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Home My WebLink About0799 ' said mortgagor does hereby fully warrant the title t~ said land, and every part thereof. and will defend the same against the lawful claims of all pecsons whomscever. PROVIDED ALWAYS~ end these presents are executed and delivered upon the following conditions~ to wit; The mortgagor agrees to pay the mortgagee. o~ order, the principal sum of THIRT~1 THOUSAND EIGHT HUNDREDANDN0~100------------------~-------------- Dollars (S 13~g00.00 as evidenced by a note of even date herewith. with interest from date at the ~ate of $ight e~t1d One-halY pec centum ( 96) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the otfice of d. T. STEMIART HORTCAGS CQ~'ANY~ IIdC. in Suite 300 - 100 Miracle Ni.le~ Coral Gables~ Florida. or at such other place as the holder oE the note mey designate in writing. in monthly installments of ONE HUNDRED SDC AND 12~100 - - - - - - - - -Dollars (S lOb.12 commencing on the first day of Hareh . 19~0 , and on the first day oE each month thecea[ter untiltheprincipal and interest are fully paid. except that the final payment of principal and interest. if not sooner paid. shall be due and payable o~ the first day of February, 2000. : And shall duly, promptly, and [ully 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 further covenants ~s follows: t 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 payatents on the principal that are next due on the note, on the first day of any month prior fo maturity: Provided, however, that written notice of an in:ention to exercise such privilege ~ is given at least thirty (30) da~~s prior to prepayrt~ent; and. provided further, that in the event the debt is paid in ' full prior to matu~ity and at that time it is insared under the provisions ot the National Housing Rct, he will pay to ; lhe mortgagee an adjuste~d premium cha:ge of one per centum (1%) of the original principal amount thereof, except ~ that in no event shall the adjusted premium exceed ths aggregate amount o[ premium charges which would have . been a able if the mort a e had continued to be insured until maturit such ~nent to be a lied b the mort- ` P Y B g Y: PaY~ PP Y 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.oE each month until the = said note is fully paid. will pay to the modgagee the following sums: _ (a) An amount su[ticient to provide the holder hereot with funds to pay the next mortgage insurance premium if this instru- a ment and the note secured hereby ere insured, or a monthly charge (in Iieu o( a mortgage insurance premium) it they are 3 held by the Secretary of Housing and Urba~ Developme~t, as follows: (I) If and so long as said note of even date and this instrument are insured or are reinsured unde~ the provisions of the ~ Nationai Nousing Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due f date the annual mo~tgage insurance premium, in order to provide such hoider with funds to pay such premium to the ~ Secretary of Housing and Urban Development pursuent to the Nationat Housing Act, as amended, and applicable Regu- ~ lations thereunder; or (II) lf and so long as soid note of eveo dete and this instrument are held by the Secretary o( Housing and Urban Develop- ment, a monthty charge (in li~u of ,a mortgage insurance premium) which shall be in an amount equal to one•twelfth ~ (I/12) of one-half (~h) per centum ot the average outstaading balance due on the note computed without taking into ~ account delinquenciea or prepayme~,s• ~ (hj A sum equal to the ground rents, i~a~y, next due. plus the premiums that wili next become due aed payable on policies ~ of [ire and other hazard insurance covering the mortgaged property, plus ta:es and assessments nest due on the mort- ~ gaged property (all as estimated by the mottga¢ee) lesa all sums-alseady paid therefor divided by the number of moat6s ~ to elapse before one month prior to the date whea such ground rents, premiums, taxes, and asseasments wili become de- - : j linquent, such sums to be held by mortgagee in trust to pey said ground rents, premiums, tazes, and special assessments; I and , , ~ ~ (r) All payments mentioned in the two preceding subsections of this paragraph and alt 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 payment to be applied by the mortgagee to t6e following items in the order set forth: i ~ (n premium charges under the contract af insarance with the Secretary of Housing and Urban Development, or monthlq charge (in lieu o( mortgage insurance premium), as the case mey be; (II) ground rents, ta:es, assessmeats, tire, and other hazard insuraace premiums; s (III) interest on tbe note secured hereby; and (IV) amortizatioa of the priacipal o[ said note. ~ Any deEiciency in the amount of such aggregate monthiy 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 modgagee ' may collect a"late charge" not to exceed two cents (2~) for each dollar (S1) of each payment more than fikeen ~ ~ (15) days in anears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the toial of the payments mede by the modgagor under (6J of paragFaph 2 preceding shall exceed ~ the amount of paymeats actually made by the mortgagee, for g,cound 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 t made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b} of paragraph 2 pre- 8 ceding shall not be sufficient to pay g~ound rents, taxes and assessm.~nts and insurance premiums, as the case ~ ~ may be, when the same shall become due and Qayable, then the mortgagor shall pay to the modgagee any amount ~ necessary to make up the deficiency, on a befae the date when payment of such ground rents, taxes. assessments, ~ a or insurance premiums shall be due. If at any time the modgagor shalltender to the mortgagee in accocdance with ~ ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ; ~ gagee shatl~- ic~ computing-the-amonnt of-such indebtedness,-credit-to Ehe-eceount of ihe mortgagor-all.{~ayments ~ made under the provisions of (aJ of paragcaph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Developrneat and any balance remaining in the funds accumulated under the ~ provisions of (6J of said paragraph 2. If there sha11 be a default under any d the provisions of this mortgage, re- ; ~ sulting in a public sale oE the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ; ~ default, th~ mortgagee shall apply, at the time oE the commencement of such proceedings or at the time the prop- ~ erty is otherwise acqu'ued, the balance then remaining in the Eunds accumulated under (6J of paragraph 2 preceding ; ~ as a credit against the amount of principel then remaining unpaid undet said note and shall properlyadjust any ; ~ payments which shall have been made under (aJ of said paragtaph. ; ~ 4. That he will pay atl taxea; aasessments, water rates, and other governmental ar municipal cfiarges, fine~, ~ or impositions, for which provisioa htrs not been made hereinbefae, and in default thered the mortgagee may pay } ~ the same; and that he will ptoaptly deGver the aEficial receipts therefor to the mortgagee. : F ~ ~~184 799 x ~ f s , :y _ . _ ~ _ . . _ . . ~ _ . _ . ._'..s=