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Home My WebLink About2461 -1 said mortgagor does hereby lutly war~ant the title to said land. and eve~y p;ut thereof. and will detcnd the same ~ against the lawEul claims ot all pe~sons whomscevet. P120VIDED ALWAYS. a~d these presents are executed and delivered upon the fallowing conditions. to wit: The moctgagor agrees to pay the mortgagee. or order, the pri~cipal sum of SIXTF~:V TlIOUSAND FIVS :~~~n A.tin yo/ioo Uollars (s 16,500.00 as evidenced by a note of even date hecewith. with interest from date at the cate of Seven per ce~tum ( 7%) per annum on the unpaid belance ; until paid. The said pcincipel and interest shall be payeble et the of[ice of J~ T~ ~g~~ ~,~p~~~ IplC.i 5uite 300 - IQO Miracle i~.ile in Coral Gables, F2orida or at such othe~ plece as the hotder of the note may designete in writing. in monthly installments ot p`~ i~p~p ~3INE A2JD 89/100 Dollars (S 109.89 commencing on the Eirst day of Auqus~ . 19 72 . and on tbP Eirst day of each month thereafter untiltheprincipal and interest are fully paid, except that the final payment of principal and interest. if not soo~er paid. shall be due and peyable on the first day of July, 2001. ; And sfiall duly. promptly. and Eully pedorm. discharge. execute. efEect~ complete. and comply wlth and abide by each and every the stipulatians. agreements. condit:ons, and covenants of said promissory note and of this s mortgege. then this moctgage and the estate hereby cceated shall cease a~d be null arid void. . ~ And the mortgago~ fudher covenants as Eoltoars; ~ - 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amo~nt equal to one or more monthly payments on the principal that are next due o~ the note. on t6e [icst day of any month prior to a~aturity: Provided, howevet. that written notice of an intenti~n to exercise such privilege is given at least thidy (30) days prior to prepayment; and, provided futther. that in the eve~t the debt is paid in full prior to maturity and at that time it is insured under the provisions oE the National Hoeising Act. he wi!! pay to the mortgagee an adjusted Qremium charge of one per centum (196) of the original principal amount thereof. except } that in no event shall the adjusted premium exceed the aggcegate amonnt of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such pay~nent to be applied by the mort- gagee upon its obligstion to the Secretary of Housing a~d Urban Devetopment on account of modgage insurance. 2. That. in ocder moce fuily to p~otect the security of this mortgage, the mortgagor. together ~vith, and in addi- tion to. the monthly payments under the terms of the note secuced hereby. on the first day of each month untit the said note is fully paid. will pay to the martgagee the follawing Sums: (o) An amount sutticient to provide the holder 6ereot witb tunds to par the ne:t mortgage insuranc~ premium i[ this instru- ment and the note secured he~ebr qre insured, or a moathty ch~rge (in lieu ot a ereortgage insurance premium) if lhey are 6eld by the Secretary of Housing and Urban Development, as [oliowrs: it w~d so long ~s said note ot even date and /his instcument •re insured or are reinsured under the provisions ot the ~ National Housing Act, an amount su[[icie~t to accumulate ia the hands o[ !he holder one (1) month prior to its due date the annual mortgoge insurance premium, iri order to provide such holder with [unds to pay such premium to the Secretary ot Housing !nd Urban Developmeat pursaant to the Notional Housing Act, as amrnded, and appticable Regu- tatio~s thereunder, or (II) If and so loeg as said note of even date and this instrumeet are held bp the Sscretary ot Housing and Urban Dcvelop- ment, a monthly chsrge (in lieu .o! a mortgage insurenct premium) arhich shall be i~ an amoant equai to one-twellth - (1!!2) of onrhalf (5S) per centum ot the iverage outstanding balance due oa the note computed without toking into ~ account del'u?que~uies or prepaymrnts; ~ (l+! A sum equal to the ground rents, iE any, next due, plus the premiums that vill ae:t become due and payabte on policiea ' of fire aad other hazard insurance coveling the mortgaged pwperty, plus ta:es a~d assessments ~ext due on the mort- gaged property (all as estimated by the mortgagee) less all sums alreadr paid there[or divided by the number of moaths to elapse betore ooe mo~th prior to the date wfien such ground rents, premiums, tazes, and assessments will become de- liaquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessmeats; and (c) All payments mentioned in the two precedirtg auSsections of this paragraph rnd ati payments to be mode under the nute " secured hereby shs11 be added together and the ag~egate amounl therco[ shall be paid br the mortgagor each month in a ; single payment to be applied by the mortgagee to the [oliowing itcros in the order set twth: (n premium charges under the contract of insurance writh the Secretory ot Housing ond Utban Deveiopanmt, or monthly charge (in lieu ot mortgage insurance premium), as the case may be; (Iq ground rents, taxes, assessments, fire, and othe~ hazard insurance premiums; (11I) intercst on the note secured hereby; aed - (IV) amortization of the principal ot~aid note_ Any deficiency in the amouni aE su~aggrF~a. ~+thly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, ~ a~cti:•,• ~~n event-ot default under this mortgage. The ~:ortgagee may collect a"late charge" not to exceed two ceats (2~) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. Ti-.at if the tdat of the peyments made by the mortgagor under (b) of paragraph 2 preced'ereg shal! exceed the amouat af the paymeMs actually made by the mortgagee, for grcwnd reats. taxes and assessments and insur. ance premiurns,as ti~ c~sP ~,ay be. such e:cess at the option of the modgegee, shall be credited on subsequent peyments to be made by the a~ortgagoc, a refunded to the moctgagor. lE, hawever, the monthly payme~ds made by 4 the mortgagor under (b) d peragreph 2 precediag shall not be sufficient to pey gFound reMs, taxes and assess- ~ ments and insurance pcemiums, as the case may be, ~ehen the same shsil become due end payable, then the mort• ' oc shaU ~ gsg pey to the modgagee any amount necessary to make up the deficiency, on or befae tl~e date whea pey- ment d such g~ound re~ts. ta~ces, assessme~ts, a insorance premiums shall be due. If at any time ti~e mortga- gor s6a11 tender to the mortgagee in acCOrdance with the provisions of the note secured hereby. full payment oE the entice indebtedness represe~ed tt~ereby, the mortg,agee shall, in computirg tbe amount oE such indebtedness. credit to the xcount af the awrtg,agor all peyineMs made under the provisions of (o) ot paraaraph 2 hereof ~vhicbthe mort a ee has not bccome obli ated to ; g B g pey to the Secretary of Housing end Urban Development end any balance ~ remaining in the funds xcumulated under the provisions of (bJ oE said paragraph 2. li there shell be e default un- der any ef the prarisions of this mortgage, resultinR in a public sale of the premises covered hereby, or it the ~ mortgpgee acguires the property dherwise after detault, the awctgegee shall apply, at the time o[ the comrt~ence- ~ eient of such proceedings or et the time the property is othet~vise acquired, the belance then remeining in the tunds accumulated under (6J d ~,arag~aph 2 pceceding as a ccedit against the amouM of principal then remain:~g unpuid ~ under said ndc and shell rl ad'ust an ~ ~ prope y ~ y~ymenta which shall ha e b_ en mede under (a/ of said peragcaph. ; aooKly3 2459