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Home My WebLink About0396 ~aiJ morigagot cioes here~y fully warrant the titte to said la~d, and eve~y part the~cof, and wiil defend 1he sart:e ' against the law[ul claims c~I all pe~sans whomscever. _ PROVIDED ALWAYS. end these presents are executed and delivered upon the following conditions. to wit: The morlgagor agrees to psy the matgagee. cx order. the principal sum of 1~N'1'Y-~10 THOU~' Ir 'tW0 HUNDRSD FIP'1'Y l1ND NO/100 Dollars (S 22,250.00 as evidenced by a note oE even date hecewith, with interest f~om date at the rate of Seven per centum ( ~ °S) per annum on the unpaid baibnce ur.til paid. 'I'he said principal and interest shall be payable at the o[Eice o[ J. T. STID~JIRT M0~ COi~1l.*':7t, INC. R~ite 300 - 100 Miracle Mile in Coral Gables, Flor_da or at such other place as the holder of the note may designate in writing, in monthly installments of p~ }~gp F~dtTY-SIGHT 211~ID 19/100 Dollars (S 148.19 comniencing on the first day of gg~~gr . 19 71. a~d on the first day of each month theceafter untiltheprincipal and interest ace Eully paid. except that the final payment of principal and interest. iE not sooner paid. shall be due and payable on the ficst day of August, 2001 : And shall duly, promptly. and fully perform, discharge. execute, effect. complete, and comply with and abide by each and every the stipulations, agreements. conditions, and zovenants of said promissory note and of this mortgage. then this mo:tgage end the estate hereby created shall cease and be null and void. - And the matgagoc fucther covenants as follows: 1. That he will pay the i~debtedness, as hereinbefore providec' Privilege is reserved to pay the debt in whole, oc in an amount equal to one or asore munthly payments on the principal that are next due on the ~ote, on the first day of any month prior to maturity: Provid~d, however. that written notice of an intentio~ to exercise such privilege is given at least thirty (30) days prior to prepeyment; and, provided further, that in the event the debt is paid in Eull prior ta maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted pcemium cha~ge of one per centum (1%) of the original principal amount thereof. except that in no event shall the adjusted premium exceed the aggcegate 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 mort- gagee upon its obligation to the Secretary of Housing and Ucban Development on accaunt of mortgage insurance. 2. That, in osder more iully to protect the securitS of this mortgage, the mortgagor, together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: rUl An amount sutticient to provide the holder hereo[ ~rit'~ funds to pay the neYt mortgage insurance premium i( this instru- ment aad the note secured hcrebp arc insured, or a mar.thly charge (in lieu of a murtgaRe insurance premiumi if they are held by the Secretary of Housing and Urban Developme~t, es foiloMS: (I) If and ~o long as said note ot even date a~d this instrument ere insured or are reinsured unde~ the provisions ot the Nationai Housing Act, an amount sufficieM to accumulate in thr hands ot the holder one (1) month prior to its due date the annual mortgage i~surance premium, in urder to provide such holder w~th (unds to pay such premium to t6e Secretary o( HousinQ and Urban DeveloQment pursuant to the National Nousing Act, as amended, and applicable Regu- j lateons thereunder, or {li) i[ and so long as s~id aote o( even date and this instrument are Aeld by the Secretary o( Housing and Urban Develop- ment, a monthly charge (in liru of a mortgage insurance premium) wrhich shall be in an amount equal to one-twel[th ~ (1 '12) o( oae-halt (~i~i) per centum of the average outstanding balance due an the note computed without taking into ; account delinquencies or pcepayments; ~ A sc-~ equai io the ground renls, i[ any, next due, plus the premiums that will ne:t become due and payabie on policies ~f fire and Lther hazard insurance cocering the r.~ortgaged propert~, plus tazes aad assessr..ents ne:t due on the mort- ! gaged ptoperty (all as estimated by thc mortgagee) less all sums already paid therefor divided by the number of monlhs ~ to elapse betore one month prior to the date when such ground re~ts, premiums, taxes, and assessments w~ll become de- linquen[, such sums to be held by mortgagee in trust to pay said ground rents, premiums, t~:es, wnd special assessmenls; and ' - <i / All payments mentioned in the two preced~ng subsections of th~s paragraph and al! payments to be ma3e under the nute secured herebY shal[ be added together and the aggregate amount thereof shall be paid by the mortgagor each month ~n a single payment to be applted by the mortgagee to the (oltowing items in the order set forth: (I) premium ~harges under the con:net o( ~nsurance with the Secretary ot Hous~ng and Urban Development, or monthly charge (~n lieu ot mnrtgage insurance premium), as the case may be; • ([I) ground rents, taxes, assesscr.ents, fire, and other hazard insurance prem~ums; (IIII interest o~ the note secured hereby; and ! (IV? amort~zation of the principal o[ said note. ~ Any deficiency in the ar~ount of such aggregate monthly payment shai:, unless made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event af default under thss mortgage. The mortgagee ~ may collect a"late chacge" not to exceed two cents (2t) for eacfi dollar (S1) of each payment more than fifteen - (15) days in arrears to cover the extra expense involsed in handling delinquent payments. 3. That if the tdai of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed ~ the amouM of the peymeMs actually made by the mo~tgagee, for ground rents, taxes and assessments and insur- 3 ~ ance pcemiums,as the case may be, such excess at the option of the mortgagee, shall be credited on subsequent ~ payaeents to be ~de b~ the mortgagor, or ~efunded to the matgagor. If, however, the monthly paymerds made by ~ the rr,ort or uni,'er ; b) oE ra ra h 2 recedin shatl not be sufficient to ound rents. taxes and assess- ~ B~g Pa S P P B PaY ~ i ~ ments and insurance premiums. as the case may be, when the same shall become due and payable. then the mort- r ~ g~goc shall pey to the mortgagee any arnount necessary to make up the deficiency, on or before the date when pay- ~ ment d such ground rents, taxes, assessments, or insurance premiums shelt be due. If at any time the matga- ; gor shell tender to the matgagee in accordance with the prov~sions of the note secured hereby, ful! peyment of the ~ entire irdehtedness represented thereby, the mortgagee snaU, in computirg the amount ot such indebtedness, ~ credit to the accouM o[ the mortgagor all payments made under the provisions of (a) of pacagraph 2 hereot whichthe ~ mortgagee has not becomt obligated to pey to the Secretery of Nousing and Urban Development and any balance ~ remaining in the tunds accurnulated ~nder the provisions of ; 6) of said paragraph 2. 1[ there shal! be a default un- ~ der any of the ptovisions of this m~rtgage, resultinR in a public sale af the premises covered hereby, or if the ~ mortgagee acquires the pc~perty otnerwise after default, thP asartgagee shall apply, at the time of the commeoce- ~ ment ot such pcoceedinga or at 3he time the property is oiherwise acqu~red, the balance then remaining in the funds ~ accumulated under !b1 of peragraph 2 preceding as a credit against the amount of principal then remaining unpe~d p~ope y ~ y paymen~s which shall have been made under (o) ot said pecagraph. ~ under said note and shall rl ad~ust an - ~ ~ ~ - ~ iy4 _ ~ { ~ ~ ~ ~ . . . 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