The URL can be used to link to this page

Home My WebLink About2504 , ~ ~uid mort~.~gor du~~s herebp fuUy w•arrant the title to said land, and e~~er~• part thereof, and will defend the same .~Kainlt the l.~w•[ul cla~ms o( all persons whomsoever. PROVIDED ALN'AYS, a~d these presents are executecl and delive~ed upon the follawing conditions, to wit: Thc mortgagor agrees to pay the mortgagee, or order, the principal sum of THIR?i'TE.'N THOUS~ND SIX HUND~28,D FIPTY AND 00/100--------------------------------------------------------- Uollars (S 13,650.00 as evidenced by a note ot even date herewith, with interest from date at the r<~te oi $~Veri per centum ( pe~ annum on the unpaid balance until paid. The said principal and interest shall be payable at the otfice of J. T. STh~C MOiRTC'~1~GS COMPANY, INC., Sliite 300 - 100 Miracle Mile, Coral Gables, Florida or at such other place as the holder ot the note may designate in writing. in monthly installments of Ninety and 91/100------------------------------ Doilars (S 90.91 comn~encing on the first day of November , 19 71. and o~ the ficst da~• of each month thereafter untiltheprirtcipal and inte~esl are [ully paid, except that the final payment of principal and interest. if ~ot sooner paid, shall be d~e and payable on the first day oE October 2001 And shall duly, promptly, and fully perform, discharge, execute, e[fect. complete. and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mort~age, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, ur ~n an amount equal to one or more monthly payments on the principal that are next due on the nole. on the tirst da~~ of any month prior to matucity: /'.orid.•d, however, that written notice of an intention to exercise such privilege is gi~~en at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in Eull prior to maturity and at that time it is insured under the provisions of the National Housing Act, he wili pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except that in no event shall the adjusted p~emium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payme~t to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urban Development on account of modgage insurance. 2. That, in or~+er more fully to protect the security of this mortgage, the eaortgagor, 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: ~~il An amount su[f~cient to provede the holder hereof with funds to pay the next mortgage insurance premium i[ this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a morigage insurance premium) i[ they are hrld by the Secrctary ot Housing and Urban Development, as follov~s: (I) 1f end so long as said note o[ evrn date and this instrument are insured or are reinsured under the'provisions of the Nat~onal Hous?ng Act, en amount sut[ieient to accumulate in the hands ot the holde~ one (1) month prior to its due date the annual mortgage insnr+nce premium, ~n order to provide such hoider with funds to pay suchpremium to the Secrctary ot iluus~ag and Urban Development pursuant to the National Housing Aci, as amended, and applicable Regu- latwn. therrunder; or (!1) If and ~o long as said note of evrn date and this ~nstrumeat are held by the Secretary o( Housing and Urb~n Develop- r,.rnt, a moMhly charge (in Geu of a mortgage ~nsurance premium) which sheU be in an amount equal to o~e-twelfth (1 12) of onr-half (t=) per centum ot ihe average outstanding balance due on the note computed without taking into account delinquencies or prepayments; 1 A sum rquai to the ground rents, any, next due, plus lhe premiums that will ne:t become due and payable on policies o( (ire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) lesa all sums already paid there(or`divided by the number of months to rtapse be[ore one month pnor to the date when such ground rents, premiums, taxes, and assessments will become de- j linquent, such sums to be hc}~ b~• mortgagee in trust to pay said ground rents, prem~ums, to:es, and special assessments; j end _ i <<~ i Ail paymrnts menUuned ~n the two preced~ng subsections ot this paragraph and all payments lo be made under the note ! secured herrby shall be added together and the aggreqate amount thereot shall be paid by the mortQagor each aionth in a ~ s~nKle payment to be applied by the mortgagee to the follow~ng items in the order set forth: (1) premium charges under the contract of insurance with the Secretary o( Housing a~d Urban Development, or monthly ~ charge (~n lieu ot mortgage insurance prem~um), as the case may be; (11) ground rents, taxes, assessments, t~re, and othe~ hazard insurance premiums; UIII interest on the note secured hereby; and € tIV) amort~zation of the principal of said aote. An~~ deficiency in the ac?ount of such aggcegate 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 may cotlect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen l15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the totai of the payments made by the mortgagor under /b) of paragraph 2 preceding shell exceed the amount oE 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 (bJ o( paragtaph 2 pre- ~ ceding shatl not be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case ~ ~ may be, when the same shall become due and payable, then the mortg~gor shall pay to the mortgegee any amount ~ ~ necessary to make up the deficiency, 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 sPcured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shail, in computing the amount oE such indebtedness, credit to the account of the mortgagor all peyments 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 Devetopment and any balance remaining in the funds accnmulated under the ~ pro~•isions of (b) of said paragraph 2. If there shall be a default under any of the provisio~s of this matgage, re- ~ sulting.in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after ~ de[ault, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ ertr is otherwise acquired, the batance then remaining in the funds accumulated under /6) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made undec (ol of said paragraph. 4. That he will pay all taxes, assessments, water rates. and other governmental or municipal cherges, fines, ~ or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ , , d00K ~L~ P~F~~~ ; ~ -~3 ~ `~s~"-. .~~.~.,~tt"*~~.~~y . ~-r~'4-~-~~:~-