HomeMy WebLinkAbout2887 ..,id ;,,,rtF;.~}~.ur d~~r~ he•r~~tz~ tttll~ ~~<~rr.~nl thr t~tlr t~~ .;aid I~~ad. and r~r:~ p:ett thrrt•.~f. and w•ell d~~frzrl tlic• s~..c.
.~~.1111~( 1}ll• iaN'tUi l'~.iiRl~ i~l :f~~ E)CfiUt75 ~CElJltiti(rt\'Pf.
Ph'(1\'IDED AL1[AYS, ~nd th~~se presents .~re vxecut~~d ~+nd drl~~~•red upon the lolloµ•ing conditions, to w•~t:
7'hr murt~;,~~;or .+Rrres tu p~~}~ thc~ ::~urtK.~Kre, ur utd~r, tht~ principal sum of SEVENTEEN THOUS~ND FOIIR
HUNDFtED AND NO/100--------------------------------------------------------------
(~ull.+rs 17,400.00 t~~~~nced b~ a nate uf e~~en d:+te here~~~ith, u•ith ~nterrst ftom d.,tr ~,t t!;r
r.~te .~t seven per centum ( 7:o) ~xc ~nnum on the unpaid balanrt•
unt~l p:,~J. 1~he ~a~d punci~k~l and interest shall bc p:+~able at the office of J. T. ST~'".riAKP MQEt2GAGE
COMPANY, INC., Suite 300 - 100 Miracle Mile, Coral Gables, Florida
.,r ,+t ;urh other place as the holder of the note m~~• designate ?n w~r~ting, in monthl~~ ~nstaliments of png F~ndred
_ pollars ~S 115.88 comn:enc~ng on
Fifteen and 88/100-------------------
~h~• f~rst d~~• of December . 1971 ,~nd on the first du~• of each month thereafter untiltheprincipal
.,nd interest .~re tullp p:~id, exc•ept that ihe final pa~ment of pnnc~~al and interest, if not suoner paid, shall be ~ur
.ind p~~~abie on the ficst d~+F~ c~f Novemk~er, 2001
And shall dul~, promptl~~, and fuUt perform, dischar~e, execute, efiect, complete, and cumply with and ab~de
h< <•.~ch c+nd ecer~ the st~pulat~uns, aKtermrnts, cund~tions, and co~•enants uf said promissor~• note and ol this
; :;:.~~rt~;~~;e, thrn this mortgaKe .~nd the estate hereb~~ created shall cease and be null and ~•oid.
? And th~• mortKag.x further co~enants as foltou•s:
~ 1. 1'hat he u•ill p~~~ the indebtednes~, as hereinbef~re Pro~•ided. Pn~•ilc ge ts reser~~ed to pay the debt in ti•hole.
u• in ,~n ~~m~~unt equal to one or muce montfil~• pa~~ments on the princ?pai that are next due on the note, on the [irst
- ~~f ~m monti~ pnor to maturit~•: 1'~~~~ : i..~. how~e~•er, that ~~~ritten notice oi an lntention to exercise su.^h pricile~;e
i~ Ri~•rn at least thirt~ (30) da~~s pnor to prepacment; and, pro~ided further, that in the e~•ent the debt is pa~d in
tuii ~r~or tu matunh and :+t ihat time it ~s insured under the pro~ isions of the lational Nous?ng Act, he ~eil! pa~ to
- ~ht~ m~~rtc;aKee an :~d~usted premium char~e o! one per centum 1.1=;~~ ot the oriRina! principal amount thereof, cxcept
= tt;,~t ~n nu e~ent shall thr ~d~usted premium exceed the a~,regate amount of p:rmium charges u'h~ch w•ould ha~~c
~ :~~~r•n pa~able ~f the mortgage had conUnued to be insured until matutit.; such pa~~ment to be applied b~• the mort-
F ~;akee up.~n its obliKat~on to the Secretar~• of Hous~ng and Urban De~•e:opment on account of mortgage insurance.
