HomeMy WebLinkAbout0923 ~-,~r?:;.~~;ur !trrrt~~ t:,;:~ ~c..r..,nt th~~ tttir t~, .a:d !~ind, and ~~ccn part thrrE•~~f. <~nd ~~•iil delcn~i thr s~~n:r
,~.~~:r:;i thr i.~~.~tui ciaim: ul .~1: p~•r~~,n. uitum~uc~~rr.
P1~'O~'IDE:I) al.1~A1'S, ~nd these prrsr~ts .~rc e~c•.•ut~~cl ..nd drli~•ered upon the folluain~; conditiuns, tu u~~t:
'i'f:c• rr..~st~;a~,.~r .iK[~cs t,~ p:,} the murt~:,,:~;rr. .x .~rder, thr pr?ncipal ~u~^ ~f SEVIIJT~N THOUS~AND TWO
FiUNUItED AND NO/100--------------------------------------------------------------
I>~'::.+~c ~5 17,200.00 .~s e~~drnrrd bt a nutr of ~~•en date hc•ce~v~th, ~~th tntrnst frum catr :+t ti;r
r.:t~• ~I s@v@I1 pc:r centum ~ 7-,'„) prt annum on the unpatd balancc #
,.:;t~l p..~~. The ~aid princip.,l ~,nd interest shall be pa~able at the oftice of J. T. STF:1iTART MO~~:'i3AC'a$
COt~ANY, INC., SUite 300 - 100 Miracle Mile, Coral Gables, Florida '
~
:.t ,uch .>thrr ~iece <<s thr h,~ider uE the not~ m~~• desiKnate ~n w•rtt~ng, ~n munthl~• installments of Oile Hundred
Fburteen and 55/100------------------- Doliars (S 114.55 commenr:ng uti
th~• t!rst d~n uf pec~r , 1a71 .:~nd on the first da~• oE each month thereafter untiltheprincipal
~+nd intr:rst are full}• patd, rxcept that the final pacment uf princtpal and interest, if not sooner paid, shall be due
..ad f~~+~~bic• on tt~c first da~ of Novemi~e]C, 2001
:ind shal! dui~ , prompth , and tull~• pertorm, d~sch~~ge, execute, efEect, complete, and compl~• w~ith and abide
r~ch dnd ~•~•erc ine stipulat~un~, aKre~r.:ents. condittons, and co~•enants of sa~d prom~ssor}• note and of this
c~~rt*;+~;e, then this mort~;agP and the estate hereb~ created shali cea~e and be null artd ~•oid.
:\nd the mortgaKor further cocenants as follow~s:
1 Th~it he u•~1! p:+~ the indebtedness, as hereinbefore pro~ ided. Pri~•ilege ts reser~•ed to pa~• the debt in whale,
~~r in ~~n .imount equai to une or more manthl~ patments on the pnnc~pal that are next due on the note, on the fi~st
~~f .+m montfi prior to maturit~•: f'~,~~:::..;. howe~•er. that u•ntten notice of an ~ntention to exerr:~r nucn pri~•iiege
1. ~~;~•n at least thirt~ j30) da~s prlor to prea~+~•ment; and. Pru~~~ded furthzr, that in the ece~t the debt ~s paid in
t::it r n.~r tu r.^.aturitti and at that time it ~nsured unde~ the pro~•istons o[ the National Housing Act. he ~•ill pa~ to
s;tc• :~~~rt~,~~,ee an .~dtusted prem~um charge oi onr per centum (1~) of the original pnncipal dmount thereuf, except
t}:.~t m no e~ent shal! th~• adiusted prerr.ium ezcerd the a~regate amount of prem~um charges which u•outd ha~•r
:~rc•~ patabte if the mort~a~e had continued to be insu~ed until maturit}~; such payment to be appli~d b~~ the mort-
~a~ee upc,n ~ts obligation to the Secretar~• of Housing and Urban De~•elopment on account of mortgage ~nsurance.
