HomeMy WebLinkAbout0928 • . h~•rrh~ t~~i'.~, ~,,:,c;.,nt ttu• tit?~~ t~. >:,:d .:,nu. and r~c~rt ~:~rt tnrrr~,f. ~~~id ~~~it! d~-l~~~i,i
F tt;i• i.~r,:c~
,.~ttl~i i~li~ '.,~'.~!!:i C:.~Ifl;~ u~ }1~•(tiultti ~Ct•u%-iui't~~•!.
Ph'O~'ll)f~:U .-~Lltr~l~~. •~nd thrsc• prrs~•nts .+sc~ ~~xc~.~ut~•d .~nd deli~•c•rcd upon rh~• fc~liutetnK cond~twns, t~i ~c~t:
i~:.c ?:ur!~;..~u~ :~Rtrrs t„ tiic• :r.~~r,ti.~~:~•r. u: unirr, t!ic• principal sum of FO(JR1'EEN THOUSAND FIFTY
AND NO/100---------------------------------------------------------------------
14,050.0~ J. c•~i::~•:icrd b) a twtr u~ r~rn d.~tc i:~•r~~~~~ch. ~cith tnt~r~•st frum d.~tr .,t t't:~~
i,,r~~ . t seven pet cer.~~~m ( 7~) pe~ annum on the unpald datanrr
_::,t:i ~~.+:.i. Thr ~,.~d pnn~:p.~i ~nd intrrest shall be pa~able ~t the office of J. T. STF~TAR1` MQRTGIIGE
COt~ANY, INC., Slxite 300 - 100 Miracle Mile. Coral Gables, Florida
.„t >urh utnrr p:acc~ .~s thr h~,ldrr ut the notc• ~:ot dcsignate ~n ~rriting, in monthly installments of Nlnety
,
Three and 57/100----------------------Dol?ars 93.57 co:n:r,rr.c~~~, c~n
t`~~• tir~t cl~~~ ui Janudry , ly 72 . and un the l~rst ot each month thereaEter untiltheprinc:p~l
.~nd ~ntrrcat are tull~• paid, excegt th~~t ihe (inal pa~ment of prin~~pal and interest, if not souner paid, ahall be due
,,:i~~ ~,.i~,~b~r ~~n thr first d.,~ of Decembe~, 2001 .
.~~ici ~h~ll ~ul~, prumptlt, and Euilt' pertorm, d~scharge. exccute, effect, complete, artd comply u•~th ~+nd abide
c•:~ch .~nd e~er}• thr sttip:~?ations, aKreem~nts, condit~uns, and co~•enar.ts of sa~d promissor~• note and of th~s
•~,~rr<<,,~;e, then this m~rt~;age ~nd the estate herrbt c~rrt+ted shall cease and be null and ~•oid.
:\nci ;he r.iortKa~;or further co:•en~~nts as follo~~•s:
1. "fhat he u•ill p.,~ the indeb.c-dne~~. as herelnbetore procided. Pri~•itege is rrser~•ed to pa~ the debt ~n u~ho2e.
.~r :n ,~n a:r.uunt equal to one ~r more m~~nthl~~ pa~ments on the princtpal that are next due on the notc, on the f~rst
:i.,~ ut an~ :~onth pnor to matunt~•: !'.~~~:::•.i. how•e~~er, that u•ntten notice of an intention to exercise such pricilege ;
i. z:•:rn ;,t lt~ast thirt~• ~3111 dat~s pnor to ~re,~a~•ment; and, pro~~ided furthec. that in the e~ent ttie debt is paid in `
+.u:l , u.n t,> n;;tunh :+nd at that time ~t is msured under the pro~iswns of the National il~~using Act, he w•ill pa~ tu
tt~c• cr.~~rtR,~~~e an ~~diusted premium charge one per centum (1"~1 of the original principai amount thereof, except
rt:,+t in nu ctent shall th~~ :,diusted prem~um rxrerd the aggregate amount of prem~um charges w~hirh w•outd ha~~e
:,~•~•n r,~~.+bi~ ~f the mort~a~e had continued to be insured uati! maturit~•; such payment to be applied b~~ the cr,ort-
:.+Kee up.m cts obl~~ation to the Secretart• of Housing and Urbati~ De~•elopment on account of mortgage insurance.
