The URL can be used to link to this page

Home My WebLink About1068 ..~id r.,.~rt~;.~~;ur ~1.~rs hrmh~ (i~ll~• w~.~~r:~nt tfic~ tUl~• lo ~a~d land. and e~~rr~''putl Ihercuf. und w~U dcf~•nd ihe same ,~~,,~in.t thc• I.+wful rlu~m~ of all pcrsuns whumsoe~~cr. N!2(1VIDl:D r1l.N'AYS, und these p~csents arc cxerute~ci and delivercd upon the fo{lowing conJiliu~?s, to wit: } 1'he moctgagoc uKcees ta pay the mcutgagr~~, ~~t utder, the principnl sum o( 'i~1ENTY T~2EE TNaJS11ND ~ t SEVEN HUNDRED ANll 00/100-------------------------------------------------------- ~ l~.~ila~~ l5 23,700.00 as e~•idenred by a note of e~~en date herrwith, with interest (rom date at the r.+te ot Seven per centum ( 7 per annum on the unpaid balance unt~1 p:+~d. The sa?d pr~nc~µ~l and ~nterest shall be papable et the uffice o[ LAWRENCF A. EPTER & ASSOCIATES INC., 1401 S. W. lst. Street, Miami, Florida 33135 ur .~t .uch other pl~+ce a+s the holder of the note map designate in w~iting, in monthly ~nstallments o[ One hundred . fifty seven dnd 84/100-------------------- Uollars (S 157.84 commencing on ' the f~rst da~• o[ ~tober ,]9 71 , and on the first day of each month thereafter until the principai :~nd ~nterest are fully paid, except that the tinal payment o[ princ~pal end inte~est, i( not sooner paid, shali be due and pa~•able o~ the first dey ot September 2001 And shal! duly, p~omptly, and futly perfarm, discharge, execute, e(fect, complete, and comply with a~d abide h~• e~arh and e~•er~• the stipulations, agreements, conditions, and covenants of said promissory oote and o[ this mo~t~;,~~e, then th~s mortguge and the estate hereby created shall cease and be null and void. And the mortgagor furthe~ co~•en~nts as Eollows: 1. Thbt he vv~ll pa}• the indebtednes~, as here~nbefo~e provided. Privilege is reserved to "pay the debt in whole. or ~n an amount equal to one or more monthiy payments on the principal that are next due on the note, on the first da~~ of am• manth p~ioc ta matucit~~: P..~t•~d~•d, however, that written notice of an intention to exe~cise such privilege Ri~•t•n at least thirt}• (30) da~s pr~or to prepa~~ment; and, provided further, that in the event the debt is paid in lutl prior to maturih• and at that time it is insured undec the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1`Yo) of the original principal amount thereof, except th.it ~n no e~•ent shall the adjusted premium exceed the aggcegate amount of premium charges which would have been Fa~~able ~f 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 Devetopment on eccount of mortgage insurance. That, ~n order more fully to protect the security o[ this mortgage, the mortgagor, together with, and in addi- t~on to, the moathly payments under the terms of the note secured hereby, on the first day of each month until the said note is tuli~~ pa~d, will pay to the mortgagee the following sums: : An .+r,,.~unt suff~cirnt to pruvtde the holder hereot wilh tunds to pay the ne:t mortgage insurance pcemium i( this instru- rne•nt andthe nute secured herebv are tnsured, or a monthty cherge (~n lieu o( a murtgage insurance premium) it they are hrid b~ thc Ce~ret~ty o( Noustng and Urban Development, as tollows: ;P It en.t s, long as s~~d note uf even date and th~s ~nstrument are insured or are reinsured under the provisions of the \.+taonal Fiou~~ng Act, an amount sutficient to accumulate in the hands of the holder one (1) month prior to its due dat.• thr annual mortgage insurance premwm, ~n order to provide such hoider with (onda to pay suchpremium to the ~ecretar~• of Hous~ng and Urban De~•elopment pursuant to the National Housing Act, as amended, and appliceble Regu- 2ati:n. ihereunder, or ;11~ If end ~o long as said note ot eern ~date aod th~s insttument are held by the Secretary o( Housing and Urban Qevelop- ce~nt, a monthl~~ .