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Home My WebLink About2965 ~ . , 1 • 1 satd mottgago~ dues hereby fully warrant the title to said land, and e~•ery part thereof, and will de[end the s~me ~ .~ga~nst the lawfut cla~ms ot all pe~sons whomscevec. ~ PROVIDED ALN'AYS, and these presents are executed end delivered upon the following conditions, to wit: ` The mortgagor agrees to pay the mortgagee, or order, the principal sum of pINETF~N T}iOUSANA FIF`rY A,~1D L~O/100 Dolis;s (S 19,050.00 as evidenced by a note of even date herewith, with interest from date at the rate of seven per centum ( ~ ~o) per annum on the unpaid balance unti! paid. The said principal and interest shall be payable at the office u[ J.T. ST~TI.RT MOR'PGAGE COMPANY, IVC. Suite 300 - 100 Miracle riile in Coral Gables, Fl~ric?a ' or at such other place as the holder of the note may designate in writing, in monthly i~stallments of p~ !{~D~,p '1~7ENTY-SI3t A1VD 87/100 --------------------Doliars (S 12G.87 commencing on the first day ot , 19 71 , and on the first day of each month thereafter untiltheprincipal and interest are fully paid. except that the finel payment of principal and interest, it not sooner paid, shall be due aod payable on the first day of May 2001 And shail duly, promptly. and fully pertorm, discharge, execute, effect. complete, and comply with aad abide by each and every the stipulations, agreements. co~ditioc~s. a~d covena~ts of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be nuil and void. And the mortgagor [urther covenants as [ollows: _ 1. Thet he will pay the indebtedness, as hereinbefore provided. Privitege is reserved to pay the debt in whole, or ~n an amount equal to ooe or moce monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Pro~~idPd, however, that written notice af ~n intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided funher, that in the event the debt is paid in fuU 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 principQl amount thereof, except that in no event shali the adjusted premium exceed tfie aggregate amount of premium cherges which wouid have been payable if the mortgage had continued to be insured until meturity; such payment to be applied by the mort- gagee upon its obtigation to the Secretary of Housing and Urben Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor. togethec with, and in addi- tion to, the monthly payments unde~ the tecros of the note secured hereby.'on the first day of each month until the said note is [ully paid, will pay to the mortgagee the following sums: ° r,i i An amount sufticient to provide the holder hereot with funds to pay the next mortgage insurance premium i[ this ~nstn~- ~ mrnt and the note secured here~y are ~nsured, or a monlhiy charge (in lieu o( a moHgage insurance premium) if they are held by the Secretary of Housing and Urban Development, •s tollo~rs: (I) and so long as sa~d notr o( even d~le and this instrumeot are insured or ore reinsured under the provisions of the \at~onal Nousing Act, an amount su(ticient to accumulate in the hands ot the holder one (I) month prior to its due date the a~nuat mortgage insuraace premiua~, in order to provide such holder with funds to pay such prcmium to the Secretary of Housing and Urban Developmrnt pursu~nt to the Natioaal Housing Act, as amcnded, and applicable Regu- lat~ons thereunder; or ' t111 It and so iong as said note oE even date and this instiument are held by the Secretary o[ Housing and Urban Develop- nent, a monthly charge (in tieu of s mortgage insurance premium) which shall be in an amount equal to one-twelfth (i 12} o( one-h~if (lz) per centum ot the average outstanding balance due on the note computed ~rithout tak~ng intu account delinqurnc~es or prepayments; ~ j~ A sum equat to the ground rents, a~y, next due, plus the premiums that wlil next become due and payable on policies ~f f~re and other hazard ~nsurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less a11 sums already pa~d theretor divided by the number ot months to el~pse before oae month pnor to the date when such ground rents, premtums, tazes, and assessments wilt become de- llnquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and specia! ossessments, - and ! ~ r A1[ pa~ments mentioned tn tFte two preceding subsect~ot?s ot th?s paragraph and aU paymenta~to be made under the note i secured hereby shail be added together and the aggre¢ate amount thereot shatl be pa~d by the mortgaQor each month in a ` s~ngle pwyment to be applied by the mortgagee to the (ollowing items in the order set (orth: 4 (I) premium charges under the contract of ~nsurance with the Secretary o[ Housing and Urban Development, or monthly ~ rharge (~n lieu o( mortgage insurance premium), as the case may Oe; ~ (II) ground rents, tszec, assessments, [ire, and other hssard insurance premiums; ~ QII) mterest on the note secured heteby; and (IV) amortuatwn of the principal o[ satd note. Any deficiency in the ar~ount of such aggregate monthly payment shalt, unless made good by the moctgagor Pr~or to the due date of the next such payment, constitute an event of de~ault under this mortgage. The mortgagee may~ collect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each payment moce than fifteen (15) da}•s ~n arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b j ot pacagraph 2 preceding shal! exceed ~ the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by the mortgagee on subsPauent payments to be ~ made by the morigagor. If, however, the monthly payments made by the matgagor under /bJ of paragraph 2 pre- ~ ceding shall not be suf[ic~ent to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ ma}• be, when the 6ame shall become due and payable, then the moctg.:gor shall pay to the mortgagee any amount " necessary to make up the deficiency, on or before the date when payme~t of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with a the ~rovisions of the note secured hereby, fuil 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 peyments ~ made under the provisions oi /a/ oE paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the ~ procis~ons of (h~ of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- ~ sult~ng ~n a public sale of the premises covered iereby, or if the moctgagee acquires the property otherw~se after ~ default, the mo~tgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- s erty is otherwise acquired, the balance then remaining in the funds accumulated under (61 of paragraph 2 preceding ~ ~ as a credit against the amount of principal then remaining unpaid undec said note and shall properlyadjust any ~ payments which shall have been made under (o) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, (ines, or impositions. (or which provision has not been made hereinbefwe, and in default thereof the mortgagee may pay ` the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ~ ~ . ~ BOOK ~ ~ ~ ~ . ~ ;pv- , _