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Home My WebLink About1499 ..~id mottga~ur dcx~ heteb~~ (ull~• w~rirranl the title~ tu si~id Icind, and t•~~~•r~• part thrre~~f, i+nd w~ll de(i~nd the same .~gainst the li+w(ul claims o( all petswis whun~soeve~. PROVIDED A1,HAYS, and these presents are executed and delivered upon ihe following co~ditions, to wit: The mortgagoc agrees ta pay the mortgagee, or order, the principal sum o( N~~~ ~ 1~IVE HvND~RED 11ti0 t~1~/100---------------------------------------------------------- llollacs ~S 19~500.00 A~ e~•idenred by n note o[ even datc herev?ith, with intecest (rom dnte at the rate ot aIQiT 1?1~1D ONB-W?L~' per centum ( 8~! a) per ~nnum on the unpaid bulance unt~l pa~d. The said pr~ncipel and ~nte~est shall be puyeble at the o((ice of J. T. S1'S1l11RT !'bRT('~J?G8 CpMp,AtiY, INC. in Suite 300 - 100 Miracle Mile, Ooral Gables, l~lorida .x at such other place as the hulder uf the note may design~te in writing, in munthly installments of pN$ H~1~IDRSD !'QRTY-NIIiH J1ND 96/100---~-~~-- Dollars (S 149.96 comme~cing on the first duy of ~?yy~gt , 19 7p , and on the first day o: each month theceafler untiltheprincipal and interest arc full~~ paid. except that the tinai payment u[ principal and interest, i( not sooner paid, shell be due and payeble on the fitst day oE ~ly~ 2000. . And shaU duly, promp:ly, and fully perform. discharge, execute, effect, complcte, and cumply with and abide h~~ each and e~•ery the stipulations, agreements, conditions, and co~~enants oE said ptomissory nute and of this mortgage, then this mottgage and the e~tate hereby created shall cease and be null and void. And the moctgagor turther co~~enants as follows: 1• That he will pay the indebtedness, as hereinbefore provided. Privilege i~ reser~ed to pay the debt in whole, or ~n an amount equal to one ar r..o~e monthly payments on the principal that are next due on the note, on the first day of any nontfi p~ior ta maturity: I'ro~•ad~d, however, tfiat written notice ot an intention to exercise such privilege ~s given at least lhitty (30) da~•s prio~ to prepeyment; and, provided Eurther, that in the event the debt is pa~d in tull prior to maturiy and at that time it is insured under the provisions of the National Housing Act, he wili pa~~ to the mortgagee an adjusted premium charge o( one per cenium (1°~) ot the original principa~ amount thereo[, except that in no e~•ent shall the adjusted premium exceed the ag~regate amount oE premium charges which would have been payable if the mo~tgege hed continued to be insured until maturity; such payment to be applied by the mor!- gagee npon its obl~geEie~rt to ihe Seeretary of Housing and Uchaa_D~velogrsent. on account of mQt~~age insurance. 2. That, in order mace ftilly to prc~tert the security o[ this mortgage, the mortgagor, together with, and in addi- ~ :ion to, the monthly payments under the terms ot the note secured hereby, on the first ~ay of each month untii che said note is fully paid, will pay to the mortgegee the follawing sums: .f ~ Aa •mount suft~cient to provide the fiolder hereot with [unds to pay the next mort~age insurooce premium i( this instru- ment and the note secured hereby are insured, or a monthly ch~rge (in I~eu of a mortgege insurance premium) if they •re held by the Secrct~ry of Housing and Urban Devrlopment, •s follows: (I1 !f and so lon~ as s~id note o[ even date •nd this instrument are insured or arc rcinsured under the provisions of the N~t~on~l Hous?ng Act, an amount sut[icient to ~ccumul~te in the handa o( the hotder one (1) month prior to ita due d~te the annu~l mortQaQe insur~nce premium, in order to provi6e such holder ~vith (unda to pay auch premium to the Secrctary of Houaing and Urban Deveiopment pursuoni to the N~tion~l Nousing Act, •s amended, and applacable Regu- lationa thereunder, or ; R) lf and so long •s said note ot even date ~nd this instrument •re held by the Secrelary o[ Housing ond Urban Develop- ment, a