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Home My WebLink About0114 _ + { . } • ~ ( t ~ ~ . . . seid mo~tgagor does hereby fully waaant the title to said lpnd. and sve~y pa~t the~eot, •nd will defend the s~me a~ainst tbe lawful claims oE all pecsons whoonsoeve~. PROVIDED ALWAYS. and th~se preseats are executed aad dellvered upon ths tollowln~ coadltiona, to wlt; i The mortgago~ a~es to pey tbe e~atg~~ee~ or order, the p~i~cipal sum of ~ : SIZTBBt~i~~DT1i0H~RTDAN~N~~~~------------------------ ; Dollars (S 16~200.00 as evidenced by a note ot evee d~te herowlth, with l~te~est Irom d~te ~t the rpte of SIGKl' AND ~T~r-HALF per centym ~ pe~ annum on the unpaid balancs uatil paid. The said p~incipal and Interest sh~ll be paywble at the otfice of J. T• 3T8'i[ART NOR'1'~3Af~ CQIPANY ~ INC. ' 3uite 300 - 1Q0 lsiracle Mile, Coral Gables~ Florida • ~ a at such other place as the holder of the note may desi~nate in wrltin~. in mo~thly lnatallmertt: of q~g ~ E~iDRBD 1'it&1TY-F'OqR AND 58~100 Dollars (S 1?.1~.5$ comn~enciee o~ ' the Eirst doy of Kgy . 19?0 . aad on the first day af eacb month theeeafter untlltheprlnclpal ; and intecest are fully paid, except that the flnal payment of pcincipal and intecest. !f not aoone~ paid~ shpll bs due ` and payable oc~ tbe first day oE ppril,~ 2QQp. _ ; # And shall duly. praoptly, and fully pedocm, dischar~e, execute, etfect. complete. aed comply with and ~bide ~ by each and every tbe stipulatioas, agireeements. conditioas. and covenants oE said pranlssocy note and of thls ~ mortgage. thea this mortg~ge and the estate heceby cceated shall cease and be. ~ull aed vold. ~ And the mortgagv~ fwther covenants aa Eollows; I. That he will pay the indebtedness. as hereinbefore pcovlded. PriVilege is resecved to pay the debt in whole, or in aa amount equal to oee a more monthly payments on the p~Incipal that o~e next due on the note, oe the first day of any moath prior to nwturity: Provile~, howevec. that w~ltten ~otlce of ae lntentloe~ to exerclse such privilo~e is given at-least thidy (30) days prlor to prepayment; aed. provlded fu~ther~ that in the eveet the debt is p~id in full prioc to matudty and at that time it is insured under the provisions of the National HousinQ Act~ he wlll pay to the moetgagee an adjusted premium charge of one pec centum (1%) of the original pclncipal amount thereot, except that in no event shall the adjusted premium exceed the aggcegate amount of pcemium cha~es which would have been payable if_ the matgage had continued to be insuced untl! maturlty; such p~yment to be applled by ths ~nort- gagee upoa its ~o~ligation to the Seccetary of Housing and Urbw~ Development on occount of mortp~e in~unnce. - 2. That. in order more fully to protect the security of this mortpge. the mortgaeor~ together with. and in addi- tion to. the monthly paymeats urxder the terms of the note secucad hereby. on the tlrat day of eoch month untll the said note is fully peid. aill pay to the mortgagee the follawing sutns: ~ (a) Au amouat sutficieat to provide the holder hereof ~rlth t~ds to pay the next mort~e~ In•~rRnFe g~!4!~!!+ ~f el~~. In~t.u. ~ ma?t ~ndthe note secured heceby are inaured. or a monthly cba~p (in Ii~u ot • mort~~~e lo~uranes promium) It lh~y aro ~ held by the Secretary of Honsia~ and Urbaa Development. •s [ollo~vs: ~ (1) II~ad so toa~ as said note ot even date ~nd thi~ in~truoieat ~re insur~d or ~ro rein~urod undsr th~ provlslon~ ot th~ ~ N~tioaal Housing Act. an ~mouat sutRcieat to ~ccumul~t~ le the h~nda of th~ hold~r on~ (1) enonth prlor !o it~ du~ date the aneual mort;age iasurance premium. M order to provld~ such hold~~ wlth tund~ to p~y •uch pnmium !o th• Secretar~r of HousinQ aad Urban Developmeat pu~su~nt tolhe P1~Uoa~1 Houtln~ Act. ~s ~m~adtd. ~nd ~ppllc~bl~ Re~u- latioas therennder; or (II) II and so tong as. s~id note of even date aod this lesteument ~re hsid by tM Secr~l~ry oI HousleR and Urban D~velop• ~ meat. • monthly charae (in lieu ot • mortaaQe insunace prealum) ~rhlch ~h~ll bs in an amount equ~l to on~•twNtlh (1/12) o[ one-htlf (yS) per centum of the ~vera~e outst~adin~ bal~nce