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Home My WebLink About1516 said moitgago~ dues t~ereby fully v?arrant the title to said land, and eve~y _part the~eot, and will-de[end the s~me against the lav?ful claims o[ all pcrsons whomsoeve~. PROVIDED ALIkAYS, and these p~esents are executed and delivered upon the foilowing co~ditions, to wit: The mortgagot agrees to pay the mottgagee, oc o~der, the p~incipat sum of ~LVE TNOUSAND FOUR H~i'fU(~L~J n0,lyy~..~~~~.~~~~~~~~~~.~~~~~~~~~~~~~~~w~~~~~~~~~~~~~~~~w~~~~~~~~~~~~~~~~ Dollars (S 12~400.00 as e~~idrnced by a note ot eve~ date herewith, with interest tcom date at the rate of sevea pe~ centum ( ~?L) per annum on the unpaid balance until paid. The said principal and interest shall be pa~•able at Ihe of[ice oE J. i. STEWART M0IZTGAGE COI~ANY, INC. Suite 300 - 100 Miracle Mile; Coral Gables, Florida or at such other place a:: the holder of the note may des:g~ate in w~iting, in monthly installments o[ EIGH'fY~T410 and 58~L00------------------------------~ Dollars (S 82.58 commencing on the first day oE September , 19 71 . and on the first day o[ each month thereaiter untiltheprincipal and interest are [ully paid, except that the final payment oE pcincipal and inte~est, i[ not snoner paid, shall be due and payable on the first day of August~ 2001. ; And shall dul~, pcomptly, and [ully perform, discharge, execute, ef:ect, complete, and comply with aod abide b~ each and every the stipulations, agreements, conditions, and covenants of said promissory note and oi this mortgage, then this mortgage and the estate hereby created shall cease an~1 be null and void. A~xf the moctgagor [urther covenants as follows: 1. That he wil: pay the indebtedness, as hereinbefore provided. Privilege ~s reserved to pay the debt in whole, or ~n an amount equal to one or moce monthly pa}ments on the principal that are next due on the note, on the [i~st day of any month prior to mat~rit}: P.~~~ iJ.-J, however, that written ~otice of an intention to exercise such pcivilege is given at least thirty (30) da}•s prioc to prepayment; and, pcovi~ed further, that i~ the event ihe debt is paid in full prior to maturity and at that time it is insured under the provisions ot the National Housing Act, he xill pay to the mortgagee an adjusted premium charge of one per centum (1°~0) of the original principel amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa}•able if the morigage had continued to be insured until maturity; such payment to be applied by ihe mort- gagee upon its obligation to the Secretary o[ Housi~g and Urban Development on account of mortgage insurance. 2- That, in order more fully to protect the securit~• of this mortgage, the mortgagor, together with, artd in addi- tion to, the monthts~ payments under the terms of the note secured hereby, on the first day of each month until the said note is fully pa~d. wi11 pay to the mortgagee the [olloW ing sums: ;,7: Aa ar:wunt suf(~cient to prcvcde the holder hereot w~th tunds to pay thr next :nurtgage insurartce prem~um thts instru- ment andthe note secured hereby are tnsured, or a a:onthly charge (m I~eu of a mortgage insurance prrmium) it they are held by the Secretary of Housing and Urban Dea~.alopment, as follows_ (i) I[ +nd so long as sa~d note of ea•en date and this instrument are ?nsured or are re~nsured under the prov~s~uns of the \iatlonal N.ws~ng Act, an amount sufhcient to accu.^.