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Home My WebLink About1341 said mortgugu~ dcx~ hcceby (ully wa~rant ~hr title to ~aid land, and e~•ery patt the~eot, and w~ll defend the srame :iga~nst the law(ul claims o[ all pe~sons whumsc~evec. PROVIDED ALWAYS. and these presents are executed and delivered upon the foltowing conditia~s, to wit: The moctgegor ag~ees to pay the mortgagc~, o~ orde~, the principat sum ot g~~ q•f{~~p H~ HUNDRED AND NO/100 Uutlars (s 16,900.Q0 as evidenced by a note ot eve~ date herewith, with intecest [rom date at the rete of seven per centum ( 7 9G) per ennum on the unpaid baiance until paid_ The said principal and interest shall be peyable at ihe o[fice of J. T. STfl~IART MO~RTGAiGg Cp[+ll~Ht~]y ~ INC~; Sliite 300 - 100 Miracle Mile in Coral Gables, Florfaa a at such other place as the holder of the note may designate in writing, in mo~thly instatlments oE OriE HUNDItEp TWELVE AND SS/100 Dollars (S I12.55 commencing on the first day of September , 19 71, and o~ the fi~~t day o( each rnonth thereaEter until the principa! and interest are tutly paid, except that the fina! payment o( principal and interest, if not socner paid. shall be due and payable on the first day of ~ugust, 20Q1. . And shal! duly, promptly, and fully perfo~m, discharge, execute. efEect. complete, and compty with and abide by each and eveiy the stipulations, agreements, conditions, a~d covenants uf said promissory note and o[ this mo~lgage, then this mortgage and the estate hereby c~eated shall cease a~d be null and void. And the matgagor tu~ther covenants as follows; 1. That he wili pay the indebtedness.as hereinbefore provided. Ptivilege is rese;ve~to pay the debt in whole. or ~n an amou~t equai to one or more monthiy payments on the principal that are next due on the note, on the Eitst day ot any month priot to matutity: Pr~.~ id~d, however, that written r.~tice of an intenlion to exercise such privilege ~s given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturit}• and at ttrt:i time it is insured u~der the provisions oi the National Housing Act, he witl pay to the mortgagee an adjusted p~emium charge of one per centum (19'0) of the original principal amount thereof, except that in no e~-ent sha!! the adjusted premium exceed the aggregate amount ot premium charges which would have been payable if the mo~tgage had contioued to be insured until maturity; such payment tu be applied by the mort- gagee upon its obligatioo to the Secretary of Housing and Urban Development on account of moctgage insu~ance. That, in order more fully to Ptotect the securit~• of this mortgage, the mortgagoc, together with, and in addi- , tion to, the monthly payments under the terms of the note secured hereby, on the firsl day of each month until the ~ sa?d nvte is fully paid, will pay to the mortgagee the Eollo~w ing sums: ~~it An amount su(ftrient to prov~de the holder hereof wtth (unds to pay the ne:t mortgage ~nsuraoce prem~um if this instru- ment and the note secured fiereby arc insured, o~ y monthl~ ch:rge (~n I~ru o! a mortgage msurance premwm) i( they are heid by the Secretary of Hous~nQ and Urban Development. as foilows: SI) I( and su long as sa?d note ot even d~te and th~s ~nstrument are insured or are reinsured under the provisions of the tir~tionai l~~ws~ng Act, an amount su(t~cient to accumulate in the !?ands of the ho[der one (1) month prior to its due - date the ennua! mortgage insurance premium, in order to provide such holder with funds to pay suchpremium to the Secretary o: H.,us~ng and [lrban Development pursuant to tAe National Housing Act, aa amended, and applicable 12egu- lat~ons thereunder, or !!U I( and so long ws said note of even date and thts instrument are held by the Secretary ut Houstng and UrDan Develop- nrnt, a mu~thly ch~rge (in lieu o[ a morlgage msurance prem~uml which shall be in an amount equwl to one-twel[th (1 12) ot one-half per centum ot the a~erage outstand~ng hatance due un the note compuied :a~thout taking into account de1?nquenc~es or prepayments, ' A sum equal tu the ground rents, ct any, ~ext duc, plus the premlams that wnli ne:t become due +od payab[e or. policies .t [ire an.