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HomeMy WebLinkAbout2379 ~ i. ~ p• ~.j . , . _ • • • . • • • ~ ~ i •.'~.r~ •.Z ~ ~ ~ said mortg.~~ur does hereb~• full~~ a•arrant the title to said land, and e~•ery part thereo(, and will defend the same .+ga?nst the law~ful claims of all pcrsons whomsoever. PROVIDED ALN'AYS, and these presents are executed and delivered upon the following conditions, to wit: The mortgagor agrees to ay the mortgagee, or o~der, the principal sum o[ TYlENTY THOUSAND BIGHT HUNDRID FIFTY AND NO f 1W ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ r ~ ~ ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ Dollars (S 20~850•00 as e~•idenced by a note of even date herewith, with intecest [rom date at the ~ate of EIGEtf AND ~FrEiALF per centum ( 8~ per annum ort the unpaid balance until paid. The said principal and interest shall be payable at the olfice of J. T. STh'f~IART MO'tTC,~1G~ CQ~PANY~ INC• Suite 300 - 100 Miracle Mile in Coral Gables, Florida or at such other place as the holder oi the note may designate in writing, in monthly installments ot ~TE HUNDRED SIXTY AND 31a~100 - - - - - - - - - - - - -0ollars (S 1(i0.31+ commencing on the first da~~ ot OCtOb9!' . 19 'j0 , and on the first day of each month thereafter untiltheprincipal 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 f~rst day ot September, 2000. And shall duly, promptly, and fully pe~form, dischacge, execute, effect, complete, and comply with and abide b~~ each and every the stipulations, ag~eements, conditions, and co~•enants of said promissory note and of this mort~:,ge, then this mortgage and the estate hereby created shall cease and be null and vuid. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one o: more monthly payments on the principal that are next due on the note, on the first da}• ot an}~ month prior to maturit~~: Yro~ idrd, howevet, that w~itten notice of an intention to exercise such privilege is gi~~en at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in ful! prior to maturit~~ and at that time it is inssred under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, except that ~n no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable i[ the mortgage had continued to be insured until maturity; such peyment to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urban Development on account oE 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 monthl~~ payments under the terms of the note secured hereby, on the first day of each month until the said note is fully pa~d, will pa}• to the mortgagee the following sums: ~r: An amuunt sufhc?ent to pro~•ide the holder hereof Miih tunds to pay the next mortgage ~nsurance prenwm i( this instru- ment ,nd the note secured hereby ore insured, or a monthly charge (in lieu ot a mortgage insurance premium) if they are hc•ld bp !hc Serretarp of Housing and Urban Development, as tollows: (1~ If and so long as said note o( even date end this instrument are insured or are reinsured under the provisions of the \utionat Housing Act, an amount sufficient to accumulate in the hands of ihe holder one (1) monfh prior to its due date the annual mortgage insurance premium. ~n order to prov?de such holder with [unds to pay such precr.ium to the Serretar~ of Housing ond Urban Development pursuant to the National Housing R:t, aa amended, and appticat~le Regu- ' tat~uns lhereunder, or illl If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- mrn!, a monthly charge (~n l~eu ot a mortgage insurance premium) whuh shali be in an amount equal to one-twelfth (1 12) o( one-h~lt (!•i) per centum of the average outs:anding balance due on the note computed without taki~g into ' acrount deltnquenc~es or prepaymenis; ~ ~ A sum equat to the ground rents, if any, next due, plus the premiums that will next become due and pey~bte on policies j of (irr and other hazard insurance covering the mortgaged property, plus taxes and assessments ne:t due on the mort- ~ gaged property (all as estimated by ihe mortgagee) less all sums already paid there[or divided by the number of months ~ to elapse betore oae montti prior to the date when such ground rents, premiums, taxes, .and assessments will become de- linquent, surh sums to br held by mortgagee ~n trust to pay sa?d ground rents, premiums, ta:es, pnd special assessments; S rnd ~ . ~ All pe~~ments mentioned in the two preceding subsections o[ th~a paragraph and all payments to be made u~der the note ~ sr~~ured herrb}• sha(! be added together and the aggregate amouat thereof shall be paid by the mortgagor each month in a sinKle pay~mrnt to be appl~ed by the mortgagee to the following items in the order set torth: i F (I) premium charges under the contract of insurance with the Secretary ot Housing and Urban Development, or monthly ~ char~;e (~n l~eu o[ mortgage ~nsurance Rremwm), as the case may be; ~ tll) ground rents, taxes, assessmrnts. [~re, and other hazerd ~nsurance premwms; (III) intere~t on the note secured hereby; and (1~') amurt~zat~on o( the principal o( said note. Any; deficiency in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an e~ent of default under this mortgage. The mortgagee ~ ma}• cotlect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen l15) day~s 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 (6J oE paragraph 2 preceding shall exceed ~ the amount oE pa~~ments actually 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 by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of Faragraph 2 pre- ~ ceding st~ail not be sufficient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case ~ map be. K•hen the sa~e shall become due and payable, then the mortg~gor shal! pay to the mortgagee any amount necessary to make up the deficiency, on or beEixe the date when payment of such ground rents, taxes, assessments, v= or insurance premiums shall be due. If at any time the mottgagor shalltender to the mortgagee in accordance with the ro~•isions of the note secured hereb full p y, payment of the entire indebtedness represented thereby, the mort- ~ gaqee shall, in computing the amount of such indebtedness, credit to the azcount of the mortgagor all payments r made under the provisions of /a1 of paragraph 2 hereof which the mortgagee has not become obligeted to payto the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ pro~•isions ot /6) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- r sult~ng in a public sale of the premises covered iereby; oc if the mortgagee acquires the property otherwise af4e~ ~ oefault, the mo~tgagee shall apply, at the time oE the coR?mencement of such proceedings or at the time the prop- ert is otherwise ac uired, the balance then remainin in the funds accumulated under (6J of ara ra h 2 recedin ~ Y 9 B P g P P B ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust eny ~ payments which shall ha~~e been made under (n) of said paragcaph. ~ 4. That he will pay all taxes, assessments, water rates, and dher governmental or municipal charges, fines, ~ os ~mpositions, for which provis~on has not been made hereinbefore, and in deEault thereot the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ~ ~187 ~2378 _ - _ ~ ~z.._._. _ _ _ 2 .