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HomeMy WebLinkAbout0865 said mortgego~ does heceby Iul?y wa~rant the titie to said tand, and every pact thereot, and will deftnd the samc against the lawiul claims ot all persons whomsoever. PROVIDED ALWAYS, aad these p~esents ace executed ond deliveced upon the followin~ conditions. to wit• The mortgagot agreea to pay the moctgagee. or order. the principal sum oi ~I~"~ ~1'~~~XD ~ ~ ~ ~~~~~~s~~~~~~~~~~~~~~~~~~r~~~~~N~~~~~~~~ Dollars (S Zb~'~~•~ i. os evidenced by a note of even date hecewith, ~rith interest frow date at lhe rate of ~i.(Qt t~d Oi~ha1Z per centwn ( a~ 96) per annum on the unpaid balance until paid. The said principol and iatecest shall bo peyable at the office of J. Ste~rwrt llort~a~e Oo~pW, Iac., S00 ~irst Xatioaal Baar Bld~. Coral Gablea, ~'lorida a at such other plece as the holdec of the note nwy desig~ate in writia~. ia montbly installments of O~ H1TI~LitD '17s'N'1? ~l~D 79~100~-----~ Dollocs (S 1~ •'t~ commencing on the first day of Januix'y . 1971 . and on the first day of eac6 a~onth thereafter uatiltheprincipe! and interest ere fnlly paid. except tFwt the final payment of principal aad intecest, if not iooner paid. shall be duf~ aad payabte an the first day oE ~ecember ~ 2001 • And shall duly. promptly~ and tully perform, dischacge. execute. effect. complete. and comply with and abide by each and every the stipuldtions. ag~reements. conditions. and covenants of said promiasory note ond of this mortgage. then this matgage and the estate hereby cr~ated shall cease and be null and vaid. And the matgagor fucther covenants os follows; 1. That he will pay the indebtedness, as hereinbefoce pcovided. Privikge is rsaecved to pay the dcbt in vnhole or i~ an amount equal to one or mae monthly payments on the principal that ece next dne on the aote, oa the firse day of any month prior to maturity: A~ovidrd, however~ tbat written notice oE en intention to execcise such privileg~: is givea at least thirty (30) days prior to prepayment; and. provided further, thet in the evcnt the debt is paid ir. full prior to matucity and at that time it is insuced under the provisions oE the Nationel Housing Act, be will pay tc~ tbe mortgagee an adjusted prrmium charge of one pei centum (1%) of the original princip~l amount thereof. e:cepc that in no event shall the adjusted premium exceed tfie aggregate amount of pcemium charges which would h4ve been payable if the moctgage had continued to be insured uatil roaturity; such payment to be applied by the aort- gagee upon its obligation to the SeccetAry of HoLLSing and Urban Developonent on account of mortgage insurance. 2. That. in order mote fully to protect the aecurity of this mort~ege, the matgagor. together with. and in addi tion to. the moathly payments under the tera~s of the note secured hereby. on the first day of each month until thP seid note is fully paid. will pay to the mortgegee the Eollawing sums: (n) An •mount su(ficient to provide the holder hereot with funds to pay the next mortaaQe insurance prea?iwn if thls ia~W- meot and We note secured hereby yro inaured, or a monthly~ ch~rae (in lieu of a moKgage insur~nce prcmiuw) !t they ~re held by the Secretary of Nousing and Urban Developmeot, •s follows: (I) It and so long as said note ot evee date ~ad thas instrnment arc iasured or are reinsured under the prorisioas of the Nation~l Houcing Act, en amount sufticimt to accumul~te ia t6e hands of the holder one (1) mooth p~ior to its due date tt~e wnnuat morteaae insurance prernium, ia osder to provide such holdet with funds to p~y sucbpremiun to t??r ' Secsetary of Housin~ aad Urbao Developmeot pursuant to tl~e Nation~l HousinQ Aet, as ~aended, and applic~Me Re~u- i~tione theeeunder, or (II) If and so long as s~id note of even date and this iastrum~nt are held by tl~e Secret~ry+ ot Housine and Urban Develop- ment, a awnthiy charge (in Iieu of s mortgege insunoce premiua~) wrhich ah~li be in aa ~a~ount equ~l to oae-t~reltth (i; 12) ot one-ha1[ (5~i) per centum oi the averaQe outstanding bai~nce due on the note computed without tdcinQ iate account deliaquencies