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Home My WebLink About0844 ~ . ; r t ~ ~ ~ said mortgagor does hereby fully warrant the title to seid land, and every part the~eoE, end will defend the same .,gainst the lawful claims of all pe~sons whomsoever. i f , PROVIDED ALWAYS, and ihese presents are executed and delivered upon the following conditions~ to ait: . { The mortgagor ag~ees to pay the mortgagee. or o~der. the p~incipal sum of ' ! FI~!~fi 'l~O~D ~D 110~/100 ' Dollars (S 15,000.00 as evidenced by a note o[ even dete herewith. with interest from date at the ~ rate of ~p q=,~~ pe~ centum ( 8~J 9G) per annum on the unpaid balance until paid. The said principal and intecest shall be payable at the office of J. '1'; 8'1'piAT l~tT~'.~'i C~Y• rNC.. bliil.~ 300 - 100 ltisacl~ Mil~ ia Coral Gab3~s, tl+o~ida ~ or at such other place as the holder oE the ~ote may designate in writi~g. in monthly i~stellments of ~ g~,~p 1~=1~'1'~N ~p S,S/1Qp ---------•---~-Dollars (S 1~•35 commenci~g on the first day of J~11~RY - . 1971 . and on the first day of each month thereafter untiltheprincipal. and interest are fully paid. except that the final payment oE principal end interest, if not soo~er paid. shall be due ! and payable on the ficst day of D~• Z000. # A~d shall duly. promptly. and fully pedorm, discharge. execute. effect, complete. and comply with end abide by each and every the stipulatio~s. agreements. conditions, a~d covene~ts of said promissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and_void, ` i And the matgegor furtfier covenants as foltows: ; 1. That he will pay tlie indebtedness. as hereinbefore provided. Privilege is reserved to pay the.debt in whole. _ or ~n an amount equal to one or more monthly payments on the principal that are next due on the note. on the first day of any month prior to maturity: P.o~~ided, however. that written notice of an intention to exercise sucfi privilege is given at least thirty (30) days prior to prepayment; and. provided fudher, that in the event the debt is paid in full prioc to maturity and s~t that time it is insured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per ce~tum (196) of the original principal amount thereof. except that in no event shalt the adjusted premium exceed the aggregate amount of premium chacges which would have been payable iE the mortgage had continued to be insured until maturity; such payment to be epplied by the mort- gagee upon its obligation to the Secretary oE Housing and Urben Development on accouat of modgrage iasurance. 2. That. in order more fully to protect the securlty of this modgage. the mortgegor, together with, and in addi- tion to. the monthly payments under the terms of the note secured heceby. on the fust day of each month until the said note is fully paid, will pay to the moctgagee the follawing sums: An amou~t suf[icient to provide the holder hereo! writ6 [unds to pay the ne:t mortQage iasursnce premium it this instru- ment and the note secured hereby are insured, or a moathly chuge (in lieu o[ a mortgage insuraece premium) if they ~re heid by the Secretary of Housing aad Urban Development, as follows:- (I) If and so IonQ as said note ot even date and this instrument are insured or arc reinswed under the provisions ot the Nationai HousinQ Act, an amount autticient to ~ccumulate in the haads of the holder one (1) moath prior to its due date the _ annual mortgage insurance premium, ia order to provide such hotder writh funds to pay suc6 premium to the Secretary of Housing and Urban Developmeat pursu~nt to the National HousiaQ Act, as amcnded. oad applicable RcQu- tatio~s thercunder, or (il) It and so long as said note o[ even date a~d this instrument ore held by the Secretory of Housing and Urbaa Develop- ment, s moathly charge (ia lieu ot a martgage insurance premium) ahich shall be in an amount equa! to oae-twel[th (1!12) ot one-haf[ (44) per centum of the average outatanding balance due on the note computed writhout takia~ into account delinquencies or prepaymeats; - /h) A sum equat to the ground rents, i[ any, next due, plus the premiums that wriil next become due and payoble on policies , ot fire and other hazard insurance covering the mortgaged property. plus taYes and assessments ae:t due oo the mort- gaged property (all as estimated by the mortgagee) less all sums nlready paid therctor divided by We number of months ~ to elapse be[ore one month prior to the date when sucA grouad rents~ premiums, ta:es, and assessments wrill become de- linqueat, such sums to be held by mortgagee in trust to pay s~id ground rcnts, premiums, ta:es, andspeci~laasessments; and i (c/ All payments mentioned in the two preceding subsections o( this paragraph aad •Ii paymenta to be made under the aote j secured hereby shall be added together and the aggregate amount thereof s6a11 be paid by the mortQaQor each month ia • single payment.to be appliea by the morttagee to the 1d11o~ring items in the order set forth: (n premium charges under the contract o[ insurance with the Secretory of Housine and Urban Devclopmeat, or monthly charge (in lieu of mortQa~e iasuraace preinium), as ttu caae may be; (II) gwund renis, ta:es, assessments, tire, and ~other hasard insurance Qremiums; ' (li1) interest on the note secured herebr; and (iV) amortizatio~ of the principal ot said aote. Any deficiency in the amount of such aggregate monthly payment shall, unless roade good by the mortgagor prior to the due date of the next such paym~nt, constitute an event d default under this mortgage. The modgagee may collect a"late charge" not to e:ceed two cents (2Q) fbr each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expease involved in handling delinquent payments. 3. That if the total of tlie paymeats made by the modgagor under (6) of pacagraph 2 preceding shall exceed ~ the amount oE payments actually made by the martgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be. such exceas shall be credited by the mortgagee oa subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the moctgagor undec (bJ of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurence premiums. as t4te cese i may be, when the seme shall become due aad payeble, then the mortgc?gor slwll pay to the mortgegee any emount necessary to make up the deficiency, on or befae the date when payment of such gro~wd reats. tazes, assessments. ~ or insurance premiums shall be due. If at an} time the modgagor shelltendet to the modgt~gee in accordance with " the provisions of the note secured hereby, full 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 alt peyments ' made under the provisions of (o) of perag,raph 2 hereof which the mortgegee has not become obligated to peyto ~ the Secretary of Hoasing and Urban Development and any belance remaining in the funds accumulated under the provisions of (6J of said paragraph 2. If there shetl be a default under eny of the pcovisioas of this matg,age, re- sulting in ~ pu¢lic sale of. the premises covered ~ereby,:or iE the mortgagee acquires the property othecwise after default, the mortgagee shall apply, at the•tia~e ot the commencement of such proceedings or at the time the prop- erty is otherwise acquired. the balance then remeining in the funds accumulated under (6) oE paragraph 2 preceding as a credit against the amount of prlncipal then remaining unpaid under seid note and shall properlyadjust any payments which shall have been made under (o) of said paregraph. ~ 4. That he will pay aU taxes, asseasments, water rates. and ot6er governmental or municip~l charges, [ines, ~ or impositions, for which provision has not been made heteinbefoce. and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgegee. • • ~ aoo~~~ r~ , , ~ ~ ~ ~ 3 ~~~-Y ~'xYy ~ ~ ~ : ~ ~y^ - . r = ~ _