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HomeMy WebLinkAbout0359 ~ ~ i ~ ~ . ~ ~ald mortgagoc does hereb~• full~• u~arrant the t~tle to sa~d land, and erec~• part thereof, and K~~11 defend the same egainst the law•fui cla~ms of all persons w•homsoe~•er. PROVIDED ALIA'AYS, and these presents are executed and delivered upon the follov?ing conditions, to wit: The mortgago~ agrees to pay the mortgagee, oc orde~, the principal sum oi g~~ T~~ ~ NO/100 pollars 16,000.00 as evidenced by a ~lote of even dete herewith, with interest fcom date at the rate oi seven per centum ( 7 per annum on the unpaid Dalance unt?1 paid. The seid principel and interest shall bc pa~•able at the oifice of J. T. ST~iaUtT M~ COMp~?Idy, INC. ; Stiite 30Q - 100 Miracle Mile in Coral Gables, Florida or at such other place as the f~older of the note may designate in writing, in monthl} installments of O!~ I~NNDREp SIX 71ND 56/100 Dollars (S 106.56 commencing on the first da~• of lsay , 19 7Y , and on the first da~~ of each month theceafter until the principal and interest are fully paid~ except that the final payment of principal and interest, if not sooner paid, shall be due and pa~•able on the first day of ]~pril. 2001. And shall duly, promptly, end fullp pec~orm, discharge, execute, effect, complete, and comply with and abide b}~ each and e~•ery~ the stipulations, agreements, conditions, and co~•enants of said promissory note and of this murtgage, then this mortgage and the estate hereb~• created shall cease and be null end void. And the mortgagor further covenants as follows: • 1. That he v?i11 pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principel that are next due on the note, on the first da~• of an}• month prior to maturity: Prorided, howevec, that written notice of an intention to exercise such privilege is gi~•en at least thirty (30) da~•s prior to prepa~~ment; and, provided further, that in the event the debt is paid in full prior to maturitt• and at that time it is insured under the provisions of the Netional Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (19b) of the original principal amount thereof, except that in no e~•ent shall the adjusted premium exceed the aggregate amount of pretnium charges trhich would ha~•e been paS~able it the mortgape 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 more fully to protect the secutity of this mortgage, the mortgagor, together with, and in eddi- t~on to, tne monthl~• payments under the terms of the note secured hereby, oa the first day of each month until the said note is fuli~• paid, will pay to the mortgagee the follo~?ing sums: r An a~:ount suff~cient to procide tAe holder hereo[ ~rith tunds to pay the ne:t mortQage insurancc prem~um i( tAis instru- ment and the note secured hereb~• •re i~sured, or a montlily chuQe (ia lieu o( a mortgage insurence premium) it they are held b>~ the Secretary of Housin~ and Urban Developmeat, •s foUows: iI> I( and so long as said ~ote of even date and this instruaxnt ue insured or are rcmsured under ihe prov~sions of the ~at~onal Housing Act, an amount suft~cient to accumul~te ?n the hands o( ihe holder onc (1) month prior to its due , d~+te the annuat mortQage insurance prem?um, in order to provade such hoider with fnnds to pay suchprc~um to the Secretart' ot Housing and Urban Developmmt pursu~nt to the National HousinQ Act. ~s amended, and applic~ble Regu- :~t?uns thereunder, ot + ; II'~ If an~+ so iong as said note of e~~en date and this instrument are held by the Stcretary o( HoucinQ and Urban De~•elop- ^ent, a moathiy charge tin luu of a mongaQe insurance premiur.~) which ahall be in an •mount eqwl to one-twclith ~ ~ I 12 i o( one-hal[ per centum of the a~•erage outstandinQ balar.ce due on the note computed w~ithout taking into , rcconnt delinquencus or psepayments, ~ A sur.. equa: to thc ground rents, i[ any. ne:t ~ue, plus the premiums that will ne:t become due and p~pable on policies of tire ~nd other h~zard insurance covenng the mortQaged prapert~, plus ta:es and assessments nest due on the mort- gsged propert~~ (a;l as estimated b~ the r.iortQaQee) less all sums already paid therefor divided by the number ot months to elapse be[are one mor.th prior to the date when sucA ground rents, premiums, tases, and assessmeats Riil beceme de- linquent, such sums to be held by martgaQee in Lrust to pay said ~round rents, preer.iums, tazes, andspecialassessmmts; i 'rnd ~ A;1 p~t•ments mentioned in the tNO preced?ng subsections of thu paragraph and al: pa~men~s to be r.~ade under the note ~ secured hereb~• shall be added tagether and the aeeregate amount thereof shall be paid by the mott¢aQor each month in a ` sing.e ~,~ymeni to be applied by the mortgagee to the foilow~ing items in the order set forth: t : I1 premium charges under the ccntract ot insurance with the Secret~ry ot HausinQ and Urba~ De~•elopment, or monLhly ' charge (in tieu of mortQsge insuraace premium), as the case may be; i (II) ground rrnts, taxes, •saessments, fite, and other hazard ineurQ~ce premiuma; ~ tlll) u~terest on the note cecured herebq; and ~ (1~') amort~zrtion o( thc ~mupal ot said note. } Any defictency in the ar.~ount of such aggregate monthly~ payment shall, unless made good by the morigagor ~ ~rior to the due date of the next such peyment, constitute an event d default under this moctgege. The mortgagee _ may~ collect a"late chsrge" not to exceed two cents (2~) f~ each dollar (S1) of each pay~ent more than fifteen ~ (1~) da}•s in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That ii the total of the payments made by the mortgagor under .(6) oE paragraph 2 preceding shall exceed the amount oi payments actually made by the mortgagee, for ground rents, taxes and assesstnents and insurance 3 premiums. as the case may be, such e:cess shail be credited by the mortgagee on subsequent peyments to be ~ made by the mortgagor. If, however, the monthly payments made by the mo~tgagor under (6) of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurence premiums, as the case ~ may be, w•hen the same shall become due and p~ayable, then the moitgagw slsall pay to the mortgagee any amount ~ necessan• to make up the deficiency, on or befoce the date virhea payraent of such ground rents. ta:es, assessments, ' or insurance premiums shall be due. If at any time the mortgagor shall tender to the c~ortgagee in accordance with the pro~•isions of the note secured hereby, futl payment of the entire indebtedness cepresented Ehereb~, the mort- ~ gagee shatl, ia computing the amount oE such indebtedness, credit to the account of the mortgagor all peyments ' ~ made under the provisi~ns of (o) o[ paragraph 2 hereof which the mottgegee has not become obligsted to payto ~ y the Secretary of Housu?g and Urban Development and any balance remaining in the funds accumuiated under the f pro~~isions of (b) of said paragr~ph 2. lf thece shall be a default under any of the pcovisioas of this mortgage, ce- i sult~ng ;n a Public sale of the premises covered iereby, or if the mortgagee acqunres the property othen~rise after ~ default, the mostgagee shall apply, at the time of ihe commencement of such proceedings or at the time the prop- ~ erty is otherwise acquued, the balance then remaining in the funds accumulated under (6i of paragraph 2 preceding ~ as a credit against the amount ot principal then remaining unpa~d under said note and shall properlyadjust any pa~•ments which shall have beee made under /a) ot said paragraph. ~ 4 That '~e will pay all taxes, assessments, water rates, and dher go~~emmental or munic~pal charges, fines, or 3rrposit~ons, for which provisio~ has not been made hereinbefore, and in default thereof the mortgagee may pay the same, dnd that he w•i11 promptly deliver the official receipts thetefor to the mortgagee. 8oG« 191 358 - i _ _ _ - _