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Home My WebLink About2942 ~ . ! ; .uid mo~tgago~ ducs hereby fullp war~ant the title to said land, and every part the~eof, and will defend ihe same .~Ka~nst the !aw[ul cla~ms of ail persons whomscever. PROVIDED AI.IIAYS, and these presents are executed-and delivered upon the following coaditions. te wit,: The mortgagor ag~ees to pay the mortgagee, or orde~, the principal sum of S~CZ'~N THHaJJSJ1ND ONS tNNDItSD ]IND NO/100--------------------------------------------------------------- Dollars (S 16,100.00 as evidenced by e note o[ even date herewith, with interest from date at the ~ate of seven pec centum ( 7 qo) per annum on the unpaid balance until paid. The said principal and inte~est shali be payable at the otfice of J. T. ST~IIIRT IrlatTG~liGB CO~IPANY, INC., Suite 300 - 100 Miracle Mile, Coral Gables, Florida ur at such other place as the holder ot the note may designate in writing, in monthly instellments of One Eitu~dred Seven and 23/100--------------------------- Dollars (S ~07.23 comn,encing on the first day of_ Novetaber ~ ig ?l~ and on the first day of each month thereafter untiltheprincipal and interest are tully peid. except that the final payment of principal and interest. if not sooner paid. shall be due and payable on the first day of ~tober 2001 And shall duly. promptly. a~d fully pe~fo~m, discharge, execute, effect, complete. and comply with and abide by each and every the~s 1' ulations, agreements. conditions. end covenants of said promissory note and of this mortgage, then this mortga and the estate hereby cceated shall cease and be null and void. And the mo~tgagoc Eurt er covenants as follows: 1. That he will pay th indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to o e or more monthly payments on the principal that are next due on the note. on the first da~~ ot any month prior to aturity: Proi~idrd, however, that written notice of a~ intention to exercise such privilege is given at least thirty 0) days prior to preQayment; and. provided fuKher. that in the event the debt is Qaid 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 mortgagee an adjusted premium charge of one per centum (196) of the ociginal principel 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; sach payment to be applied by the mort- gagee upon its obligation to the Secretary of Housi~g and Urban Development on account of moctgage insurance. 2. That, in order more fully to protect the security ot this mortgage. the mortgagor. togethet with. and in addi- tion to, the monthly payments under the terms of the note secured hereby. on the first day of each month uatil the said note is fully paid, will pay to the mortgagee the following sums: ~u i An amount suft?cient to provide the holder hereof with tunds to pay the nezt mortgaQe insurance premium if this inatru- ment and the note secured hereby are insured, or a monthly charge (in lieu o[ • mortgage insurance premium) i[ they are hrld by the 5ecretary of Housing and Urban Development, as [ollows: (1) 1[ and so long as said note oi eve~ date and this instrument are insured or are reinsured under the provisions ot the Nationa! Housing Act, an amount su[ticient lo accumulate in the hands oE tlie holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide tuch holder with funds to pay suchpremium to the Secretary ot Housi~g and Urban Aevelopmemt pursuant to the Notional Housi~g Act, •s amended, and applicable Regu- lat~uns thereundrr; or (il) It and so lone as said note oE even date ead this iast~ument are held by the Secret~ry o[ Housine and Urbaa~evelop- ment, a monthly charge (in lieu of a mortgage insurence premium) which shall be in aa amount equal to one•tweltth~ (1 12) o[ one-halt (~i) per centum of the average outsunding balonce dne oa the note computed wlthout tating into account delinquencies or prepayments; i !l.l A sum equal to the ground rents, if any, ne:t due, plus the premiums lhat will aext become due snd payabie on policiec o( [sre and other hazard insurance coverin¢ the mortgaeed property, plus tates aad assessmenta next due on the mort- ~ gaged property (all as estimated by the mortgagee) less all sums alreody p~id therefor divided by the number o! months j to elapse before one month prior to the date when such Qround rcnts, premiums, taYes, and ~sseasments ~rill become de- ! 1lnquent, such sums to be heid by mortgagee in trust to pay said around rente, premiums, to:es, and special assessmeats; ~ ( and ~ ~r ~ All payments mentioned in the two preceding subsections ot this pora~aph and aii payments to be made under the note secured herrby shall be added together and the aggregate omount thereot shall be paid by the mortQagor each month in a 63 single payment to be applied by the mortgagee to 1he tollowing items in the order set torth: 6 ~ (I) premlum charges under the cantract of insuronce with the Secretary of Housing and Urban Development, or u?onthiy ~ charge (in lieu ot mortgage insurance premium), as the caae may be; (ll) ground rents, tazes, assessments, Eire. and other hazard insurance premiums; (lIl) interest on the ~ote secured heroby; and ' (IV) amortization o[ the principal~o[ said 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 peyment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (S1) ot each payment moce then fifteen (15) days in arrears to cover the extca expense involved in handling delinquent payments. 3. That if the total oi the payments made by the mortgagor undet (bj of paragtaph 2 preceding shall exceed the amount of payments actually made by the mortgegee, for girarnd cents. taxes and assessments and insunance _ pcemiums, 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 moctgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, svhen the same shall become due and payable, then the mortgc~oc shall pay to the tnodgagee eny 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. lf at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note secured hereby, full payment of the entire indebtedness rePcesented thereby. the mort- ~ gagee shall, in computing the amount of such inde6tedness, credit to the account ~ the mortgagor all payments ~ made under the provisions of (o) of paragraph 2 hereof which the mottgagee has not become obligated to payto ~ the Secretary of Nousing and Urban Devetopment and any balance remaining in the funds accumulated under the ~ provisions of (b) oE said paragraph 2. If there shall be a default under any d the.pcovisio~s of tbis matgage, re- ~ sulting.in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shell apply, at tlie time of the commencement of such proceedings a at the time the pcop- ~ erty is otherwise acquiced, the balance then remaining in the funds accumulated under (b) of paregraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust eny payments which shatl ha~e been made under (o) of said paragraph. ~ 4. That he will pay all taxes, assessments. water retes, and other governmental or municipal chatges. fines, oc impositions, (or which provisio~ has noi been made hereinbefae, and in deEault thereof the mortgagee may pey the same; and that he will promptly detiver the officiel receipts thecefor to the moctg,egee. s : OVVl1~~ ~ _ ~~~~?v~ c+'x~'l.~:::~~:'~a_4_... . _ 2 ieG._ .r._.~4t._>L~"r~Y:.'2"S