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said mortg:~goc does he~eby fully war~ant the title to said land, and e~•ery part thereot, and will defend the same
against the'law[ul claims ot all persons whomsoever.
PROVIDED ALNAYS~ arsd these presents are executed and delivered upon the following conditions. to wit:
The mortgago~ agrees to pay the mortgagee. or ordet, the ptincipal sum of SSVSNIBBN ~'HpUSAND FOUR
HUNDRBD AND NO/100 DOI.LARS~rw~~~~~~w~r.~~~~w~N~~www.~~w~~~~~~r~ww~~~rw~~~~~~~~w
Dollars (S 17s400.00 as evidenced by a note oi even date herewith. with interest from date et the
rete of seVen pe~ centum ( 7 9fi) pec annum on the unpaid balance
u~til peid. The said principal and interest shall be payable at the office of J. T. STSWART I~RTGA(S CO~ANY,
INC., Suite 300 - 100 Miracle lrlile Coral Gables, Florida
or at such other place as the holder of the oote may designete in writing. in monthly installments ot ~g
Htutdred Fifteen and 88/100--•~~~--•--•-•-• Dollars (S 11S.88 commencing on
the first dey ot OCtober , 19 71 . and on the first day of each month thereafter until the principal
and interest ate fully paid. except that the final peymeot oE principal and inte~est. if not sooner paid, shall be due
and payable on the first day of September 2001
And shall duly. promptly. and tully pertorm, discherge. execute, effect. complete. and comply with and abide
by each aQd every the stipulations. agreements, conditions, and covenants of said ptomissory note and of thia
mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor furthet covenants as follows:
1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole.
or in an amount equal to one or more monthly payments on the principai that are next due on the note, on the first
da~~ of any month prior to maturity: P.o~~id~1, however, that written notice of ar? intentio~ to exercise such privilege
is given at least thirty (30) days p~ior to prepayment; and, pcovided further, that in the event the debt is paid in
full prior to matu~ity and at that time it is insured under the provisions of the National Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (1%) of the original principal emosni thereot~ except
that in no event shatl the adjusted premium exceed the aggregate amount of premium charges which would have
been payable if the mortgage had continued to be insured until maturity; such payment to ~ a~g;:e3 by !he saoit-
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 mortgage, the mortgagor. together with, and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the Eirst day of each month until the
said note is fully paid, will pay to the mortgagee the following sums:
~~ri An amount sufEicient to provide the holder hereo( with tunda to pay the next mortgage insurance premium if this instru-
ment and the note secured hereby are ~nsured, o~ a monthly chargt (in lieu o[ a mottgage insurance premium) it they ~te
held b~ the Secretary ot Housing and Urban Development, as (ollows:
(1) If and so lune as said note ot even date and this instrument are insured w are reinsured undrr the provisions of tlie
tiational Housing Act, an amount su([ic~enl to accumulate in the hands o( the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holdet with funds to pay such prcmium to the
Secrrtar~ ut Housing and l:rban Development pursuant to the National Housing Act, ¦s amended, ond epplicable ReQu-
lations thereunder, or
(II} If and so long as said note o[ e~~en date and thts instrv~eat are held by the Secretary ot Housing and Urban Develop-
nent, a monthly charge (in lieu ot a mortgage i~surrnce premium) v~hich shall be in an amount equal to one-twel[th
(1 12) o[ one-hatt (~i) per centum o( the average outstanding balance due on the note computed ~vithout takinQ into
account detinquenc~es or prepayments;
! h: A sum equal to the ground rents, if any, ne:t due, plus the premiums that ailt next become due and payable on policies
I of fire and other hazard insurance covering the mortgaged property, plus taxes and •ssessments nezt due on the mort-
~I gaged property (all as est~mated by the mortgagee) less all sums already paid therefor dividtd by the number of months
i to elapse be[ore one nonth prior to the date when such ground rents, premiums, ta=es, and assessments aill become de-
E i~nquent, such sums to be heid b~ mortgagee ~n trust to pay said ground rcots, premiums, t~xes, a~dspeciatassessments;
f ar?d
! A12 pa~•ments mentioned in the two preceding subsections ot this paragraph and sll payments to be made under the aote
~ ~ secured hereb~• shall be added together and the aggregate amount thereof s6all be paid Ey the mortgagor each month in •
s~nQie pa~mertt to be applied by the mortgagee to the followin{C items in the ordet set forth:
(1) premium charges under the contract ot ?nsurance with the Secretrry o[ Housin~ and Urban Devtlopment, or monthly
charge (in lieu of mortgage tnsurance premium), as the case may bt;
(1I1 ground rents, taxes, assessments, fire, and other hazard ~nsurance premiums;
{ltl) interest on the note secured hereby; ond '
(IV) amortuation uf the prtncipal ot said note.
Any deticiency in the amount of such aggregate monthly payment shall, unless msde good by the moctgegor
pnor to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2Q) fot each~ dollar (S1) of each payment moie than fifteen
(15) days in arrears to cover the extra expense involved in hendling delinquent paya?ents.
3. That it the total of the payments made by the modgagot under (6) of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgagee, Iw g,cound rents, taxea and assessments and insurance
premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paregreph 2 pre-
ceding shail not be sufficient to pey ground rents, taxes and assessm~~nts and insurence premiums, as the case
mav be, whea tbe same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, on a before the date when payment of such ground rents~ taxes. assessments.
~ or insurance premiums shall be due_ If at any time the mortgagor shell tender to the mortgagee in accotdaace with
~ the provisions o[ the note secured hereby, full peym~nt of the entire indebtedness represented thereby, the moct-
gagee shall, in computing tht amount of such indebtedness, credit to the account of the mortgagor all paymenta
made under the provisios~s of (01 of paragraph 2 hereot which the mortgagee has not become obligeted to peyto
tbe Secretary o~ Nousing and Utban Development and any belance remaini~g in ii~e iu~nie, accumulated under the
provisions ot /b) o[ said paragraph 2. I! there shall be e de[ault under any of the pcovisio~s of this mortgage, re-
- sult~ng in a public sale o[ the premises covered iereby, or if the mortgagee acquires the property othecwise after
deEault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop-
erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J o( paragraph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any
payments which sha11 have been made under (a) of said ~aragraph: '
4. That he will pay e11 taxes, assessme~ts, water rates, and other governmental or municipal chacges, fines,
or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgegee may pay
th~ same; and that he wi!! promptly deliver the official receipts thecefor to the mortgagee.
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