Thut, ~n order more Euil~• to protect the securitt~ of this mortgage, the mortgagor, tagethet with, and ir. addi-
•i~~n tu. the rn.~n!hic ~~)•mc•nts under thr terr.ic of the note secured hereb~•, on the first day ~f eac:h montti unt?1 the ~
.,,:c? ~.,r~, is tull~ p~+zd. ~cili p~~ to tFc~ mort~~Ree tne Eallo~cin~ sums: ~
;:nt s.,tf~. n•nt t~ pr~~c:di~ '.hr h:~l.'.rr h.~rruf xith (unds to Jac thr next m~rt~e~;r tn+uraII.`r prre:w^ if :::is in~tr;:- ~
c
...~•nt .~:z~thr n~.tc• ~~•rure•.S t~rr.•bc err ~n:urr.'.. ~r ,..unthl~ ~hrrtie (in ltr•u ~f a mertKaK~• ~nsurancr pr~~c:3u^~~ if they arr ~
F~r:,i b4 ti:~• ~r.rctert uf H•.~u.inK. and l'rh..n Dr~rl..gr~ent. as fotloa~s: ~
~ I;t :~~n~; es Sa1:I n~ c~( r~rn •iatc and th:s ~nstrumrnt arr insured or are re:naurrJ uu1r~ ii~r y~....>wu~ :.•f .he
\..rl r..,! H•~~:>tn~ A~ t_ an eT:.~unt ~u((tr~~nt t•~ ar_u^:ulatr tn thr hands o( the holder one fll T.onth pn~t tn its due
' th~• :.nnu.+l s.~~rl~;~~•a• tnsii~en.r prr~:iuc:. an ~rdrr to pr~+t•ide surh holdrr vkt~h funds to pay suchprer.:iu:r. to the
S ~ r~ ;.~r~ ~i Fi ~u~in~ and Crb.,n nr~rl~~p:r.rnt purs~ant tu the National Housing Act. as ar.:ended, and appiirable Rr~,v-
I.r.i ~n.'ha~rrunSrr, ur
11 It ..r•~i l~~n~ .de~i :i• t.• •f r~rn dat:• and this instrur..ent arr hrld b} the Srcrrtary~ of IluusinK and l'rban Dc•~~•1 -
j e r~:_mthi~ .har~e +_~n !u•u •~f a mortga~;c~ tnsuranre prert:iuc~~ ~+'ht~'h shall be tn an e~:ouat eyUai to onr-tu::fth
~ i_+ .~f unr-half (~.l pa•t <<ntum .~t !hr dteregr .,uttitandin~ Lat:.a:r dur ~~n the n~te c.~r.:pu;ed u~uhout taking int,:
unt drlinyurncies :•r Furpa~mrnts,
~ 1~, ~~yua! t., the ~;n+und rrnt., :f an~, m•xt dur, pl~s the prer.:~ums that uill next become due and pasable on p~~l~. ~es i
~ t r:r~ and .,;hrr h~[ord :m:.r~n~r i~~c~-nn~ the -.:~rt~egrd propert~. pIus tazes and assessments next due on the ~rort- '
;.,F,~,! pn,prrt~ ~e(1 a> rst~r.~trd h~ thr ;r.~>rtgdKrr~ Irss a:l sums alta•adc pe~d therrtor dt~•ided bti the nur.ibrr ut munths ~
..~I.,,~.,r hrt~re ~,nr ^,.~nth pnur t~~ the lldit• 'A':lc•:l suih Kn:und rents, ~remiu~~s. taxes, ~nd assessments w'ijl be~orr.r de-
.r•::;ur:z~. :u. h~u^.~ !c~ t~~• h~ ::1 b~ c.~~rt? a~rc• ~n !rust ~o pa~~ s~~d gr~und rents, prrrt:wms. taxes. and special assessa:rnts. L
....d -
' A;: ;~e~r.:i;. -,rnt~~•n~•d in thr t•a'~~ pre< rd;n~; su~+~rrt~~~na this paragr.+ph and a:t pay'mersts ti. br :r.ide under !hr nuir ~
g ~
:r~ ~..r~•;? r~ b~ tihell !~r ~d~f~•d to~;rthrt and 'he e~.;rr~;atr asn.~u~t therr~:! shalt hr ;•eid b~ the :~:ort~aK.~t ea~h mi,nth a
~ :n.:;.~ ;~..~c.rr.i t hc~ .+~~~,:ir~i h~ the ^..:rt~aRrn• 1~~ t~c (~;:._'x'irlE t:er:s in thc urde•r srt f_~rth
\1' .-.:u^ rherKr~ ur.drr ;hr r n!re: t~~! tn~uren. r~.tith the tir~ rrtan' f~:~using and Urban Dece:oprt:ent r~r .^.-.:~t:hlc
~
'!-:.,r.:r ,m tir~ Ul !(':/Fr i!1~Uldl1~ C prer,.i;::r i as t~r .aar• ma~' br,
!1~ un~s rrnts, t.+xrn ,,.~rasr,rn(s. ftrr. e:i.2 _.ther t.arard insurancr prer.:tu^:s,
S[I~ ~t~trrrst .~n tfir notr sccurr.i hrrrb~, wm!
