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Home My WebLink About1323 / s.~id mortgagor docs hereby fully u~a~rani the title to said land, and every pa~t thereof, and will defend the same .~gainst the l.+w~ful claims of all pcrsons whomsoe~~e?. PROVIDED ALN'AYS, and these presents are executed and delivered upon the foltowing conditions, to wit: The mortgagor agrees to pay~he mortgagee, or order, the principal sum of THIBThE~ THOIISAFD SI% HUADBIs~ AliTD NO/100 . Dollars (S 13 ~ 6QQ . QQ as e~•idenced by a note o[ even date herewith, with interest from date at the ~ r+te ot EIGHT A]~D 08E-HAI~F per centum ( 8~ i,) per annum c~n the unpaid balance until paid. 1'he said pri~cipal and interest shall be pay°able at the oifice of J. S. $~$~A$T YQRTGAGL COItPANY, IBC. in 5uite 300 - 100 Yiracle l[ile, Coral Qables, Florida. or at such other place as the holder o[ the note may designate in writing, in monthly installments of OAL HUNDRED F(IUR A1iD ''j8~100 -------~ollars (S 104.~j$ commencing on the Eirst day of January • 19 ? and on the fi~st da~~ of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and pa~•able on the first day of Deoeaber, 2~~~. And ~hall duly, promptly, and (ully pertorm, discherge, execute, eff~ct, complete, and comply with and abide b~• 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 nuil and void. And the mortgagor further co~enants as follows: - 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay ihe debt in whole, or i~ an amount equal to one or more monthly payments on the principal that are next due on the note, on the first da~• ~f any month prior to maturity: !'ro~ iJ~~~l, however, that written notice of an intention to exercise such privilege is given at least Ehirty (30) da~•s prior to prepayment; and, provided turther, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions oi the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 0) of fhe otiginal principal amount thereof, except that ~n no event shall the adjusted premium exceed the aggregat2 amount oE premium chatges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be a,~plied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Developwent on account of mortgage insurance. 2. That, in ordei more faliy to prc+tect the security of this mortgage, the mortgagor, togeihec with, and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month untii the said note is fuily~ paid, will pay to the mortgagee the following sums: An dmuunt sulfirient to pro~•~de the holder hereo[ with [unds to pay tha next mortgage u~surance premium it this instru- ment and .he note secured hereby are insured, or a monthty cfiarge (in lieu of a mortgage insurance prrmwm) if they are hrld by the Secretary uf Housing and Urban Development, as follows: U) 1( end so tung as said note cf even date and this instrument are insured or are ceinsured under the provisions of the \atiunal Housin~ Act, an amount suf[~clent to accumulate in the hands of the holder one (1) month prior to its due Jate the annuat mortgage insurance premium, in order to provide such hotder vcith funds to pa~• such premium to the " Serretary o( Huusing and Urban Development pursuant to the Nationai Houeing Act, as amended, and applicable Regu- l.~tions thereunder, or 111~ !f and so long as said nutc of e~•en date and th~s insttument are held bp the Secretary o( Houstng and Urban Develop- c:rnt. a monthly charge (in lieu of a morigage ~nsurance prem~um) wh~ch shall be in an amount equal to one-twelfth i 1 1' 1 of one-hatt prr centum of the average outstanding balance due on the note computed without taking into account deLnquencies or prepayments; ' A sum eq~al to the ground rents, i( any. next due, plus the prem~ums that wiil ne=t become due and payabte on policies ~~f fire dnd uther hazard ~nsurance covering the mortgaged property, plus taxes and assessments next due on the mort- ~ ~;aKrd prop~•rtf (ail aS rstimated by the mortgagee) less all sums alrrady paid there[or divided by the number of months to rlap~e before one munth pnor to the date when such ground rents, premwms, taxes, and assessmenis will become de- E Icnquent, such sur.:s to be held by mortgagee in trust to pay said ground rents, premiums, taxes, andspecialassessmenis; - ~ and ~ ! AI! pay~r.:rnts rr.ent~onrd ~n the two preceding subsections of this paregraph ar?d all payments to be mrde under the note e secure•d herrby shall be added tog~ther and the eggregate amount thereof shall be paid by the mortgagor each month in e stnKlr pa}mrnt to be applied by the mortgagee to the foliowmg items in the order set (orth: ~ (!1 prrm~um char~es under the cor.tract o[ insurance with the Secretary of Housing and Urban Developr.~ent, or monthly : charge (~n I~eu ot rnortgage msurance premium), as the case moy be; ~ (1I) grou~d rents, taxrs. assessments, Iire, and other hazard insurance premiums; ' (!II) ~nterest un the note secured hereby; and ' (I~') amort~zaUon of the prtncipal o( s~id note. Any deficiency in [he araount of such aggregate monthly payment shall, unless made good by the mortgagor pr~or to the due date of the next such payment, constitute an event ot default under this mortgage. The mortgagee ' may~ coilect a"late charge" not to exceed two cents (2C) tor each dollar (S1) of each payment more than fifteen ` ~ (15) days in arrears to cover the extra expense invol~•ed in handling delinquent payments. ~ 3. That iE the total of the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed ~ the amount of pa}•ments actuall}• made by the mortgagee, for ground rents, taxes and assessments and insurance ~ premiums, a~ 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 mottgagor under (b) of paragraph 2 pre- ~ ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case = ma • be, when the same shall become due and T ~ y payable, then the mortgagor shall pay to thr mortgagee any amount j necessary to make up the deficiency, on or before the date when payment of such ground rents. taxes, assessments, ; or insurance premiums shall be due. If at any time the mottgagor shall tender to the mortgagee in accordance with the rovisions of the note secured hereb full p y, payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (aJ of paragraph 2 hereof which .he mortgagee has not become obligated to payto _ tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ; ~ provisions of (b) of said paragraph 2. If there shall be a deEault under any of the provisio~s of this mortgage, re- ~ ~ sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or _at the time the prop- ~ ~ ert}• is othen~vise acquired, the balance then remaining in the funds accumulated under %t,) of paragraph 2 preceding as a credit against the amount of principal then remainiag unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has r~t been made hereinbefore, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts thereEor to the mortgagee. a~i8? ~1~3 . ~ - _ _ -