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Home My WebLink About2175 ~ . ~ . . , , , ~ ~ said murtgega does h.e~eby [u{ly wa~cant the title to said land. a~d eve~y part thereof, and_wilt defend the same agai~st the lawful claims of all persons whomscever. PROVIDED ALWAYS. and theae pcesents are executed and delivered upon the following conditions. to wit: The matgago~ agrees to pay the mortgagee. oc order. thr princ2pal sum of FIFT~N THO(ISAND FOIJR tiUNDRED l1ND NO/lOC Dollars (S 15, 900.00 as evidenced by a note of even date herewit6. with interest from date at the cete of Seven pe~ centum ( ~ per annum a~ the u~paid balance until peid. The seid principel and interest shall be peyabla et the office of J. T. STbWART MOItTC'~1iGE COMPANY, INC. Sliite 300 - 100 Miracle ltile, Coral Gables, Florida oc at such dher piace as the holder of the note aay designete in writing. in moathly installments oE AVE t~UNDRED Z~10 A~1D 56 100 _Dollacs (S _ 102.56 commencing on / - the first day of Auqust . 19 ~l . and on tbe first day of each month thereafter untitthepcincipel and intecest are [uily paid. except that the Einel payment of principal and interest. if not sooncr peid. shall be due and payable oo the first day of JLily. 2001. : And shall duly. praaptly. aad Eully perform. discharge, execute. effect. complete. and comply with and abide by each and every the stipulations, egreements. conditions. and covenants of said praaissory ~ote ar~d of this mortgage. then this mortgage and the estata-hec~b~C created shall cease and be null and vo.id. And the matgaga furthe~ cove~ants as folloais: 1. That he will pay the indebtedness. as hereinbeEore pcovided. Privilege is reserved to pay the debt in ahole. or in an amount equat to one or more monthly payments on the principa: that are next due on the note. on the first day of any month prior to a?aturity: P.ovided. however, that vrritten notice of an intention to exercise such privile~e is given at least thirty (30) days prior to prepayment; and. p~ovided fudher. that in the event the debt is peid in full prior to maturity ~nd at that time it is insured under the provisions of the National Housing Aot, he will pay to the mortgagee an adjusted premium charge of o~e per ce~tum (1%) of the origina! principel amount thereof. except that in no event shstt-the adjusted premi~m exceed the aggregate amount of premium chacges ~rhich aould have been payabte if the m«tgage had continued to be insured unti! maturitp; such payment to be applied by the aort- gagee upon its ob(igation to the Secretary of Housing and Urban Development on account of moctgage insurance. 2. That. in order more fully to protect the security of this mortgage. the mortgagor, togrlher aith. a~d in addi- ticn to. ihe ~~:etHly ~yments undtr the terms of the note secured heceby. on the first day of each month until ti~e ~sia noie is fully peid. will pay to the mortgagee the follawing sums: (n) An amount sutficieat to provide the holder hereof ~rith tunds to pay the ne:t mortgage insurance premium it t!?is instrv- meat and the note secured hereby are insured, or a monthly charge (in lieu ot ~ mortgage l~surrace pzrmium) i[ they are beld br the Secrct~ry o[ Hoasine and Urban Development, as follo~vs: (Il If aod so lonQ as aaid note of even date ~nd this :nstrument are insured o~ are reinsured uqder the proviaiona of ffie , National Housing Act, an amount sutCcieat to accumulate in the hands of the holder one (1) mw:::~ prior to its due ! date the annual mortpge insurance premium, in order to provide such holde~ with funds to pay suc4 premium to t6e + Secret~ry ot HousinQ aad Urban Development pursuaat to the N~tional Housing Act, a~ a~ed, and applic~ble ReQu- i I~tioos thereuader, or ' ~ (II) It rnd so long as said note ot even date ond this iastrumeat are held by the Secretaryr o( Housiag and Urbae Develop- ment, a monthly charQe (in lieu o( a mortgage ir?sunnce prcmium) ~vhich