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Home My WebLink About1913 ~ ti . ~ , . said ::c+rtgagor does hereby fully warrant the title to said land. and every part thereof, and will defend the same against the lawful claims of all persons whomscever. PROVIDED ALWAYS, and these preseats are executecl aad delivered upon the follo9ving coaditions. to wit: The mat agor a~rees to pay the mortgagee, or ocder. the principal sum of $IG~i THOUSpj~1D ANDN0~100----------------~-------..-__..-..-_--- Dollecs (S 18~000.00 as evidenced by a note of even date herewith, with interest from date at the rate af $~t g~ On9-hglg per centum 96) per annum on the unpaid balance uatil paid. The said principal end interest shall be payable at the office of J. T. STh~lART MORTGAGS C~ANY~ INC. in Suite 300 - 100 Niracle Mile, Coral Gables, Flor3rda or at s~cb other place as the holdec of the note may designate in wciting. in monthty installane~ts of Qng Hut~dred ThiTty-B,igl'it end 42~100 ------Dollars (S l38.l~.2 comme~cing on the first day af Febru~ary . 19 and on the first day of each month thereafter untilthep~incipal and intecest ar~ fally paid, except that the Einel payment of principal a~d interest, if not sooner paid. shell be due and payable oa the first day ~f J~~,g~y~ 200Q ; And shall duly. promptly. and fully pedorm, discharge. execute, effect, complete. and comply with and abide by each a~d every the stipulations. agReements, conditions, and coveaants of said p~omissory note and of this mortgage, then this modgage and the estate hereby crested shall cease and be null and void. Aad the matgaga further covenants as follov~s: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved co pay the debt in whole, or in aa amount equal to one or mae monthly peyments on the principal that are next due on the aote. on the first day of any month ptior to maturity: Provided. however, that written notice of an intention to eaercise such privilege is given at least thidy (30) days prior to prepayment; and, provided futther, 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 mortgagee an adjusted premium charge of one per centum (196) of the original ptincipal 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 modgege had continued to be insured ~until maturity; such payment to be epplied by the mort- gagee upon its obligation to the Seccetary of Housing and Urban Development on account of modgage insurance. 2. That. in order more fully to protect the security of this modgage, the mortgagor, together with, and in addi- tio~ to. the monthly payments under the terms oE the note secured hereby, on the first day of each month until the said note is fully paid. will pay to the mortgagee the follawing sums: - - (al An amount suUicient to provide the bolder hereof with fuads to pay the nezt mortgage insurance premium if this instru- ment and the note secured hereby are insured. or a monthty charge (in lieu o[ a mortgage insurance premium) i[ they ore held by the Secretary of Housiag and Urban Development, os [olloas: (I) If and so long es said note of even date and this instrument are insured ~ ere reinsured under the provisions of the ~ Netional Housiag Act, an amount sufCcient to accumulate in the handa ot the holder one (i) month prior to its due date the annual mortgage insurance premium. in order to pmvide such holder with Euods to pay such premium to the ~ Secretary of Housi~g and Urban Development pursuant to the N~tioaal Housiag Act, as amended. and applicable Regu- latioes theteunder; or (II) If ana so long as said aote of even date and thls instrument are held by the Secretary of Housing and Urban Devplop- ment, a monthly charge (in lieu of e mortgage insuronce premium) wrhich shall be in an amount equal to one•twelfth (1/l2) of one-half (y~) per centum of the average outstanding balance due on the note computed withouttaking into ~ account delinquencies or prepayments; (hJ A sum equal to the ground rents, i( any, ne:t due, plus the premiums that will nezt become due and payable on policies of [ire aad other hazard insurance covering the mortgaged pwperty, ptus tazes 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 of months ~I to elapse before one month prior to the date when such ground rents, premiums, tazes. and assessments will become de- I tinqueat, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta~ces, and special assessments; ~ and - ~ (c) All payments mentioned in the two preceding subsections ot thia para~aph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ single payment to be applied by t6e mortgagee to the folloaing items in the order set forth: (n premium charges under the conUact of insurance with the Secretory of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), ea the case may be; ~ (II) ground rcnts, ta:es, assessments, fire, and other hesard insuraace prcmiuma; (III) interest on the note secured herebq; and ~ (I~ amort'uatioa of the principal oE said note. Any deficiency in the amount of such aggcegate monthly payment shall, unless made good by the mortgagor prior to the due date of the next sucb payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to eaceed two cents (2a) for each dollar (S1) of each payment more than fifteen (15) days in anears 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 ~xceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ~ premiums, as the case may be, such exce~s shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however~ the monthly payments made by ~he mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessmants and insutance premiums, as the case ~ may be, when.the same shall become due and peyable, then the moctgagor shall pay to ihe modgagee any amount necessary to make up the deficiency. an or before the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. IE at any time the modgagor shall tender to the mortgagee in eceordance with } the provisions of the note secured hereby, full payment of the entire indebtedness repcesented thereby, the mort- ~ gagee shall, in computing the emount of such indebtedness, credit to the eccount of the mortgagor all payments > made under the provisions oE (a) of peragcaph 2 hereof which the mortgagee has not become obligated to pay to ~ the Secretary ~ Nousing and Urban Development and any balance remaining in the funds accumulated under the . ~ pmvisions of (b) of said paragraph 2. If there shall be a default undet 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 a[ter ~ n default, the matgagee shall apply, at the time of=the commencement of such proceedings or at the time the prop- ~ ~ edy is otherarise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding j as a credit against ~he amount of prlncipal theq remaining unpaid under said note and shall properlyadjust any ~ ~ payments which shall have been made under (a) ot said paragraph. ~ ~ 4. That he will pay all taxes, assessments, water rates, aad other governmental or municipel charges, fines, ~ oc impositions, for which provision has not been made hereinbefore, and in defeult thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ . ~ ~ 8~1~3 ~i~i - ~ _ ~ . ~ - ~ ~ ~ . _ . ~