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Home My WebLink About1207 said mort~~gor doea he~eby lully warrant the title to ~aid land, and every p~ct therco(, and will deEeed the s~me against the lawiul claims of all persons ~homsoever. PROVIDED ALWAYS~ and these pces~~ts sr~ executcd ~nd deiiveted upoe ihe follovria` coaditioas. to ~rlt: The mateo~ot agrees to pay the moctgegee. ot orde~, the p~incipal sgm oi : FOUBTS~N THOU3AND NINS HUNDASD AND NO/100----------------~-- pv~U~ (S 14 ~ 900.00 •s evidenccd by a note o[ even da e he~ewith. with iaterest tcom date at the ~ rate of eight alld oIIe-h81f pec centwn ( 8~ !ib) per annuai oa tbe unp~id bal4~ce ~ ~ until p~id. The said ptiocipal and iaterest shall be p~yable at the office of ~ J. T. 3TE~AItT MOAZGAGS COIdPANY ~ INC. 100 Miracle 1~31e~ Coral Gables, Fl~~orida, 33134 oc at such other plece as the holder of the note nwy desigtwte ia writin~, ia oontbly installments of ONT HUNDRTD ~OURTTyRN AND 58/100---- bollars (S 114.58 cort~ncing on the ficst day of Mareh . 19 71 . and on the ficat day of eac6 month thereafter untilthepclacipa! and interest ~re fnlly paid. except that the final poyment of priacipal and intecest, if not sooner peid. shall be due and payable on the fltst day oE February, A.D. ~ 2001. And sha11 duly. promptty. and Eully peiform. disch4rge. execute. effect, complete, and comply with ac~d abide by esch and every the stipulAtia~s. a~reements. conditians. end covenants of said praeissory note and of this mortgage. the~ thia mottgage end the estate hereby cr~ated shall cease and be nnli aad void. And the mortgagar fucther covenaats as folloas: 1. 'That he ~rill pay the indebtedness, as hereinbefore provided. Pri'vilege is reaerved to pey the debt in whole. or in an amount equa! to one ot more monthly peyments on the principal thet are ~?ext dae on the note. on the first day oE sny month prior Co matutity: P~ovided, howeve~, that writtea notice of nn iateatioei to exercise sucb privilegE is given at least thidy (30) days prior to Qrepeyment; and, provided furt6er. that in the event the debt is poid ir. full priw to maturity and at that time it is insured under the provieions of the Nationat Noueing Act. be will pay te the mortgagee an adjusted premium charge of one pei centum (1?L) of the otigina! priacipal amount thereof~ e~creQt that in no event shalt the ~djusted pcemium exceed ifie sggcegate amount of preoium cbarges wbich would 1?ave been payable if the mortgage hed continued to be insured until roaturity; such paya~t to be opplied by the aorl- gegee upoa its obligation to the Secretary of Housing and Urban Development on account of mortg,age iusuraace. 2. That. in otder eioK Eufly to protect the aecurity of thia mortg,age, the moitgagor, together ~vith. aad in addi- tion to. the rnonthly payments uader the tera~s of the note secured hereby, on the first day of each moMh until the said note is tully peid. will pay to the mortgegee the following suaos: - (n) An •mount sutticient to provide tl~e holder heceot with funds to p~q the next mort~age insunnee•premiuas if tbis in~tru- reeet andthe note secured bereby are insared, or • awnthiy char~e (ia lieu of a moetgage iosuraoce premiuen) iI they ~re heid by the Secretary of HousioQ and Urb~a Developmeot, ss tollows: (I) If and :o lon~ as s~id note ot even date and this, instrnment are insured or are ctinsured undst the pwvisioas of the National Housiag Act. •n amount aufficient to accumnlate ia the hsnds of the holder oae (1) moat6 prior to its due date the annuat a+ortg~ge insucance prcmiwa, ia order to pmvide sneh hoidcr with tunds to pay ~ucl~premlym to the Sccretarr of Housing ~nd Urban Der~lopment pu~auant to the Natioa~l Housine Act, ~s anended~ and applic~Me ReQu- l~tioes thneundtr. or ([I) I[ and so tong as aaid note of even d~te aAd this iastrumeAt ue hald by the Secret~cy of Housln~ ~ad Urbao Develop- menc, a monchlr charge (in lieu of s mort~e iasuraace premiuc) ~rhlcb sh~11 be in an as?ount eqaal to one-twreltth (1; 12) ot one-ha1[ ('iS) per centum ot lhe ¦verage outstandin~ bat~ece due on tbe note computed aitbout takia~ into account