sh~ll be in aa amount equal to one-twreltth (1l12) o[ one-half (ySj per ceatum of the avera~e outataading balance due o~ the note computed ~rithout takin~ iato account delinquencies or prepsymeats; (A) A sum equsl to the ground rents. iE anr, next due, ptus the premiums that will nezt become due and payable on policies ot fire and othcr hazard insurance covering the mortgaeed propedy. plos ta=es and rsaessmcnts nest due on t2~e mort- gaged property (alt as estimated by the mortgaQeel Iess all sums alreadr pald there[ot divided by the number ot mont6s to elapse Qefore one month prior to the date xhen such grouad rents, premiums, ta:es, aod assessments aill become de- liaquent, such sums to be held by mortgaeee in trust to pay said ~round rents, premlums, ta=es, and special assessments; ? and - (cJ Afl payments mentioaed in the two precedin~ subsections of this paragraph snd ail payments to be m~de under the note secured hereby shsll be added together and the aQ~egate omount thereot shail be paid br the mortgagor each mo~th in a single payment to be appiied by the mortgagee to the [ollowing items in the order set forth: (n premium charges undet the contrsct af inswance writh the Secretary of Housing and Urbaa Development, or monthly char~e (in lieu ot mortgage insurance premium), as t6e case m~y be; (II) gwund rcets, ta:es, assessments, tire, and other hazard insurance premiums; (III) intercst on the note secured herebr; and (1~ amortization ot the princip~l of said note. Any deticiency in the amount of such aggregate mo~thly payment shall, unless made good by the moctgagor prior to the dne date of the next such payment; constitute an event a[ default under this snortgage. The mo~tgagee may coltect a"late charge" not to exceed two cents (2t) for each dollar (S1) of each payment more than fifteen (i5j days in arcears to cover the extra expense involved in handling delinquent paymenta. _ _ t 3. That if the tdal of the peymeets made by the mortgagor ~uder (6) of paragraph 2 precedi~ shal! exceed F the aaaud af the payments actually a~adr by the mortgagee. for ground reats, texes and assessments and i~nr- ance premiums,as the case may be. such excess at the option oE the modgegee, shall be credited on subsequent ; peyments to be made by the mortgegoc, a refucded to the moctgagoc. U, ho~wever, the monthly paymeds made by the mo~tgagor under (bJ d paragraph 2 preceding shall nd be sufficient to pay g~ound rents, taxes and assess- ments end insurance premiums, as it~e case mey be, when tbe same shol! become due and payable, then the mat- ~ gsga shall pey to the mortgagee any amoud necessar; to meke up the deficiency, on ar before the date when peiy- ~ ment d such g~ouad rents. taues. assessments, or insurance premiums sholl be doe. If at any time the matga- ~ gor shell teoder to the matgagee in accotdance with the p.ovisions oE the note secuced hereby, full peyment of the entire iadebtedness represeMed tlxreby, the mortgagee shell, in compntirg tbe amount d such indebtedness, credit to the accoud d the moctgagor all pay~aents made under the pravisioas of (a) of par~raph 2 hereof whichthe matgogee has not become obligated to pey to the Secre~ary of Hoasing and Ucban Development and any balance ; remaining in the Eunds sccumulated under-the provisions of (6) of said peragraph 2. U there shelt be a deEault un- ~ der any af t6e pcovisions d this mortgage, resultinR in a public sele d the premises covered hereby, or if the aartgagee acquites the pcoperty otherwise after defeult, the moctgagee shall apply, at the time o[ the commeace- ment oE such proceedings or at the time the property is otherwise acquired, the balance then remai~ing in the tunds accumulated under (6) oE peragtaph 2 preceding as a credit against tbe amount of prin~ipal then remaining unpeid uader said note and shall properly adjust any poymeots ~hich shall have been made under (u) of said peragraph. 600K 1~ ; ~