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Home My WebLink About2363 said mortgagor does heceby fully rrar~ant the title to said land. and every pact thereof. and will defend the same against the lewEul claims oE all pe~so~s whomsceve~. PROVIDED ALWAYS. and these p~esents are executed and delivered upon the following conditions. to wit: The a?ortgagoc ag~ees to pay the mortgagee, or ocder. the Qrincipal sum ot S'EVE~fl'EEN ~rHOUSAND THP.*~...'F.- fiUNDRED AND ~i0/100 Dotla~s (S 17, 300.00 as evidenced by a note oE even date herewith. with interest [rom dete at the rate of Sevcn per centum ( 7 96) pe~ a~num on the unpaid balance until peid. The said priacipal and inte~est shall be payable at the otfice oE J. T. STF~IART MO~tTGAGE COMPANY, II~IC. Slxite 300 - 100 Miracle Mile in Coral Gables, Florida or at such other place as the holder of the note may designate in ~rriting. in monthly installa~ents of ONE F?UNDRID FIFTF.~I AND 22/100 Dollars (s 115.22 coma~encing on the first day of August , 19 71 . and on the first day oE each month thereafter untilthepriacipal and i~terest are fully paid. except that the final payme~t of pcincipal and intecest. if not sooner paid. shall be due and payable on the ficst day of JLtly, 2001. ; And shall duly. pranptly. and Eully perfwm. discharge. execute. eEEect. complete. and comply with and abide by each and every tbe stipulations. agreemenCs. conditions. and covenants of said pranissory-note and of this mortgage. then this matgage and the estate hereby created shall cease and be null and void. Aad the moctgagor further covene~ts a~ follows: 1. That he will pay the indebtedness. as hereinbefore pcovided. Privilege is reserved to pay the debt in ahole. or in an amount equa! to one oc mae monthly payments on the principal that are next due on the ~ote. on the first day of any mo~th prior io maturity: Provid~d, however, that written notice of an intention to execcise such privilege is given at least thidy (30) days prior to pr~ep~yment; and. provided fudher, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the Natioaal Housing Act. he will pay to the modgagee an adjusted premium cherge of one per centum (1R) of the original principel amount thereof. except that i~ no event shalt the adjusted premium exceed the aggregate amount of premium charges which wouid have been payable if the mortgage had continued to be insured untit maturity; such payment to be applied by the mod- gagee upon its obligatian to the Secretary of Housing and Urban Qevelopment on acconnt of roodgage insurance. 2. That. in order more fully to protect the security 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 fust day of e~ch month until the said note is fully paid. arill pay to the mortgagee the Eollowing sums: (o) Ao amount su[ticient to provide the holder hereot writh funds to pay the nezt mortgaQe insurance premium i[ thia instru- ment aad tAe ~ote secured herebr are insured, or a monthly charge (in lieu o[ a mortgage insursncc premium) it they a~e held by the Secretaryr o[ Housing and Urba~ Development, as tollows: (I) I[ and so long as said note ot even date and thic 1f131Nm![1! are insured or are reinsured under the pwvisions of the Natioaal Housing Act, an amount suECcient to accumulate i~ the haads of the holder one (1) month prior to its due date t2~e annuol morteage inswance premium, in order to provide such holder with [unds to pay suchpremium to the Secretary ot Housing and Urban Development pursuant to the National Houaing Act, as ameaded, and appiicable Regu- _ latioas thereunder; or ~ZII) i[ and so long ~s said note oE even date and this instrument ue held by the Secretary ot Housing and Urban Develop- ment, a monthir charge (in lieu ot a mortgage insuraace premium) wrhich shall be in an amount equal to one-twrelfth (1/12) of one-balf (ys) per ceatum o( the average outstar~ding balance due oa the note comQuted writhout taki~g into 'i nccount delinqueatiea or pcepapmeitts; I (h) A sum equal lo the gromd reats. i[ ~ny, ae:t due, plus the premiums that wrill ne:t become due and p~yable on policiea ~ . of tire aad other hazard insurance covering the mortgaged property, plus tases aad assessments ne=t due on thc mort- l gaged property (all as estimated by the mort~agee) less all sums alreadr paid therefor divided by the number of months to etapse be[oee oae month prior to the date wrhea such grouad rents, premiums, ta:es, and assessmeots ~riil become de- linquent, such sums to be held by mortgogee in truat to pay said ground rents, premiums; tszes, aad special ossessments; and (c) All poyments mentioned in the two preceding subsections o( thia paragraph and all payments to be made under the note secured hereby shall~ be added togetder ond the agg~egate amount thercof shaU be paid br the mottgagor each month in a single parment to be applied br the morigagee to the followring items in We order set torth: - (n premium charges under the contractiat-ing~rance aith lh~Secretary of Housing and Urban Development, or monthly ch~rge (in lieu ot mortgaQe insurance premium), as"the case m~y be; . (Q) ground rents, tazes, assesaments, (ire, and other hazard insurance premiums; (III) intercst on the note secured hercby; and (l~ amortisation o[ the princip~l o[ said ~ote. Any deficiency in the amount oE such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next sn+ch peyment, cbnstitute an event d default u~der this mortgage. The mortgagee may collect a"late charge" not ta exceed two cents (2t) for each dollar (S1) of each payment mae than Eifteen (15) days in anears to cover the extca expease involved in handling delinquent payments. 3. That if the tdal d the peyments mede by the aartgagoc ader (b) of peragraph 2 precedi~ shall exceed the amou~ of the payments actually made by the mortgagee. for gound rents, taxes and assessments and iRSnr- ance premiums,as the case may be, such eacess at the optioo of the mottgagee, shall be credited on subsequent payments to be made by the mortgagoc, a refuaded to the moctgagoc, ff, however. the monthly payments made by the aactgagoc under (6) d peregreph 2 preceding shall nat be sufEicient to aay g~ound rents, ta:es and assess- ments aad ins~uance pcemiwns, as the case mey be. vvhen the seme shell become due and payable, then the mat- gsga sball pey to the mortgagee aay amount necessary to aiake up the deEicieacy, on or beEore the date ~vhen pay- ment af such gROUad rents, taYes. assessments, or insocance pcemiums shell be dne. If at eny tia~e the matga- gor shell tender to the matgagte ia accordance witb the provisions of the note secured hereby. full payment of the eatire indebtedness cepreseMed tl~ereby, the nartgagee shall, in compvtirg the amount oE such indebtedness, - credit to the accoaM d the moctgagor all peyments made under tbe pcavisiaLS of (a) of Qara6raph 2 heceof whichthe awi'tgagee ha~ not become obligated to pay to the Secretary of Housing and Urban Development and any balance cemaining in the funds accumulated under the provisioas of (b) of said peragtepb 2. H there shall be a defauk un- der any oE tbe pcovisions oE this mortgage, resultinR in a pnblic sale of tbe pre~ises covered hereby, a- ~f the nartgagee acquires the property otherwise a[ter default, the moctgagee s6a11 apply, at the time ~f the commence- mtnt d such proceedings a at the time the pcoperty is otherwise acquited. the belance then remair.ing in the fwds accumulated uader (bJ of perag~aph 2 preceding as a credit against the amouM of principal then remaining unpaid under said note and shell properly adjust aay poya~ents which shall have been made under (a) of said paragraph. aoox 1~