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Home My WebLink About2715 ~ ,,t . ~ ~aid mortgaguc does hereby fulh• w•ar~ant the title to said land, and e~•ery part thereof, and will defend the same .+ga~nst the la~.r(ul claims o[ all persons whomsce~•er. PROVIDED AL11'AYS, and these pcesents are executed and delivered upon the following cortditions, to wit: ~ The mortgagor agrees to pay the mortgegee, or order, the principal sum oE !'I!'PQRN THa1SAND EIGHT ~ {~YI~M~/ ~ NOnVV ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~M~M~~~~N~~~~~~~~~~~~~~~~~~ Dollars (S 15,800.00 as evidenced by a ~ote of even date herewith, with interest from date et the rate o1 sev9A pe~ centum ( 7 9'e) pet annum a~ the unpaid balance until paid. The said pcincipel and interest shall be pe~~able at the office of J. T. 9Tlf11RT !lO~GS CpIP71tiY ~ INC. Suite 300 - 100 Miracle l~lile in Coral Gablas. Florida 33134 ~ o~ at such other place as the holdec of the note may designate in wtiting, i~ monthly installments of ~ ElUt~WR~ gNg 711dp Z3~jpp Dollars (S 105. Z3 comrt~encing on ~ the first day ot ~y , 19 71, and on the f~rst day of each month thereafter untiltheprincipal and intecest are fully paid, except that the final pa~ment of principal and interest, if not sooner paid, shall be due ~ and payable oc~ the first day of 1~pril, 2001. _ And shal! duly, promptly, and [ully pedorm, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenents of said pcomissory note and of this - mortgage, then this mortgege and the estate hereby created shall cease and be null and void. And the mortgagor furiher covenants as Eollows: 1• That he will pay the indebtedness.as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the ~ate, on the first da~~ of any month prior to matucity: Pn~rid~d, however, that written notice of an intention to exercise such privilege ~s gi~~en at least thicty (30) days prior to prepay~ment; and, provided 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 hational Housing Act, he vaill pay to the mortgagee an adjusted premium charge of one per centum (lro) of the original principal amount thereoE. 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 mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance. 2. That, in order more fully to protect the security ot this mortgage. the mortgag~r, tng~ether aith. and in addi- tion to, the monthlS• payments under the terms of the ~ote secured hereby, on the first day of each month until the sa~d note is f~lly paid, will pay to the mortgagee the following sums: - -:7 r An ar:~ount sufttcient to provide the holdet hereot witA funds to pay the next mortgage insurance premium it this instru- r.~ent and the ~ote secured hereby are ~nsurtd, or a monthly chorge (in lieu ot a mortgage i~surance prem~um) i( they •re held b~~ the Secretary of Housing aad Urban Development, as follows: (11 1( and so long as said note o( even date artd this insttument arc insured or arc teinsured under the pro~~sions of tde \atienal Hous~ng Act, an amount sufticieot to accumulate in the hands of the holder one (1) month prior to its due date the annual mortQage insurance premium, in order to provide such holder with funda to pay such premium to the Secretan• ot Housing and Urban Development putsuant to the I~ational Housing Act, as amended, and applicable Regu- lat~ons thereunder; or . tll) It and so tong as said note o[ even date ond this instrument are held by the Secretary of Housing and Urban Develop- nent. a montht~• charge (in lieu of a mort~age insurance premium) which shsll be in an amount equal to one-twel(th (1 121 ot one-half (iy) per ceatum of the average outstanding balance due on the note computed without talcing into ~ account delinquencies or prepayments; ~ j, A sum equal to the ground rents, i[ any, next due, plus the premiums that wili next become due and payable on policies of fire and other hazard insurance cavering the mortgaged property, ptus tazes and assessments next due on the mott- ~ gaged propert~• (all as estimated by the mortgagee) less ali sums already paid there[or divided by the number ot montha t~ elapse before one month prior to the date when such ground rents, premiums, ta:es, and assessments wi11 become de- ; ~ linque~t, such surns to be Aeld by mortgagee u? trust to pay said ground rents, premiums, tazes, and special assessmenta; and ~ r? Ail p~yments mentioned in the ta~o preced?ng subsections o[ this paragraph and all payments to be made under the note t secured hereby shall be added together and the aggregate amount thereof shall be paid by tht mortgagor each month in a E sinqle payment to be appiied by the mortgagee to the following items in the order set [orth: ~ (1) premium charges under the contract o[ insurance with the Secretary of Housine and Urbao Development, or monthly { ~ charge (in lieu of mortgage insurance premium), as the c~se may be; f tIt) ground rents, ta:es, assessments, fire, and other hazard insurance premiums; € (IIII interest on the note secured hereb~- and - ~ i1V) amortuation of the principal o[ said note. s Any deticiency in the ar.~ount of such aggregate monthly payment shall. untess made good by the mortgagor prior to the due date of the next such payment, constitute an event oE default under this mortgage. The moctgagee ~ ma~• collect a"late charge" not to exceed two cents (2a) for each dollar (S1) of each payment more than fifteen z (15) days in arrears to cover the eYtra expense involved in handling delinquent payments. ~ 3. That it the total of the payments made by the mortgagor under (6) of paragcaph 2 preceding shall exceed - ~ ihe 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 peyments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragcaph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, w•hen the same shall become due and payable, then the mortgcgor shall pay to the mortgagee any amount necessary to make up the deficiency, on or beEore the da~e when payment of such ground rents, taxes, assessments, or insurance premiums shalf be due. It at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note sPcured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shatl, in computing the amount of such indebtedness, credit to the account of the mortgagot all payments 4 made under the pravisions of (a) of paragraph 2 hereof which the mortgagee has not becane obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (bJ o[ said paragraph 2. IE there shall be a defeult under any of the provisioas of this mortgage, re- ~ sult~ng in a public sale of the premises covered iereby, ot if the mottgagee acquires the property othecwise 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 (bJ of paragraph 2 preceding ' ~ as a credit against the amount of principal then remaining unpaid under said note and shall properiyadjust any ~ - payments which shall have been made under (a1 of said paregcaph. i ~L 4. That he wili pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, r or imFositions. (or which provisian has not been made hereinbefore, and in default thereo[ the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the rt?ortgagee. ~ ~190 ~'lii - - , . . Y y, ~ ~ . . . . . - . _ . .-s•~'t~