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HomeMy WebLinkAbout1230 . ~ti ; i ' . s;~id mortga~;ur doe. hcreby full~~ a•arrant th~• titie to said land, and e~•e~y part thereof, and will defend the same .~K.unst the law•tul claims of all persons whomsoe~•ec. PROVID~:D AI.M'AYS, and these presents a~e executed and delivered upon the following conditions, to wit: The murtgago~ :+grees to pay the mortgagee, o~ urder, the principal sum o( SIXTEEPI THOOSAND TEg2EE IiUNDRSD FIETY AND NO/1Q0 pollars (S 16,350.00 as evidenced by a note ot even dete herewith, with intetest Erom date at the r:~te of seven pec ce~tum ( 7 pec annum on the u~paid balance unt~l pa~d. The said pr~ncipal and interest shall be peyable at the o([ice o[ J. T. ST~iAItT MO[tTGA~GS COMPANY, INC. Suite 300 - 100 Miracle Mile in Coral Gables, Florida ~ at su~:h other place as the hulder of the note may designate in veriting, in monthly installments of UNS HUNDRED EIGHT ~1I~iD 89/100 Dollars (S 108.89 comrt~encing on the first day ot ~y , 19 ~l , and on the first da~~ of each month thereafter untiltheprincipal and interest are fuUy paid, except that the [inal payment of principal and interest, ii not soonet paid, shall be due and papabie on the first day of April, 2001 And shall duly, promptly, and full~• perform, discharge, execute, efiect, complete, and comply with and abide b~• earh and e~~er~• the stipulations, agreements, conditions, and covenants ot said promissory note and of this murtgage, the~ th~s mortga~e and the estate hereby created shall cease a~d be null and void. Aod the mortgagor further covenants as follows: 1- That he will pa~~ the indebtedness,as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more monthty payments on the principa! that are next due on the note, on the first dat• oE anc month prior to matucity: Pro~~id~J, however, that written notice of an intention to exercise such privilege is ~i~•en at teast thirty (30) days p~ioc 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 of the National Housing Act, he will pay to the mortgagee an adjusted premfum charge o[ one per centum (1 0} of the original principal amount thereof, except that ~n no e~~ent shatl the adjusted p~emium exceed the aggregate amount of premium charges which would have , been pa}•able if the mortgage had continued to be insuced until maturity; such payment to be applied by the mort- gagee apon its obligation to the Secretary of Housing and Urban Developme~t on account of mortgage insurance. 2. That, ~n order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- t~un to, the monthly~ payments under the terms ot the note secured hereby, on the first day of each month until the sa~d note is fullp paid, will pay to the mortgagee the following sums: ~ An anuunt su((?cient to pro~•ide the holder hereot with tunds to pay the next mortgage ~nsurance premwm it this instru- mrnt and the note secured'hereby are ~nsured, or a month{y charge (~n lieu of a mortgage insurance prrmium) if they are held b~ the Secretary of Hous~ng and Urban Development, as [ollovas: (Il 1( and so long as said note of even dete and this instrument are insured or are re:nsured under the provisions of the \ational Housing Act, an amount su[fic~ent to accumulate i~ the hands ot the holder one (1) month prior to its due , date the annual mortgage insurance premium, ie order to provide such holder with funds to pay such premium to the , Secretan~ of Housi~g and Urban De~•elopment purauant to the Nrtionai Housine Act, as atGended, and applicable Regu- lat~.~ns thereunder, or ilil It and so long as s~id note o[ e~•en date and th~s ~nstrument are held by the Secretary o( Hous~ng and Urban Develop- nent, a monthiq charge (in Leu ot a mortgage ~nsurance prem~um) which shall be in an amount equal to one-twel[th (1 121 ot one-hai( t':) per centum ot the average outstand~ng balance due on the note computed wiihout t~lcing inio account delmquene~es or prepayments; + A sum equat to the ground rents, tf any, next due, plus the prem~ums that w~ll next become due and payable on policies i o[ f~re and other hazard insusance covering the mortgaged property, plus taxes and assessments next due on the mort- ~agrd propert~~ {all as est~mated by the mortgagee) tess all sums already pyid therefor divided by the number o( months ' to elapse before cne month pnor to the date when such ground rents, premiums, taxes, and assessments wili become de- t linqurnt. such suTS to be held by mortgagee ?n trust to p~i sa~d ground rents, prem~ums, taxes, and special assessments; 't wnd ` AI! payments mentioned in the two preced~ng subsections ot this paragraph and all payments to be made under the note 'R secured herebp shall be added together and the aggregate amount ttiereo( sha11 be paid by the mortgagor each month ~n a ; single payment to be applied by the mortgagee to the tollowing items in the order set forth: ~ (I) prem~um charges under the contract ot insurance wtth the 5ecretary o( Housing and Urban Development, or monthly a charge (~n 1?eu of mortgage ~nsurance prem~um), as the case may be; ~ Ull ground renis, taxes, assessments, tire, and other hazard insurance premiums; ~ UII) interest on the note secured hereby; and t1Vl amortuation of the principal o[ said note. ~ Any deficiency in the ar.iount 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 may coliect a"la!e charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total of the payments rtwde by the moctgagor under (5J 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 shatl be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monihly payments made by the mortgagor under (bj of paragraph 2 pre- ceding shall not be sufficient to pay gcound rents, taxes and assessm~~nts and insurance premiums, as the case _ may be, when the same shall become due and payable, then the mortg.:gor shall pay to the mortgagee any amount necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments, - or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor atl payments - rnade under the Frovisions oE (al of paragraph 2 hereof which the mortgagee has not become obligated to payto = the Secretary of Housing and Urban Devetopment and any balance remaining in the funds accumulated under the provisions of (6) of said paragcaph 2. IE there shall be a default under any af the provisions of this mortgage, re- = sult~ng in a public sale of the premises covered iereby, or iE the mortgegee acquires the property otherwise after " default, the mortgagee shall apply, at the time of the commencement oE such proceedings or at the time the proP- ~ erty ~s otherwise acquired, the balance then remaining in the funds accumulated under (h) of paragraph 2 preceding z as a credi! against the amount of principa! then remaining unpaid undet said note and shall properlyadjust any payments which shall have been made under (o) ot seid paragraph. - 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or ~mpositions, for which provision has not been made hereinbefore, and in de[ault thereof the mortgagee may pay the same; and that he witl promptly delivpr the official receipts theretor to the mortgagee. = ~~~gi i~ r . -