monthly charge (in lieu of a mortgage inaurance prcmium) wrhich sh~ll be in aa emount equ~l to one-twel[th (1 12) ot one-half Fvi) per centum of the average outst~nding balance due on the nute computed withoot toking into rccount delinquencies or prepayments; A sum equ~l to the ground rents, i( •ny, next due, plus the premiums that will ~e:t become due and payablr on policiea ; ef fire and other hazard insur~nce covering the mortgaged property, plus ta:es •nd assessments ne:t due on the mort- ~ gaged property (all as esttmoted by the mortg~gee) less all sums already poid there[or divided by the number o( months ; to elapse be[ore one mont?+ nrior to the d~te when such ground rcets. prem~ums, tazes, and assessments wi11 become de- ! tinquent, such sums to be hetd Dr mortgoget in trust to pay said ground rents, prem~ums, ta:es, and spec~~l assessments; ~ and R ~ All payments mentioned in the two preceding subsections ot this peragroph and alf p~yments to be mode under the ~ote sccured hereby shall be added together and the aggregate amount thereo[ shail be paid by the mortgagor each month in a ~ single payme~t to be apalied by the morteagee to the [ollov?ng items in the order set forth: (n premium cfiarQes under the contract of insurance writh the Secrelory o[ l~ousin~ and llrban Development, or monthiy ~ charge (in lieu ot mortgage insuraoce premium), as the case mpy be; ~ ~ tII) ground rcnts, taxes, assessments, [ire, aad other hazard insuronce premiums; tI[Il intcrcst on the eotc secured hereby; ond (IVl amortusation ot thc principal of sud note_ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor Frior to the due date of the next such payment. constitufe an event d default nnder this mortgage. The mortgagee ; :nay collect a"late charge" not to eaceed two cents (2R) foc each dollat (S1) of each pa~~ment more than fifteen ~ tl~) days in ar~ears to cover the e~ctra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed ~ the amount of pavments actually made b3 the mortgagee, for ground rents, taxes and assessments and insurance ~ premiums. as the case ma}• be, such excess shall be credited by the mortgagee an subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- ceding sha(1 not be sufficient to pay g~oan~ rents, taxes and assessm~~nts and insurance premiums, as the case mav be, when the same shall become due and peyable, then the mottgagor shall pay to the mortgagee any amoun! ~ necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or insucance premiums shall be due. If at aay time the mortgagor shall tender to the mortgagee in accordance with ~ the pro~•isions of the note stcured hereby, full payment of the entire indebtedness represented thereby, the mort- k~; ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the martgagor all payments ~ made undet the provisions of (o) at parag~aph 2 hereof which the mortgagee has not become obligated to payto the Secretar~~ vf Nausing and Urbaa Development and any balance remainirtg in the funds accumulated under the ~ pro~•isions ot (b) ot said paragraph 2. lf there shall be a default under any of the provisio~s of this mortgage, re- ~ sulting in a puhlic ssle of the premises covered hereby, or if the mortgagee acquires the property otherwise after default, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ` erty is otherwise acqnired,the balance then rcmaining in the funds accumulated under of paragraph 2 preceding ~ ~ as a cred~t against the amount of principal tben remaining unpaid under said note and shall propetlyadjust any ~ ~ payments which shalt have been made undet (a) d said paragcaph. , ~ ~ ~ 4. That he will pay all taxes, assessa~ents, water rates, and oQher governmental or municipal cherges, fines, ~ or impasitio~s, tor which provisian has not been made hereinbefore, and in default thereo[ the mortgagee may pay e the same; and that he will promptly deliver tl~e otficial teceipts therefor to the mortgagee. ~ U it ~ry ~ eU~K l PAGF~~~7~7 - ~ , ~