-harge ~~n lieu ot a mortgage insurance premwml which shall be in an amount equai to one-tweltth ~ 1 1_~ oi one-hal( (1:1 per centum o( the average outstanding balance due or? the note computed wcthout taking mto ai: ount delinquenc~es or prepa}•ments, A.u~r: equal to the ground rents, ~f any, nezt due, plus the prem~ums that w~t1 next become due and peyable on policies •:f ttre and c~ther hazard msurance covenng the mortgagrd property, plus taxes and assessments ne:t due on the mort- ~;a~e~ propert~~ ia21 as esumated bp the mortgagee) less all sums already pa~d there(or divided by the number o( months t.~ elapse brfore one month pnor tu the date when such ground rents, premiums, taxes, and assessments wiU become de- j ::nquc•n!. ~uch sur.:s !o be held by mortgagee ~n trust to pay said ground rents, premiums, taxes, endspecialaasessments; j dR.~ E ~ ~ A;: pa~~~.ents ment?oned in the two preced~ng subsecuons o[ this paragryph and all payments to be made under the note ~ secured herrb~ shall be added together and the aggregate amount thereo(,shati be paid by the mortgegor each month ~n a ~inkir ~ a}r.:ent to be appl~ed by the mortgagee to the [olloamq items in the order srt (otth: prec:wm charges under the contract of insurance with the Secretarp o( Hous~ng a~d Urban Development, or monthly ~ . harge ~in lieu o( rr.ortgage ~nsurance pRem~um), as the case may be; t11~ ground rents, taxes, assessments, tire, and uther hazard ?nsurance prem~ums; tllll mterest on the note secured hereby: and :Il ; acort~ir.tion o[ the prtncipai o( sa~d note. An> def~c~enc~~ in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event ~ default under this mortgage. The mor!gagee ~ *-.a~~ collect a"late charge" not to exceed two cents (2~) for each dollar (S1) o( each payment more than Eifteen ~15) da}~s in arrears to cover ihe extra expense im•olved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor undec (b) of paragraph 2 preceding shall exceed _ the amount of pa}~ments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shail be credited by the mortgagee on subsequent payments to be made b~ the mortgagor. lf, however, the monthiy payments made by the mortgagor under (b) of paragreph 2 pre- ~ ceding shatl not be sufticient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case ma~• be, w~hen the same shail become due and payable, then the mortg~gor shall pay to the mortgagee any amount ~ necessar~• to make up the deficiency, on ot befoce the date when payment of such ground rents. taxes, assessments, 4j or insurance premiums shall be due. If at any time the mortgagor shaU tender to the mortgagee in accordance with ~ :he prot~isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shal:. in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ ~ rna~+e under the provisions of /a1 of paragraph 2 heteof which the mortgagee has not become obligated to payto the Secretary of Housing and tJrban Development and any balance remaining in the funds accumulated under the ~ pr~~~s~ons of !i,j of said paragraph 2. If there shall be a_defaultnn~er any of the pcovisio:ts of this mortgage, re- ~ suit~ng ~n a publ~c sale of the prem~ses covered iereby, or if the mortgagee acquires the property othecwise after default, the mortgagee shall apply, at the t~me of the commencement of such proceedings or at the time the prop- ~ ertt- ~s otherw~se acqu~red, the balance then remaining in the funds accumulated under (b/ of paragraph 2 preceding ~ as a credit against the amount of principal then ~emaining unpaid under said note and shell propetlyadjust any ~ pay-ments ~h~ch shaU have been made under (u) ot said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or impos~t~ons, for wh~ch pra.~~sion has not been made hereinbefore, and in detault thereot the mortgagee may pa~• the sarre, and that he w~i! promptly deliver the official rece~pts therefor to the mottgagee. d00K195 PACE~O66 - - ~ : _ _ i ~ ~.F~