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scud moctgagur does hereb~~ [ull~• k•a~rant the title to said land, and e~~er~~ part thereof, and will defend the same ~
:~bainst the lawful claims o[ all persons whomsoe~•er.
PROVIDED AI.N'AYS, and these presents a~e executed and delivered upon the following conditions, to wit:
The mortgagor agrees to pay the mortgagee, or order, the principal sum of FIFTIDd THOUSAND T~fftEE
xurt~nax~ xo/ioo---------------------------------
pollars ts 15,300.00 as e~•idenced by a note ot even date hecewith, with interest fcom date at the
rate oi EIG~ AND ONFrHALF per centum ( 8~ per annum on the unpaid balance
until paid. The said principa! and interest shall be payable at the office cf J. T. STEWART l~IORTrsAGE Ca4PANY~ INC.
Suite 300 - 100 Hiracle Mile in Coral Gables, Florida
or at surh other place as the holder of the note ma~~ designate in writing, in monthly installments of Q~
HUNDR~D SEVSNT~i AND 66/100 - - - - - - - ~Dollars (S 117.fifi commencing on
the fi~st day ot November , 19 7Q , and on the first ~a~~ of each mo~th thereafter until the principal
and interest are tuUy paid, except that the tinal payment of ptincipal and inte~est, if not sooner paid, shall be due
and pa~•able on the first day of QCtOb62' ~ 2000.
And shall duly, promptl~, and full~• perEorm, discharge, execute, effect, complete, and comply with and abide
b~• each snd every the stipulations, agreements, conditions, and covenants of said promissory nute and of this
mortgage, then this mortgage pnd the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbetore provided. Privilege is reserved to pay the debt in whole,
or in an amount equal to one or moce monthly payments on ti~e principal that are next due on the note, on the first
da~- o( any month prior to maturity: f'.o~ i~l~d, however, that written notice of an intention to exercise such privilege
~s gi~~en at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in
full prior to maturity and at that time it is insured undec the provisions of the National Housing Act, he will pay to
the mortgagee an adjusted premium charge oi one pe~ centum (1 0) of the original principal amount thereof, except
that ~n no e~~ent 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 mortgage, the mortgagor, together with, and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the
said note is fully paid, will pay to the mortgagee the following sums:
An anwunt suff?cirnt to proeide the hotder hereof with (unds to pay the next mortgage insurance prem~um t[ th~s mstru-
mrnt and ihe note secured hereby are ~nsured, or a mcnthly charge (in lieu of a mortgage insurance prrmwm) if they ere
held by the Secretary of Housing ~nd Urben Development, as follow~s:
~1) It end so long as sa~d note o( e~~en date and this ~nstrument are insured or are reinsured under the provisions o( the
\ational Housing Act, an amuunt su[hcient to accumulate in the hands ot the holder une (i? month prior to its due
date the annual mortgage ~nsurance premtum, in order to prov~de such holder with tunds tu pay suchprem~um to the
Secretar~• o[ Heus~ng and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu-
latiuns thereunder; or
;lli I( and so long as sa~d r.ute ot r~•en d~te and this instrument are held by the Secretary ot Housing and Urban De~•elop-
nrat, a monthly charge (~n Leu of a mortgage insurance premi~ml whlch ahall be in an amount equal to one-twelfth
(1 1_') of one-half per centum of the average outstanding balance due on the note computed without talcing into
~ arcount delinquenc~es ~r prepa~ments:
! A su~r. rquat to the ground rents, if any. next due, plus the premiun:s that will ne:t become due and payable on policies
i of [~re and other hazard ~nsurance covertng the morigaged property. plus taxes and assessments next due on the mort-
~ Keged propert)' (all as rsumated b~~ the mortgagee) less all sums already paid therefor divided by the number of months
~ to elapse brfore one month pnor to the date when such ground rents, premiums, taxes, and asses~ments :vill become de-
l~nquent, such sums to be held b}~ moKgagee in ttust to pay sa~d gtound rents, premiums, te=es, andspecialassessments;
~ and
~ Alt paymrnts mrnuoned ~n the two preced~ng subsecuons ot this paragraph and all payments to be made under the note
~ secured hrreh~~ shall be added together and the aggregate amount thereof shal! be paid by the mortgagor each month ~n a
~ sinKie payment to be appi~ed by the mortgagee to the following items in the order set forth:
~ (1) premium charge+ under the contract of ?nsurance with the Secretary ot Housing and Urban Development, ar monthly
~ rharge (~n l~eu of mortgage ~nsurance premium), as the case may be;
= (II! ground rents, taxes, assessments, fire, and other hazard ~nsurance premiums;
~ ([II) ?nterest oa the note secured hereby; and
tR') amortuet~on of the principa! ot said note.
~ Anq deficiency in the ar.iount ot such aggregate monthly payment shall, unless made good by the mortgagor
Fr~ur 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 cents (2c) for each dollar (S1) of each payment more than fifteen
l15) days in arrears to cover the extra expense imoleed in handling delinquent payments.
3. That if the total of the payments made by the mortgagor under (b) oE paragraph 2 preceding shalt exceed
the amount of payments actuall}~ made by the mortgagee, for 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 b~~ the mortgagor. If, however, the monthly payments made by the mortgagor under (6/ of parag,raph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case
; may be, w~hen the same shall become due and payable, then the mortg:.goc shall pay to the mortgagee any amount
- necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments,
o~ insurance premiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance with
~ the proviciuns of the note secuced hereby, full payment of the entire indebtedness represented thereby, the mort-
gagee shall, in computing the amount of such indebtedness, credit to the sccount of the mortgagor all peyments
~ made unde~ the provisions of /u) of paragraph 2 hereof which the mortgagee has not become obligeted to payto
~ the Secretary of Housing and Urban Development and any balance cemaining in the funds accumulated under the
~ pro~•isions of of said paragraph 2. If there shall be a default under any of the pcovisio~s ef this mortgage, re-
~ sulting in a public sale of the premises covered ~ereby, 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-
~ erty is otherwise acquired, the balance then remaining in the funds accumutated under (6) of paragraph 2 preceding `
~ as a credit against the amount of principal then remaining 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 pro~•isio~ has not been made hereinbefore, and in default thereof the mortgagee may pay
the same; and that he will promptly deliver the official receipts therefor to the mortgagee.
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