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HomeMy WebLinkAbout0536 . s.,~d mortgugur doe~ hereby~ fully w•acrant the title to sa~d land, and e~~e~~• part thereol, and will defend the same .+Ka~nst the IaWful claims of all persons whomscever. Pf?O'vi::ED ALN'AYS, and these presents are executed and delivered upon the following conditions, to wit: The mortgago~ ag~ees to pay the mo~tgagee, or order, the principal sur.m of THIR'1'SBN Tl~AtJ&AAD FZVB HUPDRBDFIFTYand00/100------- Uollar~ (S 13,550.00 as e~•ide~ced by a note ot even date he~ewith, with interest from date at the rate of eight and otle~hillf pFr centum ( 8~ o) per annum on the unpaid balance unti! ~aid. The said principal and interest shall be payable at the of(ice of J. T. STSWART MDItI`('~GS COMIPANY, INC• , S~ite 300 - 100 Miracle Mile, Coral Gables, Fla. ur at such other place as the holder ot the note may designate in writing, in monthly installments ot OI~ Ht1I~DR~ FOUR erid 20/100- Dollars (S 104.20 comn~encing on the firsc da}• of Novembel . 1970 , and on th~ first day of each moath thereafter untiitheprincipal and interest are fulty paid, exce t that ' ~~I payment of principal and interest, it not soQner paid, shall be due and pa~~able on the first day OCtober, 20Q9. And shall duly, pco ly, and fully perform, dischacge, execute, effect, complete, and comply with and abide b~• each and e~•ery the . tipulations, agreements, conditions, and covenants oE said promissory note and of this mortgage, then this mortgage and the estate hereby created sF-iall cease and be null and void. And the mortgagor further co~•enants as follows: , 1. That he will oay the indebtedness, as hereinbefare provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the [irst da~• of any month prior to maturity: !'ro~•idPd, however, that written notice of an intention to exercise such privilege is given at least thirt~• (30) da~•s ptior to prepayment; and, provided furthec, 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 ot one per centum (1%) of the original principal amount thereof, except that in no e~~ent shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- 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 irt addi- tion to, the rnonthly payments under the terms of the note secured hereby, on the first day of each month until the said note is full}• paid, wil! pay to the mortgagee the Eollowing sums: r~i 1 An amuunt suf[~cient to provide the holder hereo[ with Eunds to pay the next mortgage insurance premium iE th:s instru- ment and the nole secured hereby are ~nsured, or a monthl~ charge (in lieu of a mortgage insurance premium) it they are held by the Secrelary o[ Nousing and Urban Development, as follows: { (I) If and so long as said note o( even date and this instrument are insured or are re~nsured under the provisions of the tiational Housing Act, an amount su(ficient to accumulate in ihe hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, ~n order to prov~de such hoider wit.. funds to pay such premium to the Secretary o[ Housing and Urban Development pursuant to the National Hous~ng Act, as ameaded, and applicable Regu- iat?ons thereunder, or tll) If and so long as said note ot ea•en date and th~s instrument are held by the Secretary o[ Housing and Urban Develop- nent, a monthly charge (in l~eu of a mortgage ~nsurance prem'tuml whtch shall 6! in an amount equal to one-twelfth (1 12) of one-hal( (t:) per centum o[ the average outstanding balance due on the note computed without taking into account delinquenc~es or prepayments; A sum equal to the groun6rents, if any, nezt due, plus the premiums that will next become due and payable on policies ~f fire and othrr hazard insurance covering the mortgaged property, plus ta:es and assessmMts next due on the mort- Kaged propert}• (alt as esUmated by the morigagee) iess aU sums already paid therefor divided by the numbar of months ; to elapse betore one month prior to the date when such ground rents, premiums, taYes, and assessments will become de- ~ linquent, such sums to be held b~• mortgagee m irust to pay sa~d ground rents, premiums, tazes, and spec~al assessments; ~ rnd j ~ ~ Alt pa~•r;.ents mentioned in the two preced?ng subsections o( th~s paragraph and all payments to be made under the note E secured hrrrb~• shali be added together and the aggregate amount thereof shail be pa?d bp the mortgagor each month in a ; smK!e payment to be appl~ed by the mortgagee to the following items in the order set (orth: i ( (I) prem~um charges under the contract of insurance with the Secretary ot Housing and Urban De~elopment, or monthly i rharqe (in l~eu of mo~tgage insurance p:emwm), as the case may be; ~ (II) around rents, taxes, assessments, fire, and other hazard insurancr premwms; ~ (lil) ~nterest on the note secured hereby; and (IV) amurtuat~on of the principal ot s~id note. ~ Anp def~ciency in the arnount oE sucn aggregate monthlS 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 mortgagee ~ may collect a"late charge" not to exceed two ~ents for each dollar (SI) oi es~ch pa}ment more than fitteen (1~) days in arrears 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 exceed ' ~ ~ the amount of payments actualty made by the mortgagee, for ground rents, taxes and assessments and insucance ~ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be = made by the mortgagor. lf, however, the monthly payments made by the mortgagor ureder (6) of paragraph 2 pre- _ ~ ceding shalf not be sufticient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the c~se ~ ma}• be, w~hen the same shall become due and payable, then the mortg~gor shatl pay to the mortgagee any amount necessan~ to make up the def iciency, on a before the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. IE 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 computing the amount of such indebted~ess, credit to the account of the mortgagoc all payments ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remairting in the Eunds accumulated under the ~ pro~•~sions of (L) of said paragraph 2. If thece shall be a default under sny of the provisio~s of this mottgage, re- ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property othecwise after ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (t,) of paragreph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust eny payments which shalt have been made under (aJ of said patag~aph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for whicfi provision has not been made hereinbetote, and in default thereof the mortgagee may pay ; the same; and that he w~tl promptly deliver the otficial receipts there(or to the mortgagee. ; i sooK 187 536 3 5