~ulate in the h~nds o( the holdtr one (1) month prior to its due datr the annual mortgage insur~+nce prem~um. ~n order ta proe?de surh holder with funds to pay suchprem~uw to lhe ' Secretar~ of Houstng and Urban Devetopment pursuant to the Ptational Nous~ng Act, as amended, and applicable Regu- ~ latians thereunder; or ~II) I( and so long as said note o( even date and this mstrument are held by the Secretary ot Nous~ng and Urban Develop- r..rnt, a monthly charge (?n 1?eu ot a mortgage insurance prem~uml which shall be ~n an amount equal to one-twelith ~l 12r oi one-half ('z) per centum uf the average outstandcng balance due on the nute computed w~thout taking into accouat deltnquenc~es or prepayments, A sum ~quat tu thr ground rents, ~f any. next due. plus the pre:.uums that ~tll next become due and payable on policies o( t~re and other h~zard insurance covenng the mortgag~d proprrt~, plus ta:es and assessments ne:t due on tiie mort- I'~ gaged prooert~- {'all as est~m.ted by the mur~gagee) less al! sums already pa~d theretor divided by the number o( months ~ to el~pse be(ore ~~ne munth prior to the date w•hrn such ~ruund rents, premiums, ta:es, and assessments wt? become de- i linqurnt, sach sums to be held b~ r.:ortgagre ~n trust to pay said ground rents, premwms, t•.xes, andspec~alassessments, ; and Ali paymrnts mentioned in .he two preceding subsecuons o( ~h~s paragraph and all payments to be made under thr nnte ~ se:ured he~r*~ s::~E: be added together and the aggregatr amounl thereof shall be pa~d by the mortgagur each m~nth m a s~ngle paymrnt to Ae appl~ed b~ !he mortgagee b the follow~ng ttems ~n the urder set torth: !I) prrr.i~ur.i charges under the contract of ~nsurancr wath the tierrrtary o( flousing and Urban De~~elupment, ur monthl~ charge lin i?eu of mortgage ~nsurance prrm~u.^.~). as the case may be, ' ~IU ground rents, ta:rs, assessr.:rnts. '~re. and other h~zard insurancr prem~ums; ~ ~1111 ~nterest on ihe ~ote secured hereby; and lI\') am~rt~zatwn ot the prtnclpal ot sa~d note. An~• de(~ciency in the ar~ount of such a~regate monthl}~ payment shall, uniess made good by the matga~or prior to the due date of the next such pa}'ment, constitute an e~•ent of default under th?s mortgage. The mortgagee may collect a"late charge" not to exceed tw•o cents (2e) for each dollac (S1) of each payment more than Etfteen ~ I15) days ~n arrears to co~•er the extra expense im~ol~~ed in handl~ng delLnquent payments. ~ 3. That if the tdal oE the paYments mede by the mortgagor under (b) of paragraph 2 preced~ng shall exceed A the amount of the payments actually made by the mortgagee. for ground rents, taxes and assessments and irLSUr- ance prem~urt~5.as the case may be. such excess at the option of the mortgagee, shal: be credited on subsequent pa}~ments to be made by the mcxtgagor, or refunded to the moctgagor. If. however, the monthly payments made by the rr~wtgagw u~der /b1 oi parag~aph 2 pceceding shall not be sufficient to pay ground rents, taxes and assess- ments and insurance premiums. as the case may be, v?hen the same shall become due and payable, then the mort- ~ gagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pay- ~ ment d such grcwnd rents. taxes, assessments, or insurance pcemiums shall be due. If at any time the matga- gor shail tender to the mortgagee in accordance with the provisions of the note secured hereby, full pay~ment of the ~ entire indebtedness represented thereby, the mortgagee shall, in computirg the amcwnt of such mdebtedness, ~ credit to the account of the mortgagar all p~ayments made under the pcovisions o( /n 1 of paragcaph 2 hereof whichthe mortgagee has not become obligated to pay to the Secretary ot Housing and Urban Development and any balaace :;i rema~n~ng ~n the (unds acrumuiated under the provisions of (f~/ o( said patagraph 2. If there shall be a default un- ~ dFr a~y of the provisions of this mortgage~ resultin~ in a public sale of the prem~ses co~•ered hereby, or if the ~ mortgagee acquires the property otherwise attes defauli, ihe mortgagee shaU apply. at the time ot the commence- ~ ment of such proceedings oc at the time the property is otherwise acqui~ed, the balance then remaining in the [unds ~ ~ accumuiated under /G) oE paragtaph 2 preceding as a credit against the amount of principal then rema~ning unpa~d ~ under sa~d note and shall properly adjust any payments which snall ha~•e been made under /a! uf said paragraph. ~ ~ s ~ ~ ~ A 194 1515 ~ e~~j~ ~ ~ ~~s - _ - - - ~ ~ _ _