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Home My WebLink About2452 . ~ . said mortgagor does hereby fully warrant the title to said land, ar?d every parl thereof, and will detend the same agai~st the law[ui claims ot all persons whomsoevec. PROVIDED ALK'AYS. and these presents ace executed a~d delivered upon the following conditions. to wit: The moitgagor,~grees to pay the moctgagee, or order, the principal sum ot SIXTEEN TNOUSAND NINE HUNDRED and OOf100--------------••----------•-•--•------------------•-•-----•--•- L'olla~s (S 16,900.00 as evidenced by a note of eve~ date hecewith. with interest Erom date at the ~ate oE seven per ce~tum ( 7%) per annum on the unpaid balance until paid. The said principal and interest shall be payable ai the office o[ J. T. STEidART AlOR'PGAGS COI~ANY, INC., Suite 300 - 100 Niracle Nile; Coral Gables, Florida oc at such othe~ place as the holder of the note may designate in writing, in mo~thly installments of OI~E HUNDRED - TT~IELVE 8nd SS~1Q0~--~-•••-•--•-----------~•Dollars 112.55 coma~encing on the first day of September . 19 71 . and on the first day of each mont6 thereafter untilthep~incipal and irtte~esi are fully paid. except that the iinal payment ot principal a~d interest, it not sooner paid, shall be due and payable on the first day of August~ 2001. : And shall duly, promptly. and fully pedorm, discharge, execute. effect. comPlete. and comply with and abide ~ i by each and every the stipulations, agreements, conditions, and covenaats of said promissory note and oE this ~ mortgage. then this moctgage and the estate heceby created shall cease and be nuli and void. ~ And the mortgagor further covenants as follows: ~ 1. That he will pay the indebtedness. as hereinbefoce provided. Privilege is reserved to pay the debt in whote. ~ or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day oE any month prior to maturity: P.ovided, however. that written notice of an intenAon to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided fuKher, that in the event the debt is paid in full p~ior to maturity and at that time it is insured unde~ the provisions ot the National Housing Act, he will pay to the modgagee an adjusted premium charge of one per centum (1~) of the original principal amount thereof, exceQt that in no event shall the adjusted premium exceed the aggregate amount of pcemium 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 Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this moctgage. the mortgagor, together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the tirst day of each month until the said note is fully paid, will pay to tfie moctgagee the following sums: ('o! An amount suf(icient to provide the holder hereo( with [unds to pay the ne:t mortgage insurance premium i[ this inslru- ment aad the ~ote secured hereby are insured, or a monthly charge lieu ot a mortgage insurance premium) it they are ~ held by the Secretary o( Housi~g and Urban Development, as [ollows: ~ (I1 it and so long as said note ot even date and this instrument are insured or are reinsured undcr the provisions of the Nationai Housing Act, an amount suE[icient to accumulate in the hands of the holder one (1) month prior to its due ~ date the annual mortgage insurance premium, in order to provide such holder with [unds to pay suchpremium to the ~ Secrrtary of Housing and Urban Development pursuant to the Nationat Housing Act, as amended, and appiicable Regu- tations thereunder; or ~ (il) I( and so long as said note ot even date and this instrume~t are held by the Secretary o[ Housing and Urban Develop- ment, a rt:onthly charge (i~ l~eu of a mortgage insurance prrm~um) which shall be in aa amount equai to one-twri[th (i 12) of one-halt (*i) per centum ot the average outstanding balance due or. ihe note computed without taki~g into account deltnquencies or prepayments; i1.? A sum equal to the ground rents, it any, ne:t due, plus the premiums that will next become due and papable on policies ~ o[ tire and other hazard ~nsurance covering the mortgaged property, plus tazes and assessments neYt due on the mort- gaged property (all as est~mated by the mortgagee) tess ail sums aiready paid there[or divided by the number ot months to elapse before one ~o~th pr~or to the date when such ground rents, prem~ums, taxes, and assessments wi11 become de- i l~nquent, such sur:is to be held by mortgagee ~n trust to pap sa~d ground rents, premwms, tazes, and special ossessments; ` ~nd f j r r! All payments mentioned in lhe two preceding subsectwns of lhis paragraph and atl payments to be made under the note ~ secured hereby shall be added together and the ag~egate amount thereot shall be paid by the tr.ortgagor each month ~n a single payment to be applied by ihe mortgagee to the [ollowing items in the order set [orth: (1) premium charges under the contract ot insurance with the Secre!ary of Hous~ng and Urban Development, or moathly charge (~n l~eu ot mortgage insurance premium), as the case may be; (II) ground rents, tazes, assessments. l~re, and other hazard insurance premtums; (I11) interest on the note secured hereby; and ~ (IV) amortuat~on of thc principal of said note. E An~ deficieacy in the ar.~ount of such aggregate monthly pa~ment shall, untess made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ~ ~ may coilect a"late .ch:.rge" not to exceed two ceats (2~) Eor each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the tdat of the peyments made by the mortgagor under (b) of paragraph 2 precedi~ shall exceed s the amount o[ the payments actuaily made by the mortgegee, for ground rents, taxes and assessments and insur- ~ ance prem~~ms.as the case may be, such excess at the option of the mortgagee, shalt be credited on subsequent ; ~ peyments to be made by the mortgagor, or refunded to the mortgagor. if, however. the monthly paymeMs made by ~ ~ the mortgagor under (h) of peragraph 2 preceding shall not be su[ficient to pay gcound rents, taxes and assess- ~ ments and insurance pcemiwns, as the case may be, when the same shall become due and payable, then the mat- ~ gaga shall pey to the mortgagee any amount necessa~y to a?ake up the deficiency, on or befae the date when pey- ` ment of such ground ~ents, taxes. assessments, or insurance premiums shali be due, lf at any time the mottga- ~ gor shaU tendet to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the ~ entirP indebtedness represented thereby, the mortgagee shall, in computirg Ihe amount of such indebtedness, ~ credit to the account af the mortgagor aU peyments made under the provisioas of (n) of paraaraph 2 hereof whichthe ~ mortgagee has not become obligated to pay to the Secletary of Hoasing and Urban Development and any balance a remaining in the funds accumulated under the Frovisions of (bJ of said paragraph 2, lf there shall be a default un- ~ der any of the provisions of this mortgage, resultinR in a public sale af the premises covered hereby, oc if the K moc!gagee acquires the property dherwise after default, the mortgagee shall apply. at the time of the commence- ~ ment d such pcoceedings or at the time the property is otherwise acquired, the balance then cemaining in the funds ~ accumulated unde~ (b) ~E paragraph 2 preceding as a credit against the amount of Qrincipal then remaining unpaid . ; ~ under said note and shall properly adjust any Feyments which shall have been made under (aJ oi said varagreph. y 's ~ ~ f ~ aoox 19 Z45~ ' } ~ _ _ r~ - - ~ ~ - - -