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said mortgagor does hereby fully warrant the title to said land, and every part thereof, and will defend the same
agaiast the law[ul 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 sum of SEVENTEEN THOUSAND THREE
HIINDRED AIdD NO/100---------------------------------------------------------------
Dollacs (S 17,300.00 as evidenced by a note of even date herewith, with interest fram date at the
rate of SSVEN AND ONE-HALF per centum ( 7~1 %a) per annum on the unpaid balance
until paid. The said principal and interest shall be pay~able at the office of J. T. STIsWART MORTGAGS
COMPANY, INC. in Suite 300 - 100 Miracle Mile, Ooral Gables, Florida.
or at such other place as the holder of the note may designate in writing, in monthly installments of "
ONE HUNDRED 1WENTY ONE AND 10/100--------- Dollars (S 121.10 commencing on
the first day ot Febx'ttaxy . 1970 , and on the first day of each month thereafter untiltheprincipal
and interest are fully paid. except that the final payment oi principal and interest, iE not sooner paid, shall be due
and payable on the first day of January, 2000. , •
And shall duly, prumptly, 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 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 payments on the principat 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 prior to prepayment; and, provided further, that in the event the debt is eaid 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%) of the original principal amount thereof, except
that in no event shatl the adjusted premium exceed the aggregate amount of premium charges which would have
been payable iE 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 Developmer.t on account of mortgage insurance.
2. That, in order more fully to protect the securitl~ 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:
(n) An amount suCficient to provide the holder hereoE with funds 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 moRgage insu~ance premium) if they are
held by the Secretary of Housing and Urban Development, as [ollows:
(I) If and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the
National Housing Act, an amount 5utficient to accumulate in the hands of lhe holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with tunds 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) If and so long as said note of even date and this instrument are held by the Secretary of fiousing and Urban Develop-
ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-t~elfth
(1.'12) of one-half per centum of the average outstanding batance due on the note computed without taking into
' account delinquencies or prepayments;
(F,) A sum equal to the ground rents, if any, next due, pius the premiums that will next become due and payable on policies
of fire and other hazard insurance covering the mortgaged property, pius taxes and assessments next due on the mort-
gaged property (all as estimated by the mortgagee) less all sums already paid therefor di~•ided by the number ot months
to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments witl becc.me de-
linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments;
and
(cJ All payments mentioned in the two preceding subsections of this paragraph and all payments to be made unde~ the note
secured hereby shalt be added together and the aggregate amount thereof shatl be Qaid by the mortgagor each rr~onth in a
single payment to be applied by the mortgagee to the tollowing items in the order set forth:
(I) premiur.~ charges under the contract of insurance with the Secretary o[ Ho~sing and Urban Development, or morsthly
charge (in Iieu of mo~tgage insurance premium), as the case may be;
(II) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(III) interest on the note secured hereby; and
(IV) amortization of the principal of 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 cotlect a"late charge" not to exceed two cents (2Q) 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 if the total of the payments made by the mortgagor under (bJ 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 (bJ of paragraph 2 pre-
ceding shall not be sufEicient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case
may be, whea the same shall become due and payable, then the mortgagor 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 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 Fayments
made under the provisions of (a) of paragraph 2 hereof 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
provisions of (b) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re-
sutting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after
default, the mort~agee shall apply, at the time of the commencement of such proceedings or at the time the prop-
erty is otherwise ac.~uired, _:.e balance then remaining in the funds accumulated under (li) of paragraph 2 preceding ,
as a ctedit against the amount of principal then remaining unpaid under said note and shall properly adjust any
payments which shall have been made under (aJ of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines,
or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay
the same; and that he wiil promptly deliver the official receipts therefor to the mortgagee.
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