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Home My WebLink About0075 ' ~ t` ~ ° . said mortgagor does hereby fully wanant the title to said land. and every part thereof. end v~ill defend the same against the lawEul claims of all persons whoa?sceve~. PROVIDED AI.WAYS, aad these presents are executed and delivered upon the follc~ving conditions. to wit: The mortgagor agcees to pay the mortgagee. or ocder. the principal sum of N~ ~p~~ SIX yUNpFifip ~ r~onoo-------------------------------------------------------------------------- Dollars (S 19.600.00 as evidenced by a note of even date herewith, with i~terest from date at the rate of $IGHT AI~D ON6-HALF per centum ( 8~ 9:) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of J. T. ST~iAR'1' l~'lO~RTGAGB OO~MP~ANY, ZNC. Suite 300 - 100 Miracle Mile, ~ral Gables, Florida or at such other place as the holder of the note a~ay designate in writing. in monthly installments of ONE HUNDRSD FIFTY APID 72/100---------------0ollars (S 150.72 commencing on the first day of May . 1970 ~ and on the first day of each month thereafter until the principal and intecest are fully paid. except that the final payment of principal and inte~est, if not sooner paid, shall be due and payable on the first day of April, 2000 : And shall duly. pranptly. and futly 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 modgage and the estate hereby created shall cease and be null and void. And the matgagor 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 a mae 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 tbirty (30) days prior to prepaymenh 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 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 amount of premium charges which would have been payable if the moctgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Hoasing and Urban Development on account of modgage insurance. 2. That. in order more fully to protect the security of this moctgage, the mortgagor. together with, and in addi- tion to. the moathly 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) Aa amount sufficient to provide the holder hereoE with fuads to pay the nezt mortgage insuraace premium i[ this instru- ment ead the note secured hereby are insured, or a monthiy charge (in lieu of e mortgage insurence premium) if they are 6eld by the Secretary of Housing and Urban Devetopmeat. as follows: (I) If and so long as said note ot eveo date aad this instrumeat are insured or are rcinsured under the pwvisions of the National Housing Act, an amount sufiicient to accumul~te in the hands of t6e holder oae (1) month prior to its due date the annuai mortgage iasurance premium, in order to pmvide such 6oider with funds to pay such premium to the Secretary of Housing and Urbaa Development pursuent to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) If and so long as said note ot even date and this instrument are held by the Secretary o[ Housing and Urbaa Develop- me~t, a monthly charge (in tieu of a mortgage insurance premium} which shall be in an amount equal to one-twelfth j (1/12) of one-halt (~/i) per centum of the average outstanding balance due on the note computed without taking into ; eccouat delinquencies or prepayments; ~ ; (bJ A sum equal to the ground rentc, if any, nezt due, plus the premiums that will ne:t become due and payabte on policies ot fire and other hazard insurance covering the mortgaged praperty, plus ta:es and assessments neYt due on the mort- gaged property (alI as estimated by the mortgagee) tess al! sums already paid therrfor divided by the number of months to elapse be[ore one monih prior to the date when such ground rents, premiums, tazes, and assessments will become de- linquent, such sus.s to be held by mortgagee in trust to pay said ground rents, premiuros, tases, and special assessments; and (c) All payments mentioned in the two preceding subsections of this paregraph and a11 payments to be mede under the note secured hereby shall be added together and the aggFegate 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 forth: (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in ?ieu ot mortgage insuraace premium), es t6e case may be; , (II) ground rents, ta:es, assessments, Cre, and other hazaid insurance premiums; ~ (III) interest on the note secured hereby; and (I~ amortization of the p~iacipal ot 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 uf default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of eac6 payment more than fifteen (15) days in arrears to cover the extre expense involved in handling delinque~ payments. 3. That if the total of the payments made by the mortgagor under o patagcaph 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 groand rents, taxes and assessments and insurance pt~miums, as the case ~ ~ may be, when the same shall become due and payable, then the moctgagor shall pay to the modgagee any amount _ necessary to make up the deficiency~ on or before the date when payment of such ground reats, taxes, assessments, or insurence 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 compnting the amount of such indebtedness, credit to the aeeount of the mortgagor all payments : made under the provisions of (aJ of paragreph 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 undet the = ~ provisions of (b) 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 Qropett~ dherwise after t default, the mertgagee shell apply, at the time of the commencement of such proceedings or at the time the prop- ~ ~ edy is otherwise acquired, the balance then remaining in the fands accumulated under (6) of paragraph 2 preceding ; ~ as a credit against the amount of principal tben remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (a) of said paregraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal cha~ges, fines, j ~ or impositions, for which provision has not been made heceinbeEore, and in default thereof the modgagee may pay € the same; and that he witl promptly deliver the ofEiciel receipts thetefor to the mortgagee. ~ 7 ~ UA ~ ~ $~!I PAGE ~ ~ - ~ ~~-._._x. . , _ : ~