'~thet. ~n urder more fuily to protect the secunt~ oi this mortgage, tfie mortgagor. together uith, and in addi-
;~un t~~. thc• mr~nthl~ patments under the terms oE the note secured hereby~, on the first dat~ of each m.~nth unt:l the
! s,~~d ~vtc~ t~ fulit t~.+td, ~ct;l pat to thr mort~aKre the foliu~~•in~ sums:
' Ar. .:nt _.:iti.:~•a! pr~~~idr ttir h ldrr h:~rr:1 ~aitn (unds to pac r!~r nc•xt m~~r.ga~r i^SUron.r prr::~iurr: i! th~s tnstru-
. rnt .~nd .~.`n:~r..- ~.v ~,:r~•:1 hrrrb~ ara• 1n~urr ~r a r. ~nthh . har~;r ~ in iiru .~f a r.:ort~;e~r insurancr prr:r.~um ~ tf ihe~ arr
t~~~:,: i,~ th~• 1~~crrt..r~ ~~1 H:•~.i.:n~ end t'rban Dr~~ri~,pr..ent. es [~ll.iu~s:
1 l: .:n~; ~a sei.3 n~~tr :~t c~crn .:atr ami tiis tnstrumrnt arr insured or arr rrtnsured under tnr pr.~cis~uns af thr
X..;i.~r...: H~::.in,; Act an ..m.,unt ~utficient t~~ ai~uceulatr in thr hand~ ef the• holder onr ill ^:c~n!h pri.~r to ~ts due
S~:r thr annual .^.:if[(~;dKt insuran~r prrr..tum. !n .:rdrr so pn~~ide su:h hc:ldrr ~~uh iunus t•~ ~~ay suchprrm~um to the
n~~~n N~u~in~ and l;rh..n D~~cr1uF~^ rn! pur~uant t~~ thr \at~unal Huus:n~ Act. as amended, and app:~rebie RrKu-
~
.+!t ~r.~ !~«~trundrt, or
11 It en.i 1on~ as sa:d n.>tr ~•f c~rn datr ~nd th~s instrument +re held by the Secretar} of Houstn~t +nd Urbeo Drti•ri:.~p-
j .~nt ^ nth:~ ~ her~;e ,.~n tie~u .~f a~..~rt~;aFC~ ~nsurancr prrmiur.:~ wh~ch shall br in rn .cr.~unt eyuaI to .~nr-t~ae;fth
~ , i 1_~ ;~t one•-halt prr ~rntum o[ the acrre~;r ~utstandtn~ hal~nre due vn the n~~te :or.,p~teQ ta~th.~ut tak:ng :nt~
~ ::n! driinyura~ ~~•s :r nrrpdvr:rnt~,
} :1 ~ ry~ei t.~ thr ~;r:•u~d rrn; :f dnt , ncxt .i,ar, plus the ~prr:r.iums that w•tll nrxt brc~~r:e :iue and ~ava6:r ~~n poL~ trs
; t t:r~ ~nd ~~thrr hetarA ~:~.uranr~• :.~crrinF t:~c °.'rlKdd<<~ Vruperty, plus tates anA asse•ss~:rn:s next c:ue ,~n the r.:ort-
~ }:t •;rrtt :aS1 es ~-.:ir::ut~•.i h~ tnc~ r._~rtkdKrr '.rss all su~~s alrct~d}•pr~d therefor divi:3ed bc the nur.:brr of mvn[hs
, r!.,~+.~ L~~f rr : n~• r. ,~nth ~-~nr tnr .3eta• uhrr. +uch Kr~,und rents, prrmiums. taxrs. +nd ~ssrssr.:ents wiii becar.,r de-
i;^.~j~.~~n• ~u~h ,.c.. .e hr hr:d b~ ._,~rt~eder ~n !rust t~ p~y ~a~d ground re~ts pre;ri~ms. ta:es, andspectalassrssmrnts,
'.~~"n~ r..~
~ a;: - a nts: ni d in the ?u~. prec rdin~; sa!~sr. u~~ns .?f this pazegraph and all pa~ r, rnts t.~ br ^:~de ~nder thr n.~tr
~_.r. ! hi r~ :3~ .F;e;! be e~drv ;.~~;rehrr anu thr a~,~;irF;rtr a.^.„>u1i therr+.~f shall br ~~e~d b~ !he .T.Jf[t;dKUf r~ch sr~ nth tn a
i ~ir., nt t• hr eE~p,~rd b~ ~11P ~I!~d~i,t'C t~: thr f~i:.,•a:nK ~trms an thr .~rder set f_tth-
~ . ; r~ , h..rFr. undcr ;hr . ntre.: ; i :n~uren.. •a;th thr tiecrrtar~• H ~usin~; end Crban Dr~r:.,~~r.xnt .~r ~~.ath:t
s .!:.a.'~:~' .1!: ~it•U JI '..r~IFd~'a' 1.'l~::fd:1~~c• j'~T['^':',.:T: a~ I1:t' iiSr i^ry br. .
~ 1[. ~r.,:.nd rrr.ts ;aaa•~. ds5r~5r.rR[s. ft~r_ au~= thrr i~.arar:l ~nsur.nce ptrr.:tun'.s.