or prepayteents; (bi A sum eq~al to the ground reats, if oay, aeYt due, plus the prcmlums lhat will nest becone due snd pay~ble on policies i of fire and other hazard insurance covering the mortgs~ed property, plus taxea aod assessmenis nest due on We mort- ; gaged property (all~as estiraated,by tde mortgaQee) less all su4s alre~dy paid ffiere[or divided by the punber of aiontLs ~ to elapae betore one month prioc to the d~te when sucb Qround repts, premiums, t~:es, ~nd assesaaaents wrill become de- tinquent, such sums to be 6eld by mo~tQagee in t~ust to pay s~id poand rents, prea~i~ltns, tases, ~nd special aasessmcnt~. and ~ (c) AU paymrnts mentioncd in the tao prcceding subsections of Wis paragnph and •ll p~ymcnts to be made under the note ~ cecured hereby sha11 be added toQether and the aggregate amouet thercot sh~tl be paid by the mort~a~or each month 1n a single paymert to be ~pplied br the mo~agee !o the [ollowwg items in tLe order set [orth: (n premium char~es under ihe contrsct o( insur~nce vith t1~e Secret~ry of Housins aod Urban Developmeet, or rtaothly ~ charge (in lieu of mortgage insurance premium), as thc case m~y be; ~ (p) ground rents, ta:es, assessments, Cire, and ot6er h~zard insur~ace pce~ainms; ~ (1l!) interest on the oote secured heroby; ~nd (lh amortis~tion o[ the princip~l of eo~d aote- ~ Any deficiency in the anount of such aggregate monthly payment shell~ unless made good by the Aortgagot prior to the due date of the next such payment. constitute an event af default under this matgage. 'The mortgegee ~ may collect a"late charge" not to exceed two cents (2t) tor each dollar (tt) of eoch poyment more than fikeen (15) days in arreacs to cover the extro expense involved in handling detinquent payments. ~ 3. That it the total of the gayments made by tt~e moctgagor undec (bf of paragrapb 2 preceding shall e:ceed the amount oE peyments actually made by the mortgagee. [or gcow~d rents, taxes and ossessments aud iasunnce ~ premiums, as the case may be, such exceas shal) be credited by tbe martgagee an subsequent payments to be ~ made by the mortgr~gor. If. however, the a~onthly payments made by the mortgagor nnder (6J of paregraph Z pre- ~ ceding shall not be sufficient to pey ground rents, taxes and assessm.~nts end insurance premiums. a~ the cese ~ may be. when the same shall become due and peyable. then the wortgcgor ahall pey to tbe moctgagee any amount ~ necessary to ~ake up tbe deficiency, on or befo~e the date whea payment of such ground reats, taxes. assessments. « insurance premiums shall be due. If at eny time the moctgagor slwll tender to the mortgagee in accordance with tbe provisions of the note secured hereby, fult poyment of thc entire indebtedness represented thereby. the mort- ~ gagee shall, in computing the amouat of such indebtedness, credit to tbe account of the mortgagor all payments "t made under the provisions of (aJ of paragFeph 2 hereof which the asoctgagee !~s not become obligated to payto `=t tbe Secretary oE Housing and Urban Development aad any balance remaining in the funds eccumuloted under th~• provisions oi (GJ o[ aeid Qaragraph 2. if there shalt be a default undet qny ot the provisions of this mortgage, re- =F sulting io a public sale of the premises cavered icceby, ot if the moctgagee acquires the property othecwise after t: " defautt, the moctgagee shall apply, at the titne of the cominencement of such ptoceedings or at the time the prop- erty is othenvise xquired. the balance thea rem~ining in the funds occumulated under (6J of paragraph 2 preceding ~ es a credit a ainst the emount of rinci 1 then remeinin un d under said note and shall B P Po 6 Pal pcoperlyedjust ony payrt?eats which shall have been made under (a) of said paragraph. ~ ~ 4. That he will pey all taxes, assessments, water ratea, end dhtr govecamentel or municipal cl~rges, fines, or impo~itions, fo: which provision h~s not been made hrreinbefae, and in defQUlt thereof the mortg~gee may pay ? the same; and that he will prvmptly detiver the officiel receipts therefor to the mort~,egee. ~ .Y ~~RK150 ~fo2 ~ . ~ ~ : ~~'~~k~'~:~~_..:. .e _ - ~s.