delinQueneies or prepapmet~ts; (b) A sum eq~~~l to the grouad reats. ii oay, aext due, plus tht prea?iums that will aest becosu due and pay~ble ~ policles of fue and other h~z~rd insuraace covetin~ We mortgaeed property, ptus t~Yet and assessmeots ne~tt due on the mort- ~ gaged propertr (sll~~a estimated;by the mortgaQee) Iess all Quas olreadr p~id there[or dfvided bq t6e nunber of noatl~s ~ to et~pse betore one vsonth prior to the date ~vhen such ~ound rents, preauums, t~:es~ and assessments will Decome de- ~ linquent, such sums to be held br mortQaeee in tiust to pay s~id gro~utd reats. prea~iJtr?s. t~es, ~nd speci~la~seasmeata, { ~ (c) All poymeats meotioaed in the t~ro precedin~ subsections ot this para~raph and •!I p~yments to be made ander the note ~ secured hereby shall be added togethcr ~nd the aagcegate amount lhereot sh~ll b~ p~id by the aa~~gor eacb month la a siagle paymmt to bc applted by the moHSaQee to the tollowrine ttem~ in W~ order set [orth: ~ (n p~en~ium eharQes uader the contnct of insunnce aith the Seerot~ry oi Housin~ ead Urbm Developmeat, or monthly charge (in lieu of mortgsge insurance ptemium), as t6a case may be; (R) ground renta, ts:es, assessmeats. Ctre, and ot6er h~sard ietsuraace pcemiums; (III) interest on the aote secnred hereby; and (1~ amurtis~lion of the princip~l of s~td oote. } Any deficiency in the anount of such agg~egate monthly peymeat shall. unless made good by the martgagor ~ prior to the due date of the next such payment, constitute an event af default under this mortgage. The mortgagee d may collect a"late charge" not to exceed two cents (2~) for eech dollar (=1) of each poyment moce than fiheen f (15) days in arrears to cover the erira expense involved in handliag delinqaeat payments. i 3. That if the total of the paya~ents o~de by the modgagoc unda (b) of paragrapb 2 preceding sht~ll exceed the amount of peyments actusrlly made by the mortgagee. Eor ground cents, taxes and assessments and inausance premiums, aa the case may be, such exceas shall be crediced by cbe mortgagee on subsequent paymeats to be ~ mede by the moctgagor. If~ however, the monthly payments made by the ma~tgegor nnder (6) of p~ragrapb 2 pre- ceding shall not be sufficient to pey ground rents, taxes and assesaments aad iasuraace preminms, a~ tAe cese ~ may be, when the same shall become due and psyable, then the mortgsgor shalt pey to the matgagee aay omount = necessary to make up the deficieacy, on or befae tbe date when payment of such ground renb. taxes. essescments, ~ oc insurance prcmiums sfiall be due. If ot nny time the moctgagor shall tender to tht mottgagee in acco~dance with t6e provisions of the note secured hereby, full payment of the entire indebtedaess represeated theceby, the mort- ~ ~ gagee shall, in computing the enwunt uf such indebtedness, credit to the account of the mortgagor all pQyments ~ made under the pravfsions of (aJ of parag~aph 2 hereaf which tbe moctgagee has not become obligated to pay to ~ tbe Secretary of Housing and Urban Develop~ent ond aay balaace remaining in the funds accumuleted under the ~ provisions of (b~ o[ said paragraph 2. If there shall be e default under any o[ the provisions oE this mortgage, re- ~ saltin ?n a nblic sale of the remises covered xce ~ 8~ P P by, oc if the mortgagee acquires the property othecwise atter defautt. the matgagee sball apply, at tbe time oE the comneacement of sucb proceedingc or at the time the prop- ~ ~ e~ty is othecwise acquired, the belaace thee remaiaing in the f~mds aocumulated under (6J of paragraph 2 preceding t as a credit against tbe amount of principal then re~aaining w~paid under said note and shall pcoperlyadjust eny ~ ~ payments which shall have been made under (oJ of said para~aph. ~ 4. 1'hat he ~rill pay eU taxes, asaessa~ents, water rates, and dher goveroaiental or municipal char~es, finea, ~ or impositions, for ~rhich pcovision has not been mede hereinbefore, and in defanlt thereaf the moctgagce ooay pay the same; and that he wilt promptly deliver the official receipta theretor to the morlgagee. ~ ~ 600K1~9 PAGEI~O~ ~ ~ : ~ ~xy - x~ ~ ~ ~-.~:~=a,~ ~ _ . ~a-;~~