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HomeMy WebLinkAbout0153 ~ ~Aid mortg.igot does hereby tuUy warrant the title to said I:~nd, and every patt thereuf, and will de(end the same against the I:~w[ul claims o[ ail prrsons vrhomsoe~•er. PROVIDED ALWAYS. and these presents are executed s~d delive*ed upon !he following conditions, to wit; The mortgagor agcees to pap the ~ottg~gee, or order, the pciacipal sum of FOURTEEN '1110USAND FIVF. 1lUNDR6D FIFTY AND NO/lOQ-----------•------------------------------ Dollars (S 14, SS0.00 as e~idenced by a note ut even date herewith, with interest tcom date At the ~ate of seven pet centum ( 7 'lo) pe~ annum o~ the unpaid balance until paid. The said principal and interest shall be payable at the oEfice of J. T. STF~IART t~IORTG:IGE CO.MPANY, II3C. Suite 300 - I00 rliracle Mile, O~ral Gables, Florida cx at such othec place as the hotder ot the note may designate in writing, in monthly instatlments of NI~ETY SIX AIvD 9Q/100--------------------'--~ollars (S 9u,90 commencing ~n the fi~st day of Auqttst . 1971 , and on the first day o[ each month thereafter untilthep~incipal and inte~est are fully paid, except that the final payment of principai and interest, if roE scwner paid, shall be due and payable on the Eirst day of July, 2001 ; And shell duly, promptly, and fully perform, discharge, execute, effect, complete, artd comply with and abide by each and every the stipulations, agreements, conditions, artd covenants of said p~omissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor [urther covenants as Eollows: 1. That he will Fay the indebtedness, as hereinb~fore provided. Privilege is rese~ved lo pay the debt. in whole, or ~n an amount cqual to one or more monthly payments on the principal that ace next due on the note, on the first day~ of any munth prior te maturity: Pro~~iJrd, howevec, that written notice of an intention to exe~rise such privilege is given at least thirty (30) da~•s prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is ~nsured under the provisions o[ the National Housing Act, he will pay to the mortgagee an adjusted premium cha~ge o[ one per centam (196) o[ the ociginal principal amount thereof, except that in no e~~ent shall the adjusted premium exceed the agg~egate amount of premium charges which would have been pa~able if the mortgage had continved to ~e insured until maturity; such paymertt to be applied by the mort- gagee upon its obligation to the Secretary o[ Housing and Urban Development on accQUnt of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tion t~, the monthiy payments under the terms of the note secured hereby, on the first day of each month unt~l the said note is Eully paid, will pay to the mortgagee the following sums: r~:! An amount su(f:c~ent to provide the holder hereot wtth (unds to pay the nexr mortgage insur~nce premium e~ this instru- ment and the note secured hereby are ~nsured, or a montl~Iy charge (~n lieu ot a mortgage insurance premium) i[ they orr held by the Secretary of Housing and UrDan Development, as (ollows: (I1 I[ and so long as said note of even date and this ~nstrument are in~ured or arc reinsured under the provisions o( the National Housing Act, an ameurtt sufiicient to accuraulate in the hands o[ the hotder one (1) month prior to its due date the annual mortgage insuranre ptemium, in ~rder to provide such holder with tunds io pay cuch premium to the Secretary of Housing and Urban Develupment pursuant to the National Housing Act, es amended, and applicable kegu- lauons thereunder, or tlt) Tt and so long as said note o[ even date and th~s instrument are held by the Secretsry ot tlousiog and Urban Deveivp- j ment, a monthly charge (in lieu of a mortgage insurance premium) which shall De in an amount equal to one-twelfth i (1 '12) ot one-half ('4) per centum of the average uutstandi~g baiance due on the note computed without taking tnto ~ account de:tnquencies or prepayments; ~ !F i A sum equal to the ground rents, t[ any, next due, plus the prem~ums that ar~ll next become due and payable on poiicies ~I o[ tire ~n3 other hazard insursnce covering the mortgaged property, plus ta:es and assessments next due on the mort- ~ gaged property (all as estimated by the morlgagee) less ali sums already paid theretor divided by the number ot months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- ~ 1?nquent, such sums to be held by r.~ottgagee in trust to pap sa~d ground -ents, premiums, tazes, ond special assessments; ~ and All payments mentwned ir. the two preceding subsect~ons of this paragraph and all payme~ts to be made under the note ~ secured herebp shall be adde~ together and the aggregate amount thereof shall be paid by the mortgagor each month ~n a N smgle payment to be apptied by ihe mortgagee to the (ollowmg items ~n the order set torth: lI) premium charges under the contract ot ir?surance w~th the Secretary o( Housing and Urban De~~elopment, or monihly charge (in l~eu o( m~:rigage mSUrance premium), as the case mey be; (11) ground rents, taxes, assessments, fire, and other hazard insuraace prem~ums; (Ill) interest on the note secured hereby; and (IV) amort~zat~on ot the principal ot ~a~d note. Anq def~cienc}~ ~n the arsount of such aggregate monthly payment shall, unless made good by the mortgagor priar to the due date of the next such payment, constitute an evPnt of default under thi~ mortgage_ The mortgagee may colIect a"late charge" notto exceed two cents (2Q) for each dollar (S1) of each payment more than Eifteen (15) da}•s in arrears to cover the extra expense invclved in handling delinquent payments. ~ . 3. That if the total of the peyments made by the mortgagor under (6J of paragraph 2 preced~:~g shatl exceed the amou~ o[ the payments actually made by the mortgagee, Eor groun~ rents, taxes and assessments and insuc- ance premiums.as the case may be, such excess at the option oE the moctgagee, shall be credited on subseguent peyments to be made by the mortgagor, or refunded to the mortgagoc. If. however, the monthiy payments made b~• the mortgagor undet (b) of peragraph 2 preceding shall nat be sufficient to pay ground rents. taxes and assess- ~ ments and u~urance premiwus, as :he case may be, when the same shall bec~xne duc and paya5le, then the mixt- ~ gdga shall pas to the modgagee any amount necessary to make up the deficiency. on or befae the date when P:a~•- ~ ment d such g~ound rents, taxes, assessments, or insurance premiums shail be due. lt at any time the matga- ~ gor shall tender to the morlgagee in accordance with the provisions of the notr secured hereby, (ull peyment of the entire :~ebtedness represented thereby, the mortgagee sh~+l+. in computirg the amouot of such ~ndebtedness. ~ r.edit to the account af the mortgagor all peyments made under the provisions ot /a) of paragraph 2 he~eof wh~chthe ~ mortgagee has not become obligated to puy to the Secretary o( Housing and Urban Devrlopment and balacx-r ~ remaining ~n the funds accumuiated under the provisions of (h) o( said peragraph 2. I( there sb.all be a defauit un- ~ der any d the Erovisions of this cnurtg:;ge~ resultinR in a public sr~le of ihe premise~ co~ered he~eby. ~x the ~ mortgagee acquites the property othrrwise a[ter detault, lhe mortgaRee shall apply, at the t~me u( the cummerw~ri ~ r.~ent d such proceedir~qb a at the time lhe property is dhetwise acquired, the belence then rema~n~oK ?n tF~ [und~ .~e xcamulated urtact /6) o( para~aph 2 ptecedinR as a credit agu~nst the amuunt of principal then rema~n~oK unp?~~d ~ under 4a~d note s+nd shall ptoperly adjaSt any poyments which shall heve bren made undrr i~~! s:+~d Fw+~.iKcapn• (1 'r 60,?r 19~ 1~ ~ ~ ~ - j - . _ . . - .