The URL can be used to link to this page

Home My WebLink About0438 . . . ~ ~+t~ s:~id mortgago~ does hereby fully wa~rant the title to said land, and e~~er~~ part thereot, and will defend the same ~+gainst the lawful claims ot all pe~sons whomsoeve~. i PROVIDED AI.N'AYS. and these presents are executed and delivered upon the following conditio~s, to wit: : ~ The mortgagor agrees to pay the mortgagee, o~ ocder, the principal sum of FYFT~i THOUSl1ND NINS HUND~iSD 11ND NO/100 ' Dollars (S 15,900.00 as e~~idenced b~~ a note oE eve~ date herewith, with interest from date at the rate ot seven per centum ( 7 °b) per annum on the unpaid balance until paid. The said prirtcipal and interest shali bc payable at the office oE J. T. ST8N71RT ~lI~G~S CONPIINY, INC. ~ Sliite 300 - 100 Miracle Mile in Coral Gables, Florida 33134 ~ or at such other place as the holder of the note may designate in writing, in monthly installments of ONS HUNDRSD i Fiyg ]~Np 89/lpp ------------------------------0olla~s (S 105.89 comn~encing on § the [irst day oi May , 1971 , and on the first day of each month thereafter untiltheprincipal ~ and interest are fully paid, except that the final payment o[ principal and interest, if not sooner paid, shall be due ' and payable on the first day of ~?pril, 2001 And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and every_the stipulations, agreements, conditions, and covenants oE said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the matgagor further covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or moce monthly payments on the principal that are next due on the note, on the first ; da~~ of any month prior to maturity: Proi~id~d, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in Eull prior to maturity and at that time it is insured under the provisions ot the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per ce~tum (196) of the original principal emount the~eof, except that in no event shall the adjusted premium exceed the aggregete amount of premium charges which would ha~•e been payable if the modgage 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 *.o protect the security of this mortgage. the mortgagor, together with, and in addi- tion to, the monthly payments unde~ the terms ot the note secured hereby, on the first day of each month until the said note is full~ paid. will pay to the mortgagee the following sums: pn amuunt suff~cient to provide the holder hereof with (unds to pay the ne:t mcrtgage insurance premium it this instru- ment and the aote secured hereby are insured, or a moathly ch~~ge (in lieu of a mortQaQe insurance premium) it they are hrld by the Secretary of Housing and Urt~an Development, as follows: It and so long as said note ot even date and this inslrument are insured or are reinsured under the provisiona of the tiaticnal Housiag Act, an amount sufticient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to pro~ ide such holder wlth [unds to pay such premium to the ~ Secretary of t~ousing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lat~ons thereunder, or ~ (il) If and so long as sa~d note o[ even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu ot a mortgage insurance premium) which shail be in an amount equal to one-tweltth (1 12) ~f one-hal[ ('S) per centum o[ the average outstanding balance due on the note computed without taking into account det?nquenc~ea or prepayments; A sum equal to the ground rents, it any, next due, plus the premiums that will nezt become due and payable on policies ~ o( fire and other hazard insurance covering the mortgaged property, plus taxes and assessme~ts next due on the mort- ~ Kagrd property~ (all as estimated by the mortgagee) less all sums already paid therefor di~ided by the number ot months ! to elapse before one month prior to the date when such ground rents, premiums, taxes, and asseasments will become de- ~ { I~nquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, ond special assessments; ~ S and 4 ~r/ A1! pay-ments ment~oaed in the two preceding subsectiona o[ this paragraph and all payments to be made under the note ~ secured hereby shall be added together and the aggregate amount thereo[ sha11 be paid by the mortgqgor each month in a ~ single payment to be applied by the mortgagre to the [ollowing items tn the order set (orth: ~ (t) premium charges under the contrsct of insurance with the Secretary o[ Housin¢ and Urban Development, or monthly ~ charge (in lieu of mortgage i~surance pramium), as the case may be; ~ ~ (II) ground rents, ta:es, assessmenta, fire, and other hazard ir?surance premiums; (I11) interest on the note stcured hereby; and ~ : (1\') amortization ot the principal ot ssid 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 af default under this mortgage. The mortgagee y ~ may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fiEteen ~ (15) days in arrears to cover the extra expense involved in ha~dling delinquent payrtsents. 3. That iE the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed ` ~ the amount of payments actually made by the mortgagee, foc 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. [f, however, the monthly paymsnts made by the mortgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufEicient to pay ground rents. taxes and assessm~~nts and insurance premiums, as the case ~ may be, when tl~e same shall become due and payable, then the mortgugot shall pay to the mortgagee any amount ~ecessary to make up the deficiency, on or before the date when payment of such ground rents, texes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accocdance with _ the provisions of the note secured hereby, fuIl payment o[ the entire indebtedness represented thereby. the mort- z ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mo~tgagot all payments _ ~ made under the provisions of (aJ of paragraph 2 hereof which the mortgegee has not become obligated to payto ~ the Secretary of Nousing and Urban Development and any balance remaining ie the funds accumulated under the ~ prov~sions of (6) of said paragraph 2. IE there shell be a default under any of the provisioas of this mortgage, re- i sulting in a public sale of the premises covered iereby, o~ if the mortgagee acquires the property otherwise after default, the- mortgagee shall apply, at the time oE the commencement of such proceedings or at the time the prop- ~ erty is otherwise acquired, the batance then remaining in the funds accumulated undec (b1 of paragraph 2 preceding ~ as a credit against the amount of principal then rema~ni~g unpaid under said note and shall properlyadjust eny payments which shalt have been made under (a) of said paregraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines. or impositions, for which provision has not been made hereinbefoce, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the ofEiciai receipts thecefor to the mortgagee. ` ; _ - ~ ~ ~~Ki91 437' ~5~ ..y ~