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Home My WebLink About1410 ~ ~ ~ ~;+~d mortg;igor d~~es hereb~~ full~~ w~arrant the titie to said land, and e~~ery part thereof, and will defend the same .~ga~nst the I.iNEul claims of all persons whomscever. PROVIDFD AI.N'AYS, and these presents are exccuted and delive~ed upon the following conditions, to wit: The mortgagor agrees to pay the mortgagee, oc order, the principal sum of TWELVS THOUSAND AND NO/100------------------------------------------------------------- lblla~s (512, 000.00------). as evidenced by e note ot even date herewith, with interest from date et the r:~te oi SEVSN-----------------~- Per centum (---7--- pe~ a~num on the unpaid balance until peid. The said principal and interest shell be payable at the otfice ot J. I. KISLAK MOnl'GAGL CORPORATION OF FLORID~A, 1101 Brickell Avenue, Miami, Florida or at such other place as the holder o( the note may designate i~ writing, in monthly instailments of SE~VEN1'Y NINE AND 92~100------------------- Doilers (S 79. 92--------- coma,encing on the tirst day of OCtO~r . 1971 , and on the first day of each month thereafter untiltheprincipal and inte~est are fully paid~ except that the tinal payment of principal and interest, if not sooner paid. shall be d~e and ps~yable on the fi~st day of September, 2001 And shall duly, p~omptly, and fully perfo:m, discherge, execute, effect, complete. and comply with and abide b~• each a~d e~~ery the stipulations, agreements, conditions, and covenents of said promissory note and of this mortg:+ge, then this mortgage and the estate hereby created shall cease and be null end void. And the mortgagor turther covenants as fotlows: 1. That he witl pay the indebtedness, as hereinbefo~e provided. Privitege is reserved to pay the debt in whole, or ~n an amount equal to one or moce monthly payments on the principal that are next due on the note, on the Eirst da~~ of any month prior to maturity: f'rort~i~d, however, that written notice of an 'sntention to exercise such privilege ,s gi~•en at least thirty (30) days prior to prepay~ment; and, provided [urther. that in the event the debt is paid in ful! prior to maturity and at that time it is insured under the provisions of the National Nousing Act, he will pay to the mortgagee an adjusted premium charge o[ one per centum (1%) of the original principal amount thereof, except that ~n no e~•ent shall the adjusted p~emium exceed the aggregate amount of premium charges which would have been pa~~able if the mortgage had cantinued ta be incured unti! maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Deve2opment on account of modgage insucance. 2. That, in orde~ more fully to protect the securitp oE this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secured heceby, on the first day of each month until the said note is full~~ paid, will pa}• to the mortgagee the following sums: i~:: An amuunt suf[~c~ent to pro~•ide the holder hereof with (unds to pay the ne:t mortgage insurance ptemium if this inctru- ment and the note serurrci hereby are tnsured, or a monthly char~e (in 2ieu o[ a mortgage insurr~ce premium) it they ore held by thr Secretary of Housing and Urban Development, as [ollows: (Il 1f and so Iong os said note o[ eve~ date •nd th~s instrument are insured or are reineured under !he provisions o( tt?e ~ational Housing Act, an amount sutficient to accumu(ate in the hands o( the holdet one (1) month prior to ita due date the annuai .z.ortgage insarance premium, in order to provlde such holder with [~nds to pay suchpremium to the Secretary of Housing and Urb+~ Drvelopment pursuant to the Notional Nousing Act, as amended, ~nd applicable Regu- lat~ons therrunder; or ~ !t[1 I( and so tong as said nute o( evrn date and this instrumenl •re held by the Secretary of Hous?ng and Utban Develop- r. rnt. a monthty charge (~n lieu of a mortgage insurance premiuml which shal! be in sn emount equal to one-twelfth fl 121 0( aoe-hal( (iJ) per centum ot the average outstanding balance due on the note computed without taking inlo accouni dri?nquenc~es or prepayments, i' A sum equai to the ground rents, i( any, next dve, plus the premiums that wili next become due a~d payable on policies ~~f fire and other hazard tnsurance covering lhe murtgaged property, plua ta:es and assessments ne:t due on the mort- ~;a~rd property~ (atl as est~mated by the mortgagee) less all sums already paid therefor divided by the number of months ~o elapsr brfore one month prior to the date when such ground rents, premiums, taxes, •~d asaessments will become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, t~xes, and speciol osaeasments; € and F All payrr.ents mentioned m the two preceding-subsections ot th~a paragraph and all payments to be made under the note i +ecured herrby shall be added toQether and the ag~egate amount thereof shall be paid by the mort~ogor each month in a ~ single payment to be applied by the mortgagee to the [ollowing items in the order set [orth: j {~j premium charges under ihe cuntract of insurance w~th the Secretary of Housing and Urban Development, or enonthly e charge (in I~eu of mortgage ~nsurance premium), as the case may be; i UI) ground rents, taxes, assessments, [ire, and other hazard ~nsurance premiums; ~ tIl!) interest on the note secured hereby; and (IV1 amurtuatian of the principal o[ said note. An~~ deficienc~• in the a~o?tnt 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 of default under this mortgage. The mortgagee .:~a~ coilect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen tlil day~s in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total o[ the Qayments made by the morfgagor under (b) of paragraph 2 pre~eding shaU exceed ~ the amount of payments actually made by the mortgagee, for ground rents, taxes 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 (6) of peragraph 2 pre- ~ ceding shatl not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case ~ :ra~• be, when the same shall become due and payable, then the m~tg:.gor shall pay to the mortgagee any amount ~ necessary to make up the deEiciency, on or before the date when payment of such ground rents, taxes, assessments, _ or insurance premiums shall be due. if at any time the mortgagor shall tender to the mortgagee in accordance with ~ the pro.~isions of the note secured hereby, full payment of the entire indebtedness represented thereby. the mort- ' gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remainiag in the funds accumulated under the ~ pro~•isions of of said paragraph 2. If there shall be e default under any of the provisio~s of this mortgage, re- ~ sult~ng in a public sale of the premises covered iereby, or if the mortgagee acquires the property othecwise after ~ default, the mortgagee shall epply, 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 of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust eny ~ ~payments which shall ha~e t,t:et~ a~~.;~~ under (aJ of said patagraPh. 4. That he will pay al! taxes, assessments, water rates, and dher governmental or municipal charges, ti~es, or ~mpositioc~s, for which provision has not been made hereinbefore, and in defeult thereoE the mortgagee may pay the same; and that he will promptly deliver the o(ficial receipts thereEor to the mortgagee. ~ ~ . - ~ ~i~ ~i408 r ? . ~ . ' • . : ' ' - _i.- _