HomeMy WebLinkAbout1081 ;-,~rtF~.;~~~ur d~~r~ hrrri~c !ull~ ~,c,~rr,~nt thr t~tl~• t.~ ;:~id Ic~nd, and r~e•r~ ~~,~rt ttu•reot, and will dt>ir:~d tiir s.~rr
.~a:.~~n~t th~• :.~~.~lul claiirs ul .+I1 pcrsun~ ~ehu;r.sor~~rr. i
Pf~O~'1(~l?l~ r1LNA1'S. and thc•se prese~nts are executc•d aad dell~~rred upon ihe following conditions, te wit: ~
"1'h~• ~urtR;~Rur .+K:rt~s to pti}~ the r.:ort~;akrc, ur urder, thr prtncipal sum ot SEVENTEEtJ THOIJSAtID NI;lE {
:IUDIDRID A*ID NO/100-------------------------------------------------------------- ~
I>~~;I:+cs 17,9Q0.00 ~+s e~idrncrd bt• a note ot e~•en date herrw•ith, w•ith interest from d.,te ~~t th~
r.~te u( seven prr centum ( 7 prr ~nnum on the unpa?d balance
i;nt~! pa~d. The sa~d pnncip.~! and intere•st shall be p:~}•able at tfie of[ice of J. T. STF~r~AIrT MORT~AGE
CC~SPAtdY, IiJC., Suite 300 - 100 :~aracle Dlile, Coral Gables, Florida
~~r at ~~ch other place .,s tfie holder of the note m~~• des~gnatr in w•nt~n~. ~n mon:hlp installments of 011e iiundred
NinCteen and 21/IvO--------------------Doildrs (S 119.21 commencing on
the [irst d.+~ of Decc:t*~er . 1~T71 , and un the tirst day o( each month theteafter untiltheprincipal
~~nd ~nterest are full}• pa~d, except that the fmal p.+~•ment of pnncipal ~nd interest, it not souner paid, shall be due
.~nd pa}ab:e un the first d~~• o! iJove~tv~ez 2001
' ~1nd ~hall duty. prompU}•, and full~ perform, d~scharge, execute, effect, complete, and comply with and abide
h~ e.~ch ~nd e~•ery the stipulat~ons, agreements, cond~t~ons, and co~•enants ot said promissort• note and of th~s
~ r.~:~~rt,~:~ke, then this mortgagr and the estate hereb~• created shall cease and be null and cuid.
And th~~ murtg~+gor turther cu~•enants as follow•s:
` 1- That he ~•ill pa~• the indebtedness.as here~nbef~re pru~•ided. Pricilege ~s resen~ed to pay the debt in w•hole,
~ ur in ~~n c~mount equai to one or more monthl~~ pa~•ments on the principal that are next due on the note, on the first
' c+.;+~ uf .+m mcmth prtor to maturit~•: !'r.•~ :,1.~:i. howerer, that w•ritten notice of an intention to exercise such pri~•ilege
~s ~;i~E•n at least thirt~ (30) da~•s pnor to prepa~•ment; and, pro~~ided further, that in the event the debt is paid in
~ tult priur to maturih and at that tlme it is insured under 4he pro~-isions ot the National Housing Act, he w~i!! pay to
` the m~>rt~;~,~ee an adjusted premium char~e of one per centum (1") of the on~inal principal amount thereof, except
; t}~at ~n nu c•~•ent shall the adjusted premium exceed the a~regate amaunt o( premium charges which would ha~~e
~ been pat~able if the mortgage had continued to be insured until maturity; such pa}~ment to be applied by the mort-
K~KEe upun ~ts obtigation tu the Secretary of Housing and Urban De~•elopment on accoant of mottgage insurance.
