HomeMy WebLinkAbout2142 ...~i•.. .^,c~[r~,~ ...e:..,^t !}ir ti;'.r tu ;:,ed ..~nd. ~nd r~rt1 Pa[1 cnrrr,•f. ~nri t~~ii .~.rlrna' i!;c 5a^,t'
. ,:u~ :....t;:~ ~ 1..in:. .,I .+11 p~~:a,,n: v~hc,c nix~~rr.
I~k'C~\'I[~F.t) a1.NAl~S. and thesr frc•srats .+:e exr. ut~d :ind del~~~ered upun the folluH•~n~, condiUan., tu A•2t:
I I:r T.RIF;..~;.,c .~Rrrr+ t.~ thr :^~~rt~;:,~re. or ucder. th~• principa: r~ o(
EIG~EEN THOUSAt3D A2~D NO/100----------------------------------------------------
:i~'•••~c~ 18~000~p0 i. .ic r~~::rncrd b~ a^ute Jf e~cn d~+it f1cLt•~~lih Hith 3Ai~it'SI fiocn ~aiE• ~.t l~t
:,~t~- ..t seven per centum ~ :l per annum on the unpaid balanre
:ti~ p:~~d. The :aid pri~.:l~1 .~nd interc~st sh~:l be pa~able dt ihe olfice o2 J. T. STF1dART MO~RTGAGE CO@dPANY~
INC., S~ite 300 - 100 Miracle Mile, Coral Gables, Florida
;
:,t ~~c h oififl p.ace ~s the holde~ ~2 :ne note ma~ designate ~n w~riting, ~n munthly installments of ~e ~dred
;
isineteen and 88/100----------------------- po!iars S 119.88 ~
( com, ~eac~ng an
ti;~- t~r~t d~,~ of 3ai,u~y . 1'~i2 , end on the Eirst da~~ oi each month thereafter unt~lthepnncipal
~+nd intrrrs; are 1u1~~• paid, r~cept that the iinai c~a~~ment of principal and ~nte:est, if noi sooner paid, shali be due
r~~~er;r on thc• lirst da} of ~CP•Tt1~2', 2001 ~
:\:.d shail duh, promptl~, anC futt~~ perto:m. d~scharge. execute, eftect, complete, and cornplt w~ith dnd abide i
r.,ch ~nd e~~ert• the st~pulations, aKreemc•nti, condit~ons, and co~~enants of sa~d promissory note and oi th~s i
r.:~~rc~,:~;c , the~ th~c mortgage and the estate hereb~ crrated shali ce~ce and be nu;! and ~oid. ~
:~n~ thr r. ortR~gor fcrther co~•endnts as Iolloti•s: ~
1 That he t~~il? p~+~ the inoebtedr.ess, as hereinbefore pror:ded. Pri~ ileRe is resen ed to pa~ the debt ~n u•hole, !
~~r ia ~~n :,r.*.~unt equal to one or more rnorthl~~ pa~menis on the pnncipal that are next due on the note. on the fus: ~
±a~ c,f a~~ month prior to maturit~•: f~., how•e~•er, that written notice of an intentioo to exercise such pri~~~lege ~
~i.•~•n ~t least thutc (3U) da~s priur to preta~•ment: and, pro~~ided further, that in the e~•ent the dzbt is paid in ~
pnor to maturit~ a~d at that ,ime it ~s insured under the pro~~is~ons of the \ational Nousing Act, he v?i11 pat• to ;
s.^e ~ort~~,Kee an ddiusted pre-r.ium charge of one per centum (1"~l of the original principal amount thereof, except ~
t}:,t ~n ^o e~ent s;~ail thc adjusted prer.:ium exceed the aggregate amount of premium charges Khich would ha~~e ~
aern pa~abte if the rriortgage had continued to be insured until maturit~~; such papment to be applied b~• the mort- {
~akee upon ~ts obiigation to the Secretart- of Housing and Urban De~~elopment on account of mortgage insurance. !
That, in order more full~• to protect the securitt• of this mortgage, the mortgagor. together with, and in addi- ~
:lun to. thr monthlc pa~•ments under the terms of the note secured hereby, on the first da~• of each monih until the ~
s~,id notr is fuli~ paed, w•i;l p~~ to the mortga~ee the tollou~in~ sums: S
Ar. .+:-.•un: s;.ff:.i.•nt :n pr_•~ide thr h::drr hrrrof with funds to pa~ thr neYt mortgagr insurance pre~iur.. if this instru- ~
r. rnt :,~dthr a~~te ~ccurr~: hrtrb~ err tn~urrd. or e c:unthlc chat~e iin 1lru o[ a TeortgaKe ir.surance ptrmiuml if they are
!:.::i in :h~- ~a~~rrter~ u1 Hou~in~ and l~rban Decc•?.~pr:ent. es fo2loxs: ~
1. 1t i.n~ e~ said no:r u( e~~rn datr and th:s ~nstn:n:rnt are insured or are resnsured under the pro~•~sions of the ~
i \.,t: ,ne? H.~usin~ Act. an d.T..iUSlL su(ficirnt tu ec,~r::ulatr ?n chr hands of the holder one il i month prior to its duE ~
.i.,:~ ;nr ~an:;al i'.ort~;aRr insurancr Furr.;wr... in ordrr to pn~rtde such hcldrt ~a'ith funds :e pay such premium to the ~
i ~e cz~ cen :~f H~usin~; and Urban DrvrI.~pment pursuant to the Nationa; Hovsing Act. as amended, and applicable Regu- ;
i.,u ,n~ ~hrrc•~ndrr. or ~
11: It nnci ~.!.~n~ ds sa~d n~~tr vf rcre datr end this instrument are held bf• the Srcretarv o( Housing and l3rban De~~rtep- ~
r..rr:t, a ~nthlr cher~;e iin lieu uE a c.*.crtgagr tnsurance premwml which sh:ll be 3n an ar.iuunt equa: to one-tw~eIfth ;
€ il S=~ onr-hal[ prr centun: ot the a~rraxe vutstanding balance due ~~n the aote cor.~puted w•ithout taking into ?
