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Home My WebLink About2614 • ~ . i ~ ~ ~ said mortgagor dces hereby fully warrant the title to said land, and every part thereof, and will defend the same against the lawEui claims of all persons whomscever. PROVIDED ALK'AYS, and these presents are executed aad delivered upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee. or order. the principal sum of FIET$L~ THOl~A~ 1~IrT$ IiiJADRED APID No~100-----------------------------------------------------------•--- Dollars lS 15~900.00 as evidenced by a note of even date he~ewiih. with i~terest from date at the rate of @3ght aIId OA8-11~1f per centum ( 8~ io) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of p'1'ICO FINAI~IAL CORpipRATIOA~ a corporation under the ].a~xs of the 3tate of Delsware, P. 0. Boz 3]31, Miami, Florida oc at such other place as the holder of the note may designate i~ writing, in monthly installments of 013e ~ec1 '1~~CAty '11aG l~ld 2'T~100------------------- Dollars (S 122.2'l coma~encing on the first day of ~h , 19 7~ . and on the first day o[ each month thereafter untiltheprincipa! 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 ~b~Y 2~ ; And shall duly. pcomptly, and Eully pedorm, 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 furthe: covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, oc 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 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 modgagee a~ adjusted premium charge of one per centum (1%) of the original principel 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 matucity; 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 the terms of the note secured hereby, on the first day of each month untit the said note is fully paid, will pay to the mortgagee the following sums: (a) An amount sulficient to provide the holder hereo[ with [unds to pay the nezt mortgage insurance premium if this instru- ment and the note secured hereby are i~sured, or a monthly charge (in lieu o[ a mortgage insurance premium) i( they are held by the Secretary of Housing and Urban Development, as follows: (I) If and so long as said note o[ even date and this instrument are insured or are reinsured under the provisions of the National Housi~g Act, an amount sufficient to accumulate in the hands oE the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pey such premium to the Secretary of Housing and Urban Development pursuant to the iVational Housing Act, aS amended, and applicable Regu- tations thereunder; or (II) If and so" long as said nute of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthiy charge (in lieu of a mortgage insurance premium) which sha11 be in an amount equai to one-twelfth ~1l12) of one-half (!5) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, it any, next due, plus the premiums that will next become due and pa~able on policies ! of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- { gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number o[ months 4 to elapse be[ore one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- E linquent, such sums to be heid by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; ~ and (c j Al! payments mentioned in the two preceding subsections of tfiis paragraph and all payments to be made under the note ~ ~ secured hereby shall be added together and the aggregate amount thereot shail be paid by the mortgagor each month in a ~ single payment to be applied by the mortgagee to lhe following items in the order set forth: ~ (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 may be; ~ (II) ground rents, taxes, assessments, tire, and other hazard insurance premiums; (III) interest on the note secured hereby; and ~ i (IV) amortization of the principal o[ said note. f Any deficienc}~ in the amount of such aggregate monthly payment shali, unless made good by the mottgagor i prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee t may collect 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 (b) of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for gronnd rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be ccedited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, howevec, the monthly payments made by the moctgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiuns, as the case may be, when tha same shall become due and payable, then the moctgagor shall pay to the mortgagee any amount r necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, 4 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 (a) oE paragraph 2 hereof which the mortgagee has not become obligated to pay to ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (6J of said paragraph 2. If there shall be a default under any oE the provisio~s of this mortgage, re- sulting ~n a public sale of the premises covered hereby, or if the moctgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the pcop- erty 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 unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (o) of said paragraph. 4. That he will pay all taxes, assessments. water rates, and other governmental or municipal charges, fines, P= or impositions, for which provision has not been made heceinbefae. and in default thereoE the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. F~ ''3 ~ BOOK PAGE~~O ~ ~ _ ~ . _ ~ ~.w ~ - _ ~ ' ~ . . ~~~t-~.~~~