~ That, in order more lull}• ta protect the securit~• oi *.his mortKage, the mortgagor, together with, and in addi-
~ t~~>n tu, the monthic pati~ments under the terms of the note secured hereb~-, on the first day of each month until the
~;+ua n.>t~ is lull~ paid, u•ill pa}~ to the mortKa~ee the foltow•ing sums:
An .,c..~unt sutf:: irnt tc. prvcide thr h.~i:lrr hrreuf ~'ith funds to pa~' tt:r nr~t a:ortR~~;r tnsuran.e prr^wr if th~s enstru-
? r. rnt ,~ndthe n~~te- s~•ru:ed hrrc~b~ ar~• in>urrd, or d~n•.,nthl~ rher~;.• t~n I~ru ot a^:~rtgatie insuranrr prt•m~umt t( the~ arr
? h.•Id ht tli~• Secrrtar}' ~~f N.~u~in~: and Urban Decrl~~pn.ent, as foll~w'~:
i ,I, (t .~n.i so ton~; ds sdid nute~ ut csrn date and this instrurcent arr in~urrd or are re:nsur~d under the procis~uns o( thc•
\.~te.~nal H~+us~n~ Act, an artwunt sufti.irnt tv aciur.:ulate in thr hands of the holder one 11) month pnor to ~ts due
~ :etr the annual rr:ort • c~nsurence ~rrm~um, in urder tu •ocide such hulde! w•tth funds to a such iemtum tn thr
z - ~ p. P P
rr~ tar~ HuusinK end lJrben Drvelopr, .=nt pur~uant t~~ the Nattonal }I~us~ng Act. as amrnded, and epF:i. able Rr~n-
l.~tt~~ri. thrrr;,ndrr, er
11~ lt .+nd s.• !~~n', a+ .aid n~~:r .~f rcrn ~iate end th~s ~nstru^:ent are held Lc the Secretar~ of Housin~ and Urban Drcr2:~p-
~ _r::t, a rn.,nth!~ .harKe +.in Iieu ut a rn~rtKa~;e ~nsurencr premiur.:1 which shatl br ~n :n arr.~unt ryuat tu one-ttcelf[h
~I 1_~ .~t :~nr-hal( ~'.1 F~rr crntum o( the acrr~+~;~~ uutstar.dtnK bal.,ncr du~~ vn thr n.,te con.:puted u•ithout taR-ing int~~
~ ~ ~~un! da•;~nyueni u•s ,~r pr~•pa~r.:rnts,
• A~u~r ~ yua; t:.• thr ~;r.~und rrnts, if an~. next dur, plus the prrr.,wn:~ that uiil next 'ue.: me due and pavable on pottc~rs
_ t fir~~ ..r.d :~thrr harard tnsurancr ruvrrtn~ the mortKagrd propert}•, plus taxrs and assessn.:ents next due on the mert-
- G,r.p~rtti ;d!: .~s ••~t~~ndtrd b~ the Tortgager~ less a:! sums alrrad~• paid therrfor d~cided by the number of months
- ~~:aG,~~• hrt~.rr :,tu• rt;~~r.th F~n~~r t~ thr datr whrn ~uch Kr~~und rrnts, prr:n~u.^.~~s, tazrs, and assessrr.ent~ w~ll becomr dr-
I:r.GU~'I11. ~li~ Fi s..~.s ;c. bc• hr!d b~ T.:~rt~;agrr ~n ttust iu pe)' sa~d g[ound rents, prrrriums, taxes, and sprcial assrsscnents,
.,~,~i
' Ai: ;~.,trr•~!~ °rn!i:~ncA in thr tu;~ p~rcrding subsec[ic~ns of this paragteph and all p~}.^.~.enis t~ be n:a:~r under thr n~~t~
~ecurrd hrrrh~ •.na2i b~• eddrd toa,rthrr an.1 thr a~;Krr~;ate amuunt thereuf shaii br pa~d hc the r.:ortKaK~r rach r.~,onth ~n a
i
<x .in,•!r ; etr.rn! t•~ hr a~;,Iird !he .n~~rtKaKre to thr f~~:luu~tn~; ttems in thr ~~rder srt f~,rth:
- ~f, ;~r~•:r ~u^ rhar~rs und~•r thr ~:~ntrict ~,f 3nsurdn~e• ~aith the Srcrrtan nt H~~us~nk end L'rban Dr~~elopment, or mnnth;}
rt~artir ~in liru ot T~~rl~;a~;r ~rti~urance prer,.iu!r.1, at thr ca~e may- br, •
~I1~ ~.r.>und re•r,ts, ta>rs, essa•s~mrnts, (ire, and _~thrr hazard ~nsurancr ptrr:»ms,
- Ill~ ~ntr:r~t ~n thc n~~tr src~red h!~rrbv; and
e^ :~rtitat~~~n •.~f the princ~pal ef said n~te.
