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Home My WebLink About1768 ` 1 . + } . , ~ { 1 ~t ) ~ ) said mortgagor does hereby fully wa~~~nt the title to said land, and every pa~t thereof, a~d will de[end the same against the law(ul claims of all persons whomsoevec. PROVIDED ALWAYS. and these prese~ts are executed and delivered upon the following conditio~s. to wit: The mortgagoc ag~ees to pay the mo~tgegee~ :x ocder. the pcincipel sum of SIITSBN T90USJII~D T~ HUADIt~ FIPTY ~•p W,~OO_____+_NM~~~~~~~~A~~N~~~~M~~~N~~~~~N~r~~MN~N~N~~ Dollars (S 16,350.00 as evidenced by a ~ote oE even date herewith, with interest from date at the rate of seven per centum ( 7 9G) per ennum o~ the unpaid balence until paid. The said pcincipal and interest shall bc payable at the oftice of ~7. T. 9PBirU~' MO~GJ+GB Cq~tPl~NY, INC., ~ite 300 - 100 Miracle Mile in Cornl Gables, Florida, or ai such other place as the holder of the note may designate in writing, in monthly installments of OI~ H~J1~DR~ BIG~Q' and 89/100- ------Dolfers (,S 108.89 commencing on the fi~st day of - July . 19 ~l. and on the first day of each month thereafter untlltheprincipal and interest a~e tully paid. except that the final payment of principal and interest. if not soone~ paid. shall be due end payable on the first day of June, 2001. And shall duly. ptomptly. and fully pedorm, dis~harge. execute. e[Eect. complete, and comply with and abide by each and every the stipulations. agreements. conditions. a~d covenants of said promissory note and of this mortgage. the~ this mortgage end the estate hereby creeted shall cease and be null and void. . And the mortgagor turther cove~ants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt ie whole. or in an amount equal to one or more monthly payments on the principal that are next due on the note. on the first da~• of any month prior to matu~ity: P?oe~ided, however, that written notice of an intention to exercise such privilege is gi~en at least thirty (30) days prior to prepayment; and. provided further. that in the eve~t the debt is paid in full prior to maturity and at that time it is insured under the provisions of the Netionat Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the originel principel amount thereof, except that in no eve~t shall the adjusted premium exceed the aggregate amount of premium cherges which would have been payable if the mortgage had continued to be insuced until maturity; such payment to be epplied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Devetopment on account of modgage insurance. 2.°That, in order more fully to pcotect the se~urity of this mortgage. the modgagor. together with. and in addi- tion to, the monthly payments under the terms of the ~ote secured hereby, on the first day of eech month until the said note is [ully paid, will pay to the mortgagee the followiag sums: - (u) An amount su[t~cient to pro~ide the hoider hereot with funds to pay the nezt mortgage insurpnce premium if thia instru- ment and the note secured hereby are insured, or a monthly ch~rge (in lieu ot a mortgage insurance p~emium) i( they are held by the Secretary ot Housing and Urban Development, as tollows: (I) I( and so long as saia -~te of even date and this inst~ument are iasured or are ~einsured under the provisioas of the ~Iationol Housing Act, an amount sutticient to accumulate in the hands of the holder one (1) month prior to its due date the annuai mortgage ittsurance premium, in order to provide such holder witb funds to pay euch premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; ar (il) if and so long as said note of even date and this iestrument are held by the Secretaty o[ Housing and Urban Develop- nent, a monthly charge (in lieu of a mortgoge insurance ptemium) which shali be in an amount equal to one-twei(th (1 122 0[ one-hslf (~2) per centum ot the average outstanding balance due on the note computed without takiag into account delinquencies or prepayments; ' - A sum equai to the ground rents, it any, next due, plus the premiums that wrill oext become due and payable on policies of flre and other hazard insurance covering the mortgaged property, plus ta:es and assessments nezt due on the mort- gaged property (all as estimated by the mortgagee) less ail sums already paid theretor divided by the number of months to elapse beforr one moath prior to the date when such Qround rents, premiums, taYes, and ~esessments will become de- t~nquent, such sums to be held by mortga~ee in trust to pay said Qround rents, premiums, tazes, ~nd speciai assessments; and j r~-! Al! payments mentioned in !hc two preceding snbsectioas ot this parograph and all payme~ts to be made under the note ~ secured hereby shall be added togethet and the ~¢gregate amount thereot shall be paid by the mortgagor each month in a single payrt:r~t to be apptied by the mortgagee to the tollowi~g itema in the order set forth: a (I) prem~um charges under the contract of insurance writh the Secretary o[ Housing and Urban Development, or monthly ` charge (in lieu of mortgage insurance premium), as the case m~y be; ~ (ll) ground rents, tazes, assessments, fire, aad other h~zard insurance premiuass; f (llI) interest on the note secured hereby; and ~ (IV) amortization o! the p?incip~l of said note. Any deficiency in the amount of such aggregate mortthly payment shall. unless made good by the mortgagor ~ prior to the due date of the next suc6 payment, constitute an event of defauit under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each payment more than fifteen (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 (bJ of paragraph 2 pceceding shall exceed the amount oE payments actually made by the mortgagee, for ground rents, takes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by the moctgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable. then the mottgugor shell pay to the mortgagee any amount ~ necessary to make up the deficiency, on or befae the date when paymEnt of such ground renLs, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in acco:dance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- , ~ gagee shall, in computing the amount ot such indebtedness, credit to the account of the mortgagor all payments ! made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ; ~ the &ecretary of Housing and Urban pevelopment and any balance remaining in the funds accumulated under the ~ pro~~isions o( (bJ of said paragraph 2. If there shall be a default under any of the provisioas of this moctgage, re- ~ sulting in a public sale of the premises covered ~ereby, or if the moctgagee acquires the property otherwise after ~ default, the mortgagee shelf app;y, at the time of ~the commencement of such proceedings a at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding ~ as a credit against the amount oE principal then remaining unpaid under said note and shaU properlyedjust any ~ payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or mu~icipal cherges, fines, t ~ or impositions, tor which provisian has not been made heceinbefae, and in default thereof the mortgagee may pay } the same; and that he will promptly deliver the official teceipts therefor to the mortgagee. ~ OR ~ s~ 19~ ~7~~ ~ ~ ~ ~ ~ ~ _ ~ F... Y_ . : ~ . . 1 _ a~ Ss~~~