Loading...
HomeMy WebLinkAbout2224 , ~ ~ ti4 • i ' . . ; ~ . f ? s.ud mot~ga~ut duM hereby tulh~ v?~rrant the t~tle to sa~d land, ~+nd e~•ery part the~eot, and vetll defend the sume :~~ainst the lawiul cla~ms ot all petsons whomsoever. PROVIDED ALN'AYS, and these presents ace executed end delivcred upon the following conditions. to wit: The mu~igago~ ag~ees to pay the mortgagre, or otder, the p~incipai sum of p~p~ ~ axG~ Ht)I~DRB~ ~?rro rionoo Dollacs (S 15,800.00 as evidenced by a note ot even date he~ewith, with inte~est from date at the rate ot EZGHT 11t~1D ~-FW.F per centucn ( g~ 9L) pet annum on the unpeid batance until paid. The said principal end i~terest shall be payable at the oE(ice o[ J. T. ST~TIIRT M~G,M;K C~ANY, INC~ - Stiite 300 - 100 ltira,cle Mile in Coral Gables, Florida or at such other place as the holder oE the note may designate in writing. in monthly installments of ~ MJt~BD ~1E[~1'Y-QdR AND 50/100 ---------------------0ollars (S 121.50 commeacing or~ the first day of N~eh . 19 71 . and on the first day of each month thereafter ~u?tiltheprincipel and interest are fully paid. except that the final payment of principal a~d interest. if not sooner paid. shall be due and payable on the Eirst day of gig~y~, 2001,~ And shall duly. pcanptly. and fully pedorm. discharge. execute. effect, complete, and comply with and abide by each and every the •stipulations. agreements. conditions. and covenants of said promissory note and of tbis mortgage. then this mortgege ar~d the estate hereby created shall cease and be null and void. A~d the mortgagor further covenants as follows: ~ 1. That he will pay the indebtedness. as hereinbetore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the priricipel that are next due on the note. on the first day o( any month prior to maturity: P~o,~id~d, however, that written notice of en intention to exercise such privilege is given at least thirty (30) days prioc to prepayment; and, provided fudher, that in the event the debt is paid in [ull prior to maturity and at that time it is insured under the provisions of the National Nousing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principel amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable it the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order moce fully to protect the security of this modgage. the modgagor. together with, and in addi- tion to, the monthly payments under the terms of the note secnred hereby. on the first day of each month until the said note is [uliy paid, will pay to the mortgagee the follo~wing sua~s: i~r) An amount sufficient to provide the holder hereof with tuads to p+1y the ne:t mortgage insurance premium i[ this instru- ment and the note secured hereby are insured, or a monthly charge (In Iteu of a morigage insurance premium) i[ they are held by the Secretary of Housing and Urban Devrlopment, as [ollowsr ~ " (I) if and so long as said note ot even date and this instrument pre ias~red a~ I~.re rcinsured uader the provi~ions of the Nationa! Housing Act, an amount suf[icient to accumulate in the hand~ qf 16e 1pWer one (1) month prior to its due date the annuel mortgage insurance premium, in order to provide such holder with ~unds to pay such premium to the Secretary of Housing and Urban Development pursuant to the Nationol Housing Act, aa amended, and applicable Regu- tations thereunder; or (11) It and so long as said note of even date and this instrume~t are held by the Secretary of Housing and Urban Develop- ment, a monthty charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twelfth ~ (i 12) of one-hal[ (i,S) per centum of the average outstanding balance due on the note computed without taking into account delinquencies~or prepayments; ' !~•i A sum equal to the ground rents, if any, next due, plus the premiums that will neYt become due and payable on policies ' u( tire and other hazard insurance covering the mortgaged property, plus ta=es and assessments neYt due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid t2~ere[or divided by the number of moaths to elapse be(ore one month prior to the date when such ground rents, preoiums, taxes, and assessments will become de- ; linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assesammts; ! and ~ ~ +c) Alt payments mentioned ~n the two preceding subsectiona of this paragsaph and all paymente to be made under the note € secured herrby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a € s?nKle payment to be applied by the mortgagee to the tollowing items ia the order set fotth: ~ (p premium charges under the contract o( insu~ance with the Secretary ot Housine and Urban Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the caae may be; ~ (11) ground rents, taxes, assessments, (ire, and other hazard insurance premiums; (UI) i~terest on the note secured hereby; and (IV) amortizatio~ of the prinripal of said note. Any deficiency 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 dotlar (S1) of each payment mae than Eifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the peyments made by the mortgagor under (6) of paragraph 2 pceceding ~hall exceed ~ the 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 ccedited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) 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, when th~ same shall become due and payable, then the mortgugor shall pay to the modgagee 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 the mottgagor shalltender to the mortgagee in accordance with ~ the provisiorss of the note secared hereby, [ull payment of the entire indebtedness represented thereby, the mort- ~ gagee shalt, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (a1 oE paragraph 2 hereof which the mortgagee has not become obligated to payto F~ the Secretary of Housing and Urban Development and eny balance remaining in the funds accumulated under the ~ provisions of (b) of said paragraph 2. II there shall be a defauit under any oE the pcovisioas of this mortgage,- re- ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property othecwise after ~ default, the mortgagee shell apply, at the time oE the commencement of such proceedings oc at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding ~ as a credit against the amount of prIncipal then remaining unpaid under said note-and shall properlyadjust any ~ payments which shall have been made under (a) of said paragreph. ~ 4. That he will pay all taxes, assessments, water rates. and other governmental or municipel checges, fines, or impositions, for which provision has not been made hereinbefae. and in default thereof the mortgagee may pay ~ the same; and that he will promptty deliver the official ceceipts thereEor to the mortgagee. ~ ' ~ ~ ~ 189 ~~22i? . ~ ~ ~ = _ . : _ _ ~ '