:~n~~ ~9efic•~enc~~ in the ar~ount of such a~reKate r.~onihl}• pa~~ment shali, unless made good b}~ the mort~,agor
:j~ pr:.~r t~• the due date of the next such pa}-ment, constitute an e~•ent of default under this mortKage. The mott};a~ee
r-:~,~ r~~;iect "late charK,e" not to eYCeed t~~o cents (?C) tor each dollar (S1) c~f each pa~~ment more than l~fteen
~ 1~~ c::+~ ~:n .+rrearrc to ce~•er the extra expense tm•oi~~ed ~n handl~n{~ del~nauent payments.
3. That i[ the total of the p~~~ments made b~ the murtgaKoc under Ij~~ uf paragraph 2 preceding shall exceed
_ t~r .3~re~~nt of p.+}~r~Fnts actuall~• mede b~~ the mort~agee. for Rround rents, taxes and assessments and ~nsutence
i n•Tiu-r.<. the c-ase mav be, such excess shali credited b~• the mortgagee on subsequent pa}•ments to be
= m,~dc~ h~ the murtKdKor. If, how~e~er, the monthl~ pay~mrnts made b~• the mortKagur under ~f~t of para~raph ~ pre-
_ c rdmK ~h.,;! r,~~! be suff~cient to pa~• gruund rents. taxes and assessm~•nis and insurance premiums. as the case
~'Y r.~et he. hen th<~ 5ame shall become due and pa~ ahle, then the mortg~gor shall pa~• to the mortgagee an}• amount
- nrcc~s~;,:~ t~, make up the defuienc~,nn or be:ore the date w~hen payment of such ground re~ts, taxes,assessments.
= :r, in.ur.~~cc~ ~~re^~w;*.~` snalt he due. H at an~ time the murt~~~gor sha:ltender to the mortgagee in :~ccotdance w•tth
tht~ ; r~~~ ic:.ms c~E the n~te secured herrb~ .!u!1 pa~•r,~ent of the entire tndebtedness represented therebt', the mort-
R.+k~'e .h,~t?. ~n cemputinR the amount uf 4uch ~ndebtedness. credit to the accuunt ot the r.;ortgagor all pa~ments
c~,,~j~• undrr the pn~~ ~sions of ru i of paraKraph ? hereof u•h~ch the murtgaKee !tas not become obl~gated to pay to
~ ~n~• Serretar~ of H~~u.~nK and lirban Drcelopment and an~~ batanc•e temain~ng in t~e funds accumulated under the
E~n~~:~i~ms ~,f ~ of said par.+Kr~ph 2. IE there sha:l be a delault under am• of the proti•~siozs o[ th~s mortgage, re-
' .u,T~n~; in pubi~c sa~e vf the pr~~m~u~ cove:ed iereb~•, or ~f the c~ur;gager acqu~res the property otheruise atter
dc~f,,u;t, th~~ rnurtKa~ee shail appl~•, at the time uf thP commencrment ot such proceed~ngs or at the t~me the prop-
c~r!~ i~ ~~tht•rwise acquued.the bal~ne-e then remain~ng in the funds accumulated under ;'-~of par~gcaph ~ preced~ng
_ credit ,~K;~~nst the ~muunt of pr~ncipal then rema~n~ng unp.+id under said note and shall preperly ad~ust any~
,~a~ments ai~ich sh~~ll ha~e been ~ade under r~~/ of said pata[~raph.
a That he ~•ill pa~- all taxes. .,ssessments. water rates, and other Ro~err.menta! ur mun~cipal charges. lir.es,
_ ~,r :;^E~~,s~t:_m~. f<~r w~hich pro~ ~sion has nat been made here~nbefore, and in defauit thereof the mortgagee ma~~ pac ~
_ thf• ~~~m~~, ,,r,~a !h.+r he w•~:; pn>mptic del~~•er the uffic~al rece:pts therefor to the mortKagee.
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