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Home My WebLink About1810 ~.~id mort~;;~gur ducti hereb~~ lulh• warram the title to said land, and everY part thereof, and wi?1 detend the same aKa~nst the law•(ul claims of ali persons whomsce~~et. PROVIDED ALN'AYS, and these presents are executcd end delivered upon the following conditions, to wit: The murtKagot agrees to pay the mottgagee, oc ordet, the principal sum of ~'Y THRES THOUSAND FIFTY AND 00/100--------------------------------------------------------------- Uollars (S 23.050.OU as evidenced by e note o[ even date herewith, with interest from date at the a~te oi seven per centum ( 7 y`) per annum on the unpaid balance until pt~id. The said principal and interest shall be pa~•able at the o(fice o[ SatTr~RN MQRTGAiGB ASSOCIATES INC., P. O. Hox 38, Shenandoah Station, Miami, Florida 33145 ~u at such othe~ place as the holder ot the note may desig~ate in writing, in monthly instellments of ane hundred fifty three and 51/100-----------------Dollars (S 153.51 comn~encing on the first da~• of October , 19 71, and on the first day of each month thereafter untiltheprincipal and interest ace [ullp paid, except that the Einel payment of principal and interest, if not soo~er peid, shall be due and puyable on the (irst day of Septeml~r 2001 And shall duly, p~omptly, and fully perfo~m, discharge, execute, etEect, complete. and comply with end abide b~~ e:~ch and eveq• the stipulations, agreements, conditions, and covenants of said promissory note and of this murt~age, then this mortgage and the estate hereby created shall cease and be null and void. , And the mortgagor turther co~enants as follows: • 1. That he wi11 pay the indebtedness, as hereinbetore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one oc more monthiy payments on the principat that a~e next due on the note. on the first d:~~• of an~~ month prior to maturity: P.~~~•ided, however, that written notice of an intention to exercise such privilege i~ ~i~•en at Ieast thirty (30) days prior to prepayment; and, pro~~ided further. that ln the event the debt is paid in full prior to maturity and at that time it is insured under the ptovisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 0) o( the original principal amount thereof. except that in no e~~ent shall the adjusted premium exceed the aggregate amou~t ot premium charges which would have been pat~able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation tu the Secretary o[ Nousing 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- t~on to, the monthly~ payments under the terms of the note secuced hereby, on the first day of each month until the sa~d note ~is full~~ pa~d, will pa}• to the moctgagee the following sums: ~ An amuunt suff~c~ent to proc~de the holder hereo( with funds to pay the ne:t mortgage ipsurance premium it th~s instru- ment and thr note secured hereb~~ are ~nsured, or a monthl~ charge (in l~eu o( a mortgage insurance prem~um) if they are heid b~ the 3ecretary• ot Housing and Urban Development, as tollows: t1` 1[ and so lo~g as said note o( e~rn date a~d this insirument are insured or are reinsured under the provisions of the \auonai Hous~ng Act, an amount su[tic~ent to acc~mulate in the hands o( the holder~ne (t~ month prior to its due datr the annual mo~tgage insurance premium, in order to provide such holder with tunds to pay suchpremium to the tie. retary o( 1~ous?ng and Urban Development pursuant to the National Housing Act, as amended, and applicabie Regu- lat~.ms thereunder, or till I( and so tong as said note o( even date and this instrument are held by the Secretary ot Housing and Urban Develop- nrnt, a monthl~~ charge ~in Leu of a mortgage insurance premium) which shail be in an amount equai to one-twel[th ~ 1 12? ot one-hal( per centum of the average outstanding balance due on the note computed without taking into account delinquenc~es or prepayments; ` A sum equal to the Kround rents, i( any, next due, plus the prem~ums that wil! next become due and papable on policies .~t f~re and other hazard ~nsurance cuvering the mortgaged property, plus tazes and assessments next due on the mort- ~;aged propert~~ (all as estimated bp the mortgagee) less all sums already paid there(or divided by the number ot months t.. elapse before one month prioc to the date when such ground rents, premiums, ta~ees, and assessmmts witl become de- tinquent, such sums to 6e held b~• mortgagee in trust to pay said ground rents, premiums, ta:es, and speciol assessments; and ; All pacr.:t•nts mentioned ~n the two preceding subsections of th~s paragraph and all payments to be made under the note ~ secured herrb~- shal! be added together and the ag~egate amount thereof shall be paid by the mortgagor each month in a ~ smKIe pavment to be applied by the mortgagee to the (ollowing items in the order set forth: ~ ~ ti? premwm charges under the contract of insurance with the Secretary of Housing and Urban Devetopment, or monthly `t charge (~n I~eu o[ r•,ortgage ~nsuranre premium), as the case may be; ° ;11~ ground rents, t~zrs, assessments, fire, and other hazard insur~nce premiums; : s tilli interest on the note secured hereby; and ill'i amorttzat~on ot the print~pal ot spid note. An}• deficiency in the ar.iount 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 defaull under this mortgage. The mortgagee T~a~~ collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ~ 11 ~1 da~•s in arrears to cover the extra expense involved in handling delinquent payments. ~ 3_ That if the total ot the payments made by the mortgagor under (6) of paragaraph 2 preceding shall ekceed , the amount of payments actually made by the mortgagee. for ground rents, taxes and assessments and insurance ~ prem~ums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ made b}• the mortgagor. If, however, the monthly payments made by the mottgagor undec (6) of paragraph 2 pre- ' ced~ng shall not be suffjcient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ; ~ ma~ be, v?•hen the same shall become due and payable, then the moctg:.gor shall pay to the mortgagee any amount necessary~ to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, ~ or insu:ance premiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance with ~ the pro~~isions of the note secured hereby, full payment oE the entire indebtedness represented thereby, the mort- ~ gagee shali, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ; ~ made under the prov~sions of /a) of paragraph 2 hereof which the mortgagee has not become obligeted to payto ~ !he Serretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the ~ proti~isions of (f.~ of said paragraph 2. If there shall be a default under any of the provisioas ot this mortgage, re- su;ting ~n a publtc sale of the premises covered iereby, or if the mortgagee acquires the pcoperty otherwise a(ter ~efault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ erty ~s otherwise acquued, the balance then remaining in the [unds accumulated under (6) of paragcaph 2 preceding as a credit against the amount of pcincipal then remaining unpaid under said note and shall Properlyadjust any ~ payments wh~ch shall have been made under (a) ot said paregraph. ~ ~ 4. That he wi11 pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or ~rr.pos~t~c,ns, tor which prov~sion has not been made hereinbefae, and in default thereof the mortgagee may pay thr same, and that he will promptly deliver the u[ficial receipts theretor to the mortgagee. ~ ~ f ~ do~iy5 ~ib~8 _ _ _ _h. -