HomeMy WebLinkAbout0263 s~+td motigagut dce~ hereb~~ full~• w~ar?,~nt the titie to sa~d land. and e~•ery part thereof, and w~ll defrnd the same
aga~nst the IaK~ful cla~ms of all persons whomacevrr.
PROVIDED AL11'AYS, and these presents are executed and delive~ed upon the following conditions, to wit:
The mortgagor a~~ees to pay the mortgagee, or o~der, the prtncipal sum ot ~gq~N 8a HUNDRBD
arro r~onoo --------------------------y------------------------------------------------
Dollars (S ~$,(Qp~pQ as e~•ide~ced b a note oE even date herewith, with interest frum date at the
rate of. ~ gI~ ~Np per centum ( g1j per annum on the unpaid balance
until paid. The said principal and interest shall be payable at the office of J. T. STlAIi1RT !~!0[tTC~i1~ Cq~71NY, INC.
Stii.te 300 - 100 Miracle Nile in Coral Gables, Florida
or at such other place as the holder of the note may designate in w~iting, in monthty installments of Q~ HUI~IDRSD
NII~'1'BSN ~ND 96/100 Dollars (S j19.96 commencing on
the first day of g~gb~~y , 1971 , and on the first day of each month thereatter untiltheprincipal
and interest are Eully paid, except that the final payment of principal and interest, if not sooner paid, shall be due
and payable on the ficst day of J~~y, ZOpl.
And shall duly. promptly. and futly pedorm, dischacge, execute, effect, complete, and comply with and abide
by each and every the stipulations, agreements. conditions, and covenants of said promissory note and of this
mortgage, then this mortgage and the estate hereby created shal! cease and be null and void:
And the matgaga further covenants as follows:
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole,
or in 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: Pro~•ided, however, that writte~ notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and, pcovided further, that in the event the debt is paid in
tull prior to maturity and at 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 centum (1%) 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 modgage had continued to be insured until maturity; such payment to be applied by the mori-
gagee upon its obligation to the Secretary of Housing and Urban_ Development on account of mor~gage insurance.
2- That, in order more fully to protect the security of this modgage. 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:
(~i1 An amuunt sutiicie~t to provide the holder hereof with funds to pay the ne:t mortgage insurance premium iE this instru-
ment and the note secured hereby are insured, or a monthly charge (in lieu oE a mortgage insurance premium) if they ere
held by the Secretary ot Housing and Urban Development, as (ollovrs:
(1) 1t and so long as said note of even date and tliis instrument a~e insured o~ are reinsured under the Qrovisions o[ the
National Housing Act, an amount sufticient to accumulate in the hands of the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the
Secretary ot Housing and Urban Development pursuant to the National Houaing Act, as amended, and applicable Regu-
lations lhereunder; or ~
(li) It and so long as said note uf even date and this instrument are held by the Secretary of Housing and Urban Develop-
ment, a monthly charge (in lieu of a mortgage insurance premiuml which shall be in an amount equal to one-twelfth
( I' 12) of one-hali (',4) per centum of the average outstanding balance due on the aote computed without taking into
account delinquencies or prepayments;
Itil A sum equal to the ground rents, it any, next due, plus the premiums that will next become due and payeble on policies
of fire and other hazard insurance covering the mortgaged ptopetty, plus taxes and assessments next due on the mort-
gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided bp the number ot months i
i to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments wi11 become de-
E linquent, such sums to he held by mottgagee in trust to pay said gcound rents, premiums, ta:es, end special assessments;
; and
~ All payments mentioned u? the two preceding subsections of this paragraph and all payments !o be made under the note
~ secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a
f si~gle payment to be appiied by the mortgagee to the following items in the order set torth:
(I) premium charges under the contract of insurance with the Sectetary of HouSing and Urban Development, or monthly
~ charge (in lieu o[ mortgage insurance premium), as the case may be;
(I[) ground rents, tazes, assessments, fire, and other hazard insurance premiums;
(III) interest on the note secured hereby; and
(IV) amortization of the principal oE said note.
Any de[iciency in the amount of such aggregate monthly payment shall, unless 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
may collect a"late charge" not to exceed two cents (2¢) for each dollar (~1) of each payment more than Eifteen
(l5) days in arrears to cover the extra expense involved in handling delinquent payments.
3. That if the totat of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed
Lhe amount of payments 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 undec (bj of paragraph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case
~ may be, whe~ the same shall become due and payable, then the mortg4gor 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,
~ or insurance premiums shall be due. If at any time thu mortgagor shall tender to the mortgagee in accordance with
~ the provisions of the note secured hereby, Eull payment of the entire indebtedness represertted thereby, the mort-
~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments
~ made under the provisirns of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to
~ tbe Secretary of Housing and Urban Development and any belance remaining in the funds accumulated under the
~ provisions ot (G) of said paragraph 2. IE there shall be a default under any of the pcovisio~s of this mortgage, re-
sulting in a public sale of the Qremises covered iereby, 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 accumulated under (6J of paragraph 2 preceding
as a credit against the amount oE principal then remaining unpaid under said note and shall properlyadjust any
~ payments which shall have been made under (o) of said paragraph.
~ 4. Thaf he will pay aU taxes, assessments, water rates, and other governmental or municipal charges, Eines,
~ or impositions, for which provision has not been made hereinbefoce, and in default thereof the mortgagee may pay
- the same; and that he wili promptly deliver the official receipts theceEor to the mortgagee.
~ . ~DK~ .pNGf d:~7s)
$
_
: - ~ ~
:
s . , _ -