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s~id mottgdgur does he~eby tully warrant the title to se~d land, and e~~ery part thereof, end w~ll defend the same
aga~nst the lawtul claims of all persons whomscev~r.
P120VIDED A1,NAYS, and these pcesents aro executed aad deliveced upon the fol~owing conditions, to wit:
The mortgagoc egrees to pay the mortgagee. or ocde~. the pri~cipel sum of
.~TSBN THOU3AND ONS~ as evi enced-byiTnote~oreven'dat~Qiecewi~~ witTiint`eiest
rom date at the
~ol lars (S lg ~ 150.00 .
rate of --••elght--••----- ' per centum ( 8 9G) per annum on the unpaid balance
until i The said inc~ 1 and interest shall be payable at the office of
STRwA~AT ~ipRTGAG$ OOitPANY ~ INC. f
100 liiracle 1[ile, Coral Gables, Florida 33134 ;
or at such other lace as the holder of the note may designate in writing. in monthly installments of
ONB HIIND~D SIGHTFSN AND 54/100---- Dollars (S 118.54 coma~encing on
the ficst day of February . 19 71, and on the first da~ of each month thereafter until the priricipal
and inte~est are fully paid~ except that the Einal payment of priacipal and interest, if not sooner paid. shall be due
and payable on the first day ot Jaauary~ A.D. 2001.
And shall duly. promptly. and Eully perform, discharge. execute. effect. complete, and comply with end ahide
by each and every the stipulations, agreements. conditions. and covenants of said pcomissory note and of this
mortgage. thert this mortgage and the estate hereby created shall cease end be null and void.
And the mortgagor further covenants as follows:
1. That he will pay the indebtedness, as hereinbefoce provided. Privilege is reserved to pay the debt in whole.
or in an amount equal to one or mae 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 written notice of an intention to exeicise such privilege
is given at least thirty (30) days prioc to prepayment; and. provided further, that in the event the debt is paid in
Eult prior to maturity and at that time it is insured under the provisions of the National Housing Act. he aill pay to
the mortgagee a~ adjusted premium charge of one per centum (196) of the original principal amount theceof, except
that in no event 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 mod-
gagee upon its obligation to the Secretary of Housing and Urban Development on accou~t of modgage insurance.
2. That, in order more fully to protect the security of this mortgage. tlie mortgagor. together with. and in addi-
tion to, the monthly payments under the tetms of the note secured he~eby. on the first day of each month until the
said note is fulty paid, will pay to the mo~tgagee the Eollovving sums:
jn/ An amount sulficient to p~ovide the holder hereot with (unds to pay the nest mortgage insurance premium if this instru-
ment and the note secured hereby are insured, or a monthlg charge (in lieu of a mortgage insurance premium) if tliey are
held by the Secretary ot Housiag and Urban Ilevelopment, as tollows:
(I) and so long as said note o[ even date and this instromeat are insured or are reinsured under the provisioas o[ the
National Housing Act, an amount suf[icient to accumulate in the hands of the holder onc (1) meath prior to ita due
date the annual mortgage i~surance premium, in order to provide such holder with [unds to pay such premium to the
Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, ond appiiceble Regu-
lations thereunder; or
(11) 1( and so long as said note bf e~•en date and this instrument are held by the Secretary of Housing and Urban Develop-
nrnt, a rt~onthly charge (in lieu o[ a mortgage insurance premium) which shall be in aa amount equal to one-twelRh
(1 12) o( one-half (~,4) per centum o[ the average outstanding balance due on the aote computed without taking into
accou~t delinquencies or prepayments;
!h/ A sum equal to the ground rents, if any. next due, plus the premiums that will aest becoe~e due and payable on policies
ot fire and other hazard insurance covering the mortgaged property, plus tazes and assessments oext due oa the mort-
~ gaged propertp (all as estimated by the mortgagee) lesa all sums already paid therefor divided by the number of months
, t~ elapse before one month prior to the date when such ground rents, premiums, ta:es, and ossessmeats wilt become de-
~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taYes, and special ossessments;
i and
s
~ !c / A1! payments mentioned in the two preceding subsections of this paragraph aad all payments to 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
single payment to be applied by the mortgagee to the following items in the order set [orth:
~ {I) premium charges ~under the contract o( insurance ~vith the Secrctary o( Housin¢ and Urban Development, or monthly
~ charge (in lieu ot mortgage insurenc~e premiwn), oc the case m~y be;
~ (11) ground rents, taxes, assessments, fire, and othe~ hazard insurance ptemiums;
(III) interest on the note secured hereby; and
([V) amortization ot the principat o[ said note.
Any deficiency in the amount o# such aggregate monthiy payment shall, unless made good by the mortgagor
piior to the due date of the next such paypient. coastitute an event af default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2~) for each dotlar (~1) of each Qayment mae than Eifteen
(15) days in arrears to cover the extra expense involved in hanc~ling delinquent payments.
. .
3. That if the total of the payments made by the mortgagor under (6) oE paragraph 2 preceding shall exceed
the amount oE payments actually made by the mortgagee. for ground rents, ta~es ~nd assessments and insuran~e
pcemiums, as the case may be. such excess shall be credited by the mortgegee on subsequent payments to be
~ made by the mortgagor. If, however, the monthly payments made by the moctgagor undet (b) of paragraph 2 pte-
ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case
may be, when the same shall become due and payable, then the moctgagoc shall pay to the mortgagee any amount
~ necessary to make up the def iciency, on or befae the date when payment of such ground tents, taxes, assessments.
~ or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with
~ the provisions of the note secured heceby, full payment of the entire indebtedness represented thereby, the mort-
~ gagee shail, in computing the amount of such indebtedness, credit to the account of the mortgegor all payments
made under the provisions 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 balance remaining in the funds accumulated under the
~ provisions of (6J of said paragraph 2. If there shall be a default under any of the provisio.~s af this mortgage, re-
~ sulting in a public sale of the premises covered iereby, or iE the mortgagee acquires the property otherwise after
default, the morigagee shall apply, at the time ~ the commencement oE such proceedings a at the time the prop-
erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding
~ as a credit against the amount of principal then remaining t}npaid undec said note and shall properlyadjust any
~ payments which shall have been made under (a) of said paregraph.
~ 4. That he will pay all taxes, assessments, water rates, end other governmental or municipal charges, fines,
~ or impositions, for which prrn;ision has not beea made hereinbefoce, and in default thereof the mortgagee may pay
the same; and that he wiil promptly deliver the olficial receipts theceEor to the mortgagee.
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