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Home My WebLink About1139 -h , ~ ~ ~ l ~ said mortgegor does hereby fully ~xarrant the title to said land. and every part thereof. end will defend the same against the lawfut claims of all persons whomscever. PROVIDED ALWAYS, and these prese~ts are executed and delivered upon the following coaditions. to wit: T~he mortgagor agrees to pay the matgagee, or ocdec~ the principal sum of S~ 'j~QU$Aj~ SIX l1ViY~/ AiIY ~/~W ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ r ~ ~ ~ ~ ~ Dollars (S 16~600.00 as evidenced by a not~e of even date herewith, with interest from date at the rate of $${?$~j p~ Q~j,F per centum ~ 96) per annum on th~ unpaid balance until paid. The said pcincipal and interest shall be payable at the office of J. T. STBMART MORT(dGS CC~AHY, II~C. in Snite 3~0 - 1~0 Miracle Mile, Coral Gables, Florida. or at such other plece as the holder of the note may desig~ate in writing. in monthly installments of ONE HUNI~iSD SIZTSffi~ A~ 20~100 Dollars (S 116.20 commencing on the first day of j~~~r . 19b9 , and on the first day of each month thereafter nntil the principal and i~terest are fully paid, except that the final payment of principal and interest. if not sooner paid, shall be due and payable on !he first day of 1~OYeaiber, 1~• , : And shell duly, praaptly. a~d fuily pedorm. discharge. execute, effect~ complete. and comply with and abide by each and every the stipulations, agreements, conditions. and coveaants of said promissory note and of this mortgage, then this modgage 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. Pri'vilege 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 of any month prior to maturity: Provided. however, that written rtotice of an intention to exercise such ptivilege is given at least thidy (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 t~e provisions of the National Housing Act. he will pay to the modgagee an adjasted premium charge of one per centum (1°'0) of the original principal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the modgage had continued to be insured until matarity; such payme~t to be applied by the mort- gagee upon its obligation to the Secretary of Housiag and Urban Develapment 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 of the note secured hereby, on the first day of each month until the said note is fully paid. will pay to the modgagee the following sums: (aJ An amount su[ficient to provide the holder. hereof with funds to pay the next mortgage insurance premium i[ this instru- ment an~i t!?s note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretery o[ Housing and Urban Development, as follows: (I) I[ and so long as said note of even date and this instrua?ent are insured or are reinsured under the provisions of the National Housing Act, an amount sutEicient to accumulate in the haads of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with fuads to pay such premium to t6e Secretery of Housing end Urban Developmmt pursuant to the National Housing Act, as amended. and applicoble Regu- lations thereunder; or (II) If 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 sha11 be in an amount equal to one-twelfth (1/l2) of one-half (yS) per centum oi the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground~rents, jf any, next due, plus the pretniums that wilt next become due and payable on policies of ~re and other hazard insurance covering the moKgaged property, plus tazes and assessments ne:t due on the mort- i gaged ptopeRy (all as estimated by the mortgagee) less all sums already paid there[or divided by the number of months to etapse be[ore one month prior to the date when such ground rents, premiums, ta:es, and assessments will becc.me de- ~ linqueat, such sums to be held by mortgagee in trust to pay said ground rents, p~emiums, tazes, and special assessmeats; r a°d . . ~ (c) Alt payments mentioned in the t~ro~preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together and the agg~egate amount thereof shall be paid by the mortgagor each month in a ~ single payme~t to be applied by the mortgagee to the tollowing items in the order set torth: (n premium charges under the contract ot insurance with tl~e Secretary of Housing and Urban Development, or monthly ~ charge (in lieu of mortgage iasarance premium),, as the cose may be; (In ground rents, tezes, asaessment3. tire. and other haz~rd insurance premiums; (III) ~~terest on the note secured hereby; and (I~ amortizotioa o[ the principel of soid 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 oE default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total d the payments made by the mortgagor under (6J of paragraph 2 pceceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ~ premiuros, as the case may be, such excess shall be credited by the moctgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground reats, taxes and assessm~~nts and insurance premiums, as the case ~ may be, when the sarpe shall become due and payable, then the mortgagoc shall pay to the mortgagee any amount - necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments. ~ or insurance premiums shall be due. If at any time the modgagor shell tender to the mortgagee 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 under the provisions of (a) of peragraph 2 hereof which the moctgagee has not become obligated to pay to ~ the Secretary of Housiag and Urban Development and any balance remaining in the funds accumulated under the ~ ~ provisions of (6) 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 hereby, or if the mortgagee acquires the property otherwise after default, the mortgagee r,hall apply, at the time of the comwencement of such proceedings or at the time the prop- ~ ~ erty is otheewise acquired, the balance then remaining in the funds accumulated under (b) 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 (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipel charges, fines, ot impositions, for which provisian has not been made hereinbefae, and in default thereof the mortgagee may pay a the same; and that he will promptly deliver the official receipts therefor to the mortgagee. . ~ ~R~.~~ ~ . 8~ ~ P~~1~37 ~ ~ _ ~ . . ~ ~ _ ~ . , _ . . _ . r.._ % ~~~s