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said mortgagor does hereby fully warrant the title to said land, and every part thereot, and will defend the same
~~gainst the lawful claims of all persoos whomscever.
PROVIDED ALWAYS, and these presents a~e executed and delivered upon the foilowing conditions, to wit:
The mortgagor agrees to pay the mortgagee, or order, the principal sum of
S~V":~1T.~.~.'K THOUSAND a1JD ti0~100 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Dollars (S 17t000.00 as evidenced by a not~ of e~•en date herewith, with interest from date at the
rate of ~IG.~fT AND Oldrr-HALF per centum ( $fi o) per annum on the unpaid balunce
until paid. The said principal and interest shall be payable at the office of J. T. ST~W.~.~T MOt2Tr'.~1G~ CQ~iPAPI'~'~ II`3C.
~uite 300 - t00 Hiracle Mile, Coral Gables~ rlorid~
or at such other lace as the holde of the note may designate in writing, in monthly installments o[ '
O;d~ :iIJPI~?..:~D ~HI.~^'~ APID 73 f - - - - - - -~oliars (5 1~'~• 73 comn~encing on
the Eirst day ot rltigtl5t. , 19 ?Q , and on the first da}• of each mooth t!~c~reafter until the pcincipal
and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due
and payable on the first day of Jul,}'~ 2000 :
And shall duly, promptly, and fully perform, discharge, execute, efEect, complete, and'compty with and abide
by each and every the stipulations, agreements, conditions, and covenants of said vromissory note and ot this
mortgage, then this mortgage and the estate hereby created shall cease and be null and vuid.
And the mortgagor fur!her covenants es follows:
1. 'fhat he will pay the indebtedness, as hereinhefore provided. Privilege is reserved to pay the debt in whole,
or in an amount equal to one or more monthly payments on the prirtcipal that are next due on the note, on the first
day of any month prior to maturity: f'roridPd, however, that written not~.ce of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and, provided further, that ~n the event the debt is paid in
full prior to maturity and at that time it is insured under the provisions of the National Nousing Act, he will pay to
the mortgagee an adjusted premiam charge oE one per centum (1 0) of the original principal amount thereof, except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have
been payable 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 Nousing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security of this mo~tgage, the mortgagor, together with, and in addi-
tion to, the mon!hly payments under the terms of the note secured hereby, on the first day of each month until the
sdid note is fuliy paid, will pay to the mortgagee the following sums:
(n) An amount sutficient to provide the holder hereof with funds to pay the next mortgage insurance premium th~s instru-
ment and the note secured hereby are insured, or a monthly cherge (in tieu o( e mortgage insurance prem~um) it they are
held by the Secretary of Housing and Urban Development, as [ollows:
(I) It end so long as said note o[ even date and this instrvment are insured or are reinsured under the provisions of the
Nationol Housing Act, an amount sutficient to accumulate in the hands ot the holder une (1) month prior to its due
date the annual mortgage insurance ptemium, in order to provide such holder with funds to pay such premium to the
Secretary ot Housing and Urban Devetopment pursuant to the National Housing Act, as amended, and opplicabte Regu-
tations lhereunder; or
(11) It and so long es said note of even date and this instrument are held by the Secretary of Housing and Urban Develop-
ment, a monthly cherge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twelfth
(I ' 12) of one-hol[ (ui) per centum o[ the average outstanding balance due on the note computed without toking into
account delinquencies or prepaymenis;
E /h) A sum equat to the ground rents, i[ any, next due, plus the premiums that ~rill next become due and payable on policies
i ot [ire and other hazard insurance covering the mortgaged property, plus ta:es and assessments next due on the mort-
gaged property (all as est~mated by the mortgagee) less all sums already paid there[or divided by the number ot months
~ to elapse be[ore one month prior to the date when such ground renis, premiums, taxes, and assessments will becc.me de-
; linquent, such sums to be hetd by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments;
~ and
~ ~ All payments meationed in the two preceding subsections o( this paragraph and all papments to be made under the note
secured hereby shall be added together and the aggregate amount thereof shall be paid by the nort@agor each month in a
~ single payment to be applied by the mortgagee to the toilowing itens in the order set forth:
(I) p~emium charges under the contract ot'insarance with the Secretary o( Housing and Urban Devetopment, or monthiy
a charge (in lieu of mortgag~e insurance premium), as ihe case may be;
(lli ground rents, tazes, assessments, fire, and other hazard insurance premiums;
(I[I) interest on the note secured hereby; and
(IV) amortization ot the principal of said note.
~ Any deficiency in the amount of such aggregate monthl) payment shall, uniess 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
~ ma}~ collect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen
! 1~1 days in arrears to cover the extra expense involved in handlin~ delinquent payments.
~ 3. That if the total of the payments made by the mortgagor under (hi of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance
premiums, as the case may be, such excess shatl be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the mortgagor under /6) ot paragraph 2 pre-
ceciing shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case
may be, when the same shall become due and payable, then ;he mortgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments.
~ ur insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with
a:
the pro~°isions of the note sPcured hereby, full payment of the entire indebtedness represented thereby, the mart-
~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all pa}•ments
made under the provisions of la) oE paragraph 2 hereot which the mortgagee has not become obligated to payto
~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the
~ provisions of (b) of said paragraph 2. It there shall be a default under any of the provisio~s of this mortgage, re-
~ sulting ~n a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise a(ter
defa~lt, the moKgagee shall appiy, at the time of the commencement of such prc~ceed~ngs or at the time the prop- _
~ erty is otherwise acquired, the balance then remaining in the tunds accumulated under f~~ I of pa:agraph 2 precedeng
as a credit against the amount of principal then remaining unpaid un~er said note and shall properly adjust any ~
~ payments which shall have been made under (u) of said paragraph.
F;:t:
4. That he will pay all taxes. assessments, water rates, and other go~•ernmental or municipal charges, fines,
ur impositions, for which provision has not been made hereinbefore, and in default thereof the morigagee may pay
the same; and that he will promptly deliver the official receipts thereEor to the mortgagee. ;
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