due oa the note computed withoult~king Into account deliaquenciea or prepayments; (b) A sum equal to the ground rents. it ~ny. aeat due, plu• the premlums that will ae~et b~oms due ~nd p~y~ble oe poilcle~ ot Cre aad ot6er hozard inaurance coverina the moK~~~ed property. plus ~t~x~• ~nd •sses~m~nt• e~xt du~ on th~ mort- gaged property (all as estimated by the morlQ~gee) less •11 sums •l~e~dy p~id th~nfor dlvlded by ihe numb~r ot monthe to elapse betore oae moatb pdor to the d~te wrhen such Qround rents. premiums, t~x~s, ~ad ass~~smenl~ wlll becomo d~- linqueat, such sums to be held by morta~~ee ia tcust to p~y ~~ld Qrouad rents, p~emlums, t~x~s, ~nd rp~ci~! ~~se~~~enl~; and • • • (c) Alt payments mentioned in the t~ro precedina subsection~ o[ tbi~ par~~opf~ aad •1! payments to b~ m~d~ und~r th~ not~ sec~ued hereby shall be added toRetl~er ~ad the ~~eQ~te ~mouet therool ~h~ll M p~id by th~ mort~~~or oach month in ~ su,gie payment to be opplied by the mortea~ee to the lollowinR it~es in fbe ordsr ~~t forth: (n premium charges under the coatract' of insurance rvltb the SecroUry ot Houdn~ ~nd Urb~n Devslopm~nt, o~ monlhly . charge (in lieu ot mortgoge insur~nce prea?~um), •s the c~se a?~y be; (II) ~round reats, t~:es, assessments, [Ire, ~nd other h~z~cd in~uraace premtums; (III) L?terost on the aote secured hereby; ~nd (1{~ amortisation ot the prlncip~l ot s~id aote. Any deficiency in the amount af such aggregate monthly payment shell. unles~s made good by the mott~a~or prior to the due date of the next such payment. constitnte an event af defeult under this mortgage. The .moK~agse may collect a"lete cherge" not to excced two cents (2~) for each dollar (S1) of eacb poyment mae thon fitteen (15) days in anears to cover the estra expense involved in handling delinquent Payments. 3. That if the total of the peyments made by the mortgagor under (b) oE paragreph 2 precedln~ sluill exceed the amouat af peyments actuelly made by the mortgagee, for ground rents, taxes and ossessments ond in~uronce premiums. as the case mey be. such excess sball be cradtted by the mortg,ogee on subsequeet payment~ to be made by the mortgegor. IE; however, the monthly payments made by the matgpgor under (6J oE paraQrap6 2 pte- ceding shall not be sufficieat to pay ground renta. texes and assessm~mts and insutance premlums, as ths Ears may be, when the same shall become due and poyable, then the moct~eQa slwll pey to the mort~~ee ~ny ~mount necessary to niake up the deficiency, on a betare the date when payment of sucb ~round renb, t~xes, ~ssessments, or insurance premiums shall be due. If at any tlme the moctgaga shelltender to the mort`a~ee fn ~ccordance witN the provisions of the note secured hereby, full peyment of the entire Indebtedness represented thenby, th~ mort- gagee shall. ia canpating the emount of such indebtedness, crcdit to the ~ecouet uf the mort~`a a1l p~yment~ made under the provisions of (a) of perag~eph 2 bereof which the mott~a~,ee bos not becoots obli~ted to p~y to the Secretery of Housing and Urban Developmeat and aay balance remalning in the tunds oecumulated undsc the provisions of (6J o[ seid paregraph 2. If there shall be e defoult under any of the provlsfons of thls mort~,a~e~ re- sulting in e public sale of the premises covered hereby, a If the mort~a~ee acquires the propsrty otherwfse aft~r ~ default, the mortgagee s6e11 apply, at the time of the coa~mencement oE auch proceeding~ ot at ths tlme the prop- ~ edy is otherwise acquired~ the balance then remalning in the funds occumul~ted under (bJ of para~raph 2 preredin` ~ aa a credit against the amou~ of pcfncipel tben rempining unpald undec safd note ~nd shall propetlyadJu~t any ~ payoieats which shell have been made w~der (u) of said paragrpph. , 4. That he will pay ell te:es, assessmeats, weter retes, and dhe[ ~overnmeetel or munlcip~l chort,ea, flns~, . or impositions, fa which provision hes not been mede hereinbeEore, and In defautt thsteoE the mort~a~se m~y p~y the same; and that he will promptly deljver the offictal ceceipts thecefor to the mort~,agee. ~ , , + ; ~ acac~~ ~ - . ~ _ ~ ~ r ~tiT