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Home My WebLink About1569 said mortgegor does hereby fully warrant the title to said land. and every part thereoE, a~d will defend the same ~ against the lawful claims of all persons whomscever. PROVIDED AL.WAYS. end these presents are executed and delivered upon the following conditioc~s, to wit: The mortgagor agrees to pay the mortgagee. or order, the principal sum of ~ THaIT$AND NINE ~TNDRBD and 00/100--------•--------------•-----------------•---------------------- Dollars (S 17,900•00 as evidenced by a ~ote of even date herewith, with i~terest from date at the rate of SEVBN per centum ( --7-- 96) per en~um on the unpaid belance until paid. The said principal and interest shall be payable at the oftice of p~~p IrpRTGAGB CORPORATION P. 0. Box 3131, Miami, Florida 33101 or at such other place as the holder of the note may designate ia writing. in monthly installments of pue hundred Nineteen and 21/100----------------------- Dollers (S 119.21 commencing on the first day of NoVember . 1971 . and on the first day of each month thereafter untiltheprincipal and interest ace Eully paid~ except that the final payment of principal and interest. if not sooner paid. shall be due and payeble on the Eirst day of October, 2001 ~ And shall duly. promptly. and fully perform. discharge, execute. eEfect. complete. and comply with a~d abide by each and every the stipulations, agreements. conditio~s. and covenants of said promissory note and of this mortgage. then this modgage and the estete hereby created shall cease and be null and void. • And the matgagor further covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole. or in an amount equal to one or mae monthly payments on the principal that are next due on the note. on the first day of any m~th prior to maturity: Provid~d. however, that written ~otice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided Eurther, 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 National Housing Act. he will pay to the modgagee a~ adjusted premium charge of one pec centum (1%) of the original principal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the modgage hed continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Seccetary of Housing and Urban Development on account of modgage insurance. 2. That, in order moce Eully to protect the security of this modgage. the modgegor, together with~ and in addi- tion to. the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the follawing sums: (o) An amount sutticient to provide~ fhe holder hereoE with tunds to pay the next mortgage insurance premium if this instru- ment andthe note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as follows: (I) If and so long as said note o[ even date and this instrument are insured or are reinsured under the provisions ot the National Houaing Act, an amount sut[icieot to accumulate in the hands o( the holder one (1) month prior to ita due date the annuai mortgage insurence ptemium, in order to provide such holder with Eunds to pay such premium to the Secretary of Housing and Urben Development pursuant to the National Housing Act, as amended, and applicable Regu- lations ihereunder, or (II) if and so long as said note of even date and this inslcument are held by the Secretory of Housing and Urban Develop- ment, a monthly charge (in lieu o[ a mortgage insurance premium) which shall be in an amount equal to one-twel[th (1,'12) of one-hal( (~i4) per centum of the average outstanding balance due o~ the note computed without toking into ~ account delinquencies or prepayments; ~ (h/ A sum equat to the ground rents, i[ any, next due, pius the premiuans that will nezt become due aad payable on policies ot fire a~d other hazard insurance covering the mortgaged property, plus tazes and assessments next due on the mort- ! gaged property (all as estimated by the mortgagee) less all sums al~eady paid thereEor divided by the number of montha ~ to elapse before one month prior to the date when such ground rents, premiums, tazes, and assesameats will become de- ~ linqueat, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, andapecialaasessments; ~ and _ j (cJ All payments mentioned in the two preceding subsections of this parograph and all paymenls to be made under the note ~ secured hereby shali be added together and the aggregate amounl thereot shatl be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the toilowing items in fhe order set lorth: (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (II) ground rents, tazes, assessments. fire, and other hazard insurance premiums; (III) interest on the note aecured hereby; and (I~ amortization of the principal o[ aaid note. Any deficiency 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 of deEault under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) for each dollar (~1) of each payment moce than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if tl~e tatal of the payments msde by the mortgagor under (6J of paragraph 2 preceding shell exceed the amou~ of the p~yments actuslly made by the mortgagee, for ground rents, taxes and assessments and iasar- ance premiums, as the case may be, such excess at the option of the modgagee. shall be credited on subsequent peyments to be made by the mortgagor, or refunded to the matgagoc. If, however, the ~nonthly payme~s made by the ~moctg,agor under (6) d paragraph 2 preceding shall not be sufficient to pay g~ound rents, taxes and assess- ments and insurance p~emiums, as the case may be, when the same shell become due end payeble, the~ the mort- ! ~ ~ ~gor shall pey to the mortgagee any amount necessary to make up the deficiency, on or before the date when pey ~ ment d such ground rents, taxes, assessments, or iresurance pcemiums shall be due. If et any time the matga- gor shall tender to the moctgagee in accordance with the provisions of tbe note secured hereby. full peyment of the entire indebtedness represented thereby, the mortgagee shall. in computirg the amount oE such indebtedness, credit to the account af the mortgagor all payments made under the provisior~ of (oJ of para~caph 2 hereof whichthe mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and eny balance remaining in the funds accumuleted under the provisions of (b) of said paregraph 2. If thece shall be a defauk un- der any d the provisions oE this caortgage, resultinR in a public sale of the premises covered hereby, oc i[ the mortgagee acquires the property otherwise alter deEeult, the mortgagee shall apply, at the time ot the commencr- ment d such proceedings a et the time the property is othe~vvise acquired. the batence then remai~ing in the funds accumulated under (GJ of perag,rePh 2 preceding as a credit ageinst lhe amount of principel then remeining unpaid under seid nMe and shall pcoperly adjust any peyments which shall liave been made under (a) of said pe~agraph. OR ~ ao~195 ~E156? . ~ - - - ~