~ .
F d.. .unt dr:inquenc~es c~r piepa~•mrIIts;
• A~u~r. rqual t~ thr ~;z~und rrnts. :t an>. nrxt due, ~lus the pre;r»ms that uill nezt becu^:e due and ~a~able on poticirs ~
B ~t i~rr end uthrr hazard insurance .otirmg the ^ortgagrd propertt', plus taxes and assessments next due on t!~e mort- ~
~ ~~Fr~? pn,prrt~ ~atl as r~ttc-:ated b) the r..urtga6er! less al! sums already~ paad therelor divided b~ the number_o[ months ~
r rla, brfore ~~ne m~nth pr~or to the date uhen such ground rents, premiums. taxes. and assessments wi;: become de- 4
i~nyur^t. ~uch ~u^.> te br hrid b~~ Ti~rtRagre in tr~st w pay said ground rents. prrr.,iuns. taYes, andspecialassessnents,
>r.d
~ A:I pa~crli~ -.enttunrd m the 2uo pre:ed:r~g subsections ot th~s ps~rsgraph and ail pay'r.:ents te be r.,ade vnder thr nute
.r~ urrd hrrrbc shalt he addrd to~rther and the a~Krega:r amount thrrea( shall be peid by the r.:urtaagor each s.onth in a
.in:'.r ya~e.rnt t~~ be ap~ I~ed b~ the r~ortga~re to lhe foll-uwing rtems :n the order set for:h-
~
_ ~ I~, rrR iur*. i nerges under !he runtrar, uf insurancr A•ith the Secretary~ of Houstne and L'rban Dece:opr.:enL or monthi}~ 1
iharE;e lin liru of T.vrtKaKr ias~rancr pretr.3us.). es the case r.~Qy be, ~
~:II, ~;round rents. 2exrs. assessc.rnts, fire. and e!her hazard insurance prem~ums; ~
~ 111 r interest un ihr note sec~red hrrrby, and
il~' ~ d^ ~:rtizetion of thr prmc~pal ot said note. `
~ An~ deficienc~~ ~n the ariount of such a~regate monthly pat~ment shall, unless made good by the mortgagor i
pnor to the due date of the next such pa~•ment. const~tute an event of default under this mortgage. The mortgagee
~ ;-a~ collect a"late charge" not to exceed tu-o cents {2C) for each dollar (5l) of each pay~ment more than fifteen ~
~.1~) decs ~n arreacs to co~•er the extra expense im~ol.•ed in handling delinquent payments. _
~ 3. That if the totai ot the pa~•ments made by the mortgagor under (b) of paragraph 2 preceding shali exceed °
tne amount of pa~~ments actualh~ sr~de b~ the mortgagee, for ground rents, taxes and assessr.ients and insurance ~
- pre:r.~nms. as the case mat~ be. such excess shall be credited by the mortgagee on subsequent payments to be -
made bt the mortgagor. If, ho~•e~•er. the monthly~ papments made b}• the mortgagor under (b/ of paragraph 2 pre- ;
cedin~ shall not be sufficient to pa}• ground rents. taxes and assessm~rnts and insurance premiums, as the case ~
ma~ when the same shall become due and payabte, then the mortgsgor shall pa}• to the mortgagee am• amount ;
necessan• to make up the deGcienc}-, on or before the date w~hen payment of such ground rents, taxes, assessments,
or insurance prem~ums shali be due. If at an~- time the mortgagor shalltender to the mortgagee in accordance r~ith ~
ttit• pro.~~ions of the note secured hereb~•, full pacment ot the entire indebtedness represented thereb}•, the mort- ~
~a~ee shall. ~n compuiing the amount of such indebtedr.ess. credit to the acccunt of the mortgagor all paS•ments ~
= made under the pro~•~sions of lu~ of paragraph ? hereof which the mortgagee has not become obligated to payto 1
- tbe Secretar~• of Housing and Urban Development and any balance remaining in the funds accumulated under the ~
~ ~~r•-~~:i~~ons of I/~i of saio paragraph 2. If there shall be a default under any of the procisions of this mortgage, re- ~
s::itir.~ ~n d public sale ot t*~e prenises co~•ered ~ereby, or if the mortgagee acquires the property otherwise after
- dc~t~~lt. tne mortgagee shall appl}~. at the t~me ot the commencement of such proceedings or at the ti:r:e the Prop- ;
- ert~ ~s otherr~~ise acqu~red. the baiance then remaining in the funds accumulated under of paragtaph 2 preceding
as a credit against the amount of pzincipal then remaining unpaid under said note and shall properl~~adjust any ,
- pa~~ments which shall ha~~e been made under /u ) of said paragraph.
y. That he will pa}~ all taxes. assessments, water rates, and other go~•ernmentai or municipal charges, fines,
or ~mpvstticros. for which pro~•esion has not been made hereinbefore, and in default thereo[ the mortgagee may pay
the same, and that he K•ill promptly de11~•er the otficial receipts therefor to the mortgager.-
8oa~sg7 P~~2~40 , `
_:rt