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Home My WebLink About0012 s;+id mo~tgti~o~ d~es hr~rby tuU; wacra~t the title tu said fartd, und NYN[y ~:if[ (I1Nt~~. and wili de(c•nd the same :iga~ntit the law(ul claims u[ all persons vehor,?~uc•~e~. RROVIDED ALIAAYS, and Ihese pcesenis s+te eaecut~d and deli~~ered ~pon the following cunditicx~s, to wit: 'The mortgagor agrees to pay thc mortgagee, or order, tnN pr~ncipal sum of SEVII~T~A1 T:i0U6AN0 EnUR HUNDRID ArID NC)/100-----~------------------------ nolla'ts (S 17.400.00 as evidenced by a note of even date h~rewith, with intecest trom dat~ et the rate o( sevel~ pet centum ( 7 '6) per annum on the u~,~aid hatance until paid. The said principa! and interest shall be payable et the otfice ot J.~'. STF~RT MORTGAGS C:(~lAANY, INC, Suite 300 - 100 Miracle Mile, ocral Gables, Florida .x at such other place as the holder of tha ~ote may designate in writi~g, in menthly installments o~ ONE 1?UND~ FIF'!'~N ANA 88/100------------- Dollars (S 115.88 con-~e~cing on the tirst day of August . 19 71 , and on thc fi~st day ot each month thereafter until thc ~rirtripal and intrcest ere fu11y paid, except that the finai payment of p~incipal a~d intecest, i[ not sc~oner paid, shall be due and payable on the fitst day of 3t:iy , 2001. : And shall dul~, p~omptly, and fully perform, discharge, execute, effect, c.;:::p:eie, and comply with and abide b~• each and e~•e~y the stipulations, agreements, cor.ditions, and covenants of said promissory note and of this - mortgage, then th~s mortgage and the estate he~eby created shall cease and be null and void. And the mortgagor further covenants as follows: 1• That he wiii pay the inde5tedness, as hereinbeto~e provided. Privilege is reserved to pz+y the debt in wAole. a~n an amount equal to oae oc more monthly payments on the p~incipal that are next due on the note, on the first day of any month prior to maturity: P.u~~.d~d, howeve~, that wcitten notice of an i~tentit;r~ ta exercise such p~ivilege is g~vrn at ieast thirty (30) days prio~ to p~epayment; and, ptovided Eurthe~, that in the event the deM is paid in [ull pr:or t~ maturiit an~+ at that t:me it is insured undec the ptavisions oE the National Nousing Act, he will pay to the mortgagee an adjusted pcemium charge of one per centum (1°) ~f the original principal a~.-.o:ent thereuf, except that in no e~ent shall the adjusted premium exceed Ihe 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 r~ott- gagee upon its obligation to the Secretary of Housing and 'Jrban Develapment on account of mortgagr insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tian to, the monthly~ pa}ments undec the te~ms cf ihe note secured hereby, on the first day of each month until the said note ~s iull~~ paid, wiU pay to the mortgagee the (ollowing sums: : a~ An omuunt su[f?. ient to provide the hclder hereot with (unds to pay the next mortgage insuranre p:em~um ~t th~s inslru- < ment andthe not~ secured hereby are tnsured, ur a monthly charge (~n tlru ut a mortgege insurance prem~um) i( they ore held by the Secretary of Huusing and i;rban Develo~:neot, as [ollows: (I1 lt anS s~ long as sa~d note ot even dale and th~s insttument are insured or are reinsured under the provisions of the Nattonol Ncwsing Act, an amount su[[~c~rnt to accumulate in the hands ot ehe holder one (1) month ptior to i!s due date the annual mortgage insurance prem~um, in order to prov~de such holder w~th [unds to pay such prem~um to the Serretary ot tlousing and Urban Development pursuant to the Nat~onal Hous?ng Act, as amended, artd applicable Regu- lat~xs thereunder, or ~itl If and so tong as sa~d note o( e~en date and thls instrusnent ore held by the Secretary o( Housinq and Urban De~elop- I''i ment, a monthiy charge (in lieu ef a mortgage ~n.uronce prrmwm) which shall be in an amuunt equal tu one-txel[th ' il 12) o( ~ne-haU ~':1 Qer centur of the •°~rage outst~nding bal~ncr due on the note computed withuut taking into ~ account detinquenc~es n: prepayments; ' t~' A sum equaS tv ihr ground reats, it any. next due, plus the premiums that will ne:t b.