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Home My WebLink About2668 . i t~1tt.i s.+id mort~agur does hereb~~ full~• N~arrant the Htle to said land, and e~~ery part thereof, and will de(end the same aga~nst the lawtul claims of all persons whomsce~~er. ~ PROVIDED ALN'AYS, a~d these p~esents are executed and delivered upon the following conditions, to wit: ~ The mo~tgagoc agrees to pay ihe mortgagee, ot order, the principal sum of THIRTQEN THOUSAND FIP'1'Y AND } NO/100 ~ ~ Dollars (S 13,050.00 as e~~idenced by a ~ote of even date herewith, with interest [rom date at the = rate of seven pe~ centum ( 7 q6) per annum on the unpaid balance ' until paid. The said principal and intecest shall be payable at the office of J. T. STF.I+TART MK~TGAGS COMPANY, INC. Suite 300 - 100 *liracle Mile in Coral Gables, Florida or at such oiher place as the holder ot the note may designate in writing, in monthly installments of EIG}fl'Y-SIX AND 91/100 ---------------------------~-"-Dollars (S 86 • 91 commencing on the tirst day ot ~ne . 19 ~l , and on the Eirst day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest, iE not sooner paid, shall be due and payable on the first day of ~y, 2001. And shall duly, promptty, and futly perform, discharge, execute, efEect. complete, and comQly with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this moctgage, then this mortgage and the estate hereby created shall c~ase and be null and void. And the mortgagor turther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Pro~~tdFd, however, that written notice of an intention to exercise such privilege is given at teast thirty (30) days prio~ to prepayment; and, pro~ ided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except that in no e~ent 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 more [ully to protect the security ot this mortgage. the mortgagor, together with, and in addi- ~ tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the i said note is tuliy paid, wi[1 pay~ to the mortgagee the [ollowing sums: r~r~ An amount su(f~c~rnt to pro~•ide the holder hereof with (unda to pay the ne:t mortgage insurance premium i( this instru- ment and the note secured hereb~ are ~n~ured, or a monthly charge (in lieu ot a moRgage insurance premium) it they are hetd b~- the Secretary of Housing and Urban Development, as follows: (t1 1[ and ~o long as sa~d note o( even date and this instrument are insured or are reinsured under the provisions of the tiat~onal Hous~ng Act, an amount su[[icient to accumulate in the hands of the holder one (1) month prior to its due ; ~rte the annual morigage ~nsurance premium, in order to provide such hotder with funds to pay such prem~um to the ~ Secretary of Housing and Urban Development pursuant to the Pt~tional Housang Act, as amended, and applicable Regu- i tauuns thereunder, or ~ (11! If and sv long as said nute of even date and this anstrvment are held by the Secretary• o[ Nous?ng end Urban Develop- r.:ent. +~r.onthi~ charge (~n iieu of a mortgage insurance premiuml which shall be in an amount equal to one-twelfth 11 • 12) of one-hatf i' ~1 per centum o[ the average outstanding balance due on the note co'mputed vcithout talcing into accouae dett~quencies or prepayments; tA! A sum equa! to the ground rrnts, if any, next due, plus the premiums that will next become due and pay~ble on policies ~ of firr and other har.ard insurance covenng the mortgaged property, plus ta:es and assessments next due on the mort- Kaged Eroperiy tall as est~mated by the mortgagee) less all aums already paid therefor di~~ided by the number of months to eiapse ~e[ore onr month prior tu the date when such ground rents, premiums, ta:es, and assessments w•ill become de• ~ ~ iinquent, wch suns to be held by mortgagee ~n trusi to pay said ground rents, premmms, ta:es, and special assessments; ~ and i! ~ ; c! Ail peyr. ertts mentioned ~n tne two preced?ng subsrct~uns of this paragraph and all payments to be made unde.r the note ~ secured herrby sha:1 be adde~i together ~nd the aggregate amount thereo( shalt be paid by the mortgagor each month in a t s?ngle ~ayment to be applted by the mortgagee to the foilowing items tn the order set forth: j (1) prem?um char~es under the cuntract ot ?nsur+nce with the Secretary ot Housing and L'rban De~•etopment, or monthty ' ~ charge jin 1leu o( r..ortg~ge insurance premium), as the case mal be; ~ (Il) ground rents, tazec. assessments, (ire, andbther hazard ~nsurance premiums; i (ll!) interest on the ncte secured hertby; and ~ (IV) ~moRtzat?on af ihe principal o[ s~id note_ ~ Any det~ciency in the amount of such agqregate monthly payment sha11, unless made good by the mwtgagor ~ prior ~o the due date of the next such payment, constit~te an event of default under this mortgage. The mortgagee ~ ma~• coi~ect a"late charge" not to exceed two cents (2~) for each dollar (Si) of each payment more than fifteen Y (15) days :n arrears to cover the extra expen.5e ?nvolved in handling delinquent payments. 4 ~ 3. That if the total oE the p:~yments made by thr morigagor under (6) oE paragraph 2 preceding shall exceed $ the amount of ~ayments actually made by the mwtgegee, for groond rents, taxes and assessments and insurance ' premiums, as thr case may be, such excess shatl be credited by the mortgagee on subsequent payments to be ~ made by the mortg~ gor. If, howe~•er, the monthly payments made by the mortgagor undec (b) of paragraph 2 pre- ; ~ ceding shall not be ~ufficie~t to pey ground rerets. taxes and assessm~~nts and insurance premiums, as the case ~ ; ma~~ be, w•hen the same shall become dae and payable, then the mortgsgor shall pay to the mortgegee any amount ~ necessary to make up the deficiency, on or beicxe the date when payment of such ground rents, taxes, assessments, ' or insurance premiums shal: be due. If at any time the mortgagor shall tender to the mortgagee in accordance with _ the proeisions of the note sec.ured beceby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in compu4ing the a:nount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (ai of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ tbe Secretary of Nousing and Urban Devefopment and any balance remaining in the funds accumulated under the = pro~-isions of fL) of sa~d paragraph 2. If there shall be a default under any of the pcovisions of this mortgage, re- sult~ng ~n a public sale of the prem~ses covered iereby, or if the mortgagee acquires the property otherwise after _ default, the tnoctgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ert}• is otherwise acquired,the bala~ce then remaining in the funds accumulated under (bl' of paragraph 2 preceding as a credit against the amount o[ principal then remaining unpaid under said note and shall properlyadjust any s~ pa}•ments which shall har•e been made under (a) of said paragraph. 'j 4_ That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or impos~tions, for which pro~•ision has not been made hereinbetore, and in default thereof the mortgagee may pay { the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ 3 _ ~ - = - _