- "fhat, in order more fult~~ to protect the securit~~ of this mortgage, the mortgagor, toge!her with, and ~rt addi-
~ ti.~n t.~. the r.±onthl~ pa~ments under the terms of the note secured hereb~~, on the first da~• of each month until the
~ ~.,id n;~te i: full~ E~.,td, ~~~~l1 pa~ to the mortKaRee the follow•ing sums:
- ~.1nt ~::~It~ t~•nt 2.~ pr~~ idr thr h~~ldct hrrri~( «'tth funds to pa~ thr nra2 r..ortK~F;c• tnsuran: r prrrr.iuT. t( ihi~ in~!t~..-
rnt ..~d th~• n.~tr ~rcurrd hrn•b~ ~rr m~urcd. ~~r n~^on?hi~ i her~;r ~~n liru :~f a c.rrik.+Rc~ insurancr E•rrs wc )~f thr~ ere
h~ ::1 t,~ thr tir.rrt.+r~ ,~f H.,us~n~; and l'rhan De~ca~l,~pr.:rnt. as (~i!u•.~s:
;5
= t. :t .+n~: b.~s~~; a~ sdid n~~te ~.~i rcrn ~iete and this :r~strurt:rnt arr ~r.sured or are rrinsura•d undrr'.he prucis~;,ns :hr
\.~t~ .nal fl ~ustn~; A~ t, an a~•. ~unt wf[i: irnt tv acru~:ulate tn thr han:i~ of thr holder .,ne 1~ c..~nth pr:.,r to its dsr
~ .!~tr +.hr ennuei ^..ntta~;r :nsuran~e yrrr.:wm. in :;rder to pr~vid~ auih h~~idrr •xi;h (unds to pa~ surhprrnuurn to thr
- ie, rrtar~ Il~~uainK and Urban Dr~el~~pmrnt pursuan[ to the ~iaUonat Noustnq Ac[. as amrnded, end appL:able RrFU-
- :ati.•:i. tta•rrur.~'.rr. r.r
1( It .+r~1 lr•n~; as ~atd n~!r .~f rc< ii Setr and this instr~e.ent err held h~ ihe Srcretarc vf li.~u+in,t and l'rban I~ecr~~~, -
_rn!. a :,~nthi~ . t~er~;e ~n i~ru .~f e~ortge~.~ ~nsurance prer.~rurr:~ wh~.h shall br in an a~.~ uni eyoal t~ onr-t•ar;fth
;E , 1_~ ~~t ~n~•-hal( prr <<~nt::r~. _~1 :nr ecc•ra~;r ~u!~tanding baidnr.~ d~r ~~n thr n~te c.>r.:putrd uithout taktng tint~~
a; . ~~c driinyurn. ~c•s :~r p:rpa~r.rrt..
~ ~ -
~„r e~c;.:ei tr thr ~;*~~.:nA rrnt~, if ant. ncxt dur, p:us the prr.^.ilums that ui:; nrrt bec:•r.:e due and p~~able on poluirs
t f~:. end ~~!hcr ii..rnrd tn~~rani e i.~cennK ihe r..~rtgag~•d pn>prrri, plus t~xes and assessments neYt due un the m~ rt-
= ,•,,,,:c.' ~h ~.all r.!~^.atr3 b~ lh~• c~~vtgaKrrl :ess a11 sur,~s alrradc paid there(or d?~~tded b~~ the nur.:ber af months
- t ~;.~4~~< brf~~rr . nr mi!~ ~,rtor tn thr de!r whrri suih ~r ~und rents, premiu-:s texrs, and assessrnents wtll beror.:e de-
...:~~~:~•nt. h:...^ s'~!~~ hc•l 1 h~ c.~rt~;a~rt• tr+,:~t t.~ pa~' said kr.,und re•nts. prerr.iur. s. t~:es, and special assrssmrnts,
..n,.
~~,.~rrr:!. -r.~nti:nrd in th~~ t~a„ prc:rd~:iK sut~~r~!s~~ns :~f thts par~~reph and ~11 pa)ments tu bf made under thr n.,Ir
.,~.i•~~t : cthrr anS thr a zc• etr ar.:ount thrrr.:f aha:l br E~e~d b~~ the r..~rt~agur rach r..,~nth fn a
_ ..~..rr:~ hcrc h~ a '-~K r:?. K
, ir ;.~:r .~nt t hr ..p,~:ird t~~ thr ~~~r,~e1~•e t.. thr f.~iiowin~ itrr.~s in thc° ordrt set forth~
• f.~ ~ r..iu^ . itarFr~ und.~r !i:~~ ntra: t ~f :nsuran: r v:?h the ~errrtan of H~~ustng and l'rban De~~rl~prt:rnt, ~~r m..nthly
,,,..r~;.~ .:n ;~ru of -..~rt~;a~;e• ~n~ur.+n~ r prr^:~u*r.). es the . asr ~a~ hr,
_ ~•,~n.! rents. taxr.. a~~rs~e:rnts. ftr~~. end .,:her har_an: snsurance prrrr,~u^s,
11I~ intere•~t .~n +.hr n~~tr sec~~reA herrbs. and
` it 1..r ~rt3rac~~~n _>f the principal o[ said n~te.
