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Home My WebLink About1083 . . . ~ : . ~ . ~ ~~t~~:~; ~ . . ~ , said mo~tp~a doea heraby tulty warrant ths tttle to said laad, aad every put tl~eceof~ aad will defead the saa~e eptast tl~ 1aMrtul clai~s of all peisons whaeaowec. PROVIDED ALNAYS. and tbese preseats ue exec~ed aad dellveeed upoa tbe followiag caaditions, to wlt; Tbe ~aat~ago~ a~rees to po the ~evrtga~ee. a ocder. tbe priacipol sam of T~i ?HOUSAND - ree SIZ~SDAND~NO 100--------'------~......~..........~..------ Dollan 7.3 ~ 600.00 as evidence~ by s.a~ote,of evea date herc~vitb, with iateceat Emm date at the ate of SI(~Hl' AIdD ~&-HAI.F per centna ( 8~ per anana oa t6e uapaid b?lance uatll p~id. The said priacipol aad iaterest sbAll be payable ~t the office oE J. T. ST~IART 1~I0~CiAGS CQ~ANY~ INC. in Suite 300 - 100 Miracle ![il.e~ Coral Gables, F'lorida - or at such other place as holder of tbe note uwy desi~oate Ia wdtiag~ ia moathly installcaeats of ~JS MAIDRSD FO~IA~ ARD 58~100 - - - - - - - - - -Dollars (s 1Q4•5~ commeacin on s the first day of OCtOber . 19?0 , rnd oa tbe first day of each eoath tbereafter untUtheprincipal aad iaterest are fnlly paid. euept t6at the fiaal p~ymeat of principal and interest. if aot sooner paid. shall be due and payable an the first day of S~pteobe]~~ 2000. : Aad s1w11 dnly, preaptly. aad fully pecfonn, discharge, execute~ effect, complete. and comply witb and abide by each and every the stipul~tions. ag~eemeats, conditioos, and coveaants of said pcomissory note aad of this modgage. then this mortg~ge•and tbe estate hereby created sirall cease and be null aad void. , Aal the mortgagor. further covenants as folloas: ' 1. That he will pay the iadebtedaess. as hereinbefore pcovided, Pcii?ilege is reserved to pay the debt in whole, or in en amoant equal to one a mae moathly payments on tbe pdncipal that are ne:t due oa the aote. on the firat day of any month prior to ~naturity: Provided, however. that aritten notice of an intention to exercise such privilege is givea at least thirty (30) days prior to prepaymeat; and. pravided fudher. that in the event the debt is paid ia full prior to maturity aad at that time it is insured uader the provisioas of the National Housiag Act. he will pay to the, awrtgagee an adjusted premium charge of one per centum (1%) of the odginal principal amount thereof, except that in ao eveat shetl the adjnsted premium exceed the aggregate amount of premium charges which would have beea payable if the matgage had coatiaued to be insured until maturity; such payment to be epplied by the moct- gagee upon its obligptioa to the Secretary of Housing aad Urban Development on account of modg~age iasurance. 2. That, in order more Eully to protoct the security of this moctg,age, the mortgagor, together with. and in eddi- tioa to, the monthly psyments under the terms of the ade secuced hereby, on the first day of each ~~nth until the said aote is fully peid, will pay to the mortgagee the following snms: (aJ An amount snHiclent to provide t6e holder 6ereof ~rith funds to p~r the ne:t mortQaQe insuraace premium it this inatnr ment wdthe note secured herebr are ~nsured, or o montltly char~e (in liet~ of a mort~age InsurAnce premium) it Wey are 6eld bp tbe Secrat~sy ot Honstn~ ~nd Urtiin Developmeat. as tollows: ~ (I) U and so loo~ ~s said note of even dete and t6is inatrument are insured or are reiasured ander the provisions of the National Housias Act. an amonnt snfCcieat to accumulate in tbe hands of the holder one (1) month p~ior to its due date the annual moct~~e insnraace pemimn, in order to pwvide anch hoider wlth tunds to pry suchpreminm to the Secrot~ of Hoasin~ and Urbrn Developmaat parawaf to the N~tioaal Housing Act, as ameaded, and applicable Regu- tations thereusder. oe I[ and so long.oa said note d even date apd this jnstn~ment ore held by the Secretarp oE Housing and Urbaa Develop- ment, • monthly charge (in Iieu of a mortgage insunoce psemium) ~vhich shali be in an amount