•some due a~d pryable on policies ~ ot f~re and other hazanl ~nsurance corering the mortgaged propert~, plus ta:es and assessments ~e:t due on the mort- ~ gaged prupeAt• (al! as est?mated by the muttgageel less rll sumc al~cady paid there[or divided Ly the nu~:ber ot months tc et~pse be(ore one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- j linquent, such sums to ?.e held by nortgagee ~n trust to pa~ ~a~d ground rents, premtums, ta~es, and special assescmrr~ls, ~ and ~ Ail paymer.:s r..entioned ?n tne two precr!e.^.g subsect~ons of thls paragraph and all payments to be made under the note secured herrb~• shall t added together and the agqregate amcwnt thereo( shall be paid by the mortgagor each month in a s~ngle payment tu be applied by the mortgagee to the (ollow~ng items in the order set torth: ~I) prem?ur.. charges under the contract of tnsurance w~th the Secretary ot Hous~ng and Urban Dea•elopmeot, or monthly charge (~n I~eu o( mortgage ~nsuranct pretan::n), as the case may be; tlll g*ound rents, ta:es. assessments, (ire, +~nd other hazard ~osurance premwms; - iilll ~nterest on the note secured herehy; and (i~'1 a~ort~zation of thr principal o[ said rsote. ~ An}~ deficienc}• in the amount of such aggregate monthly Qayment shall, unless made good by the mottgagur prior to the due date of the next such peyment, constitute an event of dPfault under this mortgage. ThP mo~tgagee ~ ~ay collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ~ (15) days in arrears to to~~er the extra expense invol~~ed in handling detinquent ~syments. 3. That it the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed the a~r.ount ot the paymeMs actually made by the mortgagee. for ground rents, taxes and assessments and insur• ance prem~nr.is.as the case may be. such excess at the option of the mortgagee~ shall be credited on subsequent ~ peyments to be made by the mortgagor, or re[unded to tlw rt?ortgagor. !f, however. the monthly paymeMs made by ~ the mortg~gor under (6) of paragraph 'l preceding shall not be sufficient to pay ground rents, taxes and assess- ~ ments and iRSUrance Fremiuras, as the rase may be, when the same shall becume due and payable, then the mort- g~gor shall pay to the mortgagee any amount necessary to make up the deficiency, on o~ before the date vrrhert pay- ~ ment of such g~ound rents. taxes, assessroents. or insurance pcemiums shall be due. U at any time the mcxtga- ~ gor shall tender to the matgagee in acco~dance with the provisions o! the note secured hereby, tull peyment oE the ~ entire indebtedness represented thereby. !he mortgagee shalt, in computirg ihe amount of such indebtedness. ~ credit to the accoont of the mortg:go~ all pay~ents made under the provisioAs of (aJ o' para6r~ph 2 hereof whichthe mcxtgagee has not become obligated to pay to the Secretary ot Nousing aiid Urban Development and any baldnrr ~ remaitinq in the tunds accumulaled under the provisio~ of (b) of said peragraph 2. If there shall be a default un- ~ der any ot the provisions ot this mortgage~ resultinR ir. a public sate o( ihe prem~ses covered hereby. a i[ the ~ nortgagee acqoe:~ the property dherwise a(ter default. thc mortgagee shall apply. at the time ot the commencr- ~ me=.t d such procerdings o~ at the time the property is otherwise acquired. the balance tnen certwininR in the Eunds ~ accumulated under /b) ot paragraph 2 preceding as a ccedit aga~nst the amount ot pcincipal then remaining unp~~d ~ under s~id note and shall ,~x~periy adjaSt any payments which shall have bcen ms~~~--under i~l v[ said paragraph. _ (I N nA ~ ~ BGU!! i!Y 1,z ~ : - - - - ~t ~ _ _ , _ _ " - `3c ~ ~~.'a=