S 1\' ,~r!iiati:~n ~~f thr pnn. ~pd~ cf s.~d n~~te
def~cie~nct in the ar~ount of such a~reKate ^~nthl~• pa~•ment shall. unles~ m.ade good bt the .^.:ertKagor
~ i~:~.~r tc~ the due date ~.i the next such pa}~ment, const~tute an e~~ent ~~f default under th~s mortgaKe. Tne mortKagee
~ c~~ttect a"late c::a:FC" ~ot to exeeed tw•o cents ±?C; for each dol:ar tSl) oE each pacment more than f~fteen
~ l~i d~+~s i~ .~zrears tu cocer the extra expense ~o~•ol~ed ~n handi~ng delinquent pa~~ments.
3 Th.,t if the total of the p.+~ments made b} the murtgagor under ~`f~! of paragraph 2 preceding shall exceed
tnr .~muunt of p.+~~rt:ent. actuali~~ m ~de b~ the mortgagee, fur Rround rents. taxes and assessments end insurance
~ ~:e^:ium~. ,,s thr res~ m.?c ?~e•. such excrss shaii be cred~ted b~ the murtgagee on subsequent pa~•ments to be
~ :-~.+~ie h~ ttie murtg~~or. lf, huur~er. the monthl~~ payments made by the mortgagor under tF~~oi para~raph 2 pre-
- r~~~inK ~h,+li n~~t be ~uffici~nt to ~~a} Rruand rents, taxes and assessm~•nts and :ncurance prem~ums. as the case
n..,c be. ~iu•n the sar,:e shatl becorr,e due and paS~able, then the mortg:.gur shall ye~• to the mortgagee ar} emount
:i~•c~•.~.+n t~_~ ~^a;:r up the d~>f ~cienc~ , un or before the date when payment of such ground rents, taxes, assessments.
' in.ur.~n~~r E`ft:,^, illR)t shall he due. If at an~ t~rre the murt~dKor sh~llten~er to the m:~rtgagee in ~ccordance u•rth -
_ c?~, ~•r~~~i~t~m~ .~f t':c ;cte .cca:ed !:c:cb:. f~:: Yat~Ter.' o! the e~t~re mdebtedness cepresented thereb~~, the mort-
~ F.~~e•c~ .h,~1i. ~a compt~t~n~; the amc>unt ot such indebtednrss, credit ~o the account of the mortgagor all pa}ments
rr:,.~i~• undrr the pro~ is~uns uf ~~r r uf para~raph ? hereof wh~ch the m~xtgagee has not become obligated ta pa~~ to
tbe Se•c:etarc of Huus;n~; and Urban L?~~velopment and an~• balance rema~nin~ in the Eunds accumulated under the '
pr~~•.:~i.~n, .~t ~~i sa~d F:er.~Rraph Z. If there shail he a default under an}' of the pro~•isiois of this murtKage. re-
~ :f:;~r.~~. in pubiic s~le of 'he prrrnicc~s co~~rred ierebc, or if the mortgagee acquires the property otheru•~se after
~i~~:,~u;~, tnr rnurtRa~ec~ sh<~1( appit•. at thF t~me of the commencement of such proceedings vr at the time the prop-
rrt•, i~ „th~~s~ri`e acGuired. thr baiance then rerr~a~nin~ ~n the funds accumulated under ! of para~raph 2 prereding '
_ crc~c~it ,eKainst the art:ount of pr~ncipal then rem~in~ng unpaid under said note and shal; properiyadiust any
- ~~.~~mc•~ts ~.~hich ~h.~ll ha~•e been made under ~ of said pata~raph. s
_ J Th.~t he u~itl pa~- aIt faxes, a~sessments, u~ater rates, and other gocernmentai or municipal char~es, f~nes,.
,~r iT.p~=~~ti~ms. fur u•is~ asior. has not been rr~ade hereinbefc;re, and in default thereof the mo~tgagee ma}• pap
i~ r;~~ ;.~;~i~: .+~d t':;+t ht~ w•!li pr~~mprt~ deli~er the offic~al receipts therefor to the mortgagee.
i~ ~oo~ 197 ~~~E ~27
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