~1m~ ~1F(acienc~~ ~n the ar^uunt of such a~reKate monthly pa~~ment ~hait. unless mr.de ~ood h}• the mort~;aKor
,~n<~r t~~ tfir ciue date uf the next su~h pa}ment. constitute an e~~ent of defauli under th~s murt~a~e. The murtKa~ee
r..,~ c~~llc~c! "late charKe" nat to exceed tu•o centc (2C1 for each doliar (51) of each pa}~ment mo:e tha~ f~fteen
= t t~i d~,~c c? .,rrears to co~-er the extra expense im~ol~•ed in handl~ng del~nquent pa}•ments.
'`3 3. That ~f the total •of the p:i~•ments made b~~ the mortgagor under i of paragraph 2 preceding shall exceed
thr amount uf p:~~ mE•nts actuall~~ m+de bv the mort~agee, for ground rents. taaes and assessments and ~nsurance
F~re^.~ur:~ . a~ thr case cra~ be. such excess sha.l be credited bt~ the mortgagee an subsequent paqments to be
- m~~d~~ h~ the mortgaKu:. If, heue~~er, the monthl}~ pa~ments made b}~ the mortgagor under /h) of paragraph 2~:r-
= c~•d:nK ~h~ll nat be suff~cient to pa}• ~ruund rents. taxes and assessm~~nts and ~nsurance premiums, as the case
- ~,~t be, u~hen thr same sha?I become due and pa}•able, then the mortg~gor shall pa}• to the mortgagee a~} am~unt
`_^'F n~•rc~ssar~ tu make u~~ the def~c~enc}~, on or before the date ~•hen payment of such ~round rents, taxes, assessments,
- ~~r in~u~ancr s~rer^:~u^-ti shall be ~'ue. If at an~ time the mortgaRoc shatltender to the mortgagee in accordance w•ith
~ th~• ~:rt~~ isions ~~t the ~ote s^cured herebt•, fuil payment of the entire ~ndebtedness represented therebt~. the mort-
k.~c;c•e shali. in comput~nK the ~+m~unt uf such ~ndebtedness, credit to the account of the mortgagor all ~a}ments
.,;.~;?E~ un~rr the pro~ isions of ~u ~ of paraKra~~h 2 hereof which the mortga~ee has not become obligated to pay tu
the• Secretast of Huu~in~ and lirba~ Deve;opment and an~~ balance rrmain~nR in the funds accumulated under the
~ ~~r~~~ i~s.~ns uf of said ~at.~graph 2. lf there shall be a default under an~~ af the provisio~s of th~s mortgage, re-
~ult~:iK m a publ~c saIe of the prr~mi`es co~~ered iereb}•, or if the mortgaRee acqu~res the property otheru•?se after
- ci~•f.~u:t. th~1 mortgagee shall :~ppl~'. :it the time of the rommencement of sUCh proceed~ngs or at the time the prop-
c~rt~ is .~thc~r•a•is~ acquurd, the balance then remaim~g in the funds accumulated ur.der ! of aaragraph 2 precedi:ig
a cn•d~t ,,Kainst the amount of principal then rema~ning unpaid under said note and shall properl~~adjust an}•
na~ments wh~ch shait hace been made under r~l ~ of said pdragraph.
~ J. That he u~ill pa~ :,ll ,axes. assessments, u~ater rates, and other ~ocernmental or municipal char~es, fines.
_ ~~r ~m~u~iti~ms, fur a~hich pro~~is~on h.+s not been made hereinbefore, and ~n default thereof the cr.ortgagee ma}~ pat~
` the ~.+me; .+nd that he wil~ promptlc deli~•er the offic~al receipts thereEcr to the mortKagee.
:Y,~ 8G~x ~~S PJ4Cf
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