal and interest ere 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 J811u8Ty~ 2000. : And shall duly~ protnptly~ 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 moctgage 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 payments on the principal that are next due ot~ 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 thidy (30) days prior to prepayment; and. provided fudher, that in the event the debt is paid in full ptior to tnaturity 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 amouni of premium charges which would have been payable if the moctgage had continued to be insured until maturity; such payment to be epplied by the mort- gagee upon its obligatiar. to the Secretary of Housing and Urban Developme~t 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: (a) Ar. amount sutficient to provide the holder hereof with funds to pay the ne:t mortgage insuraace premium i( this instru- ment and the note secured heteby 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) lf and so long as said note o( even date and this instrument are i~sured or are reinsured under the provisions ot the National Housing Act, an amount sutticient to accumulate in the hends of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide auch holder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act. as amended, and applicable Regu- lations thereunder; or (II) Ii and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Devetop- ment, a monthly charge (in lieu o[ a mortgage insurance premium) which shall be in an emount equal to ane-tweltth (1/12) of one-hal[ (y4) per centum o( the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (h) A sum equal to the ground rents, i[ any, ne:t due, plus the premiums that will ne:t become due and payable on policies ~ ot tire and other hazard insurance covering the mortgaged property, plus ta:es and assessments nezt due on the mort- gaged property (ail as estimated by the mortgagee) less all sums already paid there[or divided by the number o[ months ~ ~ to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will bec~me de- ~ i linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, end special assessments; f ; and ! ~ (cJ Alt payments mentioned in the two prece3ing subsections of this paragraph and all payments to be mede under the note ~ secured hereby shall be added together and the agg,regate amount theteo[ sha11 be paid by the mortgagor each month in a ; single payment to be applied by the mortgagee to the following items in the order set torth: i ~ (n premium charges under the coatract of insurance with the Secretary of Housing and Urban Development, or monthly ~ ( charge (in lieu ot mortgage insurance premium). as the case mar be: } F (II) ground reots, ta:es, essessments, tire, and other hazerd insura~ce premiums; ~ (IIn Iaterest on the note secured hereby; and ~ (IV) amortizatioa of the principal o[ said aote. ~ ~ 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, constitate an event of default under this mortgage. The modgagee ~ ~ may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ~ (15) days in arcears 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 (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 same shall become due and payable, then the matgagor shall pay to the moctgagee any ama~~nt ~ 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 modgagor shall tendet to the mortgagee in accordance with ~ _ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ ~ gegee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments j ~ made under the provisions of (a) of paragRaph 2 hereof which the mortgagee has not become obligated to pay to ~ the Secretary of Nousing and Urban Development and any balance remaining in„~he funds accumulated under the ~ provisions of (6J of said paragraph 2. If there shall be a default under any of the provisions of this moctgage, re- ~ ~ sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after • ~ default, the moctgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- I erty is othecwise acquired, the balance then remaining in the funds accumulated under (h) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (aJ of said paragraph. ~ ~ 4. That he aill pay all taxes, assessments, water rates, and dher governmental or municipal charges, fines, f ~ or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. a~x i8~ ~ P~ 0 U- R 1 ~ ~ . - ~ - - ~ - - ~ ~ u~ ~ ~a~~~~,.~,.~,~. n_ : ~ _