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suid mortgagor does hereby tully warrant the title to seid land, and ever i
y pa~t thereof, a~d will dcfend the same 1
aga?nst the lawtul claims of ~II persoc~s whomsoever.
PROVIDED AI,WAYS, end these pcesenta ere executed and delivered upon the fottowing co~ditions. to wit:
1'he mortgegot agrces to pay the mortgagee. or otde~, the prir~cipal sum of EIGE~TE~'N THOUSAND SIX
HUNDREiD 7WD NO/100
Dotiars (S 18,600.00 as avidertced by a note of even date herewith, with interest [rom dete et the
r~te of seven per centum ( ~ R) p~~ an~um on the unpaid balance
until paid. The seid principal and interest shall bc payoble at the oftice ot J~T~ C~~~ I~.
Suite 300 - 200 Mirac2e Ati2e in Coral Gables, Florida
oc at such other place as the holder of the note may desig~ate io writing, in monthly instatlment~c of ONS M7NDRED
ZWENTY~THRES At~ID 88/100 Dotlacs (S 123.88 commencing oa
the first day of JLuie . 19 71 . and oe the fi~st day o[ each rnonth thereafter unti! the principal
and interest are Euily paid. except that thr final payenent of principal end interest, if not sooner paid, shall be due
and payable on the firsi day of yay, 200Z.
And shall duly. promptly, end Iully pe~focm, discherge. execute. efEect. complete, end comply with end abide
by each and every the stipulations. agreements. conditioas. and covenants of said pcomissory eote and of this _
morigage, then this mortgage and the estate he~eby cteated shall cease aed be null end void.
And the matgago~ turther covena~ts es Eollows: '
1. That he will pay the indebtedness. as hereinbe[ore provided. Pri'vilege is reserved to pay the debt in whoie.
or in an amount equat to one or more monthly payments on the principal that ere next due on the note, oa the ficst
day of any month prior to maturity: P?o~~id~d, however, that written notice of an ietentio~ to exercise such pcivilege
is given at least thirty (30) days priot to prepayment; and, provided further, that in the event the debt is peid in
full prior to maturity and at tfiat time it is insured unde~ the provisions ot the iVational Housing Act. he wilt pay to
the mortgagee an adjusted pce~aium charge of one pec centum (196) of the original principal amount thereo~. except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have E
been pay~able if the mortgage had continued to be insured until ~atnrity; such payment to be applied by the mort- ~
gagee upon its obligation to the Secretary of Housing and Urban Development on eccount oE mortgage insurance.
2. That, in order more fully to protect the security of this moctgege. the mortgagor, together with, and in addi-
tion to, the monthty payments unde~ the terms of the note secured hereby, on the first day ot each month until the ~
said note is fully paid, will pay to the mo~tgagee the tollowing sums:
~ ~ai A~ amount su[ticient to provide tfie holde~ hereot aith tueds to pa~ the nert mort¢a¢e insurpnce premium it this instru- ~
me~t andthe note secured he~eby are insured, o~ a monthly c6a~~e (in tieu o[ ~ mortgage insuronce premium) it they are
held by the Sec?etary ot Housing and Urbrn Developmeat, as foliows:
(11 I( •nd s,p long as said note ot even date ~nd this insttument ~re ia~ured or arc reirtsured under the pwvisioas ot the
National Housing Act, an amount sut(icient to accumulate in the hands ot the hoider one (t) month prior to its due
date the arurual morigage insura~ce premiwe, ia order lo provide such holdet vith fnnds to pay such prcanium to the
Secretary o( Housing and Urban Development pursu~nt to the N~tional Housit~ Aet, aa amended, and appticabte Regu-
lations thereunder; o~
(IIl If and so long as s~id note of even datr aad this instrume~t ue held by the Secret~ry o[ Housing ond Urban Develop-
ment, a monthly charge (in lieu o[ • mortgoge ir?syra~ce premium) wrhich shall be in ~n amount equ~! to one-twetfth
(I '121 0[ one-halt (+.4) per centcun of tde ~verage oatstanding balance due on the note computed without takinQ into
account delinquenciea or prepaymmts; •
/hl A sum equal to the ground rents, it any, ae:t due, pius the premiums that will ae=t become due aad payable on policies
of f[re and ot6er hazard insurance covering the mortgaged p~operty, plus ta=es and ~ssessments next due on the mort-
gage~ property (alt as estimated by the mortgagee) less all sums already paid theretor divided by the number of months
!o elapse hefore one month prior to the date when such ground renta, prem~ums, taxes, and as~essmtnts aiil become de- i
iinquent, such sums to be held by mortga~ee in trust to pay said ground rents, premiums, trzes, aad speci~l ~ssessments; ~
and
All payments mrntioned ia the two preceding subsections of this par~Qraph ~ad all payments to be made under the note
secured hereby shall be added together and the aggpcgate amount thereof shall be paid by the mortesgor each month in a
singie payment to be applied by the mortgagee to the [ollowir~g items in the order set [orth:
(I) prem~um ch~r~es under the contract o( inaurance writh the Secretary of Housine and Urbw Development, or monthly
charge (ie f~tu ot mortgage insurance premium), as Ihe csae may be;
(ll) eround rents, taxes,- assessments, tlee, aad other hasard insuronce premiums;
(Il1) interest on the ~ote secured hereby; and
pV) amortuation of the principrl o[ said aote.
Any deficiency in the ar.iount of such aggcegate montnly payment shall, unless made good by the mortgagor
prior to the due date of the next stech poymtnt, constitute an event d defautt under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2t) for esch dollar (S1) of each payment more than fifteen
(t5) days en anears to cover the extra expense involved in handling delinquent payments.
3. That if the total oE the payments mede by the mortgagor under (bJ of parsgrapb 2 preceding shall ex~eed
the amount of payments ectually made by tl~e mortgagee, 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
mede by the martgagor. If, however, the monthly payments made by the matgagor under (6Jof paragreph 2 pre-
ceding shatt not be sufficient to pay grour?d rents. taxes and assessea~~nts and insurance prerniums. as the case
may be, ahen the same shall become due aad payable, then the moctgaga shall pay to the mortgagee any amoant
necessary to make up the deficiency, on or beEoce the date when payment of such ground rents, taxes. assessments,
or insurance premiums shell be due. If at eny time the mortgagor shall tender to the mort~agee in accordance with
the provisions oE ~he note secured hereby, fult payment ot the erttire indebttdness represented thereby, the mort-
gagee shali, in computing the amount oE such indebtedness, credit to the account of the mortgagor ell payments
made under the pravisions of (a) oE paragraph 2 hereof which the mortgagee haa not becane obligated to poyto
the Secretaty of Housing and Urban Development and any bolance remaining in the funds accumulated under the
provisions of (b) of said paragraph 2. If there shall be a deEault under any of the pcovisio~s of this moctgpge, re-
sulting in a public sale uE the premises covered ~ereby, or iE the mortgagee acquires the ptoperty dherwise after
default, the mortgagee shal! apply, at the tinM of the commencement of such prceeeding~ or at the time the prop-
erty is otherwise acquired, the balance then rtinai~ing in the Eunds accumulated under (6 j of paragraph 2 preceding
as a credit against the, amount of principel then remaining unpaid under said note and shall proper[yadjust any .
payments which shall have been made under (aJ of said paragraph.
4. That he wil! pay atl taxes, assessments, water rates, and othe~ governmental br municipel charges, fines,
or impositions, for which provisian has not been made herrinbefore, and in detault thereof the mortgagee may pay
the same; and that he wiil promptly deliver the otficiol receipts theceto~ to the moctgegee.
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