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Home My WebLink About2079 i , . ~ said mortgagor does he~eby fulty warrant the fitle to said land, and evecy part thereof, and wilt defend the same ageinst the lawful claims of al! persons whomscever. PROVIDED ALWAYS, end these prese~ts are executed and delivered upon the following conditions~ to wit; The matgagor agrees to pay the mortgagee. or order. the ptincipal sum of g~~ THOUSAND SIX . HUNDI~D AAID NO/100 ~ Dollars (s 16,600.00 es evide~ced by a note oE even date hecewith. with interest fcom date et the ; rate of Seven pe~ ceatum ( 7 9G) per an~um on the unpeid belartce ~ untit peid. The seid principal and i~tecest shali be payabie at the office oE J. T. STl'~IART MOdtT(',~1GS Ct~1PI~NY. INC., Sliite 300 - 100 Miracle Mile, Coral Gables, Florida ` or et such other place as the ho~lder of the note may designate in writing. in monthly installments of p~g ~pggp TEN and 56/100 Dollars (S 110.56 commencing on ' the first dey of July . 19 ql. end on the first day of each moath theceafter untilthepriacipal and interest ace fully paid. except that the final paymeat of principel and interest, if ~ot sooner peid. shall be due and payable on the first dey of JLtne, 2001. ; ~ ~ And shall duty. pranp![y. and fuliy perfocm, discharge~ execute. effect, complete, and cocaply aith and abide ~ by each and every the stipulations. agreements. conditions. and covensnts of said praeissory note and of this mortgage. the~ this mortgage and the estate her!+by created shall cease end be null and void. And the mortgaga fudher covenants as follows: l. That he will pay the indebtedness, as heceinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one oc mote monthly payments on the principal that are next due on the note, on the first day of any month prior to matnrity: P.ovided. however, that written natice of an intention to exercise such privilege [ is given at least thirty (30) days prior ta prepayraent; and. provided furtber, that in the event the debt is peid in full prior to maturity and at that time it is i~sured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the o~igi~al principal emount theceof. except that in no event shall the adjusted premium e:ceed the eggregate amount of premium charges which would have been payable if the mortgege hed coatinued to be insured until maturity; such payraent to be applied by the mort- gagee upon its obligatioa to the Secretary of Honsi~g and Urben Development on accouat of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor. together with. and in addi- tioa to. the monthly payments under the tecros of the ~ote secured hereby. on the ficst day of each month unti[ the said note is fuliy peid. will pay to the moctgegee the fotlawing sums: ~ (n) Aa smount su[ficieat to provide the holder kereof aith tunds to pa~ the ne:t mort~a~e Insurance premium it this instra- ; meat and the ~ote securcd hereby arc insured, or a monthly charge (io lleu of o mortgage iasuronce premium) it they arc held by the Secretary ot Housing and Urban Development, os followrs: ~ (I) tf and so lon~ as said aote o[ even date and thia instrumeat are insnred or are reinsured under the prorisions of the National Houaing Act, aa amount su[[icient to accumulate in the bands of the holder oac (1) month priw to its due date the annual mortg~~e iasutance premium, in order to provide such holder with Eunds to pay suc6 premium to tbe Secret~rq of Housing and Urban Devtlopment pursuant to tbe National Housing Act, as ameeded. a~d applicable Regu- latiaas thereunder; or (II) It ond so long ~s soid note ot even d~te aad this instroment are held by the Secrttaryr of Housing and Urban Develop- ment, a monthlr charge (in lieu of a mo~tgage insunnce prcmium) ahich shnll be in an amount eqqal to one-t~reltth (1/12) ot one•h~l[ (y~) per eentum o[ the aver~ge outstanding balance due on the note computed without talci~g into accouat deiinqnenciea or prepayments; (A) A sum equa! to the groond rents, if any, nezt due, plus the premiums th~t ~rill nest become due and payable on policies of [ire qnd ot6er hrsard insuraace coveriag the mortgaged property, plus trYes ~nd ossessmenta aext due oa tde mort- gaged property (all as estimated by the mortgagee) less all aums alreadr paid therefor divided by the namber of months to elapse be[ore one moath prior to the date ~vhen such grouad rents. prea?iums, ta:es, apd assessments wrill become de- linquent, such sums to be held by moetgaQee in trust to pry said gronnd rents, premiums, t~es, aad special rssessmeats; aad ' (r) All payments mentioned in the two preceding subsections of this p~ngraph ~nd all payments to be made under the note secured hereby shall be added together and the agg~egate amount thereot ahall be paid by the mortgagor each month io • single payment to be appiied by the mortgagee to the follo~viag items in thc order set forth: (n premium charges under the coatnct ot insurance wtth the Secretary of Housing and Urbaa Development, or monthly ch~rge (in lieu of mortgage insurance premium), •s the case m~y be; ~ ([I) ground rents, tazes, aasessmenta, [ire, and other hazard inauronce premiums; (III) interest on the note aecured hercby; and . (1~ amortisotion o[ tbe putcip~t o[ said note. Any deficiency in the amount oE sach aggregate monthly Qayme~t shall. nnless made good by the mortgagor prior to the dae date of the next sucb payment, constitute an event d deEault under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2e) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extca expease involved in handling delinquent payments. 3. That if the tdal of the payments made by the nwdgagor under (bJ ot peragraph 2 preceding shall exceed the amoud of the payme~s actusily made by the moctgagee, for g~ound reats, taxes and assessments and iasuc• ance premiums. as the case may be, such eacess at the option of the modgagee. shall be credited on subsequeat peyments to be made by the mortgagoc, or refnnded to the moctgagor. If, hawever. the monthly payments made by tbe moctpgor utder (6) of peragrapb 2 preceding shall nd be sufficieM to pey g~ound rents, texes and assess• ments aad iasurance premiums, ss the case mey be, when the same shsll becane due end payable, thert the moct- gaga shall pey to the mortg,agee any artwwd necessary to meke up the deficiency, on ar befae the dste when pey- ment of such gFound rents, taxes. essessments, or insurance premiun~s shell be due. 1f at any time the matga- gor shall teoder to the mortgagee in accordance with the pcovisions of the eote secured hereby, fnll peyment oE the entire iadebtedness represeMed tbereby, the mortg,~gee stwll, in computirg tbe amoant of such indebtedness, credit to the account d the mortg;agor all poyments n?ade under the pcovisions o( (o) of paraacaph 2 hereof whichthe mortgagee h$s nQt become obligated to pay to the Seccetary of Housing and Urban Development and any belance cemaiaing in the funds accumulated um~er t6e pc~?isions of (6) of said peragraph 2. If tfkre shall be a default un- der any af the provisions of this mortgage, resultin~ in a pubiic sa[e of the pcemises covered hereby, or if the ~ mortgagee acquirea the~ property dherwise after default, the mortgagee s6eli apply, at the time oE the commence- ~ ment vE soch ptoceedings or at the time the pcoperty is otherwise acquired, the balance then remaining in the funds accumuleted unde~ (bJ oi persgraPb 2 preceding as a c~edit against !he amount of principal then remaining unpaid ~ cmder said note and shall properly edjust sny p~yments which shall have been made under (a) of seid paragceph. - ~ ~~~g2 ~0~4 ~ ~ s~' ~ , x u~.,~,~_, r ~ , . ~~x.,~~~'~.~~"` ; ~'s~~