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HomeMy WebLinkAbout1006 j . ' . ~ ' . ~ l ' su~d murtgagur dues hereby (ul!~~ ~ea~rnnt ihe t~tle to sa~d land, and e~~er~• p:~~t thereof, and wi11 defend the same .+gainst the l.+w•[ul clatms of all persons whomsoevec. PROVIDED AL11'AYS, and these presents are executed and del~vered upon the [ollowing conditions, to wit: The mortgagor agrees to pay the mortgagee, or order, the principal sum of Z1i1SLVS THOUSAND BIGHT ; HUNDRfi,D FIF`PY ~1ND NO/100 ~ Doilars lS 12,850.00 as eridenced by a note o[ even date herewith, with interest from date at the rate ot seven per centum ( 7~) per annum on the unpaid balance until paid. The said principal and interest shall be pa~•able at the oftice of J. T. ST~TAIrl` MO~TGAGB COPlPANY ~ INC. S~ite 300 - 100 Miracle Mile in Coral Gables, Florida ~ or at such other place as the holder o[ the note may designate in writing, ia monthly instal?ments of EIGt~'1'Y- FIVB AND 58/100 Dollars (S 85.58 comn~encing on the first da~~ of ~y . 19 71 , and on the tirst day of each month thereafter until the principal and interest are [ully paid, except that the final payment of principal and interest, it not sooner paid, shall be due and payable on the first day ot April, 2001. And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide b~• each and every the stipulations, agreements, conditions, and covenants of said promissorp note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further co~~enants as follows: ' 1_ That he will pa~~ the indebtedness,as hereinbetore provided. Privilege is reserved to pay the debt in whole, c?r ~n an amount equal to one or moce monthly payments on the principal that are next due on the note, on the first da~• of am• month prior to maturity: P~oridrd, however, that written notice of an intention to exercise such privilege es given at least thicty~ (30) da~•s prior to prepayment; and, provided turther, that in the event the debt is paid in tull prior !o maturit~• and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, 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 mortgage insurance. 2. That, in order mure fully to protect the security of this mortgage. the mortgagor. together with, a.id in addi- tion to, the monthly payments under the terms of 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: - ~ ~r ~ An amuunt suff~c~ent to provide the holder hereo( with tunds to pay the nest mortgage insurancz r:emium 1[ this instru- mrnt and the note secured hereby are insured, or a monlhly charge (in Geu of a mort~age insurance prem~um) it thep are heid b~• the Secretary of Housing and Urban Development, as toliows: (I) !t and so long as said note ot even date and this instrument are insured or are reinsured under the provisions o( the \at~onal Housing Act, an amount su[ficient to accumulate in the hands of the holder one (1) monih prior to its due date the annuat mortgage insurance premium, in order to provide such holder with funds to poy such premium to the Secretary o[ Housing and Urban Development pursuant to the National Housing Act, as amended, and epplicable Regu- lat~ons thereunder; or (!11 If and so long as said note o[ ecen date and th~s instrument are held by the Secretary ot Housing and Urhan De~elop- nent, a r.3onthiy charge (in lieu of a mortgage insurance premiuml which shall be in an amount equal to one-twelfth :2) o( one-hal( (ii) per centum ot the average outstanding batance due on the note computed withouttaking into ac.ount del~nquenc~es or prepa~•ments; A su;r. equal to the ground rents, if an~, next due, plus the premiums that witl ne:t become due and payable on policies <,f [ire +nd other hazard insurance covering the mortgaged property, plus ta:es and assessments next due on the mort- gaged property~ (all as est~mated ~y the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one r.~onth prior to the date when such ground rents, premlums, taxes, and assessments arill become de- l~nquent. such sums to be held by mortgagee ~n trust to pay said ground rents, premiums, taxes, a~d special assessments; 3 ~ and AI! pay~ments n:entaoned in the two preced~ng subsections ot th~s paragraph and al! payments to be made under the note ` secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a j single puyment to be applied by the mortgagee to the following items in the order set torth: } ~ il) prem?um charges under the contract of insur~nce wlth the Secretary of Housing and Urban Development, or monthlp charge (in l~eu of mortgage tnsurance premium), as !he case may be; ~ (il) ground rrnts, taxes, assessments, (~re, and other hazard insurance prem~ums; F (Il!) interest on the note secured hereby; and ~ (I~') amortization of the principal o( said note. ~ ~ Any deEiciency in the ar~ount 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 ~ ~a}• collect a"late charge" not to exceed two cents (2¢) Eor each dollar (S1) of each payrt:ent more than Eifteen ' (IS) days in arrears to cover the extra expense involved in handling delinquent payments. ` ~ 3. That if 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, for gcound rents, taxes and assessments and insurance premiums, as the case may be, such excess sha(I be credited by the mortgagee an subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made b~ the mortgagor under (bJ oE paragraph 2 pre- ~ ceding shai! not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the mortgcga• shall pay to the mortgagee any amount ; ~ necessary to make up the deficiency, on oc before the date when payment of such ground rents, taxes, assessments. ? or insurance prem~ums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ thP provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- f y gagee shali, in computing the amount of such indebtedness, credit to the account of the mortgagor all paymeats ' ~ made under the provisions of (a) of paragraph 2 hereof which the mortgegee has not become obligated to pay to 3 the Secretary of Fious~ng and Urban Development and any balance remaining in the funds accumulated under the ; provisions of (~J of said paregraph 2. If there shall be a deEault under any of the provisio~s of this mortgage, re- sult~ng in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ~ defauit, the mortgagee shall apply, at the time of the commencement of such proceed~ngs or at the time the prop- ~ erty is otherwise acquired, the ba{ance then remaining in the tunds accumulated under (1,/ of paragraph 2 preceding `s~ as a credit against the amount of principal then remaining unpaid undet said note and shaU properlyadjust any payments wh~ch shall have been made under (aJ ot said paragraph. z~ 4. That he will pay al! taxes, assessments, water rates, and other go~•ernmental or munic~pal charges, (ines, 4r or ~mpus~t~ons, for which prov~sion has not been made hereinbefore, and ~n detault thereot the mortgagec may pay~ the same, and that he w~ll promptly defiver the officfal receipts therefor to the morigagee. n ~ i~i 10~45 rA g = ~ _ _ _ _ .