equal to oae-twelfth (1/12) ot oao-half (K) per centum of the avenge outsunding bal4nce due on the aote computed ~vithout taking into . account deliaquencies or pcepaymeats; (b) A sum equal to the ground reats. it ar~y, aezt due, plus tbe premiams t6at wrilt ne~ct become due aed p~yable oa policies of ttre and other hazud insurance covering t6e mortga~ed propertr, plua ta:es and assessmeata nezt due oa ffie mort- gaged propert~ (oll as estimated by the mortgagee) less all sums ~lreadp paid therefor divided by the aumber of months - to elopse be[ore one moat6 prior to the date wrhea such g,round rents. premiums. tazes~ and assessmenta will become de- linquent, such sums to be held by mortgagee in trust to p~y said ground rents, premiums, t~es, and special assessments; ~ °ad . E (cJ All payments mentioaed ia t6e two preceding subaections ot this pangraph aad all paqmeats to be mode uader the note ! secured hereby sholl be added together and the ag~regate amount t6ereof shall be paid by the moKgagor eact~ month ia a single payment to be applied by tbe mort~aQee to ffie following items in the order set forth: - ~ (n premium charges under the coatract of iasurnnce wit6 t}K Secretasr ot Housin~ and Urban Development, or. monthlq cbary~e (in lien of mortg~ge insar~nce premium), •s tbe cwse mq be; • • (In Qround rents, to:es. assessments, [ire, and other hazud insurance premiams; . interest on the note secured herebp; ~ad (I~ amortisation of the p~L~cipal of said note. Aay deficiency in the amouat d$uch aggregate monthly payment shall. ualess made good by the moctgagor prior to the due date of the next such payment, constitute an event af default under this mortgage. The modgagee may collect a"late charge" not to e:ceed two cents (2e) fa each dallar (tl) of each payment mae than fifteea (15) days ia aaears to cover the e~ra ezpense involved in handling delinquent payments. 3. That if the total of the peyment~ made by the mortgagor nnder (6) of paragxaph 2 preceding shall esceed the amount of payments actuaUy made by tbe mortgagee, fa 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, hawever~ the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficieat to pay gcound rents, taxes and assessmants and ins~uance premiums, as the case may be, when the saq?e shall become due and paysble, t6en the moctgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on oc beface the date when paymeat of suc6 g~au~d rents, taxes, assessments, or insurance premiums shall be due. If at aay time the mortgagor shall tender to t6e moctg,agee in accordance with _ the provisioas of the note secured hereby, fnll paymeat d the eatire indebtedaess represented thereby, the mod- gagee shall, in compnting the amonnt of snch indebtedaess, credit to the account af the mortgagor all peyments mede uader t6e pravisions of (aJ af paragrapb 2 hereaf whicb tbe moctgages has not becaoe obligeted to pay to the Secretary of Hansing and Urben Developme~t ~nd aay belance remaining ia the fuads accumulated under the pmvisions ~(6) d said paregrapb 2. If there ah~ll be a default uader aay of the provisions of this mortgsge. re- sulting in a public sale of tbe premises covered hereby, or if the mortgegee acquires the propecty othecarise after default, the.matgagee shall apply, at tl~e time of the commeacement of such pcoceedings or at the time the prop- erty is otherwise acquired, the balance then cemaining in the funds accumulated nnder (6) of paragcaph 2 preceding as a credit egainst the amouut of prJncipel then remaining unpaid under said note and shall properlyadjust any payments which shell have been mede uader (a) of said peregraph. 4. That i~e ~vill pay al! ta:ea, essessmeats, water ratea, and other governmental a municipal charges, fines, or impositi~oas, for ahich pravision has aot been arade hereiabefae, ead in default thereaf the matgagee may pey the same; and thet he will promptly deliver the dficial t~eoeipts the~efor to the mortg,agee. ~ ~ ~~185 P~i084 ; ; ; ~ ~ . - ~ _ - ~ - _