~ III: uitrrr.t .~n thr n«ir secureA hrrrbti, and
i\ ~r~reti~•r r.( thr pr?ncsp.~: ot s.iA n.,te.
~ -\n~ ~rtic~enc~ ~n tne anuu~t of ~uch aKy,[t•ga[e T:unthi~ pa~•meni shalt, uniess r.:ade gour. by tfie srurtKdK~~
~
~ ~:n~~r t~~ !F.e cuc~ datc ~~t the next such pat ment, con~titutf: an e~ent of default unde~ ihi~ mortgaKe The murt~agt•e
_ ~-,,'.;~•~-t "i~,tc• ~•har~e" not to exceed tu~ cents ~?El for each dollar (Sl~ of each patment mure than f:fteen
~ ~rl~i ~,~~s m a~rc~ar~ to co~er thr extra exEx•nse ~mol~•E•d i~ handlinK delinquent pa~ments.
- S Th~t ~f the to!ai oi thr t~.+~ments ^~ade bv, trte murtgagor under uf paragraph 2 preceding shail exceed
~ *,fit' :i?^UU"1~ of pa~ment~ actualt~ ^-,+dc~ bt the m<,rtgager, f~r gr~und rents. taxes and asscssments and insur~nce
,:rr:- ~uc:~ .,4 !hr ca:e r:.i~ 5e. such excr~s shall be cred~ted b~• the mortgagee on subsequent pa~ments tu be
~.,,dr h~ thr nor'R.~K~~r If. how~e~er, thr monthic payments mede b~• the mortkagot under 'F i uf parakraph 2 pre-
_ ;.~~inK .h.+'; nut be ~uif~c~rnt t~ p:iy Krvuttd rents, taaes and assr~sm~~n!s and ~nsurance premtums, as the c~se
x,,ti hr. x?~r~ t~r ~.:me sh~!! berorne due dnd pa~abfe, ther, the mortg~gor sha:i p~~ to the r~ottg~gee an~ amuunt
:~~•re~:ti.ar~ to :c:.+~r ~p the defic~enc~-, un ~x before !he date w•hen pa~ment uf such ~rvund rents, taxes. asscssments.
- c::.;~r..nre ;~rr:~tum~ ~halt br due. li at .in~ t~me the m~xtK~+~;~r sh~,lltrnder :o t!~e mc~rtgagee tn eccotd~nce w•t.h
?h~~ t~r~~•.;~:.,r.~ 1+t t`~e nnte s~cured herehti. tuti ,a~•ment of the eatire ir.deb!edzess :epresented thereb~~, the mort-
R,~~rr ~h.~;.. :n cor.:puUnK tfie ar^ount of such endebtednes~. cred~t to the account of the mortgagor all pa}ments f
~ ~^.r.ir unde: •the pro~~iv~ons :~f ~u ~ uf par:,Fr~E~h ? hereof K•huh the mc}rt~aqee has nc~t become ohliKated to pay to
- ;be Sc~crc•tan ~~f H.~us~nR .;nd L'rb~n De~e;opment and an~~ balance rrmaminR sn the funds accumulated under thr
_ ;~r~~~.:~:,~n~ ~•t c~i s.+id p,+r,~Qreph It thrre shail be a default under an}~ of ihe pro~~s~ois of th~s mortgage. re-
E:ub~ic su?e ot the prrm~.rs co~r:ed ~ereb}, or if the morigager acquires the property otherw~~se after ~
,:e•t.~L!t_ t}ic• mortKagee ~ha1! appl~. .~t the hme uf the commencement of such proceedings or at :he tlr.ie ihe prop-
~•rr~. ~~th~•ru-?se acqu~n•d,!he balance then remaining in the tunds accumulated under ; i•~ of paraKraph ~ preceding
_ ~~~~d~t ,,~;alast thr .+r~~unt of pnnc~pa[ then rema~n~nR unpa?d undet said note and shall properlpad~ust an}
~ r~rnts u•nich shall h:~~~e bren made under 1 of said paia~raph. ~
= a Th.,t hP w-~;1 pa~ all taXCS. .~tiSCSSinE~:S, w~ater rates, and other go~ernmental ur munic?pal charges, f~nes. {
:•r :~^p~~.it::+rs, for whtch pru~ tsi.n has not been made here~nbefare. .+nd in default thereot the mort~agee mac pat~ ~
- th~ ~,im~•, .+n~? s::.~t hr u~~;i pn~rr.ptl} u'eii~er the off~c~al rece~pts therefur to the mortgagee
i
eeox 197 ~acE 9~
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