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Home My WebLink About2353 1 :r~ ~ t•• ..ud morlRugut doe~ heceb~~ fuil~• ti~a~s~+nt the titic to said land, and H~•erp part thereof, and will de(rnd the same .,Ka~ns? the IfiK~tul cla~ms of aU pcrsons v?~homscever. PROVIDED A[.N'AYS, and these presents are executed and delivered upon the following conditions, to wit: The mortgagoc agrees to pay the mortgagee, or orde~, the principel sum of FIPT~N THOUSAND NINS tNNDRID AND NO/100 : tk~ilars (S 15,900.00 as e~•idenced by a r?o?e of even date herewith, with i~terest trom date at the ~ rate uf seven per centum ( 7 pet annum on the unpaid balance ~ until paid. The said princ~pal and interest shall be payable at the office oi J. T. STIsT~TART MORTGJIGE COMPANY ~ INC. ? SZiite 300 - 100 Miracle M.ile in Coral Gables, Florida ~ or at such uther place as the holde~ of the note may designate in writing, in monthly installments of qdS HUNDRID i t FIVS AND 89/100 Dollars (S 105.89 coma~encing on the tirst day ot JUne , 19 71 : and on the first day of each month theresfter until the principal and interest are tully paid, except that the final payment of principal and interest, if not sooner paid, shall be due ' and payable on the first day of May. 2001. And shall duly, promptly, and Eully perfo~m, discharge, execute, effect, complete, and comply with and abide by each and ever~~ the stipulations, agreements, conditions, and covenants of said promissory ~ote and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor furthe~ covenants as follows: ' 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in vrhole, or in an amount equal to one or moie monthly payments on the principal that are next due un the note, on the first da~• of an~~ month prior to maturitp: P.~~~+d~~d, however, that written notice of an intention to exercise such privitege is gi~~en at least thirty (30) days prior to prepayment; and, pravided further, that in the event the debt is paid i~ full prior to maturit}• and at that time it is insured undet the pcovisions ot ihe National Housing Act, he will pay to the mortgagee an adjusted premium charge o[ one pet ce~tum (1 0) of the original principel emount thereof, except ~ that ~n no event shall the adjusted premium exceed the aggregate amount of premium cherges which would have ~ been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mott- ` 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 security o[ this mortgage. the mottgagor, together with. and in addi- ` tion to, the monthl~• payments under the terms of the note secured hereby, on the ficst day of each month until the said note is fully paid, will pa}• to the mortgagee the foltowing sums: ~ An ~muunt sutflcient to provide the holder hereo( w~th tunds to pay the next mortgage insuraoce premium i( this infW- ~ ment and the note secured hereby are ~nsured, or a munthlp charge (~n lieu o[ a mortQage insurance premium) if they are held b~• the Secret~ry ot Hous~ng and Urban Development, as [ollows: ~ l:~ If and so long as sa?d note o( e~•en date and this instrument are insurtd ot arc reinsured under the provisions oE the # N~tianal Nous~ng Act, an amount sut[icient tu accumulate in the hands ot the holder one (1) month prior to its due drte the annual mortgage ~nsurance premium, ~n order to prov~de such holder with [unds to pay such premium to the Secretary of tluus~ng and Urban Development pursuant to the Nationai Housing Act, as amended, ~nd applicable ReQu- ~ lau.x?s thereunder, or j ~li) If and so tong as sa?d note o( e~•en date and this instrument are held bp the Secretary ot Housing and Urban Devetop- ~ i nen!. • monthly charge (m i~eu o( a mortgage msurance premiuml which sholl be in an amount equal to one-tvireltth E i i• l21 at one-hai( (1:) per centum o! the average outstanding bal~nce due on the note computed ~rithout taktng into t ~ •ccount delinquenc~es or prepayments; ~ ~ A sum equat to the ground rrnts, ?f anq, next due, plus the premiums that w111 next become due and payable on policies o( tire and othe? hazard insurance covenng the mortgaged property, plus taxes and assessmeots ne:t due on the mort• ~ ` ~;aged property (all es est~matrd bp thr mortgagee) less afl sums already paid therefor di~ided by the number of months 9 s to rlapse be(orr one month prior to the date when such ground rents, prem~ums, taYes, and assessme~ts will become de- s ; i~nquent, such sums te b~r held by mortgagee ?n trust to pay said ground reMs, premiums, la:es, •nd special assessments, ~y ~ bnd ~ !r ~ AU p4Yments mmtioned in the two preceding subsections of this paragr~ph and a11 payments to be made under the note ~ ~ secured hereby shali be added together and the aggreg~te amuunt thereof sh.ll be poid by the mortgaeor each month ~n a ~ single prYment to bt applied by the mortgagee to the following items in the order set forth: ~ ~ premium charQes under the cuntract of insurance with the Secretary ot HousinQ and Urban Development, or munlhly € char~e (~n t~eu of nortga~e insurance premium), as the case may be; 1 ~ /II) gromd rents, ta:es. assesaments, fire, and other hazard tnsurance premiums; ~ ~ I (111) iatercst on the nutc secured hrroby; and ~ (!V) arr.nrtuation of the princip~l ot said note. • ' An deficienc sn t6e ar~ount oE such a re ate monthl a ment shall, unless made oAd b the moct a ot Y Y KB B Y P Y g Y. g' g ~ pnor to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee v ma~• coi!ect a"late charge" not to exceed two cents {2Q) for each dollar (S1) of each payment more than fifteen ~ ~15) da~•s ~n arrears to cover the extra expense invo2ved in handling delinquent payments. ~ 3. That if the fotal of the payments made by the mortgagor under (b) of paragraph 2 preceding sha11 exceed the amount of pa~~ments actually made by the mortgegee, for ground rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ ~ made b~• the mortgagor. lf, however, the monthiy payments made by the mortgagor under (b) of paragraph 2 pre- ;i ceding shall not be sufEicient to pay ground cents, taxes and assessm~~nts and insurance premiums, as the case ~ may be, w•hen the same shall bec:ome due and payable, then the mortg~gor shail pay to the mortgagee any amount ~ necessary~ to make up the defic~ency, on or beEoce the date when payment of such ground cents, taxes. assessments, or insurance premiums shai: be due. 1[ at any time the mortgagor shall tender to the mortg~gee in accordance with j~ 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 ail payments - made under the prrn•isio:~s of (oi ot paragraph 2 hereof which the morigagee has not become obligated to payto the Secretary of No~sing and Urban Development and any balance remaining in the funds accumulated under the ;`j pro~•isions of (b) of said paragraph 2. if thece shall be a default under any of the provisio~s of this mortgage, re- ~ sulting in a public saie of the premises covered iereby, or if the mortgagee 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- ert~• is otherwise acquired, the balance then remaining in the [unds accumulated under (GJ of paragraph 2 preceding - as a credit against the amount ot principal then remaining unpaid under said note and shall properlyadjust eny = payments which shall have been made under (uJ of said paragraph. 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 hereinbefore, and in default thereof the mortgagee may pay , the same; and that he will promptly~ de:iver the official receipts therefor to the mortgage~. ~ iL3 ~ ~ v*a=i 0 ~ ~ ~ _ ~i _ ~ _ _ _ , r. F