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Home My WebLink About2889 . s:~id mortgago~ does hereby fully warcant the title to said land, and every part thereo(, and will detend the sart~e against thg lawEul claims ot all pe~sons whomscever. PROVIDED ALN'AYS, and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the mwtgagee. or order, the pri~cipal sum of BIGHTSSN THOUSAtdD EIGI~ HUNORSD FTPTY l1ND NO/100------------------------------------~-------------------- Dolla~s (S 18,850.00 as evidenced by a note of even date herewith. with i~tecest Erom'date at the rate oi seven per centum ( 7~'.) per annum on the.unpaid balence until paid. The said principal a~d interest shall bc payable at the ot[ice of J. T. STE9~ART t~l~'t~GS COt~ANY, INC., S~ite 300 - 100 Miracle Mile, Coral Gables, Florida or at such other place as the holder of the note may designate in writing. in monthly installments oE One Htlndr8d 1laenty Five and 54/100------------------- ~11a~s (S125.54 comn~encing on the first day of November , 1971 , end on the first day oi each month thrreafter untitthepcincipal and interest ate fully peid. except that the final payment of principal and interest. i[ ~ot soonet paid, shall be due and payable on the ficst day of ~tobeY' 2001 And shall duly, promptly. and tully pedorm. discharge. execute, efEect. complete, end comPly with and abide b~ each and every the stipulatio~s, agreements. conditions. and cove~ants of said ptomissory note and of this mortgage, then this mo~tgage and the estate heceby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedrtess, as hereinbefor.e provided. Privilege is reserved to pay the debt in whole. or ~n an amount equal to one or more monthly payme~ts'on the principal thal are next due on the ~ote. on the first day of any month prior to maturity: P.o~•id~d, however, that written notice of an intention to exercise such privilege is given at least thirty _(30) days prior to prepayment; and. provided further. that in the event the debt is paid in tull prior to maturity and at that time it is insured under the provisions o[ the National Housi~g Act, he will pay ta the mortgagee an adjusted premium charge of one per centum (196) of the original principal amount theceof. escept that in no event shall the adjusted premium exceed the aggcegate amount of premium chatges which would have been payable if the mortgage had conti~ued to be insuted until maturity; such paytoent to be applied by the mort- gagee upon its obtigation to the Secretary of Housing and Urban Devetopment on account of mortgege iasurance. 2. That, in order more fully to protect the security of this matgage. the modgagor. 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 following sums: ~rt ~ An amount su([icie~t to provide the holder hereo[ with tunds to pay the next mortgage insutance premium if this instru- ment andthe note secured hereby are insuced, 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: (I1 If and so long as said note o( even date and this insttument are inaured or are reirtsured under the provisions ot the Kational Housing Act, an amount sutticient to accumulate in the hands ot the holder one (1) moath prior to its due date the annual mortgage insurpnce premium, in ordtr to provide such holder with funda to pay auch premium to the Secretary ot Housing and Urban Devetopment pursuant to the Natioaal Housing Act, as amended, and applicable Regv- lations lhereunder; or lli) If and so long as said note of even date and this instrument are heid by the Sec?etary ot Housing and Urban Devetop- ment, a monthly charge (in lieu o( a mortgage insur~nce premium) which shall be in an amount equal to one-twelfth (1 12) o( one-ha!( (~•i) per centum ot t!?e average outst~nding balonce due on the note computed without takinQ into account delinq~encies or prepayments; i I,1 p sum equal to the ground rents, it any. ~ext due, plus the premiums that wiili next become due and payable on policies o( f~re and other hazard insurance rovering the moctgagrd property, ptus ta:es and assessments next due on the morf- ~ gaged property (all as est~mated by the mortgagee) less all sums already paid the~efor divided by the number of months to elapse before one month prior to the date when such eround rents, premiums, taxes. and ~ssesaments will become de- I~nquent, such sums to be hetd by mongagee in trust to pay said around renta, premiums, to=es, aadspeculassessme~ts; and ~ AI[ payments mentioned in the two preceding subsections ot this para~raph and alI payments to be made under the note secured hereby shat! be added together and the aggregate amount thereot shatl be paid by the mortgagor each month in a s~ngle payment to be applied by the mortgagee to the [oilowln~ items in the order set forth: (n premium charges under the contract ot insur++nce with the Secretary o[ HousinQ and U~bae Development, or monthly charge (in 1?eu o( mortgage insurance premium), as the cpse may be; (II) ground rcnts, ta:es, assessments, tire, and other hazord insurance prem~ums; (111) interesl on the note secured herebr; and U~') amortuotioe of the principol o[ aaid note. Any deficiency in the ar.~ount of such aggregate monthly payment shall, unless made good by the matgagor prior to the due date of the next such payment. constitute an event of default under this mortgege. The mortgagee may collect a"late charge" not to exceed two aents (2~) for each dollar (S1) of each p~y~nent more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That iE the total of the payments made by the modgagor under (6J of paragraph 2 preceding shall e:ceed the amount of payments actually made by the mortgagee, for gcound rents, taxes and assessments a~ insurence 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 paragraph 2 pre- ceding shall not be sufEicient to pay ground rents, taxes and assessmants and insucance premiums, as the case may be,. when the same shall become due and payable, then the matg~got shall pay to the mortgagee any amount necessary to make up the deficiency, on or beEore the date when payment of such ground rents. taxes. assessments, or insurance premiums shall be due_ If at any time the moctgagor shall tender to the mortgagee in accocdance with the provisions of the note secured hereby, full payment of tfie entire indebtedness reQresented thereby, the mort- gagee shali, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the pravisions of (a1 of paragraph 2 hereof which the mortgegee has not~ become obligated to payto the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated undet the provisions of (GJ of said paragraph 2. lf thece shall be a default under any of the provisio.~s o[ this matgage, re- sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property othetwise after default, the mortgagee shall apply. at the time of the ~ommencement of such proceeding's or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paregraph 2 preceding as a credit against the amount of principal then remaining unPaid under seid note and shal! properlyadjust aAy payments which shall have been made under (01 of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, Eines, or impositions, Eor which provision has not been made hereinbefae, and in default t6ereof the mortgagee may pay the same; and that he wiU promptiy delivet the official receipts thetefor to the mortgagee. a~ i95 ~~87 ~ ~ _ ' ~ ~v..._~_ „ _F._ > . _ _