~ uther hazard insurance covering the mortgaged ptoperty, plus tazes and assessmertts neYt due on the mort- gagrd proprrt}~ (all as eshmated by the mortgagee) less ali sums alreadp paid therefor di~tded by the number of months to elapse betom une month pnor to tht date when such ground tenis, premwms, ta=es, and assessments w~ll becume de- i~nquent, such sums to De held b~ murtgogee ~n trust to pay sa~d ground rents, prcmiums, ta=es, and speciai assessments; :nd ; A1~ p+yme~ts ment~oned in !he two preced~ng subsect~uns o( Ihis paragraph and all payments tu be made under the nute secured herebq shatt be added toge;her and the aggregate omouni thrreo! shr+1! be pa~d by the rr.ortragur each r.~vnth ~n a single paymeat to be appGed by the mortgagee to the (ollowing items in the ar.ler set torrt~- (Il premtum charges under thr contrac~ o( ?nsurance w~th the Secretary• o( Hous~ng ar.•,: Urban Develupment. or montAly ch~rge l~eu o[ norlgage ~nsurance premzum), as the case may be, i:11 g*ound rents, ta:es, a~sessments. hre, ~nd other hazard insur~nce premwms; illl) ~nterest on the note secured hereby, and (Il') am..rt~zaho~ ot the prtncipa! o: said note. An~~ de[icienc~• in the ar.iount of such aggregate mo~thly pa~~ment sha11, unless ma~'a good by the matgagoc prior to the due date ot the next such pa~•ment, const~tute an e~•ent oE default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) tor each dollar (S1) of each payment more than fifteen (15) days in arrears to cave~ the extra expense ~m>olved in handl~ng delinquent payments_ 3. That if the tatal of the pc~yments rrade by the mortgagor under (6) o[ peragraph 2 preced:ng shatl exceed the amouM of the payments actually made by the mortgagee, for ground rents, taxes and assessments and iasur- ance ~xem~ums,as the case may be~ such exeess at the option of tbe mortgagee, shall be credited ort subsequent peyments to be made by the mortgagor. or refunded to the mortgagor. lf, however, the monthiy pa~merrts made by the moctgagor under (b) of peragraph 2 precedinK shall not be suffic~ent to pa~ ground rents, taxes and assess- ments and insurance premiums, as the case may be, when the same s~halt become due and payable. the~ the mort- gaga shall pay to the mortgagee any amount necessary to make up tt~e deficiency, on or before the date when pay- ment d such gtound rents, taxes, assessments~ or insurance pcemiums shall be due. U at any time the mo~tga- - gor shall tender to the mortgagee ~n accordance aith the pcov~ions of the note secured hereby, full peyment o( the ~ entire indebtedness representeii thereby, the mortgagre shall, in compulirg Ihe amount o[ such indebtedness, credit to the account of the moctgagor all payments made under the provisions of (a / ot para~raph 2 hereof whichthe mo~tgagee has not become obligated to pay [o the Sectetary of Nousing and Ucban Developroent and any balance rema~ning in the funds accumutated under the ~ovisions of (6) ~f said para6raph 2. If there shall be a detault un- der any d the provisioru of this rt~rtgage, resultinR ~n a p~blic sale d the premises co~•ered he~eby, o~ it the mortgaate acquires the property otherwise afte: default, the mortgagee shali apply, at the time of the commence- rt?ent of such proceed~ngs a at the t~me the property is othervv~se acqui~ed, the balance Ihen rema~ning in the funds ' accumulated under /bi of paragraph 2 preceding bs a credit against the amount of pr~ncipal then remaining unpa~d under said nate and shaii poperlv ad~ust arty payments which shal! l~a~•e been made